Truist Financial Reports Mixed Q1 Earnings, Expects Further Decline In Annual Revenues
Portfolio Pulse from Vandana Singh
Truist Financial Corporation (NYSE:TFC) reported Q1 adjusted EPS of 90 cents, surpassing the consensus of 80 cents but down from $1.05 a year ago. Revenues fell to $4.87 billion from $5.34 billion, missing the consensus of $5.7 billion. The company experienced a decline in net interest income and average loans, but saw an increase in noninterest income. Truist expects a 2% sequential revenue decline in Q2 and a 4%-5% decline for fiscal 2024. TFC shares dropped 2.16% in premarket trading.
April 22, 2024 | 3:02 pm
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Truist Financial reported higher than expected Q1 EPS but lower revenues, with a forecast of continued revenue decline. Shares fell 2.16% in premarket.
The mixed Q1 earnings report, with a beat on EPS but a miss on revenue forecasts, coupled with guidance indicating further revenue declines, likely contributed to the negative investor sentiment, leading to a premarket stock price drop. The short-term impact is negative due to the immediate market reaction and the anticipation of continued revenue challenges.
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