Camden National Full Year 2023 Earnings: Misses Expectations
Camden National (NASDAQ:CAC) Full Year 2023 Results
Key Financial Results
Revenue: US$161.2m (down 12% from FY 2022).
Net income: US$43.3m (down 29% from FY 2022).
Profit margin: 27% (down from 33% in FY 2022). The decrease in margin was driven by lower revenue.
EPS: US$2.98 (down from US$4.18 in FY 2022).
CAC Banking Performance Indicators
Net interest margin (NIM): 2.46% (down from 2.86% in FY 2022).
Cost-to-income ratio: 61.5% (up from 56.2% in FY 2022).
Non-performing loans: 0.18% (up from 0.13% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Camden National Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 6.5%.
In the last 12 months, the only revenue segment was Banking Products and Services contributing US$161.2m. The largest operating expense was General & Administrative costs, amounting to US$85.6m (73% of total expenses). Explore how CAC's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 5.0% from a week ago.
Balance Sheet Analysis
While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Camden National's balance sheet and an in-depth analysis of the company's financial position.
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