Truist Financial Earnings: Goodwill Impairment and Lackluster 2024 Outlook

Truist Financial’s fourth-quarter and full-year 2023 results were marred by a goodwill impairment charge and the company’s 2024 outlook is lackluster. For the fourth quarter, the firm reported a net loss of $5.2 billion, or $3.85 per share, on $5.76 billion of taxable-equivalent revenue. Included in the fourth quarter was a $6.1 billion goodwill impairment charge and some other unusual items (including a $507 million FDIC special assessment to cover regional U.S. bank losses in early 2023). Excluding the impairment and other unusual charges, adjusted EPS was $0.81. We don’t anticipate making a material change to our $50 per-share fair value estimate for narrow-moat Truist Financial.