Home Federal Bancorp, Inc. of Louisiana Reports Third Quarter 2024 Results

Home Federal Bancorp, Inc. of Louisiana, operating under Nasdaq symbol HFBL, has disclosed its financial performance for the three months ended September 30, 2024, in a recent filing with the SEC. The company, headquartered at 624 Market Street, Shreveport, Louisiana, reported its results in a Form 8-K filed on October 29, 2024.

In the filing, Home Federal Bancorp detailed its financial condition, reporting a revenue of $1.07 billion, reflecting a 9% increase compared to the third quarter of 2023 with a 12% organic growth rate. The company’s consolidated GAAP net income stood at $66 million, a significant positive shift from the $4 million net loss during the same period in 2023. Adjusted EBITDA for the quarter amounted to $201 million, signifying a 15% rise from the previous year.

The company’s earnings per diluted share showed substantial growth as well, reaching $0.52 on a GAAP basis and $0.69 on an adjusted basis, representing an increase of 57% in comparison to the third quarter of 2023.

Pierre Brondeau, Chairman and CEO of FMC Corporation, mentioned that Home Federal Bancorp experienced enhanced volume growth in North America and Latin America, compensating for challenging market conditions in regions like Brazil and Argentina.

Across different regions, Home Federal Bancorp observed varied revenue performances. While North America exhibited a 48% revenue increase, EMEA saw a 7% decline (6% organically), Asia experienced a 10% drop (12% organically), and Latin America recorded an 8% improvement (15% organically).

Looking ahead, the company confirmed its full-year 2024 revenue outlook of $4.33 billion to $4.44 billion, projecting a 2% decline from 2023 levels. Additionally, the adjusted EBITDA is anticipated to range between $885 million to $915 million, marking an 8% decrease at the midpoint from the last year.

For the fourth quarter, Home Federal Bancorp adjusted its outlook considering the imminent sale of its Global Specialty Solutions business. The company expects an increase in revenue to range between $1.30 billion to $1.41 billion, representing a 19% rise at the midpoint compared to the same period in 2023. Adjusted EBITDA is forecasted to be $321 million to $351 million, indicating a 32% increase at the midpoint.

The shift in order timing impacted the company’s financials, yet strong sales achievements of new products and ongoing cost benefits from the restructuring program are anticipated to drive growth in the coming quarters.

The full details of Home Federal Bancorp, Inc. of Louisiana’s financial reporting for the third quarter can be accessed through the SEC filing for interested stakeholders and investors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Home Federal Bancorp, Inc. of Louisiana’s 8K filing here.

Home Federal Bancorp, Inc. of Louisiana Company Profile

Home Federal Bancorp, Inc of Louisiana operates as the holding company for Home Federal Bank that provides various financial services to individuals, corporate entities, and other organizations. The company accepts various deposits, such as passbook savings, certificates of deposit, and demand deposit accounts.