By Owen Tucker-Smith
Community Financial System shares rose after the financial-services company posted quarterly revenue and profit ahead of Wall Street expectations.
Shares of the company were recently up 3.9% at $66.75. The stock is up 33% over the past year and 5% over the past month.
The Dewitt, N.Y., company Tuesday reported fourth-quarter net income of $49.8 million, or 94 cents a share, up from $33.7 million, or 63 cents a share a year earlier. Analysts surveyed by FactSet expected earnings 90 cents a share.
The company, which runs business lines focused on banking, employee benefits, insurance and wealth management, said revenue rose 11% from the same quarter a year earlier to $196.3 million, beating analysts expectations for $191.8 million.
Community Financial System said quarterly net interest income was $120 million, above analysts' expectation of $116.7 million. Net interest income rose in the company's banking, insurance and wealth management segments, while it dipped slightly in the employee-benefit-services segment.
Write to Owen Tucker-Smith at owen.tucker-smith@wsj.com
(END) Dow Jones Newswires
January 21, 2025 11:24 ET (16:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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