S&P 500 (NYSE:SPY) component First Horizon National Corporation (NYSE:FHN) reported its results for the third quarter. 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 rose to $36.1 million (14 cents per share) vs. $30.8 million (7 cents per share) in the same quarter a year earlier. This marks a rise of 17.1% from the year earlier quarter.

Revenue: Revenue was $397.2 million last quarter.

Actual vs. Wall St. Expectations: FHN fell short of the mean analyst estimate of 16 cents per share. It beat the average revenue estimate of $359.1 million.

Quoting Management: “We remain focused on controlling what we can control in this challenging environment. Our third quarter results show that we’re making solid progress in strengthening First Tennessee, our regional banking business, and FTN Financial, our capital markets business,” said Bryan Jordan, First Horizon’s CEO. “I’m proud of the work our employees do day in and day out to help our customers have an unparalleled experience when they do business with us.”

Key Stats:

The company fell short of forecasts after beating estimates in the previous two quarters. In the second quarter, it topped the mark by 5 cents, and in the first quarter, it was ahead by 11 cents.

Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to 16 cents per share from 14 cents. Over the past three months, the average estimate for the fiscal year has climbed from 54 cents per to share to 61 cents.

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).

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(Source: Xignite Financials)

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