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).
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.
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
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
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.
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.
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.
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.
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.
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.
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
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
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.
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
Donnelley Financial Solutions reported fourth-quarter 2023 net sales of $176.5 million, up 5.2% from a year earlier, but diluted EPS was $0.35 versus $0.36. For the full year, net sales were $797.2 million, down from $833.6 million, and diluted EPS was $2.69 versus $3.17, so profit declined even as the company cited growth in software solutions. The company also authorized a new $150 million buyback and said a new SEC shareholder report rule is expected to be slightly dilutive to 2024 earnings before adding to 2025.
Q4 2023 net sales of $176.5 million, up from $167.7 million; Q4 diluted EPS $0.35 versus $0.36 in Q4 2022
Full-year 2023 net sales of $797.2 million versus $833.6 million in 2022; full-year diluted EPS $2.69 versus $3.17
Full-year 2023 Adjusted EBITDA of $207.4 million, a 26.0% margin, versus $218.3 million in 2022
New buyback of up to $150 million from January 1, 2024 through December 31, 2025; TSR rule expected to add $20 million to $25 million in annual net sales in 2025
Artivion reported fourth-quarter 2023 revenue of $93.7 million, up 18% on a GAAP basis from a year earlier, and full-year revenue of $354.0 million, up 13%. The company swung to a fourth-quarter net loss of $4.0 million, or $0.10 per diluted share, from net income of $2.2 million, or $0.05 per share, a year earlier. It also guided to 2024 revenue of $382 million to $396 million and non-GAAP adjusted EBITDA of $68 million to $72 million.
Q4 2023 revenue was $93.7 million, up 18% GAAP and 15% constant currency from $79.4 million in Q4 2022
Q4 2023 net loss was $4.0 million ($0.10 per diluted share) versus net income of $2.2 million ($0.05) in Q4 2022
Full-year 2023 net loss was $30.7 million ($0.75 per share); non-GAAP adjusted EBITDA rose to $53.8 million
2024 outlook: revenue of $382 million to $396 million (8% to 12% growth) and adjusted EBITDA of $68 million to $72 million
PDF Solutions reported fourth-quarter and full-year 2023 results, with full-year revenue of $165.8 million, up 12% from $148.5 million in 2022. Fourth-quarter revenue was $41.1 million, up about 1% from a year earlier but down from $42.4 million in the third quarter, and non-GAAP diluted EPS fell to $0.15 from $0.19. Management expects first-half 2024 revenue to be flat year over year and second-half revenue to grow 20%, and the company says its 2023 results are preliminary until its Form 10-K is filed.
Full-year 2023 revenue was $165.8 million, up 12%; full-year GAAP diluted EPS was $0.08 versus a loss of $0.09 in 2022
Q4 2023 revenue was $41.1 million, up from $40.5 million a year earlier but down from $42.4 million in Q3 2023
Q4 2023 non-GAAP diluted EPS was $0.15, compared with $0.19 in Q4 2022 and $0.20 in Q3 2023
Management expects revenue for the first half of 2024 to be flat year over year and for the second half to grow 20%
DNOW reported fourth-quarter and full-year 2023 results. Revenue rose to $555 million in the quarter from $547 million a year earlier, and full-year revenue reached $2.321 billion, up $185 million or 9%. GAAP diluted EPS was $1.35 for the quarter, but that figure includes a non-cash $126 million deferred tax benefit; excluding other costs, diluted EPS was $0.22 versus $0.25 a year earlier.
Q4 2023 revenue was $555 million, compared with $547 million in Q4 2022.
Q4 GAAP net income attributable to DNOW was $147 million, or $1.35 per diluted share, including a $126 million non-cash deferred tax benefit.
Excluding other costs, Q4 diluted EPS was $0.22, compared with $0.25 in Q4 2022.
Full-year 2023 free cash flow was $171 million; the company is targeting $150 million in 2024.
Monarch Casino & Resort reported fourth-quarter 2023 net revenue of $128.2 million, up 6.3% from a year earlier, while net income fell 18.9% to $18.2 million and diluted EPS fell 18.4% to $0.93. The company attributed the profit decline mainly to a higher effective tax rate, higher legal and consulting costs tied to its Black Hawk construction litigation, and higher depreciation. It also declared a $0.30 per share cash dividend payable March 15, 2024.
Q4 2023 net revenue $128.2 million vs $120.5 million; net income $18.2 million vs $22.4 million; diluted EPS $0.93 vs $1.14
Full-year 2023 net revenue $501.5 million, up 4.9%; net income $82.4 million, down 5.8%
Q4 effective tax rate was 28.6% vs 19.5% a year earlier; construction litigation costs were $2.8 million in Q4 2023 vs $0.8 million in Q4 2022
Cash dividend of $0.30 per share payable March 15, 2024, to stockholders of record on March 1, 2024
Veeco reported fourth-quarter and full-year 2023 results on February 14, 2024. Revenue grew in both periods, and non-GAAP diluted EPS rose, but full-year GAAP results were a net loss of $30.4 million that included a $97.1 million loss tied to debt refinancing. The company also guided first-quarter 2024 revenue to $160 million to $180 million.
Q4 2023 revenue was $173.9 million, up from $153.8 million a year earlier; GAAP diluted EPS was $0.37 versus $2.00, a prior-year figure that included a $117.1 million income tax benefit
Q4 2023 non-GAAP diluted EPS was $0.51, compared with $0.38 in Q4 2022
FY 2023 revenue was $666.4 million versus $646.1 million; GAAP net loss was $30.4 million, or $0.56 per diluted share, and non-GAAP diluted EPS was $1.69 versus $1.57
Q1 2024 guidance: revenue of $160 million to $180 million; non-GAAP diluted EPS of $0.36 to $0.46
Warrior Met Coal reported fourth-quarter 2023 net income of $128.9 million, or $2.47 per diluted share, up from $1.93 a year earlier, on total revenues of $363.8 million. For the full year, net income fell to $478.6 million, or $9.20 per diluted share, from $641.3 million, as total revenues declined to $1.68 billion from $1.74 billion. The company also issued 2024 guidance and said Blue Creek project scope changes will require $120 million to $130 million in added capital spending, with cost inflation of 25% to 35%, which bears on future shareholder returns.
Q4 2023 net income $128.9 million ($2.47 per diluted share) vs. $99.7 million ($1.93) in Q4 2022; Q4 total revenues $363.8 million vs. $344.8 million
Full-year 2023 net income $478.6 million ($9.20 per diluted share) vs. $641.3 million ($12.40) in 2022; full-year total revenues $1.68 billion vs. $1.74 billion
Blue Creek scope changes add $120 million to $130 million in capital expenditures on top of the $700 million original estimate; cost inflation of 25% to 35% reported
2024 guidance: coal sales 7.4 to 8.2 million short tons, coal production 7.4 to 8.0 million short tons, cash cost of sales $125 to $135 per short ton
PC Connection reported fourth-quarter and full-year 2023 results on February 14, 2024. Quarterly net income rose 26.3% even as net sales fell 4.9%, but full-year net sales fell 8.8% and net income fell 6.7%. The board also raised the quarterly dividend by 25% to $0.10 per share.
Q4 2023 net sales were $696.5 million, down 4.9%; net income was $23.8 million, up 26.3%, or $0.90 per diluted share.
Full-year 2023 net sales were $2.9 billion, down 8.8%; net income was $83.3 million, down 6.7%, or $3.15 per diluted share.
Quarterly dividend raised 25% to $0.10 per share, payable March 15, 2024, to shareholders of record as of February 27, 2024.
Cash and short-term investments were $297.2 million at December 31, 2023, up from $122.9 million a year earlier.
Innospec reported fourth-quarter 2023 net income of $37.8 million, or $1.51 per diluted share, up from $25.5 million, or $1.02, a year earlier, while quarterly revenue fell 3% to $494.7 million. For the full year, revenue was $1.95 billion, down less than 1%, and GAAP diluted EPS rose to $5.56 from $5.32, so reported profit grew on slightly lower sales.
Q4 2023 revenue $494.7 million, down 3% from $510.7 million
Q4 GAAP diluted EPS $1.51 vs $1.02; adjusted non-GAAP EPS $1.84 vs $1.20
Full-year 2023 revenue $1.95 billion, down less than 1%; GAAP diluted EPS $5.56 vs $5.32
Net cash of $203.7 million at December 31, 2023, after funding the QGP acquisition
Generac reported fourth-quarter 2023 net sales up 1% to $1.06 billion and diluted EPS of $1.57, versus $0.83 a year earlier. For full-year 2023, net sales fell 12% to $4.02 billion and diluted EPS fell to $3.27 from $5.42, and the company initiated 2024 guidance for net sales growth of about 3% to 7%, which it says would be a return to growth.
Q4 2023 net income was $97 million, or $1.57 per diluted share, versus $71 million, or $0.83, in Q4 2022.
Full-year 2023 net income was $215 million, or $3.27 per diluted share, versus $400 million, or $5.42, in 2022.
2024 guidance calls for net sales growth of about 3% to 7% and an adjusted EBITDA margin of about 16.5% to 17.5%.
Q4 free cash flow was a record $266 million, and the board approved a new buyback of up to $500 million over 24 months.
Airbnb reported fourth-quarter 2023 revenue of $2.2 billion, up 17% from a year earlier, and Adjusted EBITDA of $738 million, up 46%. The company also posted a GAAP net loss of $349 million, which included about $1 billion of non-recurring tax withholding expenses and lodging tax reserves, compared with net income of $319 million in Q4 2022. The company also announced a new share repurchase program authorizing up to $6 billion of Class A common stock.
Q4 2023 revenue was $2.2 billion, up 17% year over year (14% excluding FX); full-year revenue was $9.9 billion.
Q4 net loss was $349 million, including about $1 billion of non-recurring tax items; Adjusted Net Income was $489 million.
Q4 Adjusted EBITDA was $738 million, up 46% from $506 million in Q4 2022.
A new share repurchase program authorizes up to $6 billion of Class A common stock, following $750 million remaining under the prior program as of December 31, 2023.
Watsco reported fourth-quarter and full-year 2023 results. Sales were at record levels, but diluted earnings per share declined from 2022, which included a one-time tax benefit. The company also raised its annual dividend 10% to $10.80 per share, effective with the April 2024 payment.
Q4 sales rose 1% to a record $1.60 billion; Q4 diluted EPS was $2.06 versus $3.55 a year earlier, which included a $1.20 net benefit from 2022 stock vesting
Full-year sales were $7.28 billion versus $7.27 billion; full-year diluted EPS was $13.67 versus $15.41 ($14.20 adjusted for 2022)
Annual dividend rate increased 10% to $10.80 per share, reflected in the April 2024 quarterly payment
Full-year operating cash flow was $562 million versus $572 million in 2022
Vornado Realty Trust reported a fourth-quarter 2023 net loss attributable to common shareholders of $61.0 million, or $0.32 per diluted share, compared with a $493.3 million loss a year earlier. Results included $72.7 million of impairment losses, and adjusted FFO fell to $123.8 million, or $0.63 per diluted share, from $139.0 million, or $0.72, a year earlier, so the smaller GAAP loss does not reflect stronger operating earnings.
Q4 2023 net loss attributable to common shareholders: $61,013,000 ($0.32 per diluted share), vs. $493,280,000 ($2.57) in Q4 2022
Q4 2023 FFO attributable to common shareholders plus assumed conversions: $121,105,000 ($0.62 per diluted share); as adjusted, $123,751,000 ($0.63) vs. $139,041,000 ($0.72)
Full-year 2023 net income attributable to common shareholders: $43,378,000 ($0.23 per diluted share), vs. a $408,615,000 loss in 2022
Board declared a $0.30 per common share dividend on December 5, 2023
Essent Group reported fourth-quarter 2023 net income of $175.4 million, or $1.64 per diluted share, up from $147.4 million, or $1.37 per diluted share, a year earlier. Full-year 2023 net income was $696.4 million, or $6.50 per diluted share, down from $831.4 million, or $7.72 per diluted share, in 2022. The board also declared a quarterly dividend of $0.28 per share.
Q4 2023 net income $175.4 million, $1.64 per diluted share, vs. $147.4 million, $1.37 in Q4 2022
Full-year 2023 net income $696.4 million, $6.50 per diluted share, vs. $831.4 million, $7.72 in 2022
Quarterly dividend of $0.28 per share, payable March 22, 2024, to holders of record March 13, 2024
Q4 2023 new insurance written was $8.8 billion, vs. $13.0 billion in Q4 2022
COPT Defense Properties reported fourth-quarter and full-year 2023 results for the period ended December 31, 2023, in an earnings release furnished as Exhibit 99.1 to a Form 8-K filed February 8, 2024. Fourth-quarter FFO per diluted share was $0.62, up from $0.60 a year earlier, while diluted EPS of $0.30 fell from $0.45, and the full year showed a net loss of $74.3 million after a third-quarter impairment charge of $252.8 million. Shareholders get a mixed picture: higher FFO alongside lower quarterly EPS and a full-year net loss.
Q4 2023 net income was $34.8 million, compared with a $221.2 million net loss in Q3 2023 and $52.1 million in Q4 2022.
Q4 2023 diluted EPS was $0.30, down from $0.45 in Q4 2022; diluted FFO per share was $0.62, up from $0.60.
Q4 2023 total revenues were $179.7 million, up from $175.2 million in Q4 2022.
Full-year 2023 net loss was $74.3 million versus net income of $178.8 million in 2022; full-year diluted FFO per share was $2.41 versus $2.35.
StepStone Group reported results for the fiscal third quarter ended December 31, 2023, showing a GAAP net loss of $23.4 million, wider than the $13.6 million loss a year earlier. Management and advisory fees, net and adjusted net income both grew, but total performance fees were negative $166.1 million, so GAAP revenue was also negative.
GAAP total revenues were negative $14.6 million for the quarter, compared with negative $4.2 million a year earlier.
Management and advisory fees, net rose 18% to $151.5 million.
Adjusted net income rose 35% to $42.1 million, or $0.37 per share; fee-related earnings rose 19% to $50.7 million.
The board declared a quarterly dividend of $0.21 per share, payable March 15, 2024, to holders of record on February 29, 2024.
Annaly Capital Management reported a GAAP net loss of $0.88 per average common share for the quarter ended December 31, 2023, narrower than the $1.21 loss in the prior quarter but wider than the $1.96 loss a year earlier. Earnings available for distribution (EAD) were $0.68 per share, up from $0.66 in the third quarter but down from $0.89 a year earlier. Shareholders are affected by the mixed results, the quarterly dividend of $0.65 per share, and book value per common share rising to $19.44 from $18.25.
GAAP net loss of $0.88 per share for Q4 2023, versus a $1.21 loss in Q3 2023 and a $1.96 loss in Q4 2022
EAD of $0.68 per share for Q4 2023, versus $0.66 in Q3 2023 and $0.89 in Q4 2022
Q4 2023 economic return of 10.1%; full-year 2023 GAAP net loss of $3.61 per share and economic return of 6.0%
Declared quarterly common dividend of $0.65 per share; book value per common share of $19.44 at December 31, 2023
Red Rock Resorts reported fourth-quarter 2023 net revenues of $462.7 million, up 8.8%, while net income fell 36.0% to $108.9 million. For the full year, net revenues rose 3.6% to $1.72 billion, but net income fell 13.5% to $337.8 million. The board also declared a $1.00 special dividend per Class A share, payable March 4, 2024, in addition to a $0.25 quarterly dividend.
Q4 2023 Adjusted EBITDA was $201.3 million, up 3.6% from $194.4 million a year earlier.
Full-year 2023 net income attributable to the company was not separately stated; consolidated net income was $337.8 million, down 13.5%.
Special dividend of $1.00 per Class A share, payable March 4, 2024, to holders of record on February 22, 2024.
Quarterly dividend of $0.25 per Class A share, payable March 29, 2024, to holders of record on March 15, 2024; cash was $137.6 million and debt was $3.4 billion at December 31, 2023.
Monolithic Power Systems reported fourth-quarter 2023 revenue of $454.0 million, down 1.3% from a year earlier, and GAAP diluted earnings of $1.98 per share, down from $2.45. For the full year, revenue rose 1.5% to $1.82 billion, but GAAP diluted earnings fell to $8.76 per share from $9.05. The board also raised the quarterly cash dividend by 25%, from $1.00 to $1.25 per share, payable April 15, 2024.
Q4 2023 revenue was $454.0 million, down 4.4% from $474.9 million in Q3 2023 and down 1.3% from $460.0 million a year earlier.
Q4 2023 GAAP net income was $96.9 million, or $1.98 per diluted share, versus $119.1 million, or $2.45 per diluted share, in Q4 2022.
Full-year 2023 revenue was $1,821.1 million; GAAP net income was $427.4 million, or $8.76 per diluted share.
Quarterly dividend increases to $1.25 per share, payable April 15, 2024 to holders of record as of March 29, 2024. First quarter 2024 revenue outlook is $437.0 million to $457.0 million.
Penske Automotive Group reported fourth quarter and full year 2023 results, with fourth quarter revenue up 4% to $7.3 billion but income attributable to common stockholders down 36% to $190.7 million. A non-cash goodwill impairment charge of $40.7 million weighed on profit, and the board approved a 10% increase in the quarterly dividend to $0.87 per share.
Q4 revenue rose 4% to $7.3 billion; income attributable to common stockholders fell 36% to $190.7 million from $298.0 million.
Q4 earnings per share were $2.84 versus $4.21; excluding the $0.61 per share impairment charge, adjusted EPS was $3.45.
Full year 2023 revenue rose 6% to $29.5 billion; full year EPS was $15.50, down 16%.
Quarterly dividend raised 10% to $0.87 per share, payable March 1, 2024 to holders of record as of February 15, 2024.
Veralto reported fourth-quarter 2023 sales of $1,288 million, up 3.3% from a year earlier, while GAAP net earnings fell to $200 million, or $0.81 per diluted share, from $216 million, or $0.88. The company also gave 2024 targets, including adjusted diluted EPS of $3.20 to $3.30 for the full year, which shareholders can compare with the $3.19 adjusted figure reported for 2023.
Q4 2023 sales rose 3.3% year over year to $1,288 million, with non-GAAP core sales growth of 1.7%.
Q4 GAAP net earnings were $200 million, or $0.81 per diluted share, versus $216 million, or $0.88, a year earlier; adjusted diluted EPS was $0.87 versus $0.80.
For 2024, Veralto targets adjusted diluted EPS of $3.20 to $3.30 and low-single-digit core sales growth; Q1 2024 adjusted EPS is expected at $0.73 to $0.78.
Full-year 2023 net earnings were $839 million, or $3.40 per diluted share, and operating cash flow was $963 million.
Enact Holdings reported fourth-quarter 2023 net income of $157 million, or $0.98 per diluted share, up from $144 million, or $0.88 per share, in the fourth quarter of 2022 but down from $164 million in the third quarter of 2023. For full year 2023, net income was $666 million, or $4.11 per diluted share, compared with $704 million, or $4.31 per share, in 2022, while new insurance written fell 27% from the prior quarter.
Q4 2023 net income $157 million, or $0.98 per diluted share, versus $144 million, or $0.88, in Q4 2022 and $164 million, or $1.02, in Q3 2023
Full year 2023 net income $666 million, or $4.11 per diluted share, versus $704 million, or $4.31, in 2022
New insurance written was $10 billion in Q4 2023, down 27% from $14 billion in Q3 2023 and down 31% from a year earlier
Primary insurance in-force reached a record $263 billion, up 6% from $248 billion a year earlier; the company returned over $300 million to shareholders in 2023
Douglas Emmett reported a fourth-quarter 2023 net loss attributable to common stockholders of $40.5 million, or $0.24 per diluted share, compared with net income of $24.3 million a year earlier, with the company citing a $36.2 million impairment charge on its interest in an unconsolidated fund. Revenue rose 2.0% to $259.3 million, but funds from operations fell 12.0% to $92.9 million, and the company gave 2024 per-share guidance of $0.04 to $0.10 for diluted net income and $1.64 to $1.70 for FFO.
Q4 2023 revenues rose 2.0% to $259.3 million, helped by a one-time $5.5 million ground rent back payment
Q4 2023 net loss attributable to common stockholders of $40.5 million, or $0.24 per diluted share, versus net income of $24.3 million in Q4 2022
Q4 2023 FFO fell 12.0% to $92.9 million, or $0.46 per fully diluted share
2024 guidance: net income per diluted share of $0.04 to $0.10 and FFO per fully diluted share of $1.64 to $1.70
Cirrus Logic reported fiscal third-quarter 2024 revenue of $619.0 million, up 5% from a year earlier, with GAAP diluted earnings per share of $2.50 versus $1.83 a year earlier. The company guided fourth-quarter revenue to $290 million to $350 million, down 48% sequentially and down 14% year over year at the midpoint, which is a sharp decline for shareholders to weigh against the quarter's results.
Q3 FY24 revenue was $619.0 million; GAAP diluted EPS was $2.50 and non-GAAP diluted EPS was $2.89, compared with $1.83 and $2.40 in Q3 FY23.
Q4 FY24 revenue guidance is $290 million to $350 million, down 48% sequentially and down 14% year over year at the midpoint.
One customer accounted for approximately 89 percent of total Q3 FY24 revenue.
The company repurchased 780,517 shares for $56.9 million in the quarter and had $365.1 million left in its repurchase authorization.
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