Earnings To Watch: Truist Financial (TFC) Reports Q2 Results Tomorrow

Financial services company Truist Financial (NYSE:TFC) will be reporting results this Friday before market open. Here’s what you need to know.

Truist Financial met analysts’ revenue expectations last quarter, reporting revenues of $4.90 billion, up 1.7% year on year. It was a slower quarter for the company, with a slight miss of analysts’ net interest income estimates and EPS in line with analysts’ estimates.

Is Truist Financial a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Truist Financial’s revenue to grow 396% year on year to $4.98 billion, a reversal from the 134% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.93 per share.

Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 7 downward revisions over the last 30 days (we track 7 analysts). Truist Financial has missed Wall Street’s revenue estimates six times over the last two years.

Looking at Truist Financial’s peers in the diversified banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Citigroup delivered year-on-year revenue growth of 8%, beating analysts’ expectations by 3.5%, and JPMorgan Chase reported a revenue decline of 10.5%, topping estimates by 2.9%. Citigroup traded up 2.9% following the results while JPMorgan Chase was down 1%.

Read our full analysis of Citigroup’s results here and JPMorgan Chase’s results here.

There has been positive sentiment among investors in the diversified banks segment, with share prices up 10.4% on average over the last month. Truist Financial is up 13.6% during the same time and is heading into earnings with an average analyst price target of $47.47 (compared to the current share price of $44.32).

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