Eastern Bankshares (EBC) Q1 FY2024 earnings: revenue $158 million

Eastern Bankshares, Inc. (EBC) reported revenue of $158 million for Q1 FY2024, the quarter ended 31 March 2024. Net income was $39 million, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$158 million

Net income$39 million

Diluted EPS$0.24

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	158	129	n/a	n/a
Interest expense	72.7	70.3	n/a	n/a
Pre-tax income	48.9	33.8	n/a	n/a
Income tax	10.3	2.3	n/a	n/a
Effective tax rate	21.0%	6.8%	n/a
Net income	38.6	319	n/a	n/a
Net margin	24.5%	247.8%	n/a
Diluted EPS	$0.24	$1.95	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	32.6	52.8	n/a	n/a
Capital expenditure	2.5	3.9	n/a	n/a
Free cash flow	30.1	48.9	n/a	n/a
Cash from investing	-43.8	545	n/a	n/a
Cash from financing	57.2	-513	n/a	n/a
Depreciation and amortisation	3.3	3.3	n/a	n/a
Share-based compensation	3.6	4.7	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	17.9	18.0	n/a	n/a
Dividend per share	$0.11	$0.11	n/a	n/a
Diluted shares, weighted	163m	163m	n/a	n/a
Shares outstanding at period end	177m	176m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,953	2,975	n/a	n/a
Deposits	17,667	17,596	n/a	n/a
Debt	52.8	48.2	n/a	n/a
Other liabilities	502	514	n/a	n/a
Total liabilities and equity	21,175	21,133	n/a	n/a
Fixed assets	59.8	60.1	n/a	n/a
Goodwill	n/a	558	n/a	n/a
Intangible assets	n/a	8.6	n/a	n/a
Investments	668	606	n/a	n/a
Loans	13,907	13,799	n/a	n/a
Cash and equivalents	739	693	n/a	n/a
Other assets	5,802	5,409	n/a	n/a
Total assets	21,175	21,133	n/a	n/a

Questions

What was Eastern Bankshares' revenue in Q1 FY2024?

Eastern Bankshares (EBC) reported revenue of $158 million for Q1 FY2024, the quarter ended 31 March 2024.

How much did Eastern Bankshares earn in Q1 FY2024?

Net income for Q1 FY2024 was $39 million, and diluted earnings per share $0.24.

When did Eastern Bankshares report Q1 FY2024 results?

Eastern Bankshares filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 3 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	156	129	158	154	203	217	-47.2	245	242	283	288	310
Interest expense	65.0	70.3	72.7	78.7	96.2	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	47.3	33.8	48.9	38.0	-3.4	72.2	-184	100	94.0	89.2	83.8	135
Tax rate	-34%	7%	21%	31%	n/a	16%	n/a	0%	-13%	-12%	22%	22%
Net income	59.1	319	38.6	26.3	-6.2	60.8	-218	100	106	99.5	65.3	105
Net margin	38%	248%	25%	17%	-3%	28%	n/a	41%	44%	35%	23%	34%
Diluted EPS	$0.36	$1.95	$0.24	$0.16	-$0.03	$0.30	-$1.08	$0.50	$0.53	$0.46	$0.29	$0.48
Operating cash flow	36.0	52.8	32.6	54.3	108	88.7	47.3	124	157	104	-9.5	155
Capital expenditure	2.1	3.9	2.5	4.0	1.7	5.3	1.8	4.6	8.8	4.3	3.1	4.8
Free cash flow	33.9	48.9	30.1	50.3	107	83.4	45.5	119	148	99.8	-12.5	150
Buybacks	0.0	0.0	0.0	0.0	12.6	15.1	46.5	5.5	0.0	54.7	73.4	73.7
Dividends paid	16.2	18.0	17.9	18.2	22.2	24.3	24.1	26.3	25.9	29.5	28.8	33.1
Shares outstanding	176m	176m	177m	177m	215m	214m	212m	211m	212m	236m	232m	229m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0001628280-24-020157: the filing on EDGAR. All of Eastern Bankshares, Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install