Yahoo Finance Earnings Miss: First Busey Corporation Missed EPS By 5.5% And Analysts Are Revising Their Forecasts
It's been a good week for First Busey Corporation (NASDAQ:BUSE) shareholders, because the company has just released its latest first-quarter results, and the shares gained 5.6% to US$23.09. It looks like the results were a bit of a negative overall. While revenues of US$110m were in line with analyst predictions, statutory earnings were less than expected, missing estimates by 5.5% to hit US$0.46 per share. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. We've gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.
View our latest analysis for First Busey
After the latest results, the six analysts covering First Busey are now predicting revenues of US$465.9m in 2024. If met, this would reflect a decent 8.8% improvement in revenue compared to the last 12 months. Per-share earnings are expected to accumulate 4.0% to US$2.05. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$459.1m and earnings per share (EPS) of US$2.06 in 2024. So it's pretty clear that, although the analysts have updated their estimates, there's been no major change in expectations for the business following the latest results.
It will come as no surprise then, to learn that the consensus price target is largely unchanged at US$27.17. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. Currently, the most bullish analyst values First Busey at US$28.00 per share, while the most bearish prices it at US$24.00. 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 First Busey's past performance and to peers in the same industry. It's clear from the latest estimates that First Busey's rate of growth is expected to accelerate meaningfully, with the forecast 12% annualised revenue growth to the end of 2024 noticeably faster than its historical growth of 5.3% p.a. over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 6.0% per year. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect First Busey to grow faster than the wider industry.
The Bottom Line
The most obvious conclusion is that there's been no major change in the business' prospects in recent times, with the analysts holding their earnings forecasts steady, in line with previous estimates. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for First Busey going out to 2025, and you can see them free on our platform here.
It is also worth noting that we have found 1 warning sign for First Busey that you need to take into consideration.
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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.
