Camden National (CAC) Misses Q2 EPS by 4c

Camden National (NASDAQ: CAC) reported Q2 EPS of $0.78, $0.04 worse than the analyst estimate of $0.82. Revenue for the quarter came in at $39.2 million versus the consensus estimate of $39.23 million.

"We reported record high net income of $25.0 million for the first half of 2018 due to strong operating performance, solid asset quality and the benefit of the federal tax reform," said Gregory A. Dufour, President and Chief Executive Officer of Camden National. "Our return on average equity during this period was 12.50%, compared to 10.27% for the same period last year. We continue to deliver on our consistent, long-term strategy to gain market share and build and cultivate long-term relationships with our customers."

Dufour added, "We continue to focus on generating shareholder value. Late last year, we announced a 9% increase in our fourth quarter 2017 dividend, and recently announced a 20% increase in our second quarter 2018 dividend bringing the quarterly dividend to $0.30 per share."

For the six months ended June 30, 2018, the Company reported net income of $25.0 million and diluted EPS of $1.60 per share, representing increases over the same period last year of 23%. For the six months ended June 30, 2018, the Company's return on average assets was 1.24% and efficiency ratio was 58.57%.

"In April, we announced the re-appointment of Robin A. Sawyer, CPA as a member of the Company's Board of Directors," said Dufour. "We are thrilled to have Robin back. Her skill-set and experience within the financial industry and large-company experience complement the strengths of our already distinguished Board of Directors."

For earnings history and earnings-related data on Camden National (CAC) click here.

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