Shares of First Horizon National Corp. (FHN) surged over 5% on Monday after the regional bank holding company reported better-than-expected third quarter 2024 earnings results.
For the quarter ended September 30, First Horizon posted net income available to common shareholders of $213 million, or $0.40 per diluted share, compared to $184 million or $0.34 per share in the prior quarter. On an adjusted basis, the company earned $0.42 per share, topping analysts' consensus estimate of $0.38 by $0.04.
Total revenue rose 6.4% year-over-year to $828 million, also beating Wall Street's expectations. The strong performance was driven by First Horizon's diversified business model and growth from its counter-cyclical segments, according to Chairman and CEO Bryan Jordan.
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