Yahoo Finance Flushing Financial Corporation Just Missed Earnings - But Analysts Have Updated Their Models
Flushing Financial Corporation (NASDAQ:FFIC) missed earnings with its latest quarterly results, disappointing overly-optimistic forecasters. Flushing Financial missed analyst forecasts, with revenues of US$45m and statutory earnings per share (EPS) of US$0.12, falling short by 5.8% and 9.4% respectively. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.
View our latest analysis for Flushing Financial
Taking into account the latest results, Flushing Financial's five analysts currently expect revenues in 2024 to be US$194.4m, approximately in line with the last 12 months. Statutory earnings per share are forecast to plunge 26% to US$0.72 in the same period. Before this earnings report, the analysts had been forecasting revenues of US$195.4m and earnings per share (EPS) of US$0.80 in 2024. So there's definitely been a decline in sentiment after the latest results, noting the substantial drop in new EPS forecasts.
It might be a surprise to learn that the consensus price target fell 6.3% to US$14.88, with the analysts clearly linking lower forecast earnings to the performance of the stock price. The consensus price target is just an average of individual analyst targets, so - it could be handy to see how wide the range of underlying estimates is. The most optimistic Flushing Financial analyst has a price target of US$16.00 per share, while the most pessimistic values it at US$13.50. With such a narrow range of valuations, the analysts apparently share similar views on what they think the business is worth.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Flushing Financial's past performance and to peers in the same industry. It's pretty clear that there is an expectation that Flushing Financial's revenue growth will slow down substantially, with revenues to the end of 2024 expected to display 2.0% growth on an annualised basis. This is compared to a historical growth rate of 6.0% over the past five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 6.0% annually. Factoring in the forecast slowdown in growth, it seems obvious that Flushing Financial is also expected to grow slower than other industry participants.
The Bottom Line
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Fortunately, the analysts also reconfirmed their revenue estimates, suggesting that it's tracking in line with expectations. Although our data does suggest that Flushing Financial's revenue is expected to perform worse than the wider industry. Furthermore, the analysts also cut their price targets, suggesting that the latest news has led to greater pessimism about the intrinsic value of the business.
With that in mind, we wouldn't be too quick to come to a conclusion on Flushing Financial. Long-term earnings power is much more important than next year's profits. At Simply Wall St, we have a full range of analyst estimates for Flushing Financial going out to 2025, and you can see them free on our platform here..
Don't forget that there may still be risks. For instance, we've identified 3 warning signs for Flushing Financial that you should be aware of.
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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.
