First Horizon National Earnings: Investors Bail
S&P 500 (NYSE:SPY) component First Horizon National Corporation (NYSE:FHN) swung to a profit in the first quarter and beat Wall Street’s expectations in the process. Through its banking-related subsidiaries, First Horizon National Corp. provides financial services in five business segments.
First Horizon National Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $43 million (15 cents/diluted share) in the quarter. The First Horizon National Corporation had a net loss of $12.7 million or a loss 11 cents per share in the year earlier quarter.
Revenue: Fell 20.8% to $370.3 million YoY.
Actual vs. Wall St. Expectations: FHN beat the mean analyst estimate of 4 cents/share. Estimates ranged from a loss of one cent per share to 8 cents per share.
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).
Today’s Performance: Shares of FHN are trading at $10.35, down 3.5% from the previous closing price of $10.73.