Axos Financial Inc Down 10.12% To $34.00 After Earnings Beat

Axos Financial Inc (AX) beat out earnings estimates for Q1 2024 this afternoon.

Axos Financial Inc's earnings came in at an EPS of $1.41 per share, 4.00% higher than estimates for an EPS of $1.36 per share. The firm's earnings are up 19% since reporting $1.18 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Revenues were upbeat at $245.7 million. That is an increase of 18.29% in revenues from the year-ago report and is 2.34% higher than consensus estimates set at $240.1 million.

The stock is down 10.12% to $34.00 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 50. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Axos Financial Inc is a bank holding company that operates through its bank subsidiary, BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small to medium-size businesses in certain sectors, and selected specialty finance receivables. Its operating segments are banking and securities business. The bank distributed its products through a wide range of retail distribution channels, including only banking brands, affinity groups, and sales teams, among others. The majority of the bank's mortgage exposure is titled toward the state of California, particularly its southern region. Net interest income is a majority of the bank's revenue.