Why did OCFC's Q3 earnings beat forecasts?

OceanFirst Financial Corp. (OCFC) reported actual EPS of $0.38 and actual revenue of $83.33 million for the quarter ended December 31, 2024, according to the company's earnings report. The reported EPS was higher than the expected EPS, and the reported revenue was lower than the expected revenue, indicating a revenue surprise of -11.75 million. |code|Ticker|Name|Date|Revenue Surprise|EPS Surprise|market_code| |---|---|---|---|---|---|---| |OCFC|OCFC.O|OceanFirst|2024 Q1|-1176000|0.03|185| |OCFC|OCFC.O|OceanFirst|2024 Q2|-3197000|-0.04|185| |OCFC|OCFC.O|OceanFirst|2024 Q3|4010333|0.01|185| |OCFC|OCFC.O|OceanFirst|2024 Q4|-1.1751E7|0.01|185| The stock price of OCFC gapped down following the weaker-than-expected earnings announcement, which suggests that the market was disappointed with the revenue shortfall and lower EPS compared to the previous year. Therefore, it can be concluded that the market's reaction to OCFC's Q3 earnings report was negative, and the company's earnings did not beat forecasts. The decline in revenue and EPS compared to the same quarter last year contributed to the weaker-than-expected earnings report.