Wesbanco (WSBC) Q1 FY2024 earnings: revenue $145 million, down 4.9% on the year

Wesbanco Inc. (WSBC) reported revenue of $145 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.9% on the same quarter a year earlier. Net income was $36 million, down 15.7% on the year, and diluted earnings per share $0.56. The figures are the company's own, from the 10-Q it filed with the SEC on 2 May 2024.

Revenue$145 milliondown 4.9%

Net income$36 milliondown 15.7%

Diluted EPS$0.56

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	145	148	n/a	n/a
Interest expense	81.4	73.6	n/a	n/a
Pre-tax income	43.4	43.5	n/a	n/a
Income tax	7.7	8.6	n/a	n/a
Effective tax rate	17.7%	19.7%	n/a
Net income	35.7	35.0	n/a	n/a
Net margin	24.7%	23.7%	n/a
Diluted EPS	$0.56	$0.55	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.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	64.6	47.4	n/a	n/a
Capital expenditure	2.8	2.9	n/a	n/a
Free cash flow	61.9	44.4	n/a	n/a
Cash from investing	-171	-223	n/a	n/a
Cash from financing	20.7	276	n/a	n/a
Dividends paid	21.2	20.6	n/a	n/a
Dividend per share	$0.36	n/a	n/a	n/a
Diluted shares, weighted	60m	59m	n/a	n/a
Shares outstanding at period end	59m	59m	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	2,538	2,533	n/a	n/a
Deposits	13,497	13,169	n/a	n/a
Other liabilities	1,738	2,011	n/a	n/a
Total liabilities and equity	17,773	17,712	n/a	n/a
Fixed assets	233	234	n/a	n/a
Goodwill	n/a	1,100	n/a	n/a
Intangible assets	n/a	35.5	n/a	n/a
Securities held for sale or to maturity	3,309	3,394	n/a	n/a
Cash and equivalents	510	595	n/a	n/a
Other assets	13,721	12,354	n/a	n/a
Total assets	17,773	17,712	n/a	n/a

Questions

What was Wesbanco's revenue in Q1 FY2024?

Wesbanco (WSBC) reported revenue of $145 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.9% on the same quarter a year earlier.

How much did Wesbanco earn in Q1 FY2024?

Net income for Q1 FY2024 was $36 million, down 15.7% on the year, and diluted earnings per share $0.56.

When did Wesbanco report Q1 FY2024 results?

Wesbanco filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 2 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	149	148	145	148	151	163	193	261	262	266	257	276
Interest expense	65.9	73.6	81.4	86.4	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	44.3	43.5	43.4	35.0	44.8	61.9	-9.7	71.0	103	115	111	118
Tax rate	17%	20%	18%	17%	17%	20%	n/a	19%	19%	21%	20%	21%
Net income	36.8	35.0	35.7	28.9	37.3	49.6	-9.0	57.4	83.6	91.1	88.6	92.7
Net margin	25%	24%	25%	20%	25%	30%	-5%	22%	32%	34%	34%	34%
Diluted EPS	$0.58	$0.55	$0.56	$0.44	$0.54	$0.72	-$0.15	$0.57	$0.84	n/a	$0.88	$0.91
Operating cash flow	64.0	47.4	64.6	18.2	60.7	67.4	-26.4	105	117	94.9	107	77.7
Capital expenditure	2.7	2.9	2.8	n/a	3.8	4.6	4.3	6.8	2.0	n/a	n/a	n/a
Free cash flow	61.4	44.4	61.9	n/a	56.9	62.8	-30.7	98.3	115	n/a	n/a	n/a
Dividends paid	20.6	20.6	21.2	21.2	21.2	23.8	24.5	35.2	35.2	30.3	36.9	36.2
Shares outstanding	59m	59m	59m	60m	67m	67m	96m	96m	96m	96m	96m	96m
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. 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 2 May 2024, accession 0000950170-24-052154: the filing on EDGAR. All of Wesbanco Inc.'s filings: EDGAR company page.

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