First Horizon National Corp Third Quarter Earnings Sneak Peek

S&P 500 (NYSE:SPY) component First Horizon National Corp (NYSE:FHN) will unveil its latest earnings on Monday, October 17, 2011. First Horizon National, through its banking-related subsidiaries, provides financial services.

First Horizon National Corp Earnings Preview Cheat Sheet

Wall St. Earnings Expectations: The average estimate of analysts is for net income of 16 cents per share, a rise of more than twofold from the company’s actual earnings for the same quarter a year ago. During the past three months, the average estimate has moved up from 12 cents. Between one and three months ago, the average estimate moved up. It has been unchanged at 16 cents during the last month. For the year, analysts are projecting profit of 61 cents per share, a swing from a loss of 22 cents last year.

Past Earnings Performance: The company is looking to top estimates for the third straight quarter. Last quarter, it reported net income of 16 cents per share against a mean estimate of profit of 11 cents, and the quarter before, the company exceeded forecasts by 11 cents with net income of 15 cents versus a mean estimate of profit of 4 cents.

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Wall St. Revenue Expectations: On average, analysts predict $359.1 million in revenue this quarter, a decline of 17.3% from the year ago quarter. Analysts are forecasting total revenue of $1.45 billion for the year, a decline of 14.2% from last year’s revenue of $1.69 billion.

Analyst Ratings: Analysts are bullish on First Horizon National as 10 analysts rate it as a buy, one rates it as a sell and 10 rate it as a hold.

A Look Back: In the second quarter, profit rose 13.4% to $20 million (8 cents a share) from $17.6 million (one cent a share) the year earlier, exceeding analyst expectations. Revenue fell 15.6% to $395.5 million from $468.4 million.

Key Stats:

Revenue has fallen in the past four quarters. Revenue declined 13.4% in the first quarter from the year earlier, dropped 10.3% in fourth quarter of the last fiscal year from the year-ago quarter and 12.7% in the third quarter of the last fiscal year.

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).

Stock Price Performance: During July 18, 2011 to October 11, 2011, the stock price had fallen $2.87 (-30.7%) from $9.34 to $6.47. The stock price saw one of its best stretches over the last year between December 14, 2010 and December 22, 2010 when shares rose for seven-straight days, rising 12.5% (+$1.30) over that span. It saw one of its worst periods between April 6, 2011 and April 18, 2011 when shares fell for nine-straight days, falling 6.8% (-79 cents) over that span. Shares are down $5.27 (-44.9%) year to date.

(Source: Xignite Financials)

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