FX.co ★ First BanCorp. Q3 Profit Decreases, But Beats Estimates

First BanCorp. (FBP) has announced its third-quarter earnings, which, while showing a decline from the previous year, surpassed Wall Street's expectations.

The company recorded a net income of $73.73 million or $0.45 per share, compared to $82.02 million or $0.46 per share in the same quarter of the prior year. When excluding extraordinary items, the adjusted earnings remained at $73.73 million or $0.45 per share for this quarter.

Analysts, on average, anticipated earnings of $0.41 per share, according to data from Thomson Reuters. It’s important to note that these analysts' forecasts typically exclude one-time items.

A summary of First BanCorp.'s earnings according to Generally Accepted Accounting Principles (GAAP) is as follows:

- Net Earnings for Q3: $73.73 million, compared to $82.02 million the previous year.

- Earnings Per Share (EPS) for Q3: $0.45, compared to $0.46 the previous year.