- First Horizon National (FHN +0.6%) says its Capital Bank acquisition is generating better economics than originally expected, according to slides from FHN's presentation at the Morgan Stanley Financial Conference.
- FHN now sees the acquisition increasing 2018 EPS by 17% instead of the 8% it had originally expected. Furthermore, it now foresees cost savings of $85M vs $65M in its original announcement.
- Some of the expected improvement though comes from tax reform and the economic outlook: FHN tax rate assumption now at about 23% vs 35%; and Fed funds rate expectations are now 2.75% by Q4 of 2019 vs 2.00%.
- Previously: First Horizon National beats by $0.03, misses on revenue (April 13)
First Horizon says merger economics better than expected
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