Arrow Financial Posts Q2 EPS of 66c, First Look at Post-Merger Earnings
AROW sits 56% above its 52-week low of $25.835.
Summary
Arrow Financial reported Q2 EPS of 66c, the first earnings release since completing its $89.1M acquisition of Adirondack Bancorp on July 1. The company also disclosed an adjusted EPS of $0.71 in an SEC filing. The headline provides no revenue or net income figures, so the quality of the beat or miss versus consensus is unclear. This follows a Q1 where net income declined due to merger expenses, and the recent OCC and stockholder approvals that paved the way for the deal. The market will scrutinize whether the combined entity is delivering on cost synergies and accretion targets. No conference call details or guidance were mentioned.
At the time of this announcement, AROW was trading at $40.21 on NASDAQ in the Finance sector, with a market capitalization of approximately $673.2M. The 52-week trading range was $25.84 to $42.70. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.