First Business Financial Services misses revenue and EPS estimates, but remains optimistic for future growth

First Business Financial Services (NASDAQ: FBIZ) recently released its first quarter 2024 financial report, showing a revenue of US$33.9m, which was an impressive 1.2% increase from the same period in the previous year. The company’s net income also saw a slight increase to US$8.63m, with a profit margin of 25%, in line with the previous year’s figures. Earnings per share (EPS) rose to US$1.06 from US$1.05 in the first quarter of 2023.

While the revenue and net income figures were positive, they missed analyst estimates by 3.5% and 6.8%, respectively. Despite this, First Business Financial Services is optimistic about the future and forecasts a revenue growth of 11% per annum over the next two years, outperforming the industry average of 6.0% growth in the Banks sector in the US.

The American Banks industry has been stable, with First Business Financial Services’ share price remaining relatively unchanged from the previous week. However, it is important to consider a company’s balance sheet when analyzing its financial health, as this provides a more complete picture of its financial position. To learn more about First Business Financial Services’ balance sheet analysis, check out our latest report on the company’s financial health.

Overall, while there were some misses on analyst estimates for revenue and EPS in Q1 2024, First Business Financial Services remains optimistic about its future prospects and plans to grow at an above-average rate compared to other banks in the US Banks sector over the next two years.

If you have any feedback on this article or concerns about its content, feel free to reach out to us directly or email our editorial team at simplywallst@gmail.com.

Please note that our analysis is based on historical data and analyst forecasts and does not constitute financial advice.

Simply Wall St has no positions in any of the mentioned stocks.

To learn more about our methodology and how we analyze stocks like First Business Financial Services (NASDAQ: FBIZ), please visit our website at www.[simplywallst](http://simplywallst).