News
Provident Bancorp Q2 2024 Earnings: Below Expectations
Provident Bank (NASDAQ:PVBC) Second Quarter 2024 Results
Main financial results
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Revenue: $7.02 million (down 60% from Q2 2023).
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Net loss: US$3.31 million (down 196% from US$3.46 million profit in 2Q23).
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Loss of $0.20 per share (down from profit of $0.21 in Q2 2023).
earnings-and-revenue-growth
All numbers shown in the chart above are for the trailing 12 month period (TTM)
Provident Bancorp Revenues and Profits Miss Expectations
Revenue missed analysts’ estimates by 5.1%. Earnings per share (EPS) also fell short of analysts’ expectations.
Looking ahead, revenue is forecast to grow by 4.4% per year on average over the next 2 years, compared to a 6.4% growth forecast for the US banking sector.
Performance of the American banking sector.
The company’s shares are down 10% over the past week.
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. We’ve done some analysis and you can see our opinion on Provident Bancorp’s balance sheet.
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