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Fulton Financial Corp (FULT)
NASDAQ:FULT
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Earnings Data
Report Date
Jan 21, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.38Last Year’s EPS
$0.37Same Quarter Last Year
Based on 4 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 15, 2024
|% Change Since: 7.34%
|Next Earnings Date:Jan 21, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a strong performance with record earnings and growth in key financial metrics, driven by successful integration of the Republic transaction and strategic initiatives. However, the increase in nonperforming loans and runoff in the indirect auto lending portfolio posed some challenges.Company Guidance
In the third quarter of 2024, Fulton Financial provided detailed guidance on its financial performance and strategic initiatives during their earnings call. The company reported record operating earnings of $0.50 per diluted share, driven by a $16 million increase in net interest income and a 6 basis point rise in net interest margin, which reached 3.49%. Loan growth was modest at $70 million, or 1% annualized, while deposit growth was strong at $745 million, or 12% annualized, excluding a planned reduction in brokered deposits. The provision expense was reported at $11.9 million, and operating net income grew by $9 million to $91.3 million. Fulton Financial also emphasized its focus on the integration of Republic Bank and the Fulton First initiative, aiming for a 40% cost savings estimate by year-end. Noninterest income increased by $1.5 million, and the company highlighted its solid capital position, with a tangible capital ratio benefiting from a $67 million OCI reversal. The guidance for 2024 remains unchanged with net interest income expected to range between $925 million to $950 million, noninterest income between $240 million to $260 million, and operating expenses between $750 million to $770 million. The effective tax rate is anticipated to be between 16% to 18%.Record Operating Earnings
Operating earnings reached $0.50 per diluted share, a record high for the company.
Strong Deposit and Loan Growth
Deposit growth was $745 million or 12% annualized, while loan growth was $70 million or 1% annualized.
Net Interest Income and Margin Improvement
Net interest income increased by $16 million, and net interest margin rose by 6 basis points.
Noninterest Income Growth
Noninterest income increased by $1.5 million when excluding the bargain purchase gain adjustment.
Republic Transaction Integration
Successful integration of Republic transaction with a full quarter impact, contributing to increased earnings.
Fulton First Initiative Progress
Consolidation of 16 financial centers and leadership appointments to drive growth and efficiency.
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FULT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FULT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 15, 2024 | $18.26 | $18.66 | +2.19% |
| Jul 17, 2024 | $18.63 | $19.46 | +4.46% |
| Apr 16, 2024 | $14.17 | $14.21 | +0.28% |
| Jan 16, 2024 | $15.12 | $14.99 | -0.86% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Fulton Financial Corp (FULT) report earnings?
Fulton Financial Corp (FULT) is schdueled to report earning on Jan 21, 2025, TBA Not Confirmed.
What is Fulton Financial Corp (FULT) earnings time?
Fulton Financial Corp (FULT) earnings time is at Jan 21, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FULT EPS forecast?
FULT EPS forecast for the fiscal quarter 2024 (Q4) is $0.38.
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