South Plains Financial (NASDAQ:SPFI) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$47.4m (down 2.5% from 3Q 2023).

• Net income: US$11.2m (down 17% from 3Q 2023).

• Profit margin: 24% (down from 28% in 3Q 2023). The decrease in margin was primarily driven by higher expenses.

• EPS: US$0.68 (down from US$0.80 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

South Plains Financial Revenues Disappoint

Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) was mostly in line with analyst estimates.

Looking ahead, revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 4.0% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for South Plains Financial that you need to be mindful of.

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