Regional banking company First Horizon (NYSE:FHN) will be announcing earnings results this Thursday before the bell. Here’s what to expect.
First Horizon beat analysts’ revenue expectations last quarter, reporting revenues of $890 million, up 6.7% year on year. It was a mixed quarter for the company, with a slight miss of analysts’ net interest income estimates.
Is First Horizon a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First Horizon’s revenue to be flat year on year, slowing from the 7.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. First Horizon has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at First Horizon’s peers in the banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. FB Financial posted flat year-on-year revenue, missing analysts’ expectations by 2.8%, and Citigroup reported revenues up 7.9%, topping estimates by 0.6%.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the banks stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.5% on average over the last month. First Horizon is down 6.1% during the same time and is heading into earnings with an average analyst price target of $27.17 (compared to the current share price of $22.84).
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