First Horizon National (FHN) shares plummeted 7.2% in the pre-market trading on Thursday, despite reporting better-than-expected fourth-quarter adjusted earnings. The sell-off was likely driven by the company's disappointing revenue figures for the quarter.
The Memphis-based bank holding company reported Q4 adjusted earnings per share of $0.43, beating analysts' consensus estimate of $0.39. However, First Horizon's total revenue for the quarter came in at $729 million, falling short of the expected $820.8 million.
While the company's earnings performance exceeded expectations, investors appear to be more concerned about the revenue shortfall, which could indicate potential challenges in First Horizon's business operations or a slowdown in its revenue growth.
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