S&P 500 component First Horizon National Corporation reported its results for the fourth quarter. First Horizon National, through its banking-related subsidiaries, provides financial services.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
First Horizon National Earnings Cheat Sheet for the Fourth Quarter .
Results: Net income for First Horizon National Corporation rose to $34.9 million (13 cents per share) vs. $14.5 million (20 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Actual vs. Wall St. Expectations: FHN fell short of the mean analyst estimate of 14 cents per share.
Quoting Management: “2011 was another year of significant progress for First Horizon, and we’re well-positioned to continue that trend this year,” said Bryan Jordan, First Horizon chairman and CEO. “We’re ready to meet the continuing challenges of a slow economic recovery and a low interest rate environment. The dedicated professionals throughout our company are working hard to deepen relationships with our customers, earn new business and successfully execute our long-term strategic plan.”
Key Stats:
The company has now fallen short of estimates in the last two quarters. In the third quarter, it missed expectations by 4 cents with net income of 12 cents versus a mean estimate of net income of 16 cents per share.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 13 cents a share to 14 cents over the last thirty days. For the fiscal year, the average estimate has been unchanged at 51 cents a share.
Competitors to Watch: Pinnacle Financial Partners , Bank of America Corp. , SunTrust Banks, Inc. , Wells Fargo & Company , Green Bankshares, Inc. , First Security Group, Inc. , PNC Financial Services , Cadence Financial Corp. , BancorpSouth, Inc. , and BB&T Corporation .
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
There are no comments yet