S&P 500 (NYSE:SPY) component First Horizon National Corporation (NYSE:FHN) posted a decrease in profit as revenue declined. First Horizon National, through its banking-related subsidiaries, provides financial services.
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First Horizon National Earnings Cheat Sheet for the Third Quarter
Results: Net income for First Horizon National Corporation fell to $25.8 million (10 cents per share) vs. $36.1 million (14 cents per share) a year earlier. This is a decline of 28.5% from the year-earlier quarter.
Revenue: Fell 15.2% to $337 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: First Horizon National Corporation beat the mean analyst estimate of a loss of 50 cents per share. It fell short of the average revenue estimate of $358.1 million.
Quoting Management: “Our employees continue to do a fantastic job building relationships with our customers, winning new business and working more efficiently, and that’s reflected in the financial results for our core businesses,” said Bryan Jordan, First Horizon chairman and CEO. “We’re continuing to unwind our non-strategic businesses, simplify our processes and create new ways of connecting with our customers.”
The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by one cent, and in the first quarter, it came in under estimates by one cent.
The company reported a profit last quarter, following a quarter of being in the red. In the first quarter, the company booked a net loss of $30.5 million, or a loss of 12 cents per share.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 13 cents a share to 21 cents over the last thirty days. For the fiscal year, the average estimate has moved down from 58 cents a share to 5 cents over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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