73 material Form 8-K filings that 66 companies we cover made with the SEC in January 2024, 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).
EZCORP reported results for the quarter ended December 31, 2023, showing higher revenue, net income and diluted earnings per share from a year earlier. Net income rose to $28.5 million from $16.8 million, and diluted EPS was $0.36 versus $0.25, which points to improved profitability for shareholders. The company will hold an earnings call on February 1, 2024.
Total revenues rose to $300.0 million from $264.3 million, up 13%.
Net income was $28.5 million versus $16.8 million; diluted EPS was $0.36 versus $0.25.
Pawn loans outstanding rose 16% to $243.3 million.
Earnings conference call is scheduled for February 1, 2024, at 8:00 am Central Time.
Aflac reported fourth quarter 2023 net earnings of $268 million, or $0.46 per diluted share, up from $196 million a year earlier, while total revenues fell 4.3% to $3.8 billion. Adjusted earnings declined 10.4% to $732 million, and the company reported full year 2023 net earnings of $4.7 billion, or $7.78 per diluted share, against $4.4 billion in 2022. The board declared a first quarter dividend of $0.50 per share, a 19% increase, and the company repurchased $700 million of its shares in the fourth quarter.
Q4 2023 net earnings were $268 million, or $0.46 per diluted share, versus $196 million, or $0.31, a year earlier; adjusted earnings were $732 million, down 10.4%
Full year 2023 total revenues fell 2.3% to $18.7 billion; full year adjusted earnings per diluted share rose 9.9% to $6.23
First quarter 2024 dividend declared at $0.50 per share, payable March 1, 2024, to holders of record on February 21, 2024
Fourth quarter share repurchases totaled $700 million for 8.7 million shares; 77.7 million shares remained authorized at year end
Digi International reported first fiscal quarter 2024 revenue of $106 million, down 3% from a year earlier, and a GAAP net loss of $0.08 per diluted share, compared with net income of $0.16 per share in the prior-year quarter. The loss reflects a one-time $10 million debt issuance cost write-off, while adjusted net income per diluted share was flat at $0.48 and the company left its fiscal 2024 outlook unchanged.
Revenue was $106 million, down 3%; gross profit margin rose 130 basis points to 57.6%.
Net loss per diluted share was $0.08, including a $0.26 impact from a term loan debt issuance cost write-off, versus net income of $0.16 a year earlier.
Adjusted net income per diluted share was $0.48, flat year over year; Adjusted EBITDA was $23 million, flat.
For the second fiscal quarter, revenue is estimated at $105 million to $109 million; fiscal 2024 outlook is unchanged.
John B. Sanfilippo & Son reported fiscal 2024 second-quarter results for the quarter ended December 28, 2023. Net sales rose 6.2% to $291.2 million and diluted EPS rose 13.1% to $1.64, with the September 2023 Lakeville Acquisition contributing about $28.7 million of net sales. Excluding the acquisition, net sales fell 4.3% on a 2.6% decline in sales volume, so shareholders are seeing growth driven mainly by the acquisition.
Net sales increased $16.9 million, or 6.2%, to $291.2 million; excluding the Lakeville Acquisition, net sales decreased $11.8 million, or 4.3%
Diluted EPS increased 13.1% to $1.64; six-month diluted EPS increased 12.9% to $3.15
Lakeville Acquisition, completed September 29, 2023, contributed approximately $28.7 million of net sales in the quarter
A one-time $2.2 million bargain purchase gain reduced operating expenses in the quarter
MGIC Investment Corporation reported fourth-quarter 2023 net income of $184.5 million, or $0.66 per diluted share, up from $0.64 a year earlier, though dollar net income fell from $191.4 million. For the full year, net income was $712.9 million, or $2.49 per diluted share, down from $865.3 million, or $2.79, in 2022. Shareholders get a mixed picture: per-share profit rose in the quarter, while annual profit and total revenues declined.
Q4 2023 net income $184.5 million or $0.66 per diluted share, versus $191.4 million or $0.64 in Q4 2022
Full-year 2023 net income $712.9 million or $2.49 per diluted share, versus $865.3 million or $2.79 in 2022
Q4 2023 total revenues $284.0 million, versus $292.3 million in Q4 2022
Repurchased 7.0 million shares in Q4 2023 at an average cost of $17.57; declared a $0.115 dividend payable March 5, 2024
M/I Homes reported fourth-quarter and full-year 2023 results on January 31, 2024. Revenue and profit fell in both periods: fourth-quarter net income dropped 19% to $105.3 million, and full-year net income declined to $465.4 million from $490.7 million, even though new contracts rose 20% for the year.
Q4 2023 revenue was $972.6 million, down 20%; diluted EPS was $3.66 versus $4.65 a year earlier.
Full-year 2023 revenue was $4.0 billion, a 2% decrease; net income was $465.4 million ($16.21 per diluted share) versus $490.7 million ($17.24) in 2022.
Full-year new contracts rose 20% to 7,977, while homes delivered fell 3% to 8,112.
Shareholders' equity reached $2.5 billion at December 31, 2023, with a homebuilding debt to capital ratio of 22%.
Nasdaq reported fourth-quarter and full-year 2023 results, with net revenues up 23% in the quarter to $1.1 billion, driven largely by the Adenza acquisition, which closed on November 1, 2023. GAAP diluted EPS fell 25% in the quarter to $0.36, while non-GAAP diluted EPS rose 12.5% to $0.72, so shareholders see revenue growth alongside lower reported profit per share. The company also initiated 2024 non-GAAP operating expense guidance of $2,105 million to $2,185 million and declared a quarterly cash dividend.
Q4 2023 net revenues were $1,117 million, up 23% year over year, with 7% organic growth.
Q4 2023 GAAP diluted EPS was $0.36, down 25%; non-GAAP diluted EPS was $0.72, up 12.5%.
Full-year 2023 net revenues were $3.9 billion, up 9%, and GAAP diluted EPS was $2.08, down 8%.
2024 non-GAAP operating expense guidance is $2,105 million to $2,185 million.
Extreme Networks reported fiscal second-quarter 2024 results for the quarter ended December 31, 2023, with revenue of $296.4 million, down 6.9% year-over-year, and GAAP diluted EPS of $0.03 versus $0.13 a year earlier. The company guided fiscal third-quarter revenue to $200.0 million to $210.0 million with a non-GAAP loss per share of $(0.22) to $(0.17), and said distributors and partners have lowered inventory purchases, which it expects to accelerate in the third quarter.
Q2 revenue $296.4 million, down from $318.3 million a year earlier; SaaS ARR $158.0 million, up 37.4%
Q2 GAAP diluted EPS $0.03 vs. $0.13 prior year; non-GAAP diluted EPS $0.24 vs. $0.27
Q3 fiscal 2024 guidance (quarter ending March 31, 2024): revenue $200.0 million to $210.0 million; non-GAAP EPS $(0.22) to $(0.17)
Q4 fiscal 2024 revenue target $265.0 million to $275.0 million
Evercore reported fourth-quarter 2023 U.S. GAAP net revenues of $784.2 million, down from $831.3 million a year earlier, and diluted EPS of $2.03 versus $3.44. For full year 2023, net revenues fell 12% to $2.4 billion and diluted EPS was $6.37 versus $11.61, with advisory fees down 18% as revenue from large transactions declined. The board also declared a quarterly dividend of $0.76 per share, payable March 8, 2024.
Q4 2023 GAAP net revenues $784.2 million vs $831.3 million in Q4 2022; Q4 diluted EPS $2.03 vs $3.44
Full year 2023 GAAP net revenues $2.4 billion, down 12%; full year diluted EPS $6.37 vs $11.61
Advisory fees fell $44.6 million (6%) in Q4 and $429.1 million (18%) for the full year
Quarterly dividend of $0.76 per share, payable March 8, 2024 to holders of record on February 23, 2024
Adtalem Global Education (NYSE: ATGE) reported fiscal second-quarter 2024 revenue of $393.2 million, up 8.4%, and diluted EPS of $0.98, versus $0.53 a year earlier, then raised its fiscal 2024 revenue and adjusted EPS guidance. The 8-K was filed by Adtalem, not Covista Inc. (CVSA) as the request stated, and it also discloses a short seller report published January 30, 2024 that the company says hurt its share price.
Q2 fiscal 2024 revenue $393.2 million, up 8.4%; diluted EPS $0.98 versus $0.53 a year earlier
Fiscal 2024 revenue guidance raised to $1,520 million to $1,560 million from $1,470 million to $1,530 million
Fiscal 2024 adjusted EPS guidance raised to $4.55 to $4.75 from $4.25 to $4.45
New $300 million share repurchase program authorized, running through January 2027
Powell Industries reported fiscal 2024 first-quarter results for the period ended December 31, 2023, with revenue of $194.0 million, up from $126.9 million a year earlier, and net income of $24.1 million, or $1.98 per diluted share, compared with $1.2 million, or $0.10 per share, a year earlier. The Board also approved a quarterly cash dividend of $0.2650 per share, which the company said raises the annualized dividend 1% to $1.06 from $1.05.
Revenue of $194.0 million, versus $126.9 million in the first quarter of fiscal 2023; new orders of $198 million; backlog of $1.3 billion, versus $680 million at December 31, 2022.
Gross margin of 24.8%, versus 15.3% a year earlier; net income of $24.1 million, or $1.98 per diluted share.
Quarterly dividend of $0.2650 per share, payable March 13, 2024, to shareholders of record at the close of business on February 14, 2024.
Conference call scheduled for Wednesday, January 31, 2024, at 11:00 a.m. Eastern time.
Unum Group reported fourth-quarter 2023 net income of $330.6 million, or $1.69 per diluted share, up from $289.2 million, or $1.44 per diluted share, a year earlier. The company also issued a 2024 outlook calling for after-tax adjusted operating earnings per share growth of 7 percent to 9 percent and core operations premium growth of 5 percent to 7 percent. For shareholders, the filing shows higher quarterly earnings and a forward growth target, though the outlook figures are company projections.
Q4 2023 net income of $330.6 million ($1.69 per diluted share), versus $289.2 million ($1.44) in Q4 2022
Q4 2023 total revenue of $3,145.1 million, versus $3,004.8 million in Q4 2022
2024 outlook: after-tax adjusted operating EPS growth of 7 to 9 percent; core operations premium growth of 5 to 7 percent
Holding company cash of $1.7 billion at December 31, 2023; weighted average risk-based capital ratio of approximately 415 percent
Robert Half reported fourth-quarter 2023 results, with revenue of $1.473 billion and net income of $87 million, or $0.83 per share, both down from the year-earlier quarter. For the full year, net income fell to $411 million, or $3.88 per share, from $658 million, or $6.03 per share, a year earlier, as revenue declined to $6.393 billion from $7.238 billion. The filing contains no revenue or earnings guidance for 2024.
Q4 2023 revenue was $1.473 billion, versus $1.727 billion in Q4 2022.
Q4 2023 net income was $87 million, or $0.83 per share, versus $148 million, or $1.37 per share, a year earlier.
Full-year 2023 net income was $411 million, or $3.88 per share, versus $658 million, or $6.03 per share, in 2022.
CEO M. Keith Waddell said the company's weekly revenue trends were approaching a positive inflection point and that results beat consensus.
NVR reported fourth-quarter 2023 net income of $410.1 million, or $121.56 per diluted share, down 10% and 9%, respectively, from a year earlier, on consolidated revenue of $2.43 billion, down 10%. For the full year, net income was $1.59 billion, down 8%, and diluted earnings per share were $463.31, down 6%, so shareholders received lower profit per share on a smaller revenue base despite higher new orders.
Q4 2023 net income was $410.1 million, or $121.56 per diluted share, versus $454.8 million, or $133.44 per diluted share, in Q4 2022.
Q4 2023 consolidated revenues were $2.43 billion, down 10% from $2.71 billion.
Q4 2023 new orders rose 25% to 5,190 units, while gross profit margin in homebuilding fell to 24.1% from 25.3%.
Full-year 2023 diluted earnings per share were $463.31, down 6% from $491.82 in 2022.
CorVel reported results for the three months ended December 31, 2023, in a press release furnished as Exhibit 99.1 to a Form 8-K. Revenue rose to $202.3 million from $179.4 million, and diluted earnings per share rose to $0.99 from $0.96, so the headline measures improved year over year.
Quarter revenue $202.3 million vs $179.4 million a year earlier; net income $17.1 million vs $16.8 million
Quarter diluted EPS $0.99 vs $0.96; nine-month diluted EPS $3.27 vs $2.73
Nine-month revenue $588.1 million vs $533.1 million
The release said new business sold rose 34% in calendar 2023, with 95% Gross Revenue Retention and 108% Net Revenue Retention
On January 29, 2024, TechnipFMC's Compensation Committee approved renewed Executive Severance Agreements for its CEO, Chief Technology Officer and President, Subsea, with no expiration date, and approved similar agreements for other executive officers. The agreements provide double-trigger severance if an executive is terminated or constructively terminated within 24 months after a change in control, which matters to shareholders as a governance and cost-contingent item.
Severance multiples: three times base salary and bonus for the CEO and CFO; two times for other executive officers
Health care and insurance premium coverage for 24 months, or 36 months for the CEO and CFO
Benefits are payable only after a double trigger: termination without cause or constructive termination within 24 months of a change in control
Graco reported record fourth-quarter and full-year 2023 sales and operating earnings, with net sales up 2% for the quarter to $566.6 million. A $42 million non-cash pension settlement loss cut fourth-quarter GAAP diluted earnings per share to $0.64 from $0.74, although adjusted EPS rose to $0.80 from $0.73. The company also initiated 2024 revenue guidance of low single-digit growth on an organic, constant currency basis.
Q4 net sales were $566.6 million, up 2%; full-year net sales were $2.2 billion, up 2%.
Q4 net earnings were $110.0 million, down 13%, after a $42 million non-cash pension settlement loss; GAAP diluted EPS was $0.64 versus $0.74.
Adjusted Q4 diluted EPS rose to $0.80 from $0.73; full-year GAAP diluted EPS was $2.94, up 11%.
For 2024, Graco initiated revenue guidance of low single-digit growth on an organic, constant currency basis.
Calix reported record fourth-quarter 2023 revenue of $264.7 million, up 8% from a year earlier, and non-GAAP net income of $29.4 million, while GAAP results included a net loss of $4.1 million after $28.7 million in inventory and component charges tied to its legacy product wind-down. The company guided first-quarter 2024 revenue to $225 million to $231 million, below the fourth quarter, citing customers pausing appliance purchases ahead of government broadband funding, so shareholders face a weaker near-term revenue outlook.
Q4 2023 revenue was a record $264.7 million, up 8% year over year; non-GAAP net income per diluted share was $0.43 versus guidance of $0.33 to $0.39
GAAP net loss was $4.1 million, or $(0.06) per diluted share, reflecting $28.7 million in one-time charges
Q1 2024 revenue guidance is $225 million to $231 million; non-GAAP EPS guidance is $0.17 to $0.23
Company repurchased $44.0 million of stock in Q4 2023 and the Board authorized an additional $100 million
ServisFirst Bancshares reported fourth-quarter 2023 net income of $42.1 million, or $0.77 per diluted share, down from $67.7 million, or $1.24 per share, in the fourth quarter of 2022. The company said a $7.2 million FDIC special assessment, a $2.2 million privilege tax adjustment and $1.1 million in EDP contract termination costs weighed on results, and that adjusted diluted EPS was $0.91.
Diluted EPS was $0.77, compared with $0.98 in the third quarter of 2023 and $1.24 in the fourth quarter of 2022; adjusted diluted EPS was $0.91.
Net interest income was $101.7 million, down from $122.4 million a year earlier, and net interest margin was 2.57%, compared with 3.52%.
Non-interest expense was $58.3 million, up from $38.1 million in the fourth quarter of 2022, and total deposits reached $13.27 billion, up 15.0% year over year.
The quarterly cash dividend rose to $0.30 per share from $0.28, and the company hired Joel Smith as President to enter the Memphis, Tennessee market.
Cohu said preliminary fourth-quarter 2023 revenue came in line with its guidance at approximately $137 million, but expects first-quarter 2024 revenue to be about 20% lower than the fourth quarter. The company cited soft demand for test and inspection equipment, with estimated equipment utilization down 200 basis points to 71%. Shareholders get a weaker near-term revenue outlook, and detailed results and guidance are due on the February 15, 2024 earnings call.
Preliminary Q4 2023 revenue of approximately $137 million, in line with guidance; figures are unaudited
Q1 2024 revenue expected to be approximately 20% lower than Q4 2023
Estimated equipment utilization fell 200 basis points to 71% at the end of Q4 2023
Detailed results and Q1 2024 guidance will be discussed on February 15, 2024, at 4:30 p.m. Eastern Time
Cullen/Frost Bankers' board elected Hope Andrade as a director effective January 24, 2024, and expanded the board from 13 to 14 members. Andrade will serve on the Audit and Risk Committees, and the board determined she is independent; the filing discloses that her affiliated company had banking transactions with the bank in 2023 in the ordinary course of business.
Hope Andrade elected to the board on January 24, 2024; board size increased from 13 to 14 members
Andrade will serve on the Audit and Risk Committees and is compensated consistently with other non-employee directors
Go Rio San Antonio LLC, which Andrade beneficially owns, had banking transactions with Cullen/Frost in 2023; more are expected in 2024
Press release dated January 26, 2024 reports $50.8 billion in assets at December 31, 2023
Tompkins Financial reported fourth-quarter 2023 diluted earnings per share of $1.05, down 22.8% from the same quarter of 2022, with net income of $15.0 million, down 23.3%. Full-year 2023 diluted EPS was $0.66, down 88.8%, reflecting an after-tax loss of $52.9 million on the sale of securities and higher funding costs. The company also declared a $0.60 per share dividend, payable February 16, 2024, to shareholders of record on February 9, 2024.
Q4 2023 diluted EPS was $1.05 versus $1.36 in Q4 2022; net income was $15.0 million versus $19.5 million.
Q4 2023 net interest margin expanded to 2.82% from 2.75% in Q3 2023, but was down from 3.02% in Q4 2022.
Full-year 2023 diluted EPS was $0.66, with net income of $9.5 million, including an after-tax securities sale loss of $52.9 million.
Board declared a $0.60 per share dividend on January 25, 2024, payable February 16, 2024, to holders of record on February 9, 2024.
Badger Meter reported fourth quarter and full year 2023 results in a press release furnished under Item 2.02. Fourth quarter net sales rose 24% to $182.4 million and diluted EPS rose 40% to $0.84, while full year sales reached $703.6 million and diluted EPS reached $3.14, up 39%. Growth in utility water sales and higher margins drove the results, which the company says it expects to support sales and earnings growth in 2024.
Q4 2023 net sales were $182.4 million, up 24% from $147.3 million a year earlier.
Q4 2023 operating profit margin was 17.6%, up 230 basis points from 15.3%.
Full year 2023 diluted EPS was $3.14, up from $2.26, and full year net cash from operations was $110.1 million.
Management said it is confident in growing sales and earnings year-over-year in 2024; a conference call was held January 26, 2024 at 10:00 AM Central.
United Bankshares (UBSI) reported fourth-quarter 2023 net income of $79.4 million, or $0.59 per diluted share, down from $99.8 million, or $0.74, in the fourth quarter of 2022. Full-year 2023 net income was $366.3 million, or $2.71 per diluted share, compared with $379.6 million, or $2.80, in 2022, and results included a $12.0 million FDIC special assessment in the fourth quarter.
Q4 2023 net income was $79.4 million, or $0.59 per diluted share, versus $96.2 million, or $0.71, in Q3 2023 and $99.8 million, or $0.74, in Q4 2022.
Full-year 2023 net income was $366.3 million, or $2.71 per diluted share, versus $379.6 million, or $2.80, in 2022.
Q4 2023 noninterest expense included a $12.0 million FDIC special assessment, and net interest margin was 3.55%, down from 3.87% a year earlier.
The filing contains no earnings guidance; United did not repurchase any shares in 2023.
Colgate-Palmolive reported fourth-quarter 2023 net sales of $4,950 million, up 7.0% from a year earlier, and GAAP diluted EPS of $0.87 versus $0.01, which lapped 2022 impairment charges. For full year 2023, net sales rose 8.5% to $19,457 million and GAAP diluted EPS rose 30% to $2.77. The company guided 2024 net sales growth of 1% to 4% and double-digit GAAP EPS growth.
4Q 2023 net sales $4,950 million, up 7.0%; diluted EPS $0.87 versus $0.01 in 4Q 2022
Full-year 2023 net sales $19,457 million, up 8.5%; diluted EPS $2.77 versus $2.13
2024 guidance: net sales growth of 1% to 4% and double-digit GAAP EPS growth, including a low-single-digit negative foreign exchange impact
Gentex reported fourth-quarter and full-year 2023 results on January 26, 2024, with record net sales and higher net income and earnings per share than a year earlier. The company also issued 2024 guidance for revenue of $2.45 billion to $2.55 billion and expects 2025 revenue of $2.65 billion to $2.75 billion. For shareholders, the filing shows sales and profit growth, while the company is still working to raise gross margin to a 35% to 36% target by the end of 2024.
Q4 2023 net sales were $589.1 million, up 19% from $493.6 million; net income was $116.9 million and diluted EPS was $0.50, versus $0.37 a year earlier.
Full-year 2023 net sales were $2.30 billion, up 20%; net income was $428.4 million and diluted EPS was $1.84, versus $1.36 in 2022.
2024 guidance: revenue of $2.45 billion to $2.55 billion and gross margin of 34% to 35%.
Q4 2023 revenue included one-time cost recoveries of approximately $5 million; the company repurchased $144.7 million of shares in 2023.
Federated Hermes reported fourth-quarter 2023 earnings per diluted share of $0.96, up from $0.63 a year earlier, on net income of $82.2 million. Full-year 2023 EPS was $3.40 versus $2.65 in 2022, and total managed assets reached a record $757.6 billion at Dec. 31, 2023. The board also declared a $0.28 quarterly dividend.
Q4 2023 revenue rose 5% to $391.5 million from Q4 2022, driven mainly by higher average money market assets.
Full-year 2023 net income was $299.0 million, or $3.40 EPS, compared with $239.5 million, or $2.65 EPS, in 2022.
During Q4 2023 the company bought 1,902,861 Class B shares for $61.0 million; 2023 repurchases totaled $178.0 million.
Quarterly dividend of $0.28 per share is payable Feb. 15, 2024 to shareholders of record as of Feb. 8, 2024.
Highwoods Properties entered into an amended and restated $750.0 million unsecured revolving credit facility on January 25, 2024, replacing its prior $750.0 million facility. The company said the financial and other covenants are substantially similar to the previous facility, and that the interest rate and facility fee remain unchanged based on current credit ratings. The filing shows routine refinancing terms rather than a change in borrowing capacity or cost.
New $750.0 million unsecured revolving credit facility replaces the prior $750.0 million facility, dated January 25, 2024
Facility is scheduled to mature in January 2028, with two additional six-month extensions available at the company's option if no defaults have occurred
Pricing remains SOFR plus a 10 basis point spread adjustment and an 85 basis point borrowing spread, with a 20 basis point annual facility fee
Company may elect by May 15, 2024 to adjust the interest rate by up to 2.5 basis points tied to greenhouse gas emission reduction goals, subject to lender consent
Ameris Bancorp reported unaudited fourth-quarter and full-year 2023 results. Net income declined from a year earlier in both periods, as mortgage banking activity fell and the quarter included an $11.6 million FDIC special assessment, while tangible book value per share rose to $33.64. The release does not include forward earnings guidance, and the company said credit quality remains strong.
Q4 2023 net income was $65.9 million, or $0.96 per diluted share, versus $82.2 million, or $1.18, in Q4 2022.
Q4 2023 adjusted net income was $73.6 million, or $1.07 per diluted share, versus $1.17 in Q4 2022.
Full-year 2023 net income was $269.1 million, or $3.89 per diluted share, versus $346.5 million, or $4.99, in 2022.
Full-year 2023 noninterest income fell 14.6% to $242.8 million, mainly due to lower mortgage banking activity.
MYR Group said Senior Vice President and Chief Operating Officer of the Transmission and Distribution segment Tod M. Cooper will retire effective March 1, 2024, as part of a planned succession. The Board appointed Brian K. Stern, currently Group Vice President of T&D, to succeed him in that role on the same date, with an expected base salary of $450,000 per year.
Tod M. Cooper retires as SVP and COO of T&D effective March 1, 2024, and will stay in a senior advisor role for up to 90 days.
Brian K. Stern, 53, has 19 years of service with the company and has been Group Vice President, T&D, since January 2017.
Stern's expected employment agreement sets a $450,000 base salary and severance of two times salary plus target bonus, or three times following a change of control.
Visa reported fiscal first quarter 2024 results for the quarter ended December 31, 2023, with net revenues of $8.6 billion, up 9%, and GAAP net income of $4.9 billion, or $2.39 per share, up 20%. The board also declared a quarterly cash dividend of $0.520 per share, payable March 1, 2024, which shareholders should note alongside the results.
Net revenues were $8.6 billion, up 9% on a nominal and constant-dollar basis.
GAAP net income was $4.9 billion, or $2.39 per share; non-GAAP EPS was $2.41, up 11%.
Cross-border volume excluding intra-Europe rose 16% on a constant-dollar basis; payments volume rose 8%.
The board declared a $0.520 per share dividend on January 23, 2024, payable March 1, 2024, to holders of record as of February 9, 2024.
Cullen/Frost reported fourth-quarter 2023 net income available to common shareholders of $100.9 million, or $1.55 per diluted share, down from $2.91 a year earlier, after a one-time $51.5 million FDIC insurance surcharge. For the full year, earnings rose 3.3% to $591.3 million, or $9.10 per diluted share, and the board declared a $0.92 first-quarter dividend and approved a $150 million share repurchase program.
Q4 2023 net income available to common shareholders was $100.9 million, versus $189.5 million in Q4 2022; excluding the FDIC surcharge, the company says it would have been about $141.6 million, down 25.3%.
Full-year 2023 net income available to common shareholders was $591.3 million, up 3.3% from $572.5 million; diluted EPS was $9.10 versus $8.81.
The board declared a first-quarter 2024 common dividend of $0.92 per share, payable March 15, 2024.
The new repurchase authorization covers up to $150 million of common stock through January 24, 2025, and may be suspended at any time.
NETSCOUT reported third-quarter fiscal 2024 revenue of $218.1 million, down from $269.5 million a year earlier, and a GAAP net loss of $132.6 million that includes a $167.1 million non-cash goodwill impairment charge. The company now expects fiscal 2024 revenue at the low end of its previously disclosed $840 million to $860 million range and a GAAP loss per share of ($1.29) to ($1.24), while non-GAAP EPS is expected at the higher end of its range. For shareholders, the quarter shows lower sales and a large GAAP loss, while non-GAAP profit expectations held up.
Q3 fiscal 2024 revenue was $218.1 million, compared with $269.5 million in Q3 fiscal 2023.
Q3 GAAP net loss was $132.6 million, or ($1.87) per diluted share, including the $167.1 million goodwill impairment; non-GAAP net income was $52.0 million, or $0.73 per share.
Fiscal 2024 revenue is now expected at about $840 million, the low end of the $840 million to $860 million range; GAAP loss per share is now expected at ($1.29) to ($1.24), versus a prior range of $0.69 to $0.89.
Banc of California reported a fourth-quarter 2023 net loss of $492.9 million, or $4.55 per diluted share, compared with a net loss of $33.3 million, or $0.42 per share, in the third quarter. The loss included $442.4 million of pre-tax losses on security sales tied to its balance sheet repositioning and $111.8 million of merger costs from the November 30, 2023 PacWest Bancorp merger. Book value per common share fell to $17.12 from $24.12 at September 30, 2023.
Q4 2023 net loss of $492.9 million, or $4.55 per diluted share, versus a Q3 2023 net loss of $33.3 million, or $0.42 per share.
Pre-tax items included $442.4 million of losses on security sales and $111.8 million of merger costs.
Total assets were $38.5 billion at December 31, 2023; book value per common share was $17.12.
Management will hold a conference call at 10:00 A.M. Pacific Time on January 25, 2024.
Cathay General Bancorp reported fourth-quarter 2023 net income of $82.5 million, or $1.13 per diluted share, roughly flat from the third quarter but down from $97.6 million in the fourth quarter of 2022. For the full year, diluted EPS rose to $4.86 from $4.83, while net income fell 1.8% to $354.1 million, so shareholders see mixed headline results.
Q4 2023 net income $82.5 million ($1.13 diluted EPS), versus $82.4 million in Q3 2023 and $97.6 million ($1.33) in Q4 2022.
Full-year 2023 net income $354.1 million, down $6.5 million from $360.6 million in 2022; diluted EPS $4.86 versus $4.83.
Q4 included an $11.3 million ($0.12 per diluted share) one-time FDIC special assessment.
Net interest margin was 3.27% in Q4 2023, down from 3.38% in Q3 2023; gross loans reached $19.55 billion and deposits $19.33 billion at year-end.
RLI Corp. reported fourth-quarter 2023 net earnings of $114.6 million ($2.49 per diluted share), up from $97.8 million ($2.13) a year earlier, and operating earnings of $1.54 per share, versus $1.53. For the full year, net earnings fell to $304.6 million ($6.61 per share) from $583.4 million ($12.74), a comparison that includes a $434.4 million gain from the 2022 sale of Maui Jim, while underwriting income declined to $173.2 million from $178.2 million. The mixed results show quarterly improvement but a lower full-year underwriting profit.
Q4 2023 underwriting income was $59.8 million on an 82.7 combined ratio, compared with $54.0 million on an 82.1 ratio in Q4 2022.
Full-year 2023 operating earnings were $4.94 per share, up from $4.69 in 2022, while full-year combined ratio worsened to 86.6 from 84.4.
Q4 gross premiums written rose 13%; the company paid a $2.00 per share special dividend, totaling $91.3 million, in the quarter.
Plexus reported fiscal first quarter 2024 revenue of $983 million and GAAP diluted EPS of $1.04, down from $1.09 billion and $1.49 a year earlier. Its fiscal second quarter guidance of $930 million to $970 million in revenue and $0.48 to $0.63 in GAAP diluted EPS is lower than the October 2023 guidance, and the company expects restructuring charges that weigh on those results, so shareholders face weaker near-term earnings.
Q1 fiscal 2024 revenue of $983 million vs. $1,094 million a year earlier; GAAP diluted EPS of $1.04 vs. $1.49
Q2 guidance: revenue of $930 million to $970 million and GAAP diluted EPS of $0.48 to $0.63, vs. October 25, 2023 guidance of $990 million to $1.03 billion and EPS of $1.15 to $1.33
Restructuring charges of approximately $10 million ($0.32 per share) expected in Q2, with about $20 million of annualized cost savings targeted by fiscal Q3
Board approved a new $50.0 million share repurchase program, which starts after the current authorization with $5.7 million remaining is completed
W. R. Berkley reported fourth-quarter 2023 net income to common stockholders of $397.3 million, or $1.47 per diluted share, up from $382.2 million, or $1.37 per diluted share, a year earlier. The company cited record pre-tax underwriting income of $315.9 million and a 23.6% return on equity, and said book value per share grew 11.6% before dividends and buybacks. For full-year 2023, diluted EPS rose to $5.05 from $4.94, while net income was roughly flat at $1.38 billion.
Q4 2023 net income to common stockholders: $397.3 million, versus $382.2 million in Q4 2022
Q4 2023 diluted EPS: $1.47, versus $1.37; full-year diluted EPS: $5.05, versus $4.94
Record Q4 pre-tax underwriting income of $315.9 million, up 8.2%
Book value per share was $29.06 at December 31, 2023, versus $25.51 a year earlier
Capitol Federal Financial reported net income of $2.5 million, or $0.02 per share, for the quarter ended December 31, 2023, compared with a net loss of $140.4 million in the prior quarter. The company said that excluding losses from its securities strategy, EPS would have been $0.10, but net income fell from $16.2 million, or $0.12 per share, in the year-earlier quarter. The company also declared a quarterly dividend of $0.085 per share payable February 16, 2024.
Net income of $2.5 million, or $0.02 per share, versus a net loss of $140.4 million, or $(1.05) per share, in the quarter ended September 30, 2023
Securities strategy included a $13.3 million loss in the quarter; EPS excluding the strategy was $0.10
Net interest margin rose to 1.71% from 1.21% in the prior quarter; prior-year quarter net income was $16.2 million, or $0.12 per share
Quarterly dividend of $0.085 per share payable February 16, 2024 to holders of record as of February 2, 2024
OFG Bancorp reported fourth-quarter 2023 results, with diluted earnings per share of $0.98 compared with $0.95 in the prior quarter and $0.97 a year earlier. Total core revenues rose to $175.6 million from $172.2 million in 3Q23 and $168.3 million in 4Q22, and full-year 2023 diluted EPS was $3.83 versus $3.44 in 2022. The filing contains results only and gives no guidance for future periods.
4Q23 diluted EPS $0.98 vs. $0.95 in 3Q23 and $0.97 in 4Q22
4Q23 total core revenues $175.6 million vs. $172.2 million in 3Q23
Full-year 2023 diluted EPS $3.83 vs. $3.44 in 2022; total core revenues $682.7 million vs. $607.8 million
4Q23 included a $6.3 million pre-tax gain on sale of non-performing loans and $3.2 million in severance and lease cancellation costs
Elevance Health reported fourth-quarter and full-year 2023 results in a press release furnished under Item 2.02 of this 8-K. Quarterly operating revenue rose 7.0% to $42.5 billion and GAAP diluted EPS rose 1.1% to $3.63, while the company set a full-year 2024 GAAP diluted EPS outlook of greater than $34.29, compared with $25.22 for 2023, and raised its quarterly dividend 10.1% to $1.63 per share.
4Q 2023 operating revenue $42.5 billion, up 7.0%; GAAP diluted EPS $3.63, up 1.1%; adjusted diluted EPS $5.62, up 15.2%
FY 2024 GAAP diluted EPS outlook greater than $34.29; adjusted diluted EPS outlook greater than $37.10, versus FY 2023 GAAP diluted EPS of $25.22
Quarterly dividend increased 10.1% to $1.63 per share
4Q 2023 operating margin was 3.0%, down from 3.2% in 4Q 2022
East West Bancorp reported full-year 2023 net income of $1.2 billion, or $8.18 per diluted share, both up 3% from 2022, while revenue rose 11% to $2.6 billion. Excluding a $70 million pre-tax FDIC special assessment charge and other items, adjusted diluted EPS was $8.56. The board declared a 15% increase in the quarterly common dividend to $0.55 per share, which matters to shareholders as a direct cash return.
Full-year 2023 net income was $1.2 billion, or $8.18 per diluted share, up 3% year-over-year; adjusted diluted EPS was $8.56.
Full-year 2023 revenue was $2.6 billion, up $263 million, or 11%.
Fourth-quarter 2023 net income was $239 million, or $1.69 per diluted share.
Quarterly dividend rises to $0.55 per share from $0.48, payable February 15, 2024, to holders of record on February 2, 2024.
Agilysys reported fiscal 2024 third-quarter results for the period ended December 31, 2023, with total net revenue up 21.3% to a record $60.6 million and adjusted EBITDA up to $11.8 million from $8.1 million a year earlier. The company raised its fiscal 2024 Adjusted EBITDA expectation to 15% of revenue and reiterated its full-year revenue guidance of $235 million to $238 million. GAAP net income of $76.9 million was boosted by a $65.1 million release of tax valuation allowances.
Total net revenue rose 21.3% to $60.6 million from $49.9 million; subscription revenue grew 29.9% year-over-year.
GAAP net income attributable to common shareholders was $76.9 million, or $2.85 per diluted share, versus $0.13 a year earlier, including a $65.1 million valuation allowance release.
Adjusted diluted EPS was $0.35 versus $0.26; adjusted EBITDA was $11.8 million versus $8.1 million.
Fiscal 2024 Adjusted EBITDA guidance raised to 15% of revenue; revenue guidance of $235 million to $238 million reiterated.
BancFirst reported fourth-quarter 2023 net income of $48.9 million, or $1.46 per diluted share, down from $57.1 million, or $1.70, a year earlier, as net interest income and noninterest income declined. For the full year, net income rose to $212.5 million, or $6.34 per diluted share, from $193.1 million, or $5.77. CEO David Harlow said the company expects earnings to be lower in 2024, citing a full year of Durbin Amendment impact, ongoing margin pressure and higher regulatory compliance costs.
Q4 2023 net income $48.9 million, $1.46 diluted EPS, versus $57.1 million and $1.70 in Q4 2022
Full-year 2023 net income $212.5 million, $6.34 diluted EPS, versus $193.1 million and $5.77 in 2022
Q4 net interest margin 3.67% versus 3.83% a year earlier; noninterest income $45.2 million versus $48.2 million
CEO said 2024 earnings will be less, citing the Durbin Amendment, deposit competition and the $10 billion asset threshold
Fortinet appointed John Whittle as its Chief Operating Officer on January 15, 2024, while he continues as Corporate Secretary. The filing states there is no change to his compensation from the appointment. The change matters to shareholders because it is a senior executive role change, and the filing describes no change to financial results or guidance.
John Whittle, 55, appointed Chief Operating Officer on January 15, 2024
He will also continue to serve as Corporate Secretary, a role held since January 2007
Prior roles: Executive Vice President of Corporate Development (January 2019 to January 2024) and Chief Legal Officer (April 2022 to January 2024)
No change to compensation from the appointment, per the filing
M&T Bank reported fourth-quarter 2023 net income of $482 million, or $2.74 per diluted share, down from $690 million and $3.98 in the third quarter and from $765 million and $4.29 a year earlier. The quarter included a $197 million FDIC special assessment, and net interest margin narrowed to 3.61% from 3.79%. For the full year, net income rose to $2.74 billion, or $15.79 per diluted share, from $1.99 billion and $11.53 in 2022.
Q4 2023 net income was $482 million, or $2.74 per diluted share, versus $690 million and $3.98 in Q3 2023 and $765 million and $4.29 in Q4 2022.
Q4 noninterest expense included a $197 million FDIC special assessment, or $0.88 per diluted share after tax.
Provision for credit losses rose to $225 million from $150 million in Q3 2023, citing pressure on investor-owned commercial real estate borrowers.
Full-year 2023 net income was $2.74 billion, or $15.79 per diluted share, versus $11.53 in 2022; net operating earnings per share were $16.08 versus $14.42.
Texas Capital Bancshares reported fourth quarter 2023 net income available to common stockholders of $15.8 million, or $0.33 per diluted share, down from $57.4 million, or $1.18 per share, in the third quarter and $212.9 million, or $4.23 per share, a year earlier. The company also authorized a new share repurchase program of up to $150.0 million through January 31, 2025, which ends the prior January 2023 authorization.
Q4 2023 net income available to common stockholders was $15.8 million, or $0.33 per diluted share, versus $57.4 million, or $1.18, in Q3 2023 and $212.9 million, or $4.23, in Q4 2022.
Q4 2023 included a $19.9 million FDIC special assessment, or $0.32 per diluted share.
Net interest margin was 2.93% in Q4 2023, down 20 basis points from Q3 2023; the provision for credit losses was $19.0 million.
On January 17, 2024, the board authorized repurchases of up to $150.0 million of common stock through January 31, 2025.
Kinder Morgan reported fourth-quarter 2023 EPS of $0.27 and net income attributable to KMI of $594 million, both down from the fourth quarter of 2022, mainly due to higher interest expense. The company raised its 2024 budget to include the $1.815 billion STX Midstream acquisition, which lifts budgeted 2024 EPS to $1.22, up 15% versus 2023, while keeping the 2024 dividend expectation of $1.15 per share unchanged.
Q4 2023 EPS was $0.27, down 10% from Q4 2022; net income attributable to KMI was $594 million versus $670 million.
Updated 2024 budget EPS is $1.22, up 15% versus 2023, and DCF per share is $2.26; the budget now includes the STX Midstream acquisition closed December 28, 2023.
Board approved a quarterly dividend of $0.2825 per share, payable February 15, 2024, to holders of record as of January 31, 2024.
Year-end Net Debt-to-Adjusted EBITDA ratio was 4.2 times; the company repurchased about $522 million of shares in 2023.
Winmark director Mark L. Wilson notified the company on January 15, 2024 that he will not stand for re-election to the Board at the annual shareholder meeting on or about April 24, 2024, and he will remain a director until then. The change is a board succession matter; the filing reports no financial results or changes to guidance.
Mark L. Wilson, a director since 2000, will not stand for re-election at the annual meeting on or about April 24, 2024.
Wilson currently chairs the Compensation Committee and previously served on the Audit and Nominating Committees.
Chairman and CEO Brett D. Heffes praised Wilson's counsel and strategic advice; Wilson remains on the Board until the meeting.
Nicolet Bankshares reported fourth-quarter 2023 net income of $31 million, or $2.02 per diluted share, up from $1.83 a year earlier and $1.14 in the third quarter. Full-year 2023 net income fell to $62 million, or $4.08 per diluted share, from $94 million, or $6.56, in 2022, with results affected by a first-quarter Treasury securities sale loss and a $9.1 million Wisconsin tax valuation charge. Shareholders see a stronger quarter but a weaker year, and management said it is positioned to maintain momentum into 2024.
Q4 2023 net income $31 million and diluted EPS $2.02, versus $1.83 in Q4 2022 and $1.14 in Q3 2023
Full-year 2023 net income $62 million and diluted EPS $4.08, versus $94 million and $6.56 in 2022
Q4 2023 net interest margin 3.30%, up 14 bps from Q3 2023; full-year margin 3.18%, down 22 bps
Tangible common equity ratio rose to 7.98% at December 31, 2023; nonperforming assets $28 million
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