Truist Financial Q4 Adj. Profit Declines; Adj. Revenue Down 8.0% YoY

(RTTNews) - Truist Financial Corp. (TFC) posted a fourth quarter net loss of $5.2 billion, or $3.85 per share, impacted by: $6.1 billion or $4.53 per share non-cash goodwill impairment charge; $507 million or $0.29 per share special FDIC assessment; $204 million, or $0.15 per share discrete tax benefit; and $183 million or $0.10 per share primarily due to restructuring charges. Adjusted net income was $1.09 billion or $0.81 per share, down 37.1% from a year ago. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.89, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenue was $5.76 billion compared to $6.26 billion, prior year. Analysts on average had estimated $5.69 billion in revenue.

For the first quarter, the company projects revenue to be flat to down 1% from linked quarter. For fiscal 2024, the company expects revenue to decline 1% - 3%.

Shares of Truist Financial are up 3% in pre-market trade on Thursday.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.