MEMPHIS - First Horizon Corporation (NYSE:FHN) reported fourth quarter earnings that beat analyst expectations, sending shares up 2.95% in trading following the release.
The regional bank posted adjusted earnings per share of $0.43 for Q4, surpassing the analyst consensus estimate of $0.39. However, revenue came in at $729 million, falling short of the $820.34 million analysts were expecting.
For the full year 2024, First Horizon reported net income available to common shareholders of $738 million, or $1.36 per share. This compares to $865 million, or $1.54 per share, in 2023. The 2024 results were impacted by $105 million in after-tax notable items.
"Our fourth quarter and full-year 2024 results reflect focused execution of our strategic priorities," said Chairman, President and CEO Bryan Jordan. "Strong client relationships and our attractive business mix positioned us to deliver earnings through a complex interest rate cycle."
Jordan highlighted a two basis point expansion in net interest margin and a 6% increase in fixed income revenue during the fourth quarter. Net charge-offs remained low at 8 basis points.
While revenue missed estimates, investors appeared to focus on the earnings beat and positive commentary around the bank’s performance. The stock’s 2.95% gain suggests a moderately positive reaction from the market to the overall results.
First Horizon ended 2024 with $82.2 billion in total assets. The company operates in 12 states across the southern U.S., offering a range of banking and financial services.
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