Park National Corporation reported solid Q3 2024 results, with revenue of $170.338 million, up 39.6% year over year and 8.0% quarter over quarter, and net income of $38.217 million, translating to EPS of $2.37 (diluted $2.35). The company delivered a stable gross margin of about 77.7% and an operating margin near 27.4%, underscoring a resilient top line and disciplined cost management in an environment of rising operating expenses. The quarter also showcased a robust balance sheet and positive cash generation, with operating cash flow of $44.382 million and free cash flow of $42.294 million, contributing to a dividend-friendly capital structure.
Key Performance Indicators
Revenue
Increasing
170.34M
QoQ: 8.02% | YoY: 39.64%
Gross Profit
Increasing
132.33M
77.69% margin
QoQ: 7.13% | YoY: 8.48%
Operating Income
Decreasing
46.65M
QoQ: -7.49% | YoY: -10.89%
Net Income
Increasing
38.22M
QoQ: -2.93% | YoY: 3.52%
EPS
Increasing
2.37
QoQ: -2.87% | YoY: 3.49%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $170.338M; YoY +39.64%, QoQ +8.02% | Gross Profit: $132.329M; Gross Margin ~77.69%; YoY +8.48%, QoQ +7.13% | Operating Income: $46.648M; Operating Margin ~27.39%; YoY -10.89%, QoQ -7.49% | Net Income: $38.217M; Net Margin ~22.84%; YoY +3.52%, QoQ -2.93% | EPS (GAAP): $2.37; Diluted $2.35; YoY +3.49%, QoQ -2.87% | EBITDA: $49.624M; EBITDA Margin ~29.13% | Return on Assets (ROA): ~0.38%; Return on Equity (ROE): ~3.08%; Debt to capitalization: ~20.7%; Debt to assets: ~3.27%. Liquidity: Current ratio ~0.58; Quick ratio ~0.58; Cash ratio ~0.0764. Cash flow: Operating cash flow $44.382M; Capex $-2.088M; Free cash flow $42.294M; Dividends paid $17.175M; Net cash used by financing activities $-92.181M; Net change in cash $(59.782)M; Cash at end of period $201.683M.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
170.34M
39.64%
8.02%
Gross Profit
132.33M
8.48%
7.13%
Operating Income
46.65M
-10.89%
-7.49%
Net Income
38.22M
3.52%
-2.93%
EPS
2.37
3.49%
-2.87%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
33.90%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
27.80%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.39%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
3.08%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.58
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
0.26
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Fair Value
17.75x
P/E ratio in line with market averages
Price to Book
Fair Value
2.19x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
Get exclusive access to management commentary, earnings call quotes, and forward guidance from company leadership.
Park National Corporation (PRK) QQ1 2025 Results: Solid Earnings Growth in a Low-Leverage, High-Liquidity Profile Across Regional Banking Operations...
Park National Corporation (PRK) QQ2 2024 Earnings Review: Resilient Top-Line Growth, Solid Cash Flow, and Conservative Balance Sheet in a Fragmented R...