Northwest Bancshares Inc. (NWBI) announced a notable increase in its fourth-quarter profit compared to the previous year, outperforming Wall Street projections.
The firm reported net earnings of $32.75 million, translating to $0.26 per share, compared to $29.01 million or $0.23 per share in the same quarter last year.
On an adjusted basis, excluding specific items, Northwest Bancshares Inc. posted earnings of $34.80 million or $0.27 per share for the quarter.
Market analysts, on average, had forecasted earnings of $0.25 per share for the company, typically excluding any special items.
A brief overview of Northwest Bancshares Inc.'s earnings reported under Generally Accepted Accounting Principles (GAAP):
- Earnings: $32.75 million compared to $29.01 million in the prior year.
- Earnings per share (EPS): $0.26, up from $0.23 last year.
