177 material Form 8-K filings that 165 companies we cover made with the SEC in April 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).
Avista Corp. reported first-quarter 2024 net income of $71.5 million, or $0.91 per diluted share, up from $54.8 million, or $0.73 per diluted share, in the first quarter of 2023. The company confirmed its 2024 consolidated earnings guidance of $2.36 to $2.56 per diluted share, and said the Energy Recovery Mechanism is expected to reduce 2024 earnings by $0.07 per diluted share.
Q1 2024 net income was $71.5 million versus $54.8 million in Q1 2023
Q1 2024 earnings per diluted share were $0.91 versus $0.73 a year earlier
2024 consolidated earnings guidance confirmed at $2.36 to $2.56 per diluted share
Avista Utilities expects to contribute $2.23 to $2.39 per diluted share in 2024; the ERM is expected to have a negative $0.07 impact for the full year
United States Lime & Minerals reported first quarter 2024 revenue of $71.7 million, up 7.4% from a year earlier, and net income of $22.4 million, or $3.92 per diluted share, up 31.2%. Higher selling prices offset lower sales volumes, which fell on weaker construction demand, and the board declared a regular quarterly dividend of $0.25 per share.
Revenue $71.7 million vs. $66.8 million in Q1 2023, up $4.9 million (7.4%), driven by higher average selling prices
Net income $22.4 million ($3.92 per diluted share) vs. $17.1 million ($3.00) a year earlier
Quarterly cash dividend of $0.25 per share, payable June 14, 2024, to holders of record May 24, 2024
CEO Timothy W. Byrne said the company anticipates improved demand from construction customers
Powell Industries reported fiscal second-quarter 2024 revenue of $255.1 million, up 49% from a year earlier, and net income of $33.5 million, or $2.75 per diluted share, versus $0.70 a year earlier. New orders fell to $235 million from $508 million, which the company attributed to two large LNG and petrochemical projects awarded in the prior-year quarter. The board also declared a quarterly dividend of $0.2650 per share.
Revenue $255.1 million vs. $171.4 million in fiscal Q2 2023; gross margin 24.6% vs. 19.5%
Net income $33.5 million, or $2.75 per diluted share, vs. $8.5 million, or $0.70, a year earlier
New orders $235 million vs. $508 million a year earlier; backlog steady at $1.3 billion
Quarterly dividend of $0.2650 per share; record date May 15, 2024; payable June 12, 2024
Essex Property Trust reported first-quarter 2024 net income of $4.25 per diluted share, up from $2.38, with the increase largely due to a gain on remeasurement of co-investments. Core FFO per diluted share rose 4.9% to $3.83 and exceeded the midpoint of company guidance by $0.09, and the company raised its full-year 2024 Core FFO guidance midpoint by $0.20 to $15.23.
Net income per diluted share of $4.25 for Q1 2024 versus $2.38 in Q1 2023, driven by a $138.3 million gain on remeasurement of co-investments
Core FFO per diluted share of $3.83 for Q1 2024, up 4.9% from $3.65, and $0.09 above the guidance midpoint
Full-year 2024 Core FFO guidance range raised to $15.03 to $15.43 per diluted share, midpoint up $0.20
Same-property revenue growth of 3.6% and NOI growth of 3.0% year over year for Q1 2024
National Presto Industries reported first quarter 2024 results in a press release dated April 26, 2024, filed with an 8-K. Net sales were $76.7 million versus $80.4 million a year earlier, and net earnings were $6.6 million, or $0.92 per share, down from $8.9 million, or $1.25 per share. Lower Defense segment shipments and a decline in Housewares/Small Appliance operating earnings drove the drop, which reduces per-share earnings for shareholders.
Net sales were $76,653,000 for the quarter ended March 31, 2024, compared with $80,409,000 a year earlier.
Net earnings were $6,568,000, or $0.92 per share, compared with $8,878,000, or $1.25 per share.
Defense segment sales fell $3.8 million, or 6.5%, reflecting reduced shipments from backlog.
Housewares/Small Appliance net operating earnings decreased $896,000, or 66.6%, largely due to sales mix and a sizable maintenance repair at its main facility.
Bio-Techne expanded its board from ten to eleven members on April 24, 2024, and appointed Dr. Judith Klimovsky, currently Executive Vice President and Chief Development Officer at Genmab, as an independent director. The filing also discloses a one-year waiver of the board's mandatory retirement policy for Dr. Roeland Nusse. The change is a board governance update with no financial figures reported.
Dr. Judith Klimovsky appointed as independent director effective April 24, 2024, to the Science and Technology Committee
Board temporarily expanded from ten to eleven members, ten of whom are independent
Board approved a one-year waiver of mandatory retirement policy for Dr. Roeland Nusse
Unum Group reported first-quarter 2024 net income of $395.2 million, or $2.04 per diluted share, up from $358.3 million, or $1.80, a year earlier. The company also raised its quarterly dividend 15 percent to 42 cents per share, starting with the payment expected in the third quarter of 2024, and gave a full-year 2024 outlook of 7 to 9 percent growth in after-tax adjusted operating income per share.
Net income of $395.2 million ($2.04 per diluted share) for Q1 2024, versus $358.3 million ($1.80) in Q1 2023.
After-tax adjusted operating income of $409.9 million ($2.12 per diluted share), versus $372.6 million ($1.87) a year earlier.
Quarterly dividend increased 15 percent to 42 cents per share, effective with the dividend expected to be paid in Q3 2024.
Full-year 2024 outlook: after-tax adjusted operating income per share up 7 to 9 percent compared with full-year 2023.
American Assets Trust reported first-quarter 2024 net income attributable to common stockholders of $19.3 million, or $0.32 per diluted share, up from $16.1 million, or $0.27, a year earlier. The company also raised its 2024 FFO per diluted share guidance to $2.24 to $2.34, which the filing says is a 1% increase at the midpoint. Shareholders should note that first-quarter net income was helped by a $10 million settlement payment.
Q1 2024 FFO per diluted share was $0.71, up 8% from $0.66 a year earlier.
Same-store cash NOI rose 1.5% to $66.8 million; excluding a $0.5 million construction in progress write-off, it rose 2.3%.
2024 FFO guidance was raised to $2.24 to $2.34 per share, from $2.19 to $2.33 previously, with a midpoint of $2.29.
Total revenue was $110.7 million for the quarter, compared with $107.8 million a year earlier.
JBG SMITH reported a first-quarter 2024 net loss of $32.3 million, or $0.36 per diluted share, compared with net income of $21.2 million a year earlier, and Core FFO fell to $26.9 million from $37.2 million. Management expects downward pressure on earnings from tenant vacates at least through the end of 2025, which matters to shareholders because it signals weaker earnings ahead even as the company sells assets and buys back shares.
Q1 2024 net loss of $32.3 million ($0.36 per diluted share) versus net income of $21.2 million ($0.19) in Q1 2023; the quarter included a $17.2 million impairment loss.
Core FFO attributable to common shareholders was $26.9 million ($0.29 per diluted share), down from $37.2 million ($0.33) a year earlier.
Management expects downward pressure on earnings from known tenant vacates, persisting at least through the end of 2025.
Repurchased 3.0 million shares for $49.4 million at $16.50 per share; declared a quarterly dividend of $0.175 per common share payable May 24, 2024.
Edison International reported a first-quarter 2024 net loss of $11 million, or $0.03 per share, compared with net income of $310 million, or $0.81 per share, a year earlier. The company raised its estimate of losses from the 2017/2018 wildfire and mudslide events by $490 million, and it affirmed its 2024 core EPS guidance of $4.75 to $5.05 while core EPS rose to $1.13 from $1.09.
Q1 2024 net loss of $11 million, or $0.03 per share, versus net income of $310 million, or $0.81 per share, in Q1 2023
Core EPS of $1.13 versus $1.09 a year earlier; core earnings of $438 million
$490 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events; net after-tax charge of $333 million
2024 core EPS guidance of $4.75 to $5.05 affirmed; basic EPS guidance of $3.59 to $3.89 reflects $1.16 per share of non-core items
STAG Industrial reported first-quarter 2024 results on April 30, 2024. GAAP net income attributable to common stockholders fell 26.0% to $36.6 million, or $0.20 per share, while Core FFO per diluted share rose 7.3% to $0.59, and Cash NOI grew 9.7% to $145.5 million. The mixed picture means shareholders see weaker reported profit alongside higher core operating measures.
Net income attributable to common stockholders was $36.6 million, or $0.20 per share, versus $49.4 million, or $0.28 per share, in Q1 2023.
Core FFO per diluted share was $0.59, up 7.3% from $0.55 a year earlier.
Total revenue was $187.5 million, up from $173.6 million in Q1 2023, and Cash NOI was $145.5 million, up 9.7%.
The company acquired one building in Cincinnati, OH for $50.1 million in Q1 2024, and its Q1 2023 results included a $20.1 million gain on property sales that did not recur.
Gulfport Energy reported first-quarter 2024 net income of $52.0 million and total revenues of $283.2 million, down from $523.1 million and $731.2 million a year earlier, when derivative gains were larger. Adjusted EBITDA of $185.7 million and adjusted free cash flow of $38.8 million beat analyst consensus, and the company reaffirmed its full-year 2024 guidance while deferring some drilling to the second half of the year.
Net income was $52.0 million, versus $523.1 million in Q1 2023; diluted earnings per share were $2.34, versus $22.90.
Adjusted EBITDA was $185.7 million and adjusted free cash flow was $38.8 million, both above analyst consensus.
Full-year 2024 guidance was reaffirmed; about 65% of D&C capital expenditures are now expected in the first half of 2024.
Gulfport repurchased about $29.5 million of common stock in Q1 2024 and has about $220.9 million of remaining repurchase capacity.
Tanger Inc. reported first-quarter 2024 revenue of $123.4 million, up from $108.9 million a year earlier, and Core FFO of $0.52 per share, up from $0.46. GAAP net income available to common shareholders fell to $0.20 per share from $0.22, and the company raised its full-year 2024 Core FFO guidance to $2.03 to $2.11 per share from $2.02 to $2.10.
Q1 2024 revenue was $123.4 million versus $108.9 million in Q1 2023, and FFO available to common shareholders was $0.51 per share versus $0.47.
Net income available to common shareholders was $22.2 million, or $0.20 per share, versus $23.3 million, or $0.22 per share, a year earlier.
Full-year 2024 Core FFO guidance was raised to $2.03 to $2.11 per share from $2.02 to $2.10 per share.
The Board approved a 5.8% dividend increase to $1.10 per share annualized, with a quarterly dividend of $0.275 per share payable May 15, 2024.
Mercury General reported first-quarter 2024 net income of $73.5 million, or $1.33 per diluted share, compared with a net loss of $45.3 million, or $0.82 per share, in the first quarter of 2023. Net premiums earned rose 16.1% to $1.17 billion, and the combined ratio improved to 100.9% from 115.8%, which gives shareholders a clear view of a much stronger underwriting quarter. The company also declared a quarterly dividend of $0.3175 per share.
Net income of $73.5 million ($1.33 per diluted share) vs. a net loss of $45.3 million ($0.82 per share) in Q1 2023
Operating income of $43.3 million ($0.78 per diluted share) vs. an operating loss of $84.0 million a year earlier
Combined ratio of 100.9% vs. 115.8%; catastrophe losses net of reinsurance were $72 million vs. $98 million
Quarterly dividend of $0.3175 per share, payable June 27, 2024, to shareholders of record on June 13, 2024
NMI Holdings reported first-quarter 2024 net income of $89.0 million, or $1.08 per diluted share, up from $74.5 million, or $0.88 per share, a year earlier, and described the quarter as a record. Total revenue rose to $156.3 million from $136.8 million, and the loss ratio fell to 2.7% from 5.5%, which supports earnings for shareholders.
Net income was $89.0 million, up 7% from $83.4 million in the fourth quarter of 2023 and up 20% from $74.5 million in the first quarter of 2023.
Diluted EPS was $1.08, compared with $1.01 in the fourth quarter of 2023 and $0.88 in the first quarter of 2023.
Primary insurance-in-force was $199.4 billion at March 31, 2024, up from $186.7 billion a year earlier.
Book value per share was $24.56, and book value per share excluding net unrealized gains and losses was $26.42.
Republic Services reported first-quarter 2024 revenue of $3.86 billion, up 7.8% from a year earlier, and net income of $453.8 million, or $1.44 per diluted share, versus $1.21 a year earlier. Adjusted earnings per share were $1.45, compared with $1.24 in the 2023 period, and cash flow from operations was $811.5 million.
Revenue of $3,861.7 million for the three months ended March 31, 2024, up from $3,581.1 million
Diluted EPS of $1.44 versus $1.21; adjusted diluted EPS of $1.45 versus $1.24
Cash flow from operations of $811.5 million; adjusted free cash flow of $534.6 million
No shares repurchased in the quarter; a quarterly dividend of $0.535 per share is payable July 15, 2024
Penske Automotive Group reported first quarter 2024 results on April 30, 2024. Revenue rose 1.5% to $7.4 billion, but net income attributable to common stockholders fell 27.9% to $215.2 million, and earnings per share dropped to $3.21 from $4.31, partly due to higher interest costs and lower equity earnings from Penske Transportation Solutions.
Revenue increased 1.5% to $7.4 billion; net income attributable to common stockholders was $215.2 million versus $298.3 million a year earlier
Earnings per share were $3.21 compared with $4.31 in the first quarter of 2023
Higher interest costs of $17.4 million and equity earnings from PTS of $32.5 million versus $80.8 million weighed on profit
The company repurchased shares for approximately $32.9 million and had $182.6 million remaining under its repurchase authority as of March 31, 2024
Illinois Tool Works reported first-quarter 2024 revenue of $4.0 billion, down 1%, with organic growth down 0.6%. GAAP EPS rose 17% to $2.73, but that figure includes a $0.29 benefit from a one-time LIFO-to-FIFO inventory accounting change; excluding it, EPS was $2.44, up 5%. The company raised its full-year GAAP EPS guidance by $0.30 to $10.30 to $10.70 and reaffirmed organic growth guidance of 1% to 3%.
Revenue of $3,973 million, down 1% from $4,019 million in Q1 2023; organic growth was down 0.6%
GAAP diluted EPS of $2.73, up 17%; excluding the one-time $0.29 item, EPS was $2.44, up 5%
Operating income of $1.13 billion included $117 million of pre-tax benefit; excluding it, operating income was $1.01 billion, up 4%
Full-year 2024 GAAP EPS guidance raised by $0.30 to $10.30 to $10.70; plans to repurchase about $1.5 billion of shares
PSEG reported first-quarter 2024 net income of $532 million, or $1.06 per diluted share, down from $1,287 million, or $2.58, a year earlier. Non-GAAP operating earnings were $657 million, or $1.31 per share, compared with $695 million, or $1.39, and operating revenues fell to $2,760 million from $3,755 million. The company reaffirmed 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share.
Net income was $532 million ($1.06 per share) versus $1,287 million ($2.58 per share) in the first quarter of 2023.
Non-GAAP operating earnings were $657 million ($1.31 per share) versus $695 million ($1.39 per share).
PSEG Power & Other operating earnings were $169 million ($0.33 per share) versus $203 million ($0.40); PSE&G was $488 million ($0.98 per share) versus $492 million ($0.99).
PSEG reaffirmed 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share and declared a first-quarter dividend of $0.60 per share.
LGI Homes reported first-quarter 2024 results, with home sales revenue of $390.9 million, down from $487.4 million a year earlier, and net income of $17.1 million, down from $27.0 million. The company kept its full-year 2024 guidance unchanged and said demand improved during the quarter and continued into April.
Home closings of 1,083 versus 1,366 in the first quarter of 2023
Diluted EPS of $0.72 versus $1.14 a year earlier; net income of $17.1 million versus $27.0 million
Gross margin of 23.4% versus 20.3%; ending backlog of 1,335 homes valued at $519.5 million
Full-year 2024 guidance maintained, including 7,000 to 8,000 home closings
UFP Industries reported first-quarter 2024 net sales of $1.64 billion, down 10% from a year earlier, driven by a 9% decline in selling prices. Net earnings attributable to controlling interests were $121 million, down 4%, and diluted earnings per share were $1.96 compared with $1.98, while the company also modified its earlier outlook to expect packaging and retail demand to fall in the mid-single digits in 2024. Lower sales, profit and demand expectations weigh on results, partly offset by a 32% increase in the quarterly dividend to $0.33 per share.
Net sales of $1.64 billion, down 10%, with selling prices down 9% and organic unit sales down 1%
Net earnings attributable to controlling interests of $121 million, down 4%; diluted EPS of $1.96 versus $1.98
Adjusted EBITDA of $181 million, down 10%; adjusted EBITDA margin of 11%
Quarterly dividend raised to $0.33 per share from $0.25, payable June 17, 2024
Lear reported first quarter 2024 sales of $6.0 billion, up 3% from a year earlier, but reported net income attributable to Lear fell to $110 million from $144 million and diluted EPS fell to $1.90 from $2.41. Adjusted EPS rose 14% to $3.18, while the company confirmed its full-year 2024 outlook without change, which matters to shareholders because reported profit declined and $74 million in restructuring and other special items weighed on results.
Sales of $5,994.6 million vs $5,845.5 million a year earlier; core operating earnings rose 6% to $280 million
Net income $110 million vs $144 million; diluted EPS $1.90 vs $2.41; adjusted EPS $3.18 vs $2.78
Restructuring and other special items totaled $74 million, mainly European plant closures and Fisker impairments
Full-year 2024 outlook confirmed unchanged, including net sales of $24,000 million to $24,600 million
Innoviva, Inc. appointed Derek Small as a director effective April 29, 2024. The board has determined he is independent under SEC and Nasdaq rules, and he will receive director compensation including a $125,000 initial RSU award and a $50,000 annual cash retainer.
Derek Small appointed to the Board effective April 29, 2024; he is a Managing Director at Luson Bioventures and former CEO of Assembly Biosciences.
Initial RSU award valued at $125,000, vesting in equal annual installments over two years.
Annual cash retainer of $50,000 for board service, plus a prorated annual RSU award of $18,750 and options to purchase 833 shares.
Acadia Realty Trust reported first-quarter 2024 results on April 29, 2024. Total revenues rose to $91.4 million from $81.8 million, but net income fell to $3.0 million, or $0.03 per share, from $13.1 million, or $0.14 per share, and FFO Before Special Items fell to $0.33 per share from $0.40. The company reaffirmed its 2024 FFO Before Special Items guidance, and the quarter's FFO included a $4.0 million realized investment gain.
Total revenues of $91.4 million for the quarter ended March 31, 2024, versus $81.8 million a year earlier
Net income of $3.0 million, or $0.03 per share, versus $13.1 million, or $0.14 per share, for the first quarter of 2023
FFO Before Special Items of $0.33 per share versus $0.40; 2024 FFO Before Special Items guidance reaffirmed
Same-property NOI grew 5.7%, driven by the Street Portfolio; about 7 million shares issued for net proceeds of about $115 million
Terreno Realty's Chief Accounting Officer, Melinda Weston, has notified the company she will resign effective June 30, 2024, citing personal reasons and not any disagreement with management or the board. CFO Jaime J. Cannon, who previously held the principal accounting officer role, will take it over upon her departure.
Melinda Weston, Chief Accounting Officer, notified the company on April 23, 2024 of her resignation, effective June 30, 2024
Weston cited personal reasons and said the decision was not due to any disagreement with management or the board
Jaime J. Cannon, EVP, CFO and Secretary, will assume the role of principal accounting officer
Merchants Bancorp reported first quarter 2024 net income of $87.1 million, or $1.80 per diluted share, up 58% and 68% from the first quarter of 2023 and the highest quarterly earnings in company history. The gain was driven mainly by a $14.0 million positive fair value adjustment to servicing rights and a $26.4 million rise in net interest income, and total assets reached $17.8 billion.
Net income of $87.1 million and diluted EPS of $1.80 for Q1 2024, versus $55.0 million and $1.07 in Q1 2023
Efficiency ratio improved to 29.1% from 30.3% a year earlier; return on average assets was 2.07%
Non-performing loans rose to $131.8 million, or 1.22% of loans, from $82.0 million at December 31, 2023
Series A Preferred Stock redeemed for approximately $52 million on April 1, 2024
At its April 24, 2024 annual meeting, MYR Group stockholders approved an amended and restated 2017 Long-Term Incentive Plan. The plan makes 2,200,000 shares available for equity and cash awards to employees, non-employee directors and certain consultants. Stockholders also re-elected two Class II directors and approved the advisory executive pay vote and the ratification of Crowe LLP as auditor for 2024.
Amended plan approved April 24, 2024; 2,200,000 shares available, comprising 900,000 approved in 2017, 600,000 in 2020 and 700,000 in 2024
Non-employee directors are limited to $400,000 in grant-date value of compensation per calendar year
Donald C.I. Lucky received 12,243,808 votes for and Shirin O'Connor received 13,964,159 votes for as Class II directors
Crowe LLP ratified for fiscal year ending December 31, 2024 with 15,029,948 votes for and 148,147 against
Hancock Whitney Corporation said Executive Vice President and Chief Banking Officer Cecil W. "Chip" Knight, Jr. will leave the company effective July 5, 2024, to pursue other interests. His banking responsibilities will move to D. Shane Loper, the company's Chief Operating Officer and president of Hancock Whitney Bank, and Commercial, Consumer, and Wealth Management will report directly to Loper.
Chip Knight, Jr., EVP and Chief Banking Officer, announced departure on April 25, 2024
Departure effective July 5, 2024; filing says he is leaving to pursue other interests
D. Shane Loper, COO and Hancock Whitney Bank President, assumes CBO responsibilities
Commercial, Consumer, and Wealth Management business lines will report directly to Loper
Revvity reported first-quarter 2024 revenue of $650 million, down from $675 million a year earlier, and adjusted EPS from continuing operations of $0.98, down from $1.01. The company reaffirmed its full-year adjusted EPS guidance of $4.55-$4.75 and organic growth guidance of 1-3%, while updating its full-year revenue guidance to $2.76-$2.82 billion to reflect foreign currency changes.
Q1 2024 revenue $650 million vs $675 million a year earlier; organic growth (3)%
Life Sciences revenue fell 8% to $303 million; Diagnostics was flat at $347 million
GAAP EPS $0.21 vs $4.50 a year earlier; the prior-year figure included discontinued operations income
Full-year 2024 adjusted EPS guidance of $4.55-$4.75 reaffirmed; revenue guidance updated to $2.76-$2.82 billion
Franklin Resources reported second-quarter results for the quarter ended March 31, 2024, with operating revenues of $2,152.8 million, up 12% from a year earlier. Net income attributable to the company fell to $124.2 million, or $0.23 per diluted share, from $194.2 million, or $0.38, a year earlier, and operating income fell 49% year over year. Shareholders see higher revenue alongside lower GAAP profit per share, while assets under management reached $1,644.7 billion, partly from the Putnam Investments acquisition.
Operating revenues were $2,152.8 million, up 12% from a year earlier and 8% from the prior quarter.
Net income attributable to Franklin Resources was $124.2 million, or $0.23 per diluted share, versus $194.2 million, or $0.38, a year earlier.
Adjusted diluted earnings per share, a non-GAAP measure, was $0.56, compared with $0.61 a year earlier and $0.65 in the prior quarter.
Total assets under management were $1,644.7 billion at March 31, 2024, up 13% in the quarter, including $148.3 billion from the Putnam acquisition, and long-term net inflows were $6.9 billion.
UMB Financial agreed on April 28, 2024 to acquire Heartland Financial USA (HTLF) in an all-stock merger valued at about $2.0 billion, with HTLF holders receiving 0.55 UMB shares per HTLF share. Former HTLF stockholders are expected to hold about 31% of the combined company, which the companies say would bring UMB to $64.5 billion in assets and expand its footprint to 13 states. The deal requires UMB shareholder and HTLF stockholder approval and federal regulatory consents, and is expected to close in the first quarter of 2025.
Exchange ratio of 0.55 UMB shares per HTLF share, valued at $45.74 per HTLF share based on UMB's $83.17 close on April 26, 2024
Former HTLF stockholders expected to own about 31% of the combined company; five HTLF directors will join a 16-member UMB board
Termination fee of $70 million payable by either party in certain circumstances
Expected close in the first quarter of 2025, subject to Federal Reserve and OCC approvals and UMB shareholder and HTLF stockholder votes
UMB Financial reported first-quarter 2024 GAAP net income of $110.3 million, or $2.25 per diluted share, up from $92.4 million, or $1.90 per diluted share, a year earlier. The results include $13.0 million of pre-tax expense for the FDIC special assessment. The board also declared a $0.39 per share quarterly dividend and authorized repurchases of up to 1,000,000 shares, which sets cash returned to shareholders and the potential share count for the coming period.
GAAP net income was $110.3 million, or $2.25 per diluted share, versus $92.4 million, or $1.90, in Q1 2023 and $70.9 million, or $1.45, in Q4 2023.
Net operating income, a non-GAAP measure, was $120.7 million, or $2.47 per diluted share.
Quarterly dividend of $0.39 per share, payable July 1, 2024, to shareholders of record on June 10, 2024.
Board authorized repurchase of up to 1,000,000 shares, with purchases possible until the board meeting after the 2025 annual meeting.
Saia's Executive Vice President and Chief Financial Officer, Douglas Col, plans to retire after 10 years with the company, including the last four as CFO. He will remain in the role until a successor is named and will stay on as an advisor through year-end to support the transition. The change is a senior finance leadership transition, though the filing contains no financial results or new guidance.
Douglas Col informed Saia of his retirement plans on April 23, 2024, after 10 years of service
Col will continue as CFO until the company names a successor and will serve as an advisor through year-end
Company announced the retirement in a press release dated April 26, 2024 (Exhibit 99.1)
Graco directors Lee R. Mitau and R. William Van Sant left the Board on April 26, 2024, the day of the Annual Meeting. At the same meeting, shareholders approved the Amended and Restated 2019 Stock Incentive Plan, which adds 5,000,000 shares and extends the plan to April 26, 2034, and they elected three directors and ratified Deloitte & Touche LLP as auditor for fiscal 2024.
Lee R. Mitau retired under the Company's age-75 guideline; he reached 75 in October 2023.
R. William Van Sant's term expired at the Annual Meeting and he did not stand for re-election.
The Amended 2019 Plan adds 5,000,000 shares and extends its term to April 26, 2034; it received 129,931,724 votes for and 10,297,931 against.
Deloitte & Touche LLP was ratified for fiscal 2024 with 140,113,716 votes for and 9,660,446 against.
Tompkins Financial reported first-quarter 2024 diluted earnings per share of $1.18 and net income of $16.9 million, down 12.6% and 13.0% from the first quarter of 2023, though up from the prior quarter. The decline was mainly due to lower net interest income from higher funding costs and a higher provision for credit losses, partly offset by fee growth and lower operating expenses. The Board also declared a $0.61 per share dividend payable May 17, 2024.
Diluted EPS was $1.18 versus $1.35 a year earlier and $1.05 in the fourth quarter of 2023.
Net interest income fell to $50.7 million from $54.2 million a year earlier; net interest margin was 2.73% versus 2.99%.
Noninterest income rose 8.5% year over year to $22.1 million, led by insurance commissions and fees.
Dividend of $0.61 per share: record date May 10, 2024; payable May 17, 2024.
Portland General Electric reported first-quarter 2024 GAAP net income of $109 million, or $1.08 per diluted share, up from $74 million, or $0.80 per diluted share, a year earlier. Total revenues rose to $929 million from $748 million, and the company reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share, which matters to shareholders because it signals no change to the outlook.
GAAP net income of $109 million, or $1.08 per diluted share, for Q1 2024, versus $74 million, or $0.80 per diluted share, in Q1 2023
Total revenues of $929 million, versus $748 million in Q1 2023; purchased power and fuel expense rose to $405 million from $304 million
2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share reaffirmed, excluding January 2024 winter storm impacts
Quarterly common dividend of $0.50 per share, payable on or before July 15, 2024, to holders of record on June 24, 2024
Saia reported first quarter 2024 results with revenue up 14.3% to $754.8 million, operating income up 18.9% to $117.9 million, and diluted earnings per share of $3.38 versus $2.85 a year earlier. Management said winter weather hurt volumes and late-quarter shipments were below its expectations, and it expects net capital expenditures of about $1 billion in 2024, which shareholders should weigh against the company's rising debt and lower cash balance.
Revenue was $754.8 million, up 14.3%; operating income was $117.9 million, up 18.9%
Operating ratio improved to 84.4% from 85.0%; LTL shipments per workday rose 15.7%
Net capital expenditures were $456.8 million in the first quarter, and 2024 net capital expenditures are expected to be about $1 billion
Cash on hand was $12.3 million and total debt was $84.1 million at March 31, 2024, versus $166.4 million and $26.5 million a year earlier
Bio-Rad Laboratories said Simon May, Executive Vice President and President of the Life Science Group and a named executive officer, will resign effective May 1, 2024, to pursue another opportunity. James J. Barry, the company's Senior Vice President of Global Manufacturing, will take over that role on the same date. The filing also reports annual meeting votes, including stockholder approval of an amended 2017 Incentive Award Plan, but contains no financial results.
Simon May resigns as EVP and President, Life Science Group, effective May 1, 2024
James J. Barry appointed EVP and President, Life Science Group, effective May 1, 2024 (appointed April 24, 2024)
Stockholders approved the amended 2017 Incentive Award Plan at the April 23, 2024 annual meeting; plan expiration extended to February 9, 2034
Piper Sandler reported first-quarter 2024 net revenues of $343 million, up 15% from a year earlier but down 27% from the fourth quarter of 2023. Net income attributable to the company was $42.5 million, or $2.43 per diluted share, up 66% from the prior-year quarter. The board also declared a quarterly dividend of $0.60 per share, payable June 7, 2024.
Net revenues of $343 million, up 15% year over year and down 27% from the fourth quarter of 2023, driven by corporate investment banking
Net income attributable to Piper Sandler of $42.5 million, or $2.43 per diluted share, versus $1.49 a year earlier; adjusted diluted EPS was $2.79
Pre-tax margin of 15.3%, compared with 8.7% in the first quarter of 2023 and 18.2% in the fourth quarter of 2023
Quarterly dividend of $0.60 per share declared April 26, 2024, payable June 7, 2024 to holders of record on May 24, 2024
First Hawaiian reported first-quarter 2024 net income of $54.2 million, or $0.42 per diluted share, up from $47.5 million, or $0.37 per share, in the fourth quarter of 2023 but down from $66.8 million, or $0.52 per share, a year earlier. The company also declared a quarterly dividend of $0.26 per share, payable May 31, 2024, and reported total deposits down $663.2 million from the prior quarter.
Net income $54.2 million, $0.42 per diluted share, versus $0.37 in Q4 2023 and $0.52 in Q1 2023
Net interest margin rose 10 basis points to 2.91%; net interest income $154.4 million, up 1.7% from prior quarter
Total deposits fell $663.2 million to $20.7 billion; noninterest expense $128.8 million, down $13.5 million
Board declared $0.26 per share dividend on April 24, 2024; payable May 31 to holders of record May 20; no shares repurchased in Q1
Colgate-Palmolive reported first-quarter 2024 net sales of $5,065 million, up 6.2%, and GAAP diluted EPS of $0.83, up 84% from $0.45. The company raised its full-year 2024 net sales and organic sales growth guidance, which supports the outlook for shareholders.
Net sales rose 6.2% to $5,065 million; organic sales rose 9.8%.
GAAP diluted EPS was $0.83 versus $0.45; Base Business EPS (non-GAAP) was $0.86 versus $0.73.
Full-year 2024 net sales growth guidance raised to 2% to 5% from 1% to 4%; organic sales growth guidance raised to 5% to 7% from 3% to 5%.
Net cash provided by operations was $681 million for the first three months of 2024.
Gentex reported first quarter 2024 results with record net sales of $590.2 million, up 7% from a year earlier, and diluted earnings per share of $0.47, up 12%. The company left its 2024 annual guidance unchanged, which keeps the revenue target at $2.45 to $2.55 billion for shareholders to track.
Net sales of $590.2 million, up 7% from $550.8 million in Q1 2023, a quarterly record
Net income of $108.2 million, up 11%; diluted EPS of $0.47 versus $0.42
Gross margin of 34.3%, up 260 basis points from 31.7%, but down slightly from the fourth quarter of 2023
2024 annual guidance unchanged: revenue $2.45 to $2.55 billion, gross margin 34% to 35%
T. Rowe Price reported first-quarter 2024 results, with net revenues of $1.75 billion, up 13.8% from a year earlier, and net income attributable to the firm of $573.8 million, up 36.1%. Higher average assets under management and performance-based fees drove the gains, although the effective fee rate declined, and the firm also raised its quarterly dividend, which matters to shareholders because it signals continued payouts.
Net revenues of $1.75 billion in Q1 2024, up 13.8% from $1.54 billion in Q1 2023.
Diluted EPS of $2.49 versus $1.83 a year earlier; adjusted diluted EPS of $2.38 versus $1.69.
Net client outflows of $8.0 billion in Q1 2024; assets under management reached $1.54 trillion at March 31, 2024.
Quarterly dividend increased to $1.24 per share from $1.22, the 38th consecutive year of increases.
Roper reported first-quarter 2024 revenue of $1.68 billion, up 14%, with organic revenue up 8%. Adjusted DEPS rose 13% to $4.41 and GAAP DEPS rose 33% to $3.54. The company raised its full-year 2024 adjusted DEPS guidance to $18.05 to $18.25, from $17.85 to $18.15, and excludes unannounced future acquisitions.
Q1 2024 revenue $1.68 billion, up 14%; organic revenue up 8%, acquisitions added 6 points
Q1 2024 adjusted DEPS $4.41, up 13%; GAAP DEPS $3.54, up 33%
FY 2024 adjusted DEPS guidance raised to $18.05 to $18.25; Q2 2024 guidance $4.42 to $4.46
Federated Hermes reported first quarter 2024 earnings per diluted share of $0.89, up from $0.78 a year earlier, on net income of $75.0 million, up from $69.6 million. The board also declared a $1.31 dividend, made up of a $0.31 quarterly dividend, which rose 10.7%, and a $1.00 special dividend, payable May 15, 2024.
Q1 2024 revenue was $396.4 million, up 4% from Q1 2023, driven mainly by higher average money market assets.
Total managed assets were a record $778.7 billion at March 31, 2024, up 11% from a year earlier.
Equity assets were $80.2 billion, down 4% year over year; fixed-income assets were $96.3 billion, up 10%.
Shares purchased in Q1 2024 totaled 1,082,120 Class B shares for $37.0 million.
Minerals Technologies reported first-quarter 2024 diluted earnings per share of $1.44, up from $1.14 a year earlier, and $1.49 excluding special items. Net sales were $535 million, down 2% from the prior year as reported but slightly up on an underlying basis, excluding the deconsolidation of Barretts Minerals after its Chapter 11 filing. Shareholders see higher profit on slightly lower reported sales, with Consumer & Specialties offsetting weaker Engineered Solutions results.
Diluted EPS $1.44 vs. $1.14 a year earlier; $1.49 excluding special items
Operating income $75 million, a record for the company; 14.1% operating margin
Net sales $535 million, down 2% as reported and slightly up on an underlying basis; Engineered Solutions sales down 5%
Cash flow from operations $56 million; free cash flow $39 million; repurchased $15 million of shares
FirstEnergy reported first quarter 2024 GAAP earnings of $253 million, or $0.44 per share, down from $292 million, or $0.51 per share, a year earlier, on revenue of $3.3 billion, up from $3.2 billion. Operating (non-GAAP) earnings were $0.55 per share, compared with $0.60 a year earlier, and the company affirmed its 2024 operating EPS guidance of $2.61 to $2.81. Shareholders also get second quarter guidance of $290 million to $345 million, or $0.50 to $0.60 per share.
Q1 2024 GAAP earnings $253 million ($0.44 per share) vs. $292 million ($0.51) in Q1 2023; revenue $3.3 billion vs. $3.2 billion
Q1 2024 operating EPS $0.55 vs. $0.60 in Q1 2023
Q2 2024 earnings guidance $290 million to $345 million, or $0.50 to $0.60 per share
2024 operating EPS guidance of $2.61 to $2.81 affirmed; long-term 6% to 8% annual operating EPS growth target reaffirmed
Arthur J. Gallagher & Co. reported first-quarter 2024 results on April 25, 2024, with revenue of $3.22 billion, up from $2.67 billion a year earlier, and net earnings of $612.7 million, up from $486.6 million. Diluted earnings per share were $2.74 versus $2.24, and adjusted EPS was $3.49 versus $3.02, so the headline measures improved for shareholders.
Total revenues as reported were $3,218.1 million for Q1 2024 versus $2,672.9 million for Q1 2023.
Diluted EPS was $2.74 as reported and $3.49 as adjusted, compared with $2.24 and $3.02 a year earlier.
Adjusted EBITDAC was $1,145.5 million versus $957.2 million, and the company closed $1.0 billion of senior notes on February 12, 2024.
COPT Defense Properties reported first-quarter 2024 results on April 25, 2024, in an earnings release furnished as Exhibit 99.1. Total revenues rose to $193.3 million from $167.5 million a year earlier, and FFO per share rose to $0.62 from $0.59, but diluted EPS fell to $0.29 from $0.70 because the year-earlier quarter included a $49.4 million gain on sales of real estate.
Total revenues were $193.3 million for the quarter ended March 31, 2024, up from $167.5 million in the first quarter of 2023.
Diluted FFO per share (Nareit) was $0.62, compared with $0.59 a year earlier.
Diluted EPS was $0.29, compared with $0.30 in the fourth quarter of 2023 and $0.70 in the first quarter of 2023.
Same Property cash NOI rose 6.1% year over year to $91.6 million; the total portfolio was 93.6% occupied and the Defense/IT Portfolio was 96.8% leased.
Ameris Bancorp reported unaudited first-quarter 2024 results on April 25, 2024, with net income of $74.3 million, or $1.08 per diluted share, up from $60.4 million, or $0.87 per diluted share, a year earlier. Adjusted net income, which excludes the FDIC special assessment and a gain on bank owned life insurance proceeds, was $75.6 million, or $1.10 per diluted share. Net interest margin narrowed to 3.51% from 3.76% a year earlier, as rising deposit costs weighed on interest income.
Net income $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024, versus $60.4 million, or $0.87, a year earlier
Adjusted net income $75.6 million, or $1.10 per diluted share, excluding the FDIC special assessment and BOLI gain
Net interest margin 3.51%, down from 3.54% in the fourth quarter of 2023 and 3.76% in the first quarter of 2023
Investor teleconference scheduled for 9:00 a.m. Eastern time on April 26, 2024
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