2 Stocks Seeing Higher Trading Volume Following Earnings Reports
First Horizon National Corporation (NYSE:FHN) reported its results for the fourth quarter. Net income for First Horizon National Corporation rose to $34.9 million (13 cents per share) vs. $14.5 million (20 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. FHN fell short of the mean analyst estimate of 14 cents per share.
“2011 was another year of significant progress for First Horizon, and we’re well-positioned to continue that trend this year,” said Bryan Jordan, First Horizon chairman and CEO. “We’re ready to meet the continuing challenges of a slow economic recovery and a low interest rate environment. The dedicated professionals throughout our company are working hard to deepen relationships with our customers, earn new business and successfully execute our long-term strategic plan.”
Competitors to Watch: Pinnacle Financial Partners (NASDAQ:PNFP), Bank of America Corp. (NYSE:BAC), SunTrust Banks, Inc. (NYSE:STI), Wells Fargo & Company (NYSE:WFC), Green Bankshares, Inc. (NASDAQ:GRNB), First Security Group, Inc. (NASDAQ:FSGI), PNC Financial Services (NYSE:PNC), Cadence Financial Corp. (NASDAQ:CADE), BancorpSouth, Inc. (NYSE:BXS), and BB&T Corporation (NYSE:BBT).
Parker Hannifin Corporation (NYSE:PH) reported its results for the second quarter. Net income for the industrial equipment and components company rose to $240.8 million ($1.56 per share) vs. $230.2 million ($1.39 per share) in the same quarter a year earlier. This marks a rise of 4.6% from the year earlier quarter. Revenue rose 8.4% to $3.11 billion from the year earlier quarter. PH fell short of the mean analyst estimate of $1.63 per share. Analysts were expecting revenue of $3.09 billion.
“We are pleased to deliver strong organic growth and second quarter record sales, net income and earnings,” said Chairman, CEO and President, Don Washkewicz. “We generated eight percent sales growth in the quarter, substantially all of which was organic, led by double-digit revenue growth in our Industrial North America business segment. Internationally, we are seeing some softening in business conditions consistent with global macro-economic indicators, which moderated our year over year revenue growth and affected segment operating margin performance. However, strong operating margin performance in the Industrial North America segment contributed to an overall increase in total segment operating margins, which reached 14.2 percent for the quarter and exceeded 15 percent year to date.”