First Horizon Corporation (FHN) has reported a decline in second-quarter earnings compared to the previous year, falling short of Wall Street expectations.
The company's net income for the period totaled $184 million, or $0.34 per share, down from $317 million, or $0.56 per share, in the same quarter last year.
On an adjusted basis, which excludes certain items, First Horizon Corporation recorded earnings of $195 million, or $0.36 per share, for the quarter.
Analysts, according to Thomson Reuters, had predicted earnings of $0.37 per share on average, typically excluding special items.
Revenue for the quarter saw a decrease of 20.9%, falling to $815 million from $1.03 billion the previous year.
A brief overview of First Horizon Corporation's GAAP earnings for the second quarter:
- Net Income: $184 million, compared to $317 million last year.
- Earnings Per Share (EPS): $0.34, compared to $0.56 last year.
- Revenue: $815 million, compared to $1.03 billion last year.
