Lakeland Bancorp First Quarter 2023 Earnings: Misses Expectations
Lakeland Bancorp (NASDAQ:LBAI) First Quarter 2023 Results
Key Financial Results
Revenue: US$74.3m (up 4.8% from 1Q 2022).
Net income: US$19.8m (up 26% from 1Q 2022).
Profit margin: 27% (up from 22% in 1Q 2022). The increase in margin was primarily driven by higher revenue.
EPS: US$0.30 (up from US$0.25 in 1Q 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Lakeland Bancorp Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 36%.
Looking ahead, revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are down 3.0% from a week ago.
Balance Sheet Analysis
While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on Lakeland Bancorp's balance sheet health.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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