First Horizon reports better-than-expected Q3 results

MEMPHIS - First Horizon Corporation (NYSE:FHN ) reported third quarter earnings that exceeded analyst expectations, driven by strong performance in its counter-cyclical businesses.

The regional bank posted adjusted earnings per share of $0.42, surpassing the analyst consensus estimate of $0.37. Revenue for the quarter came in at $828 million, also beating the consensus forecast of $821.37 million.

Net income available to common shareholders was $213 million, or $0.40 per share, up from $184 million, or $0.34 per share, in the second quarter. Excluding notable items, adjusted net income was $224 million.

The company's return on average tangible common equity (ROTCE) was 12.6% for the quarter, while adjusted ROTCE reached 13.2%. Tangible book value per share increased by $0.81 quarter-over-quarter to $13.02.

"We delivered 18% growth in earnings per share compared to the prior quarter, driven by strong performance from our counter-cyclical businesses," said Chairman, President and CEO Bryan Jordan. "Our results reflect the strength of our diversified business model and our continued focus on growing and deepening client relationships."

Jordan noted that credit quality remained stable, with net charge-offs declining for the second consecutive quarter and a modest increase in reserve coverage.

The company ended the quarter with $82.6 billion in total assets as of September 30, 2024.

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Source: Investing.com