40 material Form 8-K filings that 39 companies we cover made with the SEC in October 2023, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
Xenia Hotels & Resorts reported a third-quarter 2023 net loss attributable to common stockholders of $8.5 million, or $0.08 per share, compared with a $1.7 million loss, or $0.01 per share, a year earlier. The company lowered its high-end full-year 2023 guidance, citing moderately reduced expectations for the fourth quarter, which matters to shareholders because it signals weaker near-term earnings tied to renovation disruption and moderating leisure demand.
Q3 2023 Adjusted EBITDAre was $46.3 million, down 13.9% from the third quarter of 2022; same-property RevPAR rose 0.4% to $158.48.
Full-year 2023 Adjusted EBITDAre guidance is $246 million to $254 million; the high end was cut by $10 million and the low end was raised by $2 million.
Full-year 2023 Adjusted FFO per diluted share guidance is $1.48 to $1.55; the high end was cut by $0.05.
Preliminary October 2023 same-property RevPAR was approximately $191, 2.3% below October 2022.
United States Lime & Minerals reported third quarter 2023 revenue of $74.9 million, up 12.7% from a year earlier, and net income of $20.7 million, or $3.63 per diluted share, up 31.8%. The company also declared a regular quarterly dividend of $0.20 per share, and its CEO said he anticipates continued weak demand in some key markets.
Q3 2023 revenue was $74.9 million, compared with $66.5 million in Q3 2022, an increase of $8.4 million.
Q3 2023 net income was $20.7 million ($3.63 per diluted share), compared with $15.7 million ($2.77 per diluted share) a year earlier.
Nine-month 2023 revenue was $215.6 million, up 21.2% from $177.9 million in the first nine months of 2022.
Quarterly cash dividend of $0.20 per share is payable December 15, 2023 to shareholders of record on November 24, 2023.
Gulfport Energy reported third quarter 2023 net income of $608.4 million, compared with a net loss of $18.5 million a year earlier, and total revenues of $266.7 million versus $191.1 million. The profit figure includes a $554.7 million deferred income tax benefit and a $39.4 million net gain on derivatives, compared with a $474.9 million derivative loss a year earlier. The company raised its 2023 net production guidance to 1,045-1,055 MMcfe per day, lowered its base capital expenditure guidance to $435 million-$455 million, and expanded its share repurchase authorization by 63% to $650 million.
Q3 2023 net income $608.4 million and adjusted EBITDA $160.0 million, both above analyst consensus per the company
Net daily production of 1,056.9 MMcfe in Q3 2023, versus 914,888 MMcfe a year earlier
Average natural gas price without derivatives was $1.99 per Mcf, down from $7.80 in Q3 2022
Share repurchase authorization raised to $650 million; about $315.4 million of capacity remained as of October 26, 2023
UFP Industries reported third quarter 2023 results with net sales of $1.83 billion, down 21% from a year earlier, driven by a 12% drop in prices and a 9% drop in organic unit sales. Net earnings attributable to controlling interest were $134 million, or $2.10 per diluted share, down 21% from the prior year's record quarter, though the company said its operating margins remain historically strong.
Net sales of $1.83 billion, down 21% year over year; selling prices fell 12% and organic unit sales fell 9%
Diluted EPS of $2.10, down 21% from last year's record quarter; net earnings attributable to controlling interest of $134 million
Adjusted EBITDA of $208 million, down 24%; adjusted EBITDA margin of 11.4%, down 40 basis points
Net surplus cash of $682.4 million at September 30, 2023, versus $128 million a year earlier
PJT Partners reported third-quarter 2023 revenue of $278 million, up 5% from a year earlier, driven by higher advisory revenue. GAAP diluted earnings per share fell to $0.68 from $0.82, and placement revenue dropped 33%, so profit moved in the opposite direction from revenue.
Q3 2023 total revenues were $278 million, up 5% from $266 million; advisory revenues rose 9% to $244 million while placement revenues fell 33% to $27 million.
GAAP diluted EPS was $0.68 versus $0.82 a year earlier; adjusted EPS was $0.78 versus $0.96.
Nine-month revenues were a record $825 million, up 11%, while nine-month GAAP diluted EPS was $2.20 versus $2.56.
As of September 30, 2023, the company held $355 million in cash, cash equivalents and short-term investments with no funded debt; the board declared a $0.25 quarterly dividend payable December 20, 2023.
CorVel reported results for the three months ended September 30, 2023, with revenue of $196 million, up from $177 million a year earlier, and diluted earnings per share of $1.15, up from $0.83. For the six months, revenue was $386 million and diluted EPS was $2.29, compared with $354 million and $1.77 a year earlier. The filing gives no guidance for future periods.
Quarter revenue $196 million vs $177 million a year earlier; net income $19.9 million vs $14.7 million
Quarter diluted EPS $1.15 vs $0.83 in the prior-year quarter
Six-month revenue $386 million vs $354 million; six-month diluted EPS $2.29 vs $1.77
Press release cites CERIS payment integrity growth and new bookings; no forward guidance was given
Vornado Realty Trust reported third-quarter 2023 results on October 30, 2023. GAAP net income attributable to common shareholders rose to $52.8 million, or $0.28 per diluted share, from $7.8 million, or $0.04, a year earlier, but FFO fell to $119.5 million, or $0.62 per diluted share, from $152.5 million, or $0.79. The mixed picture matters to shareholders because FFO, adjusted for one-time items, fell to $127.2 million, or $0.66 per share, from $157.4 million, or $0.81.
Q3 2023 net income attributable to common shareholders was $52.8 million ($0.28 per diluted share), versus $7.8 million ($0.04) in Q3 2022.
Q3 2023 FFO attributable to common shareholders plus assumed conversions was $119.5 million ($0.62 per diluted share), versus $152.5 million ($0.79).
Adjusted FFO was $127.2 million ($0.66 per diluted share), versus $157.4 million ($0.81) in Q3 2022; the company cited a $11.9 million prior period accrual adjustment in 2022 and $7.3 million higher net interest expense.
Net gain of $36.0 million from contributing the Pier 94 leasehold interest to a joint venture was a factor in the net income comparison.
Monolithic Power Systems reported third-quarter 2023 results on October 30, 2023, with revenue down 4.1% from a year earlier and GAAP diluted earnings per share of $2.48, compared with $2.57 a year earlier. The same day, its board approved a $640 million stock repurchase program running through October 29, 2026, which the company says will be funded from available working capital and cash repatriated from its Bermuda subsidiary.
Q3 revenue was $474.9 million, up 7.6% from $441.1 million in Q2 2023 but down 4.1% from $495.4 million in Q3 2022.
Q3 GAAP diluted EPS was $2.48 vs. $2.57 a year earlier; non-GAAP diluted EPS was $3.08 vs. $3.53.
Fourth-quarter 2023 revenue outlook is $442.0 million to $462.0 million.
Board approved a $640 million repurchase program expiring October 29, 2026; repurchased shares will be retired.
California Water Service Group expanded its board from ten to eleven directors and elected Jeffrey Kightlinger, a former chief executive of the Metropolitan Water District of Southern California, effective November 1, 2023. The filing describes a governance change with no financial figures attached, so its direct effect on shareholders appears limited.
On October 25, 2023, the Board voted to increase its size from ten to eleven directors and elect Jeffrey Kightlinger, 63, effective November 1, 2023.
Kightlinger was the longest-serving CEO of the Metropolitan Water District of Southern California, which the filing describes as overseeing a $1.8 billion budget.
He will receive non-employee director compensation under the arrangements described in the April 19, 2023 proxy statement, and the company intends to sign its standard indemnification agreement with him.
A press release announcing the election was issued October 26, 2023 and is attached as Exhibit 99.1.
Piper Sandler reported third-quarter 2023 U.S. GAAP net revenues of $289.5 million, flat from the second quarter and down 13% from a year earlier. Net income applicable to the company was $3.9 million, or $0.22 per diluted share, after a $16.4 million expense tied to a potential SEC settlement over recordkeeping, and the company declared a $0.60 quarterly dividend. Adjusted EPS of $1.76 excludes that expense, so the GAAP figures are the more direct comparison for shareholders.
GAAP net revenues of $289.5 million were flat versus Q2 2023 and down 13% versus Q3 2022.
GAAP pre-tax loss of $3.5 million, a pre-tax margin of -1.2%, compared with pre-tax income of $14.4 million in Q2 2023.
$16.4 million of non-compensation expenses relate to a potential regulatory settlement with the SEC on business communications recordkeeping.
Quarterly dividend of $0.60 per share, payable December 8, 2023, to holders of record as of November 21, 2023.
Colgate-Palmolive reported third quarter 2023 net sales of $4,915 million, up 10.5% from a year earlier, and GAAP diluted earnings per share of $0.86, up 16% from $0.74. The company raised its full-year 2023 financial guidance for net sales growth and organic sales growth, which signals higher expected results for shareholders.
Third quarter 2023 net sales were $4,915 million, up 10.5% from $4,455 million in the year-earlier quarter.
GAAP diluted EPS was $0.86 versus $0.74, up 16%; Base Business (non-GAAP) EPS also rose 16% to $0.86.
Full-year 2023 net sales growth guidance was raised to 6% to 8% from 5% to 8%.
Full-year 2023 organic sales growth guidance was raised to 7% to 8% from 5% to 7%.
Gentex reported third-quarter 2023 net sales of $575.8 million, up 17%, and net income of $104.7 million, up 44%, with diluted earnings per share of $0.45 compared with $0.31 a year earlier. The company kept its 2023 revenue guidance of $2.2 - $2.3 billion unchanged, while trimming its tax rate, capital expenditure, and depreciation and amortization estimates, and management said the fourth quarter will likely be affected by the UAW strikes.
Net sales of $575.8 million, up 17% from $493.6 million; auto-dimming mirror unit shipments of 12.6 million, up 10%.
Net income of $104.7 million, up 44% from $72.7 million; diluted EPS of $0.45 versus $0.31.
Gross margin of 33.2%, up from 29.8% a year earlier; 2023 gross margin guidance of 32.5% - 33% unchanged.
Management said the fourth quarter will likely be impacted by the UAW strikes from both a revenue and margin perspective.
Federated Hermes reported third quarter 2023 diluted EPS of $0.86, up from $0.78 a year earlier, on net income of $75.0 million. Total managed assets reached a record $715.2 billion at Sept. 30, 2023, driven mainly by money market assets, and the board declared a $0.28 dividend and authorized a new repurchase of up to 5 million shares.
Q3 2023 diluted EPS of $0.86 vs. $0.78 in Q3 2022; net income of $75.0 million vs. $69.5 million
Total revenue of $402.7 million, up 6% from Q3 2022 but down 7% from Q2 2023's $433.2 million
Record total managed assets of $715.2 billion at Sept. 30, 2023; money market assets a record $525.1 billion
Dividend of $0.28 per share payable Nov. 15, 2023; new buyback authorization of up to 5 million shares
Ameris Bancorp reported unaudited third-quarter 2023 net income of $80.1 million, or $1.16 per diluted share, up from $62.6 million ($0.91) in the second quarter but down from $92.6 million ($1.34) in the third quarter of 2022. The board also authorized up to $100.0 million in share repurchases through October 31, 2024, and the company will discuss results on a call on October 27, 2023.
Net income of $80.1 million, or $1.16 per diluted share, versus $62.6 million ($0.91) in Q2 2023 and $92.6 million ($1.34) in Q3 2022
Net interest margin fell to 3.54% from 3.97% a year earlier, which the company attributed mainly to rising deposit costs
Board authorized repurchases of up to $100.0 million of common stock, effective through October 31, 2024
Tangible book value per share was $32.38 at September 30, 2023, up from $28.62 a year earlier
Deckers reported second-quarter fiscal 2024 revenue up 25% to a record $1.092 billion and diluted earnings per share up 79% to $6.82, and raised its full-year fiscal 2024 revenue guidance to $4.025 billion and its diluted EPS guidance to $22.90-$23.25. The company also said it intends to divest its Sanuk brand, so shareholders should watch for a buyer and its terms.
Q2 fiscal 2024 net sales rose 24.7% to $1.092 billion; diluted EPS was $6.82 versus $3.80 a year earlier
Fiscal 2024 net sales guidance raised to approximately $4.025 billion; diluted EPS guidance raised to $22.90 to $23.25
Company repurchased shares for $185.5 million in the quarter and had about $1.146 billion left under its buyback authorization
Intent to divest the Sanuk brand, which had $5.4 million in quarterly net sales
SkyWest reported third-quarter 2023 net income of $23 million, or $0.55 per diluted share, down from $48 million, or $0.96, a year earlier. Revenue fell 3% to $766 million, and the company deferred $57 million of revenue tied to modified terms in its amended flying contracts, which weighed on results for shareholders.
Q3 2023 revenue was $766 million, down $23 million, or 3%, from $789 million in Q3 2022
Q3 2023 operating expenses rose $3 million to $717 million, driven by higher employee compensation, including pilot pay scales
SkyWest deferred $57 million of revenue in Q3 2023 versus recognizing $13 million of previously deferred revenue in Q3 2022
SkyWest secured a flying agreement with United Airlines for 19 new E175 aircraft, with deliveries from late 2024 through 2026
Kirby reported third quarter 2023 net earnings attributable to Kirby of $63.0 million, or $1.05 per diluted share, up from $39.1 million, or $0.65, a year earlier, on revenue of $764.8 million versus $745.8 million. Shareholders gain a clear year-over-year improvement in both earnings and revenue, and the company gave an outlook for the fourth quarter and full-year 2023 cash flow and capital spending.
Q3 2023 net earnings attributable to Kirby were $63.0 million, or $1.05 per diluted share, versus $39.1 million, or $0.65, in Q3 2022.
Consolidated revenues were $764.8 million in Q3 2023 compared with $745.8 million in Q3 2022.
Operating margins were 14.8% in marine transportation (9.6% a year earlier) and 9.9% in distribution and services (7.1% a year earlier).
For 2023, Kirby expects net cash provided by operating activities of $475 million to $525 million and capital spending of $330 million to $380 million.
Tootsie Roll reported third quarter 2023 net sales of $248.3 million, up 17% from $211.9 million a year earlier, and net earnings of $34.4 million, or $0.49 per share, versus $0.37 per share in 2022. Higher sales price realization was the main driver, but management said higher input costs offset much of the benefit and expects timing of pre-Halloween sales to weigh on fourth-quarter 2023 sales and earnings.
Third quarter net sales were $248,336,000 versus $211,888,000 in 2022, an increase of 17%
Third quarter net earnings were $34,382,000, or $0.49 per share, versus $26,577,000, or $0.37 per share, in 2022
Nine-month 2023 net sales were $567,884,000, up 15%, and nine-month net earnings per share were $0.89 versus $0.71
Management expects fourth-quarter 2023 sales and earnings to be adversely affected by sales timing versus fourth quarter 2022, and expects 2024 ingredient and packaging unit costs to be even higher than in 2023
W.W. Grainger reported third-quarter 2023 results with net sales of $4.2 billion, up 6.7%, and diluted EPS of $9.43, up 14.1% from a year earlier. The company also narrowed its full-year 2023 guidance, with diluted EPS now expected at $36.00 to $36.60, compared with the prior range of $35.00 to $36.75.
Q3 2023 net sales were $4,208 million, up 6.7%, or 8.7% on a daily, constant currency basis
Operating earnings were $667 million, up 10.7%, with operating margin of 15.9%, up 60 basis points
Full-year 2023 diluted EPS guidance narrowed to $36.00 to $36.60 from $35.00 to $36.75; net sales guidance narrowed to $16.4 billion to $16.6 billion from $16.4 billion to $16.8 billion
Q3 operating cash flow was $523 million; $287 million was returned to shareholders through dividends and share repurchases
Brunswick reported third-quarter 2023 net sales of $1,593.6 million, down 6.2% from a year earlier, with GAAP diluted EPS of $1.63 (down 27.9%) and adjusted diluted EPS of $2.42 (down 9.4%). The company updated its 2023 full-year guidance to adjusted diluted EPS of approximately $9.00 and net sales of $6.45 billion to $6.5 billion, which shareholders will weigh against the lower quarterly results.
Q3 2023 net sales $1,593.6 million, down from $1,698.2 million in Q3 2022
GAAP diluted EPS $1.63 and adjusted diluted EPS $2.42, versus $2.26 and $2.67 a year earlier
Updated 2023 guidance: net sales of $6.45 to $6.5 billion, adjusted diluted EPS of approximately $9.00, and free cash flow above $375 million
Boat segment net sales fell 16.1% and Navico Group sales fell 9.1% in the quarter
AMERISAFE reported third-quarter 2023 net income of $10.0 million, down 12.3% from $11.4 million a year earlier, with diluted EPS of $0.52 versus $0.59. Total revenues rose to $72.6 million from $71.4 million, but net premiums earned fell 1.7% and the net combined ratio rose to 90.6% from 85.4%. The board also declared a $3.50 per share special dividend payable December 15, 2023, to shareholders of record as of December 1, 2023.
Q3 2023 net income $10.0 million vs. $11.4 million in Q3 2022; diluted EPS $0.52 vs. $0.59
Q3 2023 operating EPS $0.61 vs. $0.73 a year earlier; net combined ratio 90.6% vs. 85.4%
Special dividend of $3.50 per share, payable December 15, 2023, to holders of record as of December 1, 2023
Regular quarterly dividend of $0.34 per share declared October 24, 2023, on the same payment and record dates
Plexus reported fiscal fourth-quarter 2023 revenue of $1.02 billion, down from $1.12 billion a year earlier, and GAAP diluted EPS of $1.44, down from $1.78. For fiscal 2023, revenue rose to $4.21 billion from $3.81 billion and GAAP diluted EPS was $4.95 versus $4.86, after $0.75 of restructuring and other charges. The company guided fiscal first-quarter 2024 revenue to $990 million to $1.03 billion and GAAP diluted EPS to $1.15 to $1.33.
Q4 fiscal 2023 revenue $1.02 billion vs. $1.12 billion in Q4 fiscal 2022; GAAP diluted EPS $1.44 vs. $1.78
Fiscal 2023 revenue $4.21 billion vs. $3.81 billion; GAAP diluted EPS $4.95 vs. $4.86, including $0.75 of restructuring and other charges
Q1 fiscal 2024 guidance: revenue $990 million to $1.03 billion; GAAP diluted EPS $1.15 to $1.33
Annaly Capital Management reported a GAAP net loss of $1.21 per average common share for the quarter ended September 30, 2023, compared with net income of $0.27 per share in the June quarter. Book value per common share fell to $18.25 from $20.73, while the company declared a $0.65 quarterly common dividend, unchanged from the prior quarter.
GAAP net loss of $1.21 per average common share, versus net income of $0.27 per share in the quarter ended June 30, 2023
Earnings available for distribution of $0.66 per average common share, down from $0.72 in the prior quarter
Book value per common share of $18.25, down from $20.73 at June 30, 2023; economic return was a loss of 8.8%
Declared quarterly common dividend of $0.65 per share; GAAP leverage rose to 7.1x from 6.1x
St. Joe reported third-quarter 2023 net income attributable to the Company of $19.4 million, up 57% from a year earlier, on total revenue up 76% to $101.4 million. The board also declared a quarterly dividend of $0.12 per share, payable December 8, 2023. Depreciation expense rose to $10.7 million from $5.8 million as more operating assets were placed into service.
Net income attributable to the Company rose 57% to $19.4 million, or $0.33 per share, from $12.4 million, or $0.21 per share, a year earlier.
Total revenue rose 76% to $101.4 million; real estate revenue rose 131% to $39.9 million and hospitality revenue rose 63% to $47.4 million.
Board declared a quarterly cash dividend of $0.12 per share, payable December 8, 2023, to holders of record on November 9, 2023.
Depreciation, depletion and amortization rose to $10.7 million from $5.8 million in the quarter.
Healthcare Services Group reported a GAAP net loss of $5.5 million, or $(0.07) per diluted share, for the quarter ended September 30, 2023, compared with net income of $0.3 million a year earlier. Excluding non-GAAP adjustments, including $21.7 million of client restructuring charges, adjusted diluted EPS was $0.17, up 13.3%, and the company raised its second-half 2023 operating cash flow expectation to $35.0 million to $45.0 million.
GAAP revenue was $411.4 million versus $414.5 million in Q3 2022; adjusted revenue was $424.0 million.
Net loss of $5.5 million, or $(0.07) per diluted share, compared with net income of $0.3 million in Q3 2022.
Adjusted diluted EPS of $0.17 versus $0.15 a year earlier; adjusted cash flow from operations was $18.0 million.
Second-half 2023 cash flow from operations expectation raised to $35.0 million to $45.0 million from $20.0 million to $30.0 million.
Evercore reported third quarter 2023 results on a U.S. GAAP basis, with net revenues of $570.2 million, down 1% from $576.9 million a year earlier. Net income attributable to Evercore fell to $52.1 million from $82.4 million, and diluted EPS dropped to $1.30 from $2.03, as advisory fees declined and compensation costs rose as a share of revenue. The company also declared a quarterly dividend of $0.76 per share, payable December 8, 2023.
Q3 2023 GAAP net revenues were $570.2 million versus $576.9 million in Q3 2022; operating income was $76.8 million versus $130.4 million.
Q3 2023 GAAP net income attributable to Evercore was $52.1 million, or $1.30 diluted EPS, versus $82.4 million, or $2.03, a year earlier.
Advisory fees fell 4% in the quarter and 23% year to date, while the compensation ratio rose to 68.7% from 61.7%.
Quarterly dividend of $0.76 per share declared October 24, 2023, payable December 8, 2023 to holders of record on November 24, 2023.
Vicor reported third-quarter 2023 revenue of $107.8 million, up 4.6% from a year earlier, and net income of $16.6 million, or $0.37 per diluted share, versus $1.8 million, or $0.04, a year ago. Backlog fell 53.0% from a year earlier to $174.7 million, and the CEO said Q3 bookings remained weak, which is a concern for future revenue even though current profit improved.
Q3 2023 revenue $107.8 million, up 4.6% year over year and up 1.0% sequentially
Q3 2023 net income $16.6 million, or $0.37 per diluted share, versus $0.04 a year earlier
Backlog $174.7 million at September 30, 2023, down 53.0% year over year and 19.6% sequentially
Cash and cash equivalents of approximately $227.8 million at September 30, 2023
Visa reported fiscal fourth-quarter 2023 net revenues of $8.6 billion, up 11%, and GAAP earnings per share of $2.27, up 22%, after a $109 million litigation provision. The board raised the quarterly dividend 16% to $0.520 per share and authorized a new $25.0 billion multi-year share repurchase program, while the company also gave a fiscal 2024 outlook.
Q4 net revenues $8.6 billion, up 11%; GAAP net income $4.7 billion, up 19%
Full-year net revenues $32.7 billion, up 11%; full-year GAAP EPS $8.28, up 18%
Quarterly dividend raised 16% to $0.520 per share, payable December 1, 2023, to holders of record as of November 9, 2023
New $25.0 billion multi-year class A share repurchase program authorized in October
Calix reported unaudited third-quarter 2023 results on October 23, 2023, with revenue of $263.8 million, up 12% from $236.3 million a year earlier and up 1% from the prior quarter. Non-GAAP net income per diluted share was $0.45, above the $0.32 to $0.38 range the company gave on July 19, 2023, while GAAP net income per diluted share was $0.24. The company also guided fourth-quarter 2023 non-GAAP net income per diluted share to $0.33 to $0.39 on revenue of $261.0 million to $267.0 million.
Third-quarter revenue was $263.8 million, up 12% year over year, with GAAP gross margin of 53.3% and non-GAAP gross margin of 53.8%.
Non-GAAP net income per diluted share was $0.45 versus GAAP net income per diluted share of $0.24; non-GAAP guidance given July 19, 2023 was $0.32 to $0.38.
Fourth-quarter 2023 guidance: revenue of $261.0 million to $267.0 million and non-GAAP net income per diluted share of $0.33 to $0.39.
The company repurchased $32.4 million of common stock in the quarter, bringing its use of the $100 million authorized plan to $42.4 million.
W. R. Berkley reported third quarter 2023 results in a press release furnished under Item 2.02 of this Form 8-K, dated October 23, 2023. Net income to common stockholders rose 45.7% to $333.6 million, or $1.23 per diluted share, from $228.9 million, or $0.82 per diluted share, a year earlier. The gains came from higher net premiums written and record net investment income, which matter to shareholders because they show higher earnings per share and $160.3 million returned to shareholders in the quarter.
Net income to common stockholders was $333.6 million in Q3 2023, up from $228.9 million in Q3 2022.
Net premiums written grew 10.5% to $2.8 billion, and the reported combined ratio improved to 90.2% from 92.1%.
Net investment income reached a record $270.9 million, up from $202.8 million, driven by a 59.3% increase in the core portfolio.
Total capital returned to shareholders was $160.3 million, including $129.0 million of special dividends.
OFG Bancorp reported results for the quarter ended September 30, 2023, in a press release furnished under Item 2.02 of a Form 8-K dated October 20, 2023. Diluted EPS was $0.95, up from $0.87 in 3Q22 and $0.93 in 2Q23, and total core revenues rose 10% year over year to $172.2 million, so headline profit and revenue both improved. Credit costs rose, with net charge-offs of $18.8 million and a provision for credit losses of $16.4 million, compared with $11.3 million and $7.1 million in 3Q22.
Diluted EPS of $0.95 vs. $0.87 in 3Q22 and $0.93 in 2Q23
Total core revenues of $172.2 million vs. $156.8 million in 3Q22
Net charge-offs of $18.8 million vs. $11.3 million in 3Q22; provision for credit losses of $16.4 million vs. $7.1 million
Net interest margin of 5.80% vs. 5.23% in 3Q22; CET1 ratio of 14.03%
East West Bancorp reported third-quarter 2023 net income of $288 million, or $2.02 per diluted share, down 3% from a year earlier, while revenue rose 3% to $648 million. The company said it plans to restart share repurchases in the fourth quarter, with $254 million remaining under its authorization.
Net income was $288 million, down from $295 million in the third quarter of 2022.
Diluted EPS was $2.02, compared with $2.08 a year earlier; net income also fell from $312 million in the second quarter.
Revenue was $648 million, up from $627 million a year earlier.
Board declared a $0.48 per share dividend payable November 15, 2023; no shares were repurchased in Q3 2023, and $254 million remains under the authorization.
Badger Meter reported record third quarter 2023 results, with net sales of $186.2 million, up 26% from $148.0 million a year earlier. Diluted earnings per share rose 44% to $0.88, and operating earnings increased 31%. The company also announced a 20% increase in its annual dividend rate, its 31st consecutive annual increase.
Net sales of $186.2 million, up 26% from $148.0 million in the third quarter of 2022.
Diluted EPS of $0.88, up from $0.61; the 20.3% tax rate included a discrete favorable income tax benefit.
Operating profit margin expanded 80 basis points to 16.9% from 16.1%.
Annual dividend rate increased 20%, the 31st consecutive annual increase; net cash provided by operations was $31 million, up 32%.
Watsco reported third-quarter 2023 revenue of $2.13 billion, up 4%, and diluted earnings per share of $4.35, up from $4.03 a year earlier, with operating income up 9% to $257 million. For the nine months, sales were flat at $5.68 billion and EPS fell to $11.60 from $11.86, so shareholders see stronger quarterly results but a flat year to date.
Q3 2023 revenue $2.13 billion, up 4%; gross margin 26.7% versus 27.1% a year earlier
Q3 operating income $257 million, up 9%; diluted EPS $4.35 versus $4.03
Nine-month EPS $11.60 versus $11.86; nine-month sales $5.68 billion, flat year over year
Watsco acquired Gateway Supply Company, with annual sales of approximately $180 million
Snap-on reported third-quarter 2023 results on October 19, 2023. Net sales rose $56.8 million, or 5.2%, to $1,159.3 million, and net earnings attributable to Snap-on rose to $243.1 million, or $4.51 per diluted share, from $223.9 million, or $4.14, a year earlier. The company also expects a full-year 2023 effective income tax rate of about 23% and capital expenditures of about $100 million, of which $73.9 million was incurred in the first nine months.
Net sales of $1,159.3 million in Q3 2023, up 5.2%; organic sales up 4.7%
Operating margin before financial services of 21.2%, up 90 basis points from 20.3%
Diluted EPS of $4.51 versus $4.14 a year earlier; nine-month diluted EPS of $14.00 versus $12.41
2023 capital expenditures projected at about $100 million; full-year effective tax rate about 23%
Monarch Casino & Resort reported third-quarter 2023 net revenue of $133.0 million, down 0.6% from a year earlier, and net income of $24.2 million, down 12.1%. Diluted EPS fell to $1.23 from $1.41, and the company also declared a $0.30 per share cash dividend payable December 15, 2023. Lower quarterly profit matters to shareholders, and the company's construction litigation with PCL Construction Services continues to add legal and consulting costs.
Q3 net revenue $133.0 million vs. $133.7 million a year earlier; net income $24.2 million vs. $27.5 million
Diluted EPS $1.23 vs. $1.41, down 12.8%; Adjusted EBITDA $49.2 million, down 4.8%
Cash dividend of $0.30 per share payable December 15, 2023, to holders of record on December 1, 2023
Construction litigation with PCL Construction Services cost $2.9 million in Q3; trial set to resume November 20, 2023
M&T Bank reported third quarter 2023 net income of $690 million, or $3.98 per diluted share, down from $867 million and $5.05 in the second quarter but up from $647 million and $3.53 a year earlier. The sequential drop mainly reflects a $225 million gain on the sale of its Collective Investment Trust business in the second quarter, and the company did not repurchase any shares in the quarter.
Net income $690 million vs. $867 million in Q2 2023 and $647 million in Q3 2022
Diluted EPS $3.98 vs. $5.05 in Q2 2023 and $3.53 in Q3 2022; diluted net operating EPS $4.05, up 6% from $3.83 a year earlier
Net interest margin narrowed to 3.79% from 3.91% in Q2 2023; nonaccrual loans fell to 1.77% of loans from 1.83%
Estimated CET1 capital ratio rose to 10.94% from 10.59%; no share repurchases in Q3 2023
Interactive Brokers Group reported third-quarter 2023 results for the period ended September 30, 2023. GAAP diluted EPS was $1.56, up from $0.97 a year earlier, and GAAP net revenues were $1,145 million, up from $790 million, with the increase driven mainly by higher net interest income. The company also declared a quarterly cash dividend of $0.10 per share.
Adjusted diluted EPS was $1.55, compared with $1.08 in the year-ago quarter
Net interest income rose 55% to $733 million on higher benchmark interest rates and customer credit balances
Income before income taxes was $840 million, compared with $523 million a year earlier
Quarterly cash dividend of $0.10 per share is payable December 14, 2023, to holders of record as of December 1, 2023
ServisFirst Bancshares reported third-quarter 2023 net income of $53.3 million, or $0.98 per diluted share, down 17% from $64.0 million, or $1.17 per share, a year earlier. Net interest income fell to $99.7 million from $126.4 million, as the net interest margin dropped to 2.64% from 3.64%, which management attributed to Federal Reserve rate increases; management said loan pipelines are beginning to rebuild and should improve profitability in coming quarters.
Net income of $53.3 million and diluted EPS of $0.98, versus $64.0 million and $1.17 in Q3 2022 and flat with Q2 2023.
Net interest margin of 2.64%, compared with 2.93% in Q2 2023 and 3.64% in Q3 2022.
Total assets reached $16.0 billion, up 16% from $13.9 billion a year earlier; total deposits were $13.1 billion.
Cash on hand was $2.0 billion with no FHLB advances or brokered deposits, and the non-performing assets ratio was 0.15%.
East West Bancorp said Christopher Del Moral-Niles joins as Executive Vice President and Chief Financial Officer, effective October 2, 2023, as part of a planned executive succession. Irene H. Oh, the former CFO, becomes Chief Risk Officer on the same date and remains on the executive leadership team.
Christopher Del Moral-Niles, age 52, becomes EVP and CFO of East West Bancorp and East West Bank, effective October 2, 2023.
Irene H. Oh, previously CFO, becomes Chief Risk Officer of the Company and the Bank, effective October 2, 2023.
Del Moral-Niles receives a $600,000 annual base salary, a $200,000 one-time signing bonus and $500,000 in time-based restricted stock units.
Del Moral-Niles was CFO of Associated Banc-Corp from 2012 to 2022.
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