151 material Form 8-K filings that 136 companies we cover made with the SEC in February 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).
Life360 reported 2023 revenue of $305 million, up 33% year over year, and a net loss of $28.2 million, down from $91.6 million in 2022. Adjusted EBITDA was $20.6 million, compared with negative $40.1 million a year earlier, and the company said it was its first full year of positive Adjusted EBITDA. For 2024, it guided to consolidated revenue of $365 million to $375 million and Adjusted EBITDA of $30 million to $35 million, and it announced a new advertising revenue stream.
2023 revenue of $305 million, up 33% year over year; company said this was in line with its guidance of $300 million to $310 million
Net loss of $28.2 million in 2023, an improvement of $63.5 million from 2022
Adjusted EBITDA of $20.6 million in 2023, versus negative $40.1 million in 2022
2024 guidance: revenue of $365 million to $375 million, Adjusted EBITDA of $30 million to $35 million, and year-end cash of $80 million to $90 million
Saul Centers reported fourth-quarter 2023 results on February 29, 2024, with total revenue up to $66.7 million from $62.3 million and net income available to common stockholders of $10.4 million, or $0.43 per share, versus $9.1 million, or $0.38, a year earlier. Diluted FFO per share was $0.79 compared with $0.72, and the filing shows the gains came mainly from higher termination fees and base rent.
Q4 2023 total revenue rose to $66.7 million from $62.3 million; net income rose to $17.5 million from $15.4 million.
Net income available to common stockholders was $10.4 million ($0.43 per basic and diluted share) vs. $9.1 million ($0.38) in Q4 2022.
Diluted FFO per share was $0.79 vs. $0.72; full-year 2023 diluted FFO per share was $3.12 vs. $3.04.
Same property operating income rose 8.8% in the quarter; commercial portfolio 94.2% leased at December 31, 2023 vs. 93.2%.
Innoviva reported fourth-quarter 2023 total revenue of $85.8 million, up from $65.8 million a year earlier, and net income of $61.5 million, compared with a net loss of $68.3 million in the fourth quarter of 2022. For the full year, total revenue fell to $310.5 million from $331.3 million and net income fell to $179.7 million from $213.9 million, so shareholders see a strong quarter within a weaker year.
Q4 2023 total revenue was $85.8 million, versus $65.8 million in Q4 2022.
Q4 2023 net income was $61.5 million, or $0.97 basic per share, versus a net loss of $68.3 million, or $(0.98) per share, a year earlier.
Full-year 2023 net income was $179.7 million, or $2.75 basic per share, versus $213.9 million, or $3.07 per share, in 2022.
In Q4 2023 Innoviva repurchased 1,121,835 shares for $15.4 million.
Arlo Technologies reported fourth-quarter 2023 revenue of $135.1 million, up 14.0% year over year, and GAAP net earnings of $0.01 per diluted share, compared with a loss of $0.25 a year earlier. For the full year, revenue was $491.2 million and GAAP net loss per share narrowed to $(0.24) from $(0.65). The company also gave first-quarter 2024 revenue guidance of $117 million to $127 million.
Q4 2023 revenue of $135.1 million, up 14.0% year over year; service revenue of $55.9 million, up 45.9%
Q4 2023 GAAP EPS of $0.01 and non-GAAP EPS of $0.11, versus GAAP loss of $(0.25) in Q4 2022
FY2023 revenue of $491.2 million, a slight increase; GAAP net loss per share of $(0.24) versus $(0.65) in 2022
Q1 2024 outlook: revenue of $117 million to $127 million; GAAP EPS of $(0.08) to $(0.02)
California Water Service Group reported 2023 net income attributable to the company of $51.9 million, or $0.91 per diluted share, down from $96.0 million, or $1.77 per share, in 2022. The company attributed the decline primarily to the delayed final decision from the California Public Utilities Commission on its pending 2021 General Rate Case, and said it cannot reasonably estimate the impact on 2023 revenue and expenses until that decision is made.
Full-year 2023 operating revenue was $794.6 million, down $51.8 million from $846.4 million in 2022.
Fourth-quarter 2023 net income attributable to the company was $30.1 million, or $0.52 per diluted share, versus $19.6 million, or $0.35, in the fourth quarter of 2022.
On January 24, 2024, CPUC administrative law judges issued a Proposed Decision and a commissioner issued an Alternate Proposed Decision on the 2021 General Rate Case; the company cannot determine which will be adopted.
The Board increased the quarterly cash dividend by 7.7% to $0.28 per share on January 25, 2024.
Vericel reported fourth-quarter and full-year 2023 results, with total revenue up 23% to $65.0 million in the quarter and up 20% to $197.5 million for the year. The company also issued 2024 guidance calling for total net revenue of $237 to $241 million, a gross margin of approximately 70%, and an adjusted EBITDA margin of approximately 20%. Shareholders get a view of stronger quarterly profit and a narrower full-year net loss, along with the company's first full-year revenue outlook in this release.
Q4 2023 net income was $13.0 million, or $0.26 per diluted share, versus $5.9 million, or $0.12 per diluted share, in Q4 2022.
Full-year 2023 net loss was $3.2 million, or $0.07 per diluted share, compared with a net loss of $16.7 million, or $0.35 per diluted share, in 2022.
MACI net revenue was $164.8 million for 2023, up 25%; Burn Care net revenue was $32.7 million.
As of December 31, 2023, the company had $152.6 million in cash, restricted cash and investments and no debt.
Strategic Education reported fourth-quarter 2023 revenue of $302.7 million, up 12.1% from a year earlier, and diluted earnings per share of $1.63 versus $0.77. Net income for the quarter was $39.1 million, compared with $18.3 million in the fourth quarter of 2022. The company also declared a regular quarterly dividend of $0.60 per share.
Q4 2023 revenue rose 12.1% to $302.7 million; net income was $39.1 million versus $18.3 million
Diluted EPS was $1.63 versus $0.77; adjusted diluted EPS was $1.68 versus $0.78 (non-GAAP)
Full-year 2023 revenue rose 6.3% to $1.13 billion; full-year diluted EPS was $2.91 versus $1.94
Quarterly dividend of $0.60 per share is payable March 18, 2024 to holders of record as of March 11, 2024
MYR Group reported fourth-quarter and full-year 2023 results on February 28, 2024, with full-year contract revenues of $3.64 billion, up 21.1 percent, and full-year net income of $91.0 million, or $5.40 per diluted share, up from $4.91 a year earlier. Fourth-quarter net income was $24.0 million, or $1.43 per diluted share, down from $1.46 in the same quarter of 2022, while fourth-quarter revenue rose 16.2 percent. The company's backlog was $2.51 billion at December 31, 2023.
Q4 2023 revenue was $1.00 billion, up $140.2 million or 16.2 percent from Q4 2022
Full-year 2023 net income was $91.0 million, or $5.40 per diluted share, versus $83.4 million, or $4.91 per diluted share, in 2022
Full-year gross margin fell to 10.0 percent from 11.4 percent, while Q4 net income declined 2.2 percent
Backlog was $2.51 billion at December 31, 2023, compared with $2.62 billion at September 30, 2023
Pure Storage reported fiscal fourth-quarter 2024 revenue of $789.8 million, down 3% from a year earlier, while full-year revenue rose 3% to $2.8 billion. Fourth-quarter GAAP operating income fell to $57.4 million from $64.6 million, and diluted EPS was $0.20 versus $0.22. The company guided fiscal 2025 revenue to $3.1 billion and authorized up to an additional $250 million in share repurchases.
Q4 revenue $789.8 million, down 3% year-over-year; subscription services revenue $328.9 million, up 24%
Full-year fiscal 2024 GAAP net income $61.3 million, versus $73.1 million in fiscal 2023
TG Therapeutics reported fourth quarter and full year 2023 results, furnished as Exhibit 99.1 to a Form 8-K. Full-year total revenue was $233.7 million, including a $140.0 million one-time payment from Neuraxpharm, and the company swung to net income of $12.7 million from a $198.3 million net loss in 2022. The company also set a 2024 BRIUMVI U.S. net product revenue target of $220 million to $260 million, giving shareholders a benchmark for future results.
Q4 2023 total revenue was $44.0 million versus $80 thousand in Q4 2022; Q4 net loss narrowed to $14.4 million from $53.0 million.
Full-year 2023 BRIUMVI U.S. net product revenue was $88.8 million; license, milestone and other revenue was $141.7 million, mainly from the $140.0 million Neuraxpharm payment received in July 2023.
2024 targets: BRIUMVI U.S. net product revenue of approximately $220 million to $260 million and total operating expense of approximately $250 million.
Year-end 2023 cash, cash equivalents and investment securities were $217.5 million.
OneSpaWorld reported fourth quarter 2023 revenue up 15% to $194.8 million and full-year revenue up 45% to $794.0 million, with Adjusted EBITDA up 13% in the quarter and 77% for the year. GAAP results were weaker: the company posted a fourth-quarter net loss of $7.3 million and a full-year net loss of $3.0 million, compared with a full-year net income of $53.2 million in 2022, largely due to changes in the fair value of warrant liabilities and a $5.4 million deleveraging fee. The company reaffirmed its fiscal 2024 guidance and gave first-quarter 2024 guidance.
Q4 2023 revenue $194.8 million, up 15% from $168.9 million; net loss $7.3 million, or $0.07 per diluted share, versus a $2.3 million net loss in Q4 2022
Full-year 2023 revenue $794.0 million, up 45%; net loss $3.0 million, or $0.03 per diluted share, versus net income of $53.2 million in 2022
Warrant liability fair value change was a $10.8 million loss in Q4 2023 and a $37.6 million loss for the year; a $5.4 million deleveraging fee was also recorded
Guidance: Q1 2024 revenue $204-209 million and Adjusted EBITDA $21.5-23.5 million; fiscal 2024 revenue $850-870 million and Adjusted EBITDA $90-100 million, reaffirmed
Warby Parker reported fourth quarter and full year 2023 results on February 28, 2024. Full year net revenue rose 12.0% to $669.8 million, and the GAAP net loss narrowed to $63.2 million from $110.4 million in 2022. The company also guided to 2024 net revenue of $748 million to $758 million, about 12% to 13% growth, and adjusted EBITDA of about $67 million at the revenue midpoint.
Full year 2023 net revenue increased 12.0% to $669.8 million; fourth quarter net revenue rose 10.5% to $161.9 million.
Full year GAAP net loss was $63.2 million, versus $110.4 million in 2022; fourth quarter GAAP net loss was $19.0 million.
2024 outlook: net revenue of $748 million to $758 million and adjusted EBITDA of $67 million at the revenue midpoint, with 40 new store openings planned.
Gross margin fell to 54.5% from 57.0% in 2022, which the company attributed mainly to growth in lower-margin contact lenses.
Chemed reported fourth-quarter 2023 revenue of $585.9 million, up 7.2%, with GAAP diluted EPS of $5.90, up 42.9%, and adjusted diluted EPS of $6.60, up 35.0%. The company gave 2024 adjusted diluted EPS guidance of $23.30 to $23.70, compared with $20.30 in 2023, while Roto-Rooter revenue fell 1.1% in the quarter.
Q4 2023 revenue rose 7.2% to $585.9 million; GAAP diluted EPS was $5.90 and adjusted diluted EPS was $6.60
VITAS net patient revenue rose 13.6% to $350.0 million; Roto-Rooter revenue fell 1.1% to $235.9 million
2024 guidance: adjusted diluted EPS of $23.30 to $23.70 versus $20.30 adjusted EPS in 2023
As of December 31, 2023, cash and cash equivalents were $264.0 million with no current or long-term debt
Metallus reported fourth-quarter 2023 net sales of $328.1 million, up 34% from a year earlier but down 7% from the third quarter, and net income of $1.3 million, or $0.03 per diluted share, compared with a $33.2 million loss a year earlier. The company expects first-quarter 2024 adjusted EBITDA to be slightly lower than the fourth quarter of 2023, so shareholders face a mixed picture of year-over-year gains and a sequential slowdown.
Q4 2023 adjusted net income was $16.5 million, or $0.36 per diluted share, versus $24.9 million, or $0.52, in Q3 2023.
Q4 2023 adjusted EBITDA was $35.7 million, down from $46.8 million in Q3 2023; Q4 results included a $20.0 million insurance recovery excluded from adjusted EBITDA.
Full-year 2023 net sales were $1,362.4 million, up 2%, and full-year net income was $69.4 million, or $1.47 per diluted share, versus $65.1 million in 2022.
Company expects 2024 capital expenditures of approximately $60 million and first-quarter cash pension contributions of approximately $25 million.
Gulfport Energy reported fourth-quarter and full-year 2023 results and gave 2024 production and capital spending guidance. Fourth-quarter net income was $245.7 million, down from $748.6 million a year earlier, while full-year net income reached $1.5 billion, up from $494.7 million, helped by a $525.2 million deferred income tax benefit. The company plans 2024 base capital expenditures of $380 million to $420 million, which it says is about 10% lower than 2023, with flat production.
Q4 2023 total revenues were $489.1 million, versus $982.5 million in Q4 2022; net income was $245.7 million, versus $748.6 million.
Full-year 2023 net income was $1.5 billion, including a $525.2 million deferred income tax benefit; full-year total revenues were $1.79 billion, versus $1.33 billion in 2022.
2024 guidance calls for production of 1,045 to 1,080 MMcfe per day and base capital expenditures of $380 million to $420 million.
Gulfport repurchased 1.5 million shares for $148.9 million in 2023, with about $236 million remaining under its buyback authorization as of February 26, 2024.
Protagonist Therapeutics reported fourth-quarter 2023 net income of $27.3 million, or $0.44 per diluted share, compared with a net loss of $34.2 million in the same quarter of 2022. Revenue came from $60 million in JNJ-2113 milestones, while the full-year net loss narrowed to $79.0 million from $127.4 million.
Q4 2023 license and collaboration revenue was $60 million, versus zero in Q4 2022, from milestones tied to JNJ-2113.
Full-year 2023 net loss was $79.0 million, or $1.39 per share, compared with $127.4 million, or $2.60 per share, in 2022.
Cash, cash equivalents and marketable securities were $341.6 million as of December 31, 2023, up from $237.4 million a year earlier.
ICU Medical reported fourth quarter 2023 revenue of $587.9 million, up from $578.0 million a year earlier, but its GAAP net loss widened to $(17.1) million, or $(0.71) per diluted share, from $(15.5) million, or $(0.65), in the prior-year quarter. Adjusted diluted EPS was $1.57 versus $1.60, and adjusted EBITDA was $86.3 million versus $96.4 million, so higher sales did not translate into higher profit on either measure. The company also issued fiscal 2024 guidance calling for a GAAP net loss of $(88) million to $(71) million and adjusted EBITDA of $330 million to $370 million.
Q4 2023 revenue was $587.9 million versus $578.0 million; GAAP gross margin was 29% versus 30%.
GAAP net loss was $(17.1) million, or $(0.71) per diluted share, versus $(15.5) million, or $(0.65), a year earlier.
Adjusted diluted EPS was $1.57 versus $1.60; adjusted EBITDA was $86.3 million versus $96.4 million.
Fiscal 2024 guidance: GAAP net loss of $(88) million to $(71) million; adjusted diluted EPS of $4.40 to $5.10.
Republic Services reported fourth-quarter 2023 net income of $439.6 million, or $1.39 per diluted share, up from $1.09 a year earlier, on revenue of $3,831.6 million, up 8.6 percent. For 2024 it expects adjusted diluted EPS of $5.94 to $6.00, compared with adjusted EPS of $5.61 for 2023, and revenue of $16.100 billion to $16.200 billion.
Q4 2023 revenue was $3,831.6 million, up 8.6 percent, including 2.9 percent growth from acquisitions.
Q4 2023 adjusted EPS was $1.41, up from $1.13; full-year 2023 adjusted EPS was $5.61, up from $4.93.
2024 guidance: adjusted EBITDA of $4.825 billion to $4.875 billion and adjusted free cash flow of $2.100 billion to $2.150 billion.
Quarterly dividend of $0.535 per share is payable April 15, 2024, to holders of record on April 2, 2024.
Safety Insurance Group reported fourth quarter 2023 net income of $12.3 million, or $0.83 per diluted share, down from $24.6 million, or $1.67, a year earlier, while Q4 total revenue rose to $258.4 million from $226.6 million. The combined ratio rose to 106.5% from 100.7%, and the company cited inflation and a December wind event, so profit per share fell even as premiums grew. Vice President of Insurance Operations Ann M. McKeown will retire and Brian S. Lam will succeed her, both effective March 1, 2024.
Q4 2023 net income was $12.3 million, or $0.83 per diluted share, versus $24.6 million, or $1.67, in Q4 2022
Q4 2023 combined ratio was 106.5% versus 100.7%, including $12.0 million of losses from a December 18 wind event
Q4 2023 direct written premiums rose 22.2% to $246.1 million from $201.4 million
Brian S. Lam was appointed Vice President of Insurance Operations effective March 1, 2024, at an annual compensation of $235,000, succeeding Ann M. McKeown, who is retiring
Jones Lang LaSalle reported fourth-quarter 2023 results on February 27, 2024. Quarterly revenue rose 4% in local currency to $5.9 billion, but fee revenue fell 2% to $2.2 billion and net income attributable to common shareholders edged down to $172.4 million, with diluted EPS of $3.57 versus $3.62 a year earlier. For the full year, net income fell to $225.4 million from $654.5 million, reflecting lower transaction-based revenue and equity losses.
Q4 2023 operating income rose to $290.4 million from $254.7 million; net income attributable to common shareholders was $172.4 million versus $174.8 million
Full-year 2023 diluted EPS was $4.67 versus $13.27 in 2022; adjusted diluted EPS was $7.40 versus $15.71
Full-year equity losses were $194.1 million compared with equity earnings of $51.0 million in 2022
Q4 free cash flow was an inflow of $680.2 million, compared with $532.0 million a year earlier
Xenia Hotels & Resorts reported fourth quarter 2023 net income attributable to common stockholders of $7.6 million, or $0.07 per share, down 78.4% from a year earlier, while Adjusted EBITDAre fell 8.0% to $59.4 million and Adjusted FFO per diluted share was flat at $0.41. The company also raised its quarterly dividend 20% to $0.12 per share and issued 2024 guidance, including net income of $15 million to $35 million and Adjusted FFO per diluted share of $1.59 to $1.78.
Q4 2023 net income was $7.6 million, or $0.07 per share, versus $35.3 million, or $0.31 per share, in Q4 2022
Adjusted EBITDAre was $59.4 million, down 8.0%; Same-Property RevPAR was $157.69, down 3.4%
Excluding Hyatt Regency Scottsdale, Same-Property RevPAR rose 1.2% in the quarter
Quarterly dividend raised 20% to $0.12 per share, payable April 15, 2024 to holders of record March 28, 2024
Dorman Products reported fourth-quarter 2023 net sales of $494.3 million, down 1% from a year earlier because the prior-year quarter included an extra week, while diluted EPS rose to $1.60 from $0.57. For full year 2023, net sales rose 11% to $1.93 billion, but adjusted diluted EPS fell 5% to $4.54, and the company issued 2024 guidance for diluted EPS of $4.71 to $5.01.
Q4 2023 net sales were $494.3 million, down 1% from $501.3 million; the company estimates the extra week in Q4 2022 contributed $19 million, and excluding it sales rose 3%.
Q4 2023 diluted EPS was $1.60 versus $0.57, and adjusted diluted EPS was $1.57 versus $1.01.
Full year 2023 diluted EPS was $4.10 versus $3.85, while adjusted diluted EPS was $4.54 versus $4.76.
2024 guidance calls for net sales growth of 3% to 5%, diluted EPS of $4.71 to $5.01, and adjusted diluted EPS of $5.40 to $5.70; the company also reorganized into three segments and will hold a conference call on February 27, 2024.
Erie Indemnity reported fourth-quarter 2023 net income of $110.9 million, or $2.12 per diluted share, up from $65.5 million, or $1.25, a year earlier. Full-year 2023 net income was $446.1 million, or $8.53 per diluted share, compared with $298.6 million, or $5.71, in 2022. The board also approved a quarterly Class A dividend of $1.275 per share, up from $1.190 a year earlier.
Q4 2023 total operating revenue was $817.7 million, up from $700.6 million in Q4 2022
Q4 2023 operating income rose 56.1% to $127.1 million, per the filing's highlights
Board approved Class A dividend of $1.275 per share, with a record date of April 9, 2024 and payable date of April 23, 2024
Results will be discussed in a pre-recorded webcast on February 27, 2024 at 10:00 a.m. ET
CarGurus reported fourth-quarter 2023 total revenue of $223.1 million, down 22% from a year earlier, and a GAAP consolidated net loss of $22.6 million, compared with net income of $23.2 million in the prior-year quarter. Marketplace revenue rose 10% to $182.3 million, and non-GAAP consolidated adjusted EBITDA rose 120% to $61.2 million, but the GAAP loss was driven in part by $55.5 million of stock-based compensation tied to CarOffer, LLC Units. The company also gave first-quarter 2024 revenue guidance of $201 million to $221 million.
Q4 2023 total revenue was $223.1 million, down 22%; full-year revenue was $914.2 million, down 45%.
Q4 GAAP consolidated net loss was $(22.6) million; full-year GAAP consolidated net income was $22.1 million, down 72%.
Q1 2024 guidance: total revenue of $201 million to $221 million, adjusted EBITDA of $41 million to $49 million, non-GAAP EPS of $0.24 to $0.29.
Chief People Officer Andrea Eldridge steps down effective April 5, 2024, with a $258,750 lump-sum severance payment.
Berkshire Hathaway reported fourth-quarter 2023 net earnings attributable to shareholders of $37.6 billion, up from $18.1 billion a year earlier, and operating earnings of $8.5 billion, up from $6.6 billion. Investment and derivative gains of $29.1 billion made up most of the net earnings increase, and the company says investment gains in any quarter are usually not indicative of business performance. For the full year, net earnings were $96.2 billion compared with a loss of $22.8 billion in 2022.
Q4 2023 net earnings of $37.6 billion versus $18.1 billion in Q4 2022, including investment and derivative gains of $29.1 billion
Q4 2023 operating earnings of $8.5 billion versus $6.6 billion; insurance-underwriting earnings rose to $848 million from $160 million
Full-year 2023 net earnings of $96.2 billion versus a $22.8 billion loss in 2022; full-year operating earnings of $37.4 billion versus $30.9 billion
Berkshire repurchased about $2.2 billion of its shares in Q4 2023 and about $9.2 billion for the full year
International Bancshares reported 2023 net income of $411.8 million, or $6.62 per diluted share, up from $300.2 million, or $4.78 per diluted share, in 2022. Fourth-quarter net income was $106.4 million, up 1.0% from $105.4 million a year earlier, while total deposits and total assets declined over the year.
Full-year 2023 net income was $411.8 million, up 37.2% from $300.2 million in 2022
Diluted earnings per share were $6.62 for 2023, compared with $4.78 in 2022, an increase of 38.5%
Fourth-quarter 2023 net income was $106.4 million, compared with $105.4 million for the same period in 2022
Deposits were $11.8 billion at December 31, 2023, down from $12.7 billion; total assets were $15.1 billion, down from $15.5 billion
PSEG reported full-year 2023 net income of $2.56 billion, or $5.13 per share, up from $1.03 billion, or $2.06 per share, in 2022. Non-GAAP operating earnings were $3.48 per share, close to the $3.47 reported for 2022, and fourth-quarter results declined from a year earlier. The company reaffirmed its 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share.
Full-year 2023 operating revenues were $11.24 billion, compared with $9.80 billion in 2022.
Fourth-quarter 2023 net income was $546 million, or $1.10 per share, versus $788 million, or $1.58 per share, in the fourth quarter of 2022.
Full-year 2023 non-GAAP operating earnings were $3.48 per share; the company said this came in at the high end of its 2023 guidance range.
Management reaffirmed 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share and set an indicative 2024 annual common dividend rate of $2.40 per share, up $0.12.
Krystal Biotech reported fourth-quarter and full-year 2023 results, with net product revenue of $42.1 million in the quarter and $50.7 million for the year from VYJUVEK, which was approved in May 2023. The company posted net income of $8.7 million for the quarter versus a $32.1 million loss a year earlier, and $10.9 million for the year, which includes a $100.0 million gain from selling a Priority Review Voucher. The company also gave 2024 non-GAAP R&D and SG&A expense guidance of $150.0 million to $175.0 million.
Q4 2023 net product revenue was $42.1 million, versus no product revenue in Q4 2022.
Q4 2023 net income was $8.7 million ($0.31 per basic share), compared with a loss of $32.1 million in Q4 2022.
Full-year 2023 net income was $10.9 million, including a $100.0 million gain from the sale of a Priority Review Voucher.
2024 non-GAAP combined R&D and SG&A expense guidance is $150.0 million to $175.0 million; cash and investments were $594.1 million at December 31, 2023.
Graham Holdings reported fourth-quarter and full-year 2023 results on February 23, 2024. Revenue rose 12% for the year to $4.4 billion and 10% in the fourth quarter to $1.2 billion, led by education, healthcare and automotive, while full-year operating income fell to $69.4 million from $83.9 million, mainly due to goodwill impairment charges. Reported net income rose to $205.3 million ($43.82 per share) from $67.1 million, but excluding certain items it fell to $200.5 million ($42.78 per share) from $287.2 million ($59.03 per share).
Full-year 2023 revenue was $4,414.9 million, up 12% from $3,924.5 million in 2022.
Full-year 2023 operating income was $69.4 million, compared with $83.9 million in 2022, due to goodwill impairment charges at World of Good Brands and Dekko.
Fourth-quarter 2023 net income attributable to common shares was $53.3 million ($11.72 per share), compared with $6.2 million ($1.28 per share) a year earlier.
Excluding certain items, fourth-quarter 2023 net income was $49.7 million ($10.94 per share), compared with $90.5 million ($18.80 per share) in the fourth quarter of 2022.
Sunstone Hotel Investors reported fourth quarter 2023 net income of $127.0 million, up from $17.5 million, mainly due to the $123.8 million gain on the sale of Boston Park Plaza. Excluding that gain, fourth quarter net income would have been $3.2 million, and Adjusted EBITDA re excluding noncontrolling interest fell 20.5% to $54.6 million. For full year 2023, net income was $206.7 million and Adjusted FFO per diluted share rose 9.2% to $0.95, while the company's 2024 guidance projects Adjusted FFO per diluted share of $0.78 to $0.90.
Q4 2023 Adjusted FFO per diluted share was $0.19, down 26.9% from $0.26 a year earlier
Comparable RevPAR fell 2.2% to $206.58 in Q4 2023; full year comparable RevPAR rose 5.6% to $226.56
2024 guidance: net income of $46 million to $71 million and Adjusted EBITDA re of $230 million to $255 million
The company repurchased 5,971,192 shares in 2023 at an average price of $9.43, with $454.7 million remaining under its authorization
Vicor reported fourth-quarter and full-year 2023 results in a press release furnished under Item 2.02. Fourth-quarter revenue fell from a year earlier and from the third quarter, while net income and diluted earnings per share rose year over year; full-year revenue and profit both grew. Backlog fell 47.2% from a year earlier to $160.8 million, a figure shareholders may weigh against the weaker quarterly sales.
Q4 2023 revenue was $92.7 million, down 12.2% from $105.5 million a year earlier and 14.1% from $107.8 million in Q3 2023.
Q4 2023 net income was $8.7 million, or $0.19 per diluted share, versus $8.1 million, or $0.18, a year earlier.
Full-year 2023 revenue rose 1.5% to $405.1 million; net income was $53.6 million, or $1.19 per diluted share, versus $0.57 in 2022.
Backlog at December 31, 2023 was $160.8 million, down 47.2% from $304.4 million a year earlier.
Penumbra reported fourth-quarter 2023 revenue of $284.7 million, up 28.7%, and GAAP net income of $54.2 million, or $1.38 per diluted share, which includes a $25.5 million tax benefit from a valuation allowance release. For 2024, the company projects total revenue of $1,230.0 million to $1,270.0 million, or 16% to 20% growth, and expects U.S. thrombectomy revenue to grow 27% to 30%.
Q4 2023 revenue was $284.7 million, up 28.7%; thrombectomy revenue was $190.8 million, up 42.4%
Q4 2023 GAAP net income was $54.2 million, or $1.38 per diluted share, including a $25.5 million tax benefit
Full-year 2023 revenue was $1,058.5 million, up 25.0%, and GAAP income from operations was $73.6 million versus $6.1 million in 2022
2024 revenue is projected at $1,230.0 million to $1,270.0 million, or 16% to 20% growth over 2023
Carvana reported fourth-quarter and full-year 2023 results. Q4 revenue of $2.424 billion fell 15% from a year earlier, while the net loss margin narrowed to (8.3)% from (50.8)%. Full-year net income of $150 million was helped by an $878 million one-time gain on debt extinguishment, and the company expects Q1 2024 Adjusted EBITDA significantly above $100 million.
Q4 2023 revenue was $2.424 billion, down 15%; retail units sold were 76,090, down 13%
Q4 basic and diluted net loss per Class A share was ($1.00), versus a net loss margin of (50.8)% in Q4 2022
FY 2023 net income was $150 million, including an $878 million gain on debt extinguishment; FY revenue was $10.771 billion, down 21%
Q1 2024 outlook: retail units sold slightly up year over year and Adjusted EBITDA significantly above $100 million
Universal Display reported fourth-quarter 2023 revenue of $158.3 million, down from $169.0 million a year earlier, and full-year 2023 revenue of $576.4 million, down from $616.6 million. Net income also declined for both periods, and the company gave a 2024 revenue range of $625 million to $675 million.
Q4 2023 net income was $62.0 million, or $1.29 per diluted share, versus $65.1 million, or $1.36, in Q4 2022.
Full-year 2023 net income was $203.0 million, or $4.24 per diluted share, versus $210.1 million, or $4.40, in 2022.
The company expects 2024 revenue of $625 million to $675 million and declared a $0.40 per share first-quarter dividend payable March 29, 2024.
Edison International reported fourth-quarter 2023 core earnings per share of $1.28, up from $1.15 a year earlier, while GAAP EPS fell to $0.99 from $1.09. For the full year, core EPS was $4.76 versus $4.63 in 2022, and the company introduced 2024 EPS guidance of $4.75 to $5.05 and reiterated its long-term EPS growth targets of 5% to 7%.
Q4 2023 core EPS of $1.28 vs. $1.15; GAAP EPS of $0.99 vs. $1.09; Q4 net income of $378 million vs. $415 million
Full-year 2023 core EPS of $4.76 vs. $4.63 in 2022; GAAP EPS of $3.12 vs. $1.61
2024 EPS guidance of $4.75 to $5.05, with core and basic EPS guidance equal
Quarterly common stock dividend of $0.78 per share, payable April 30, 2024, to holders of record on March 28, 2024
Valaris reported fourth quarter 2023 results in a press release dated February 21, 2024. Revenue rose to $484 million from $455 million in the third quarter, and net income rose to $829 million, which included a $790 million tax benefit, while the board doubled the share repurchase authorization to $600 million from $300 million.
Net income was $829 million in Q4 2023, up from $17 million in Q3 2023, including a $790 million tax benefit
Revenue rose to $484 million from $455 million; Adjusted EBITDA rose to $58 million from $40 million
Total contract backlog was more than $3.9 billion as of February 15, 2024, and the share repurchase authorization was raised to $600 million from $300 million
TechnipFMC reported fourth-quarter 2023 revenue of $2.08 billion, up 22.6% from a year earlier, and diluted earnings of $0.12 per share, compared with a loss of $0.06 a year earlier. Sequentially, revenue rose 1.0%, while adjusted EBITDA fell 7.9% and diluted EPS fell from $0.20 in the third quarter. The company also issued 2024 guidance, including Subsea revenue of $7.2 to $7.6 billion, giving shareholders a view of expected results for the year.
Q4 2023 revenue was $2,077.7 million, up 22.6% year over year and 1.0% from the third quarter.
Diluted EPS was $0.12, versus a loss of $0.06 a year earlier and $0.20 in the third quarter of 2023.
Adjusted EBITDA was $218.7 million, up 80.9% year over year but down 7.9% from the third quarter.
2024 guidance: Subsea revenue of $7.2 to $7.6 billion and Surface Technologies revenue of $1.2 to $1.35 billion.
Cheesecake Factory reported fourth-quarter fiscal 2023 revenue of $877.0 million, down from $892.8 million a year earlier, when that quarter had 14 weeks instead of 13. Net income was $12.7 million, or $0.26 per diluted share, compared with a loss of $0.07 per share a year earlier, after a $35.6 million pre-tax net expense tied to asset impairments, lease terminations and acquisition-related items. The Board also declared a quarterly dividend of $0.27 per share.
Revenue was $877.0 million versus $892.8 million; excluding the extra week in the prior-year quarter, which the company said contributed about $78.4 million in sales, revenue rose 7.7%.
Diluted net income per share was $0.26, compared with a loss of $0.07 a year earlier; adjusted net income per share was $0.80, compared with $0.56.
Comparable restaurant sales at The Cheesecake Factory rose 2.5% year over year.
The Board declared a $0.27 per share dividend, payable March 19, 2024, to holders of record at the close of business on March 6, 2024.
Texas Pacific Land reported fourth-quarter 2023 net income of $113.1 million, or $14.73 per diluted share, up from $99.7 million a year earlier, on revenue of $166.7 million. For the full year, net income fell 9.1% to $405.6 million and revenue decreased $35.8 million, though the board declared a higher quarterly dividend of $3.50 per share.
Q4 2023 revenue was $166.7 million versus $152.7 million in Q4 2022, with Q4 royalty production of 26.3 thousand barrels of oil equivalent per day, the highest quarterly level in company history
Full-year 2023 net income was $405.6 million, or $52.77 per diluted share, versus $446.4 million in 2022; the company said lower commodity prices were partly offset by water and surface income growth
Board declared a quarterly cash dividend of $3.50 per share on February 13, 2024, payable March 15, 2024 to holders of record on March 1, 2024
AMERISAFE reported fourth-quarter and full-year 2023 results and raised its quarterly dividend 8.8% to $0.37 per share. Full-year net income rose 11.7% to $62.1 million, or $3.23 diluted EPS, while fourth-quarter net income fell 7.7% to $19.2 million, or $1.00 per share. The mixed quarterly and annual picture, plus the higher dividend, is what shareholders will weigh.
Full-year 2023 net income $62.1 million vs. $55.6 million in 2022; diluted EPS $3.23 vs. $2.88
Fourth-quarter 2023 net income $19.2 million vs. $20.8 million; diluted EPS $1.00 vs. $1.08
Full-year 2023 net premiums earned fell 1.7% to $267.1 million; net combined ratio 85.9% vs. 83.6%
Quarterly dividend raised from $0.34 to $0.37 per share, payable March 22, 2024, to holders of record as of March 8, 2024
New York Mortgage Trust (NYMT) reported fourth-quarter 2023 net income attributable to common stockholders of $31.5 million, or $0.35 per basic share, compared with a net loss attributable to the company of $37.6 million in the fourth quarter of 2022. For the full year, it reported a net loss to common stockholders of $90.0 million, or $0.99 per share, and net interest income fell from fourth-quarter 2022 levels. Note: the filing identifies the registrant as New York Mortgage Trust, not Adamas Trust as the request header states.
Q4 2023 net income attributable to common stockholders: $31.5 million, or $0.35 per basic share
Full-year 2023 net loss attributable to common stockholders: $90.0 million, or $0.99 per share
Q4 2023 net interest income: $16.8 million, versus $22.3 million in Q4 2022; full-year impairment of real estate: $89.5 million
Board extended buyback programs to March 31, 2025; $193.2 million of common and $97.6 million of preferred authorization remained available
Glaukos reported fourth-quarter 2023 net sales of $82.4 million, up 16% from a year earlier, and full-year net sales of $314.7 million, up 11%. Its net loss widened over the same periods, and the company reaffirmed 2024 net sales guidance of $350 million to $360 million, which shareholders will weigh against the higher losses.
Q4 2023 net sales of $82.4 million, up 16% reported and 15% constant currency versus Q4 2022
Q4 2023 net loss of $36.8 million, or $0.75 per diluted share, versus $31.5 million, or $0.66, a year earlier
Full-year 2023 net sales of $314.7 million, up 11%; net loss of $134.7 million, or $2.78 per share, versus $99.2 million, or $2.09, in 2022
2024 net sales guidance of $350 million to $360 million reaffirmed; cash, short-term investments and restricted cash were about $301 million at December 31, 2023
St. Joe reported fourth-quarter and full-year 2023 results on February 21, 2024. Full-year revenue rose 54% to $389.2 million and net income attributable to the company rose 10% to $77.7 million, but fourth-quarter net income fell to $13.2 million from $28.1 million a year earlier. The board also declared a quarterly dividend of $0.12 per share.
Full-year 2023 revenue was $389.2 million, up from $252.3 million in 2022; net income attributable to the company was $77.7 million, or $1.33 per share, versus $70.9 million, or $1.21 per share.
Fourth-quarter 2023 revenue rose 41% to $86.7 million, but net income attributable to the company fell to $13.2 million, or $0.23 per share, from $28.1 million, or $0.48 per share.
The board declared a $0.12 per share cash dividend, payable March 27, 2024, to shareholders of record as of March 4, 2024.
Full-year 2022 net income included about $16.2 million after-tax gain on the Sea Sound Apartments sale and about $7.3 million after-tax gain on insurance recoveries.
Winmark reported results for the year ended December 30, 2023, with net income of $40,178,100 ($11.04 per diluted share), up from $39,424,900 ($10.97) in 2022, and revenue of $83,243,500, up from $81,410,800. Fourth-quarter net income fell to $9,716,800 ($2.64 per diluted share) from $10,176,600 ($2.86), and the company said growth was lower in the second half of the year, though the prior-year quarter included an extra week of operations.
Full-year 2023 net income of $40,178,100, or $11.04 per diluted share, versus $39,424,900, or $10.97, in 2022
Full-year 2023 revenue of $83,243,500, up from $81,410,800 in 2022
Fourth-quarter 2023 net income of $9,716,800, or $2.64 per diluted share, versus $10,176,600, or $2.86, a year earlier
Fourth-quarter and full-year 2022 included an extra week of operations; 2023 results were affected by the May 2021 decision to run off the leasing portfolio
Garmin reported fourth quarter 2023 revenue of $1.48 billion, up 13%, and full year 2023 revenue of $5.23 billion, up 8%, with pro forma diluted EPS of $5.59, up 9%. For 2024, the company expects revenue of about $5.75 billion but pro forma EPS of about $5.40, below its 2023 pro forma EPS, and it proposed a $3.00 per share dividend and a new $300 million share repurchase authorization.
Q4 2023 revenue was $1.48 billion, up 13%, and GAAP diluted EPS was $2.82 versus $1.53 a year earlier, including a $181 million Switzerland deferred tax benefit.
Full year 2023 pro forma diluted EPS was $5.59, up 9% from $5.13 in 2022.
2024 guidance calls for revenue of about $5.75 billion, up about 10%, and pro forma EPS of about $5.40.
The Board intends to recommend a $3.00 per share dividend for 2024, payable in four $0.75 installments, and authorized up to $300 million in share repurchases through December 26, 2026.
RingCentral reported fourth-quarter 2023 total revenue of $571 million, up 9% year over year, and a GAAP net loss of $0.50 per share, compared with $2.97 a year earlier. Non-GAAP diluted EPS rose to $0.86 from $0.60, and the company gave full-year 2024 total revenue guidance of $2.370 billion to $2.395 billion with non-GAAP EPS of $3.50 to $3.58. Net cash from operating activities in the quarter was $114 million, which the company called a record for a fourth quarter.
Q4 2023 total revenue was $571 million, up from $525 million, a 9% increase.
GAAP operating loss narrowed to ($45) million from ($256) million; non-GAAP operating margin was 20.5%.
Q4 2023 net cash provided by operating activities was a record $114 million; cash and cash equivalents ended the quarter at $222 million.
FY2024 guidance: total revenue of $2.370 to $2.395 billion and non-GAAP EPS of $3.50 to $3.58.
JBG SMITH reported fourth-quarter and full-year 2023 results on February 20, 2024. The company posted a full-year net loss of $80.0 million, or $0.78 per diluted share, compared with net income of $85.4 million, or $0.70 per share, in 2022, after $90.2 million of real estate impairment losses. Core FFO per diluted share rose to $1.46 from $1.30, and the management letter says the Board reduced the annual dividend rate to $0.70.
Full-year 2023 net loss of $80.0 million ($0.78 per diluted share) vs. net income of $85.4 million ($0.70) in 2022
Full-year 2023 Core FFO of $154.1 million ($1.46 per diluted share) vs. $155.3 million ($1.30) in 2022
Fourth-quarter Core FFO of $36.1 million ($0.38 per diluted share) vs. $34.3 million ($0.30) a year earlier
Board reduced the annual dividend rate to $0.70, as stated in the management letter dated February 20, 2024
Boise Cascade reported fourth-quarter 2023 net income of $97.5 million, or $2.44 per diluted share, down from $117.4 million, or $2.95, a year earlier, on sales of $1.6 billion, up 1%. For full-year 2023, net income fell 44% to $483.7 million ($12.12 per share) on sales down 18% to $6.8 billion, and the company also disclosed that its Wood Products executive vice president is retiring and has been succeeded.
Q4 2023 net income $97.5 million vs. $117.4 million in Q4 2022; diluted EPS $2.44 vs. $2.95
Full-year 2023 net income $483.7 million vs. $857.7 million in 2022; diluted EPS $12.12 vs. $21.56
Mike Brown, EVP Wood Products, retiring effective May 3, 2024; Troy Little appointed EVP Wood Products effective February 19, 2024, with a $540,000 base salary
2024 capital expenditures expected to total approximately $250 million to $270 million, excluding potential acquisition spending
National Presto reported 2023 net sales of $340.9 million, up 6.0%, and net earnings of $34.6 million ($4.86 per share), up from $20.7 million ($2.92 per share) in 2022. The Board also declared a 2024 dividend of $1.00 regular plus $3.50 extra per share, and disclosed two Defense segment awards totaling $44.2 million.
Net sales rose to $340.9 million from $321.6 million, led by a $39.2 million increase in Defense segment sales.
Net earnings were $34.6 million ($4.86 per share), compared with $20.7 million ($2.92 per share) in 2022.
2024 dividend is $1.00 regular plus $3.50 extra per share; record date March 1, 2024, payment date March 15, 2024.
Two Defense awards totaling $44.2 million cover 40mm cartridges for Ukraine and Small Diameter Bomb warheads, with completion scheduled for 2024.
Tootsie Roll reported fourth-quarter 2023 net sales of $195.4 million, up 4% from a year earlier, and net earnings of $29.4 million, with earnings per share of $0.42 versus $0.36. For the full year, net sales rose 12% to $763.3 million and earnings per share were $1.32 versus $1.07. Management said significantly higher input costs offset much of the benefit of the higher sales, and that margins have not yet returned to historical levels.
Q4 2023 net sales were $195,368,000 versus $188,180,000 in Q4 2022, an increase of 4%.
Q4 2023 net earnings were $29,403,000 versus $25,344,000; EPS was $0.42 versus $0.36, up 17%.
Full-year 2023 net sales were $763,252,000, up 12%; net earnings were $91,912,000 and EPS was $1.32 versus $1.07.
Management said higher ingredient, packaging and labor costs offset much of the sales benefit, and gross profit margins have not yet been restored to historical levels.
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