Earnings season continues with financial reports from Live Oak Bank, First Bancorp and Honeywell.

Live Oak

WILMINGTON — Live Oak Bancshares Inc. (LOB) on Wednesday reported first-quarter net income of $398,000.

The Wilmington, North Carolina-based bank said it had earnings of 1 cent per share.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 36 cents per share.

The bank holding company posted revenue of $171 million in the period. Its revenue net of interest expense was $101.6 million, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $111.3 million.

First Bancorp

SOUTHERN PINES — First Bancorp (FBNC) on Wednesday reported first-quarter net income of $15.2 million.

The Southern Pines, North Carolina-based bank said it had earnings of 37 cents per share.

The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

The bank holding company for First Bank posted revenue of $130.7 million in the period. Its revenue net of interest expense was $106 million, also missing Street forecasts.

Honewell

CHARLOTTE – Tech giant Honeywell’s CEO had a lot to talk about:

“Honeywell delivered an outstanding start to 2023, exceeding expectations for all guided metrics in the first quarter,” said Darius Adamczyk, chairman and chief executive officer of Honeywell. “Organic sales growth1 was underpinned by double-digit growth in our commercial aviation, UOP, process solutions, building solutions, and advanced materials businesses. Backlog2 increased to a record $30.3 billion, up 6% year over year, with particular strength in our aerospace business that gives us confidence in our full-year guidance. Our continued focus on commercial excellence and productivity enabled us to remain ahead of the inflation curve and overdeliver on our segment margin3 and earnings per share3 guidance. Excluding the net impact of settlements signed in the fourth quarter of 2022, we delivered free cash flow1 of $0.3 billion. We also continued to leverage our strong balance sheet, deploying $1.6 billion in the quarter to share repurchases, dividends, and capex. In addition, we announced the acquisition of Compressor Controls Corporation, a leading provider of turbomachinery controls and automation solutions, which combined with our process solutions installed base and Honeywell Forge capabilities will help customers accelerate their energy transition.”