First Horizon National Earnings: Swinging to a Loss After Two Quarters of Profit
S&P 500 (NYSE:SPY) component First Horizon National Corporation (NYSE:FHN) reported its results for the second quarter. First Horizon National, through its banking-related subsidiaries, provides financial services.
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First Horizon National Corporation Earnings Cheat Sheet
Results: Reported a loss of $124.8 million (50 cents per diluted share) in the quarter. First Horizon National Corporation had a net income of $20 million or 8 cents per share in the year-earlier quarter.
Revenue: Fell 8% to $331.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: First Horizon National Corporation fell in line with 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 company continues to generate solid results in our regional bank through First Tennessee and our capital markets group through FTN Financial, and our employees continue to win new business, improve the way they serve our customers and work more efficiently at every turn,” said Bryan Jordan, chairman, president and CEO of First Horizon. “We are pleased with the progress our folks have made on our efforts to position us for the future including technology investments and the continued wind-down of our non-strategic businesses.”
The company fell in line with estimates last quarter after missing the mark in the previous two quarters. In the first quarter, it fell short by one cent, and in the fourth quarter of the last fiscal year, it was under-estimate by one cent.
The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $30.5 million in the first quarter, a profit of $34.9 million in the fourth quarter of the last fiscal year and $36.1 million in the third of the last fiscal year.
Looking Forward: Analysts have a more positive outlook about the company’s results for next quarter. The average estimate for third quarter is 21 cents per share, an increase from 13 cents sixty days ago. 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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