Truist Financial Corporation (NYSE:TFC) reported earnings per share of $0.99, surpassing estimates.
Revenue reached $5.14 billion, exceeding expectations.
Net income available to common shareholders increased to $1.34 billion.
Truist Financial Corporation (NYSE:TFC) recently reported its third-quarter 2024 earnings, showcasing a strong performance. The company reported earnings per share of $0.99, surpassing the estimated $0.912. This achievement highlights Truist’s ability to exceed market expectations consistently. The company’s revenue also exceeded estimates, reaching $5.14 billion compared to the anticipated $5.09 billion.
During the Q3 2024 earnings call, key figures such as CEO Bill Rogers and CFO Mike Maguire discussed the company’s financial performance. Analysts from major financial institutions, including Piper Sandler and Morgan Stanley, participated in the call. Truist’s adjusted earnings per share of $0.97 surpassed the Zacks Consensus Estimate of $0.89, marking a 21.3% increase from the previous year.
Truist’s net income available to common shareholders on a GAAP basis was $1.34 billion, or $0.99 per share, up from $1.07 billion, or $0.80 per share, in the previous year’s quarter. This increase was driven by higher net interest income and non-interest income, alongside reduced provisions and expenses. However, the company faced challenges with declining average loan and deposit balances.
Truist’s financial metrics reflect its market valuation and financial health. The price-to-sales ratio is approximately 2.60, while the enterprise value to sales ratio is about 3.39. The enterprise value to operating cash flow ratio stands at around 13.08. The debt-to-equity ratio is approximately 0.90, indicating a balanced use of debt and equity. However, the current ratio of about 0.46 suggests potential liquidity challenges.
