188 material Form 8-K filings that 175 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).
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.
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
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
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
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.
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
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
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.
WSFS Financial reported first-quarter 2024 diluted EPS of $1.09 and net income of $65.8 million, both higher than a year earlier and the prior quarter. Total net revenue was $251.1 million, down from $265.3 million in the fourth quarter of 2023 but up from $245.7 million a year earlier, and core EPS was $1.11 versus $1.15 in the fourth quarter.
Net income attributable to WSFS was $65.8 million, versus $63.9 million in 4Q 2023 and $62.4 million in 1Q 2023.
Total net revenue was $251.1 million, versus $265.3 million in 4Q 2023 and $245.7 million in 1Q 2023.
Net interest margin was 3.84%, down from 3.99% in 4Q 2023; the company cited lagging deposit pricing after 2023 rate hikes.
WSFS repurchased shares for $21.0 million and approved a quarterly dividend of $0.15 per share, payable May 24, 2024.
Columbia Sportswear reported first quarter 2024 net sales of $770.0 million, down 6% from a year earlier, and operating income of $44.7 million, down 21%. The company raised its full-year 2024 diluted EPS outlook to $3.65 to $4.05 from $3.45 to $3.85, while keeping its net sales outlook unchanged, and declared a $0.30 quarterly dividend.
Q1 2024 net sales were $770.0 million versus $820.6 million in Q1 2023; diluted EPS was $0.71 versus $0.74.
Operating income fell to $44.7 million from $56.4 million; gross margin rose to 50.6% from 48.7%.
2024 net sales outlook unchanged at $3.35 to $3.42 billion; diluted EPS outlook raised to $3.65 to $4.05.
Quarterly dividend of $0.30 per share is payable May 30, 2024 to holders of record on May 16, 2024; $50.2 million of stock was repurchased in the quarter.
Tootsie Roll reported first quarter 2024 net sales of $151.5 million, down $9.2 million or 6% from a year earlier, while net earnings rose to $15.8 million and earnings per share rose to $0.22 from $0.19. The company said customers resisted higher prices, seasonal sales timing and customer inventory adjustments hurt sales, and it expects rising cocoa and chocolate costs to weigh on input costs and margins in 2024 and 2025.
Net sales were $151,464,000 versus $160,711,000 in Q1 2023, a decrease of $9,247,000 or 6%.
Net earnings were $15,834,000 versus $13,401,000, and EPS was $0.22 versus $0.19, an increase of 16%.
Effective income tax rate was 21.4% versus 23.8% a year earlier, with lower state income taxes a contributing factor.
Management expects cocoa and chocolate cost increases to have adverse effects on input costs and margins in 2024 and 2025.
Lincoln Electric reported first quarter 2024 results on April 25, 2024. Diluted EPS rose to $2.14 from $2.09 and net income rose to $123.4 million, but net sales fell 5.6% to $981 million, with organic sales down 6.1%. The filing does not include updated guidance.
Diluted EPS of $2.14 vs. $2.09 a year earlier; adjusted EPS of $2.23 vs. $2.13
Net sales of $981 million, down 5.6% from $1,039 million; organic sales down 6.1%
Operating income margin of 16.8% vs. 15.8%; cash from operations rose 8% to $133 million
Returned $152 million to shareholders through dividends and share repurchases
W.W. Grainger reported first-quarter 2024 sales of $4.2 billion, up 3.5%, and diluted EPS of $9.62, up 0.1%. Operating earnings fell 1.6% to $669 million and operating margin declined 80 basis points to 15.8%. The company reaffirmed its full-year 2024 guidance ranges and announced a 10% dividend increase.
Net sales were $4,235 million, up 3.5% from $4,091 million in Q1 2023; daily, organic constant currency sales rose 4.9%.
Operating earnings were $669 million, down 1.6%; net earnings attributable to Grainger were $478 million, down 2.0%.
Operating cash flow was $661 million and free cash flow was $542 million; $360 million was returned to shareholders through dividends and share repurchases.
FY 2024 guidance reaffirmed, including net sales of $17.2 - $17.7 billion and diluted EPS of $38.00 - $40.50; dividend raised 10% and repurchase authorization refreshed for up to 5 million shares.
PHINIA reported first-quarter 2024 net sales of $863 million, up 3.4% from a year earlier, but net earnings fell to $29 million, or $0.62 per diluted share, from $35 million, or $0.75, in the prior-year quarter. Adjusted EPS was $1.08 compared with $1.19, and the company reaffirmed its full-year 2024 outlook, which includes net earnings of $125 million to $160 million.
Net sales of $863 million, up 3.4% from $835 million in Q1 2023; excluding $17 million of contract manufacturing sales, sales were up slightly.
GAAP diluted EPS of $0.62 versus $0.75; adjusted EPS of $1.08 versus $1.19.
Full-year 2024 guidance reaffirmed: net earnings of $125 million to $160 million and adjusted EBITDA of $470 million to $510 million.
In early April, the company issued $525 million of senior secured notes to repay its Term Loan B and revolving credit balance.
Nasdaq reported first quarter 2024 net revenues of $1.1 billion, up 22% from a year earlier, with organic growth of 6%. GAAP diluted earnings per share fell 34% to $0.40 and non-GAAP diluted EPS fell 9% to $0.63, as higher amortization, a $23 million pension settlement charge and other costs weighed on profit. The company also updated its 2024 non-GAAP operating expense guidance and declared a quarterly cash dividend.
Net revenues were $1.1 billion, up $203 million or 22%; Solutions revenue rose 35% to $871 million.
GAAP diluted EPS was $0.40, down 34%; non-GAAP diluted EPS was $0.63, down 9%.
2024 non-GAAP operating expense guidance updated to $2,125 million to $2,185 million; non-GAAP tax rate guidance of 24.5% to 26.5% maintained.
No share repurchases in Q1 2024; the remaining $340 million term loan balance was repaid and $127 million was returned to shareholders through dividends.
Visteon reported first-quarter 2024 results on April 25, 2024. Net sales fell to $933 million from $967 million a year earlier, while net income attributable to Visteon rose to $42 million from $34 million, or $1.50 per diluted share versus $1.18. The company kept its full-year 2024 guidance unchanged.
Net sales were $933 million, down from $967 million in the first quarter of 2023, mainly due to lower semiconductor-related recoveries and 1% lower customer vehicle production.
Net income attributable to Visteon was $42 million, or $1.50 per diluted share, compared with $34 million, or $1.18 per diluted share, a year earlier.
Adjusted EBITDA was $102 million, up $3 million from the prior year, and the company reported a net cash position of $175 million at March 31, 2024.
Full-year 2024 guidance was maintained: sales of $4.0 to $4.2 billion, adjusted EBITDA of $470 to $500 million, and adjusted free cash flow of $155 to $185 million.
CMS Energy reported first-quarter 2024 diluted EPS of $0.96, up from $0.69 a year earlier, and adjusted EPS of $0.97 versus $0.70, citing higher weather-normalized sales and lower storm restoration costs. Operating revenue fell to $2,176 million from $2,284 million, and the company reaffirmed its 2024 adjusted EPS guidance of $3.29 to $3.35 per share, with confidence toward the high end.
Diluted EPS $0.96 vs $0.69 in Q1 2023; adjusted EPS $0.97 vs $0.70
Operating revenue $2,176 million vs $2,284 million in Q1 2023
Net income available to common stockholders $285 million vs $202 million
2024 adjusted EPS guidance of $3.29 to $3.35 reaffirmed; long-term adjusted EPS growth of 6 to 8 percent
WTW reported first-quarter 2024 results on April 25, 2024, for the period ended March 31. Revenue rose 4% to $2.34 billion and adjusted diluted EPS rose 16% to $3.29, while net income fell 6% to $194 million and diluted EPS fell 3% to $1.83. The company said its full-year 2024 targets are consistent with those previously provided, including adjusted diluted EPS of $15.40 to $17.00.
Revenue $2.34 billion, up 4% reported and 5% organic, from $2.24 billion a year earlier
Diluted EPS $1.83, down 3%; adjusted diluted EPS $3.29, up 16%
Net income $194 million, down 6%; operating margin 12.0%, down 70 basis points
Full-year 2024 targets unchanged, including adjusted diluted EPS of $15.40 to $17.00; $101 million of share repurchases in the quarter
NewMarket reported first quarter 2024 net income of $107.7 million, or $11.23 per share, up from $97.6 million, or $10.09 per share, a year earlier. Total net sales were $696.7 million, down from $702.8 million, and the results include 76 days of the American Pacific (AMPAC) business acquired in January for about $700 million.
Net income was $107.7 million, or $11.23 per share, versus $97.6 million, or $10.09 per share, in Q1 2023.
Total net sales were $696.7 million versus $702.8 million; petroleum additives sales were $677.3 million versus $700.0 million.
Petroleum additives operating profit rose to $150.9 million from $132.1 million, mainly due to lower raw material and operating costs.
Long-term debt rose to $1.28 billion at March 31, 2024, from $643.6 million at December 31, 2023, and the Board approved an 11% increase in the quarterly dividend rate in February.
Annaly Capital Management reported first-quarter 2024 results, with GAAP net income of $0.85 per average common share, compared with a loss of $(0.88) in the fourth quarter of 2023. Earnings available for distribution fell to $0.64 per share from $0.68 in the prior quarter, while book value per common share rose to $19.73 and the company declared a $0.65 quarterly dividend.
GAAP net income of $0.85 per average common share, versus a $(0.88) loss in Q4 2023 and a $(1.79) loss in Q1 2023.
Earnings available for distribution of $0.64 per share, down from $0.68 in Q4 2023 and $0.81 in Q1 2023.
Book value per common share of $19.73, up from $19.44 at December 31, 2023; economic return of 4.8% for the quarter.
Declared quarterly common dividend of $0.65 per share; GAAP leverage of 6.7x, down from 6.8x.
AMERISAFE reported first-quarter 2024 results on April 24, 2024, with net income of $16.9 million and diluted EPS of $0.88, both slightly lower than a year earlier. Total revenues rose to $80.5 million, but net premiums earned fell 1.1%, and the net combined ratio worsened to 87.3% from 82.2%, so underwriting profit fell 29.2%. For shareholders, the quarter shows steady headline earnings but weaker underlying insurance profitability.
Net income was $16.9 million, down 2.4% from $17.3 million; diluted EPS was $0.88 versus $0.90.
Operating earnings per share, a non-GAAP measure, fell 16.9% to $0.69 from $0.83.
Net combined ratio rose to 87.3% from 82.2%, and underwriting profit fell 29.2% to $8.7 million.
Book value per share was $15.74 at March 31, 2024, up 3.0% from $15.28 at December 31, 2023; a $0.37 quarterly dividend was declared April 23, 2024.
PROG Holdings reported first-quarter 2024 consolidated revenues of $641.9 million, down 2.0% from a year earlier, and diluted EPS of $0.49 versus $1.00, with net earnings reduced by $18.0 million of restructuring expense. The company raised its full-year 2024 revenue and earnings outlook, with revenues now projected at $2.285 billion to $2.360 billion and diluted EPS at $2.18 to $2.43. Shareholders also received a $0.12 per share cash dividend, and the company repurchased $24.4 million of stock in the quarter.
Q1 2024 revenues $641.9 million, down 2.0%; net earnings $22.0 million versus $48.0 million a year earlier
Restructuring expense of $18.0 million tied to cost reduction actions executed in January
Full-year 2024 total revenue outlook raised to $2.285 billion-$2.360 billion from $2.235 billion-$2.335 billion
Second-quarter 2024 diluted EPS outlook of $0.56 to $0.66
Watsco reported first-quarter 2024 results for the period ended March 31, 2024. Revenue rose 1% to a record $1.56 billion, but same-store revenue fell 2%, operating income dropped to $127 million from $165 million, and diluted earnings per share were $2.17 versus $2.83 a year earlier. The company also reported no debt, $479 million in cash and investments, and a 10% dividend increase to $10.80 per share annually.
Revenue rose 1% to $1.56 billion; same-store revenue declined 2%.
Operating income was $127 million (8.1% margin) versus $165 million (10.6% margin) a year earlier.
Diluted EPS was $2.17 versus $2.83; operating cash flow was a record $104 million for a first quarter.
Annual dividend rate increased 10% to $10.80 per share, effective April 2024.
Evercore reported first quarter 2024 U.S. GAAP net revenues of $580.8 million, up 2% from a year earlier, and diluted EPS of $2.09 versus $2.06. Operating income fell to $84.1 million from $106.9 million, and adjusted diluted EPS declined to $2.13 from $2.16. The board also raised the quarterly dividend 5% to $0.80 per share, and the company returned $308.5 million to shareholders in the quarter.
U.S. GAAP net revenues $580.8 million vs $572.1 million in Q1 2023, up 2%; adjusted net revenues $587.3 million, up 2%
U.S. GAAP diluted EPS $2.09 vs $2.06; adjusted diluted EPS $2.13 vs $2.16
Operating margin 14.5% vs 18.7%; compensation ratio 66.8% vs 64.1%
Quarterly dividend increased 5% to $0.80 per share, payable June 14, 2024; $308.5 million returned to shareholders in the quarter
Prosperity Bancshares reported first quarter 2024 net income of $110.4 million, or $1.18 per diluted share, down from $124.7 million, or $1.37 per share, a year earlier but up from $95.5 million, or $1.02 per share, in the fourth quarter of 2023. The company also completed the Lone Star State Bancshares merger on April 1, 2024, and declared a $0.56 second quarter dividend.
Net income of $110.4 million and $1.18 per diluted share, versus $124.7 million and $1.37 in Q1 2023
Up from $95.5 million and $1.02 per diluted share in Q4 2023, mainly on higher interest income and lower FDIC assessments
Net interest margin of 2.79%, up from 2.75% in Q4 2023 but down from 2.93% a year earlier
Repurchased 567,692 shares at an average $62.12 per share; second quarter dividend of $0.56 per share payable July 1, 2024
Trustmark reported first quarter 2024 net income of $41.5 million, or $0.68 diluted EPS, up from $36.1 million and $0.59 in the prior quarter but down from $50.3 million and $0.82 a year earlier. The company also extended CEO Duane A. Dewey's employment agreement by two years through December 31, 2027, and agreed to sell its insurance subsidiary Fisher Brown Bottrell Insurance to Marsh & McLennan Agency.
Q1 2024 net income $41.5 million, diluted EPS $0.68, versus $0.59 in Q4 2023 and $0.82 in Q1 2023
Revenue $188.2 million, up 0.9% linked-quarter but down 0.4% year-over-year; noninterest expense fell 3.9% linked-quarter to $131.1 million
Duane A. Dewey's employment agreement extended to December 31, 2027; no other changes to the agreement
Trustmark National Bank agreed to sell Fisher Brown Bottrell Insurance, Inc. to Marsh & McLennan Agency LLC; the filing does not state a price
East West Bancorp reported first quarter 2024 net income of $285 million, or $2.03 per diluted share, up from $239 million and $1.69 in the fourth quarter of 2023, after a $10 million pre-tax FDIC special assessment charge. Revenue fell 2% to $644 million, and the criticized loans ratio rose to 2.30% from 1.87%, so shareholders see higher profit on lower revenue and weaker credit indicators.
Net income $285 million vs. $239 million in Q4 2023 (up 19%); diluted EPS $2.03 vs. $1.69
Adjusted diluted EPS $2.08, up 3% from Q4 2023, excluding a $10 million pre-tax FDIC charge
Revenue $644 million, down 2% from $655 million; net interest margin 3.34%, down 14 basis points
Repurchased 1.2 million shares for about $82 million; second quarter dividend of $0.55 per share payable May 17, 2024
First BanCorp. reported Q1 2024 net income of $73.5 million, or $0.44 per diluted share, down from $79.5 million, or $0.46, in Q4 2023 but up from $70.7 million, or $0.39, in Q1 2023. Q4 results included a $6.3 million FDIC special assessment, and the company's adjusted Q4 EPS was $0.49, so adjusted EPS fell sequentially. The filing contains no guidance.
Net income $73.5 million, or $0.44 per diluted share, vs. $79.5 million, or $0.46, in Q4 2023 and $70.7 million, or $0.39, in Q1 2023
Net interest income $196.5 million vs. $196.7 million in Q4 2023; net interest margin 4.16% vs. 4.14%
Provision for credit losses $12.2 million vs. $18.8 million, including a $9.5 million recovery tied to a bulk sale of charged-off consumer loans
Income tax expense $23.9 million vs. $5.4 million in Q4 2023; the company repurchased $50.0 million of common stock and paid $26.6 million in dividends in Q1 2024
First Commonwealth reported first-quarter 2024 net income of $37.5 million, or $0.37 per diluted share, up from $0.30 a year earlier but down from $0.44 in the fourth quarter of 2023. The company also raised its quarterly cash dividend 4.0% to $0.13 per share, payable May 17, 2024. Net interest income fell from the prior quarter, and the release attributes the sequential profit decline mainly to a 13 basis point drop in net interest margin.
Net income of $37.5 million, or $0.37 per diluted share, for the quarter ended March 31, 2024, versus $44.8 million ($0.44) in Q4 2023 and $30.2 million ($0.30) in Q1 2023.
Net interest income (FTE) of $92.6 million, down $3.4 million from the prior quarter; net interest margin was 3.52%, down 13 basis points.
Quarterly cash dividend raised 4.0% to $0.13 per share, payable May 17, 2024 to shareholders of record as of May 3, 2024.
No shares were repurchased in Q1 2024; $17.4 million remained under the current buyback program as of March 31, 2024.
Invesco reported first-quarter 2024 operating revenues of $1,475.3 million, up 4.0% from a year earlier, but diluted EPS of $0.31 was down from $0.32 and adjusted diluted EPS fell 13.2% to $0.33. The company also increased its quarterly common dividend to $0.205 per share and reported $6.3 billion of net long-term inflows.
Operating revenues were $1,475.3 million, up 4.0% from Q1 2023 and 4.4% from Q4 2023.
Diluted EPS was $0.31 versus $0.32 in Q1 2023; adjusted diluted EPS was $0.33 versus $0.38.
Net long-term inflows were $6.3 billion; ending AUM was $1,662.7 billion, up 4.9% from the prior quarter.
Redeemed $600 million of senior notes; net debt was $361.8 million at March 31, 2024.
Ryder reported first-quarter 2024 results with total revenue of $3.1 billion, up from $3.0 billion a year earlier, but diluted GAAP EPS from continuing operations fell to $1.89 from $2.95 and comparable EPS fell to $2.14 from $2.81. The company raised the lower end of its full-year 2024 comparable EPS forecast to $11.75 to $12.50, which the filing says reflects first-quarter outperformance partly offset by a more modest rental upturn than expected.
Diluted GAAP EPS from continuing operations was $1.89 versus $2.95 in Q1 2023; comparable EPS was $2.14 versus $2.81.
Total revenue was $3.1 billion versus $3.0 billion; operating revenue (non-GAAP) rose 6% to $2.5 billion.
Full-year 2024 comparable EPS forecast is $11.75 to $12.50; second-quarter comparable EPS forecast is $2.75 to $2.95.
Fleet Management Solutions earnings before tax fell 45% to $100 million on lower used vehicle pricing and weaker rental demand.
TrustCo Bank Corp NY reported first quarter 2024 net income of $12.1 million, or $0.64 per diluted share, compared with $17.7 million, or $0.93 per diluted share, in the first quarter of 2023. Net income rose from $9.8 million in the fourth quarter of 2023, while net interest income fell 5.3% from the prior quarter, and average loans grew 5.2% year over year.
Net income was $12.1 million ($0.64 diluted EPS) versus $17.7 million ($0.93) in Q1 2023 and $9.8 million ($0.52) in Q4 2023.
Net interest income was $36.6 million, down $2.0 million or 5.3% from the prior quarter, with net interest margin at 2.44% versus 2.60% in Q4 2023.
Average loans rose $249.4 million or 5.2% year over year; nonperforming loans were $18.3 million, or 0.37% of total loans, at March 31, 2024.
Book value per share was $34.12 at March 31, 2024, up from $33.92 at December 31, 2023.
ServisFirst Bancshares reported first quarter 2024 net income of $50.0 million, or $0.92 per diluted share, up from $42.1 million and $0.77 in the fourth quarter of 2023 but down from $58.0 million and $1.06 in the first quarter of 2023. Total deposits fell 3.9% from the prior quarter to $12.75 billion, which the company attributed partly to moving away from high-cost, non-core deposits.
Net income $50.0 million vs. $42.1 million in Q4 2023 and $58.0 million in Q1 2023
Diluted EPS $0.92 vs. $0.77 in Q4 2023 and $1.06 in Q1 2023; adjusted diluted EPS $0.94
Net interest margin 2.66%, up from 2.57% in Q4 2023 but down from 3.15% in Q1 2023
Total deposits $12.75 billion, down 3.9% from Q4 2023 and up 9.8% from Q1 2023; non-performing assets 0.22% of total assets vs. 0.14% in Q4 2023
F.N.B. Corporation reported first-quarter 2024 net income available to common stockholders of $116.3 million, or $0.32 per diluted share, down from $144.5 million, or $0.40, in the first quarter of 2023 but up from $48.7 million, or $0.13, in the fourth quarter of 2023. Excluding significant items, operating EPS was $0.34, compared with $0.40 a year earlier and $0.38 in the prior quarter.
Net income available to common stockholders was $116.3 million, or $0.32 per diluted share, versus $144.5 million, or $0.40, in Q1 2023.
Operating EPS (non-GAAP) was $0.34, versus $0.40 in Q1 2023 and $0.38 in Q4 2023.
Non-interest income rose 10.7% year over year to $87.9 million.
Tangible book value per common share (non-GAAP) reached $9.64, up 11.3% from $8.66 a year earlier; the estimated CET1 ratio was a record 10.2%.
KeyCorp reported first quarter 2024 net income from continuing operations attributable to common shareholders of $183 million, or $0.20 per diluted share, up sharply from $30 million, or $0.03, in the fourth quarter of 2023 but down from $275 million, or $0.30, in the first quarter of 2023. Total revenue of $1.53 billion fell 10.6% from a year earlier, while noninterest expense also declined, so the quarter improved on the prior quarter but remained weaker than a year ago.
Net income of $183 million, or $0.20 per diluted share, versus $275 million, or $0.30, in Q1 2023 and $30 million, or $0.03, in Q4 2023
Total revenue of $1.53 billion, down 10.6% from $1.71 billion in Q1 2023 and down 0.3% from Q4 2023
Net interest income of $886 million, down 19.9% from a year earlier; noninterest income of $647 million, up 6.4%
FDIC special assessment charges reduced first quarter earnings by $22 million, or $0.02 per diluted share, after tax
Nicolet Bankshares reported first quarter 2024 net income of $28 million, or $1.82 per diluted share, down from $31 million, or $2.02 per diluted share, in the fourth quarter of 2023. Results improved from a net loss of $9 million, or $0.61 per diluted share, in the first quarter of 2023, which included a balance sheet repositioning loss. The sequential decline came mainly from lower noninterest income and net interest income.
Diluted EPS of $1.82 for Q1 2024, compared with $2.02 in Q4 2023 and a loss of $0.61 in Q1 2023
Net interest income of $63 million, down $1 million from Q4 2023; net interest margin of 3.26% versus 3.30%
Noninterest income of $19 million, down $5 million from Q4 2023, mostly due to lower net asset gains
Tangible book value per share rose to $44.91 at March 31, 2024; tangible common equity ratio rose to 8.33%
Hancock Whitney reported first-quarter 2024 net income of $108.6 million, or $1.24 per diluted share, compared with $50.6 million, or $0.58, in the fourth quarter of 2023. Compared with the first quarter of 2023, when net income was $126.5 million, or $1.45 per share, profit declined, and adjusted pre-provision net revenue fell 3% from the prior quarter. The results matter to shareholders because the quarter-over-quarter gain was largely driven by the absence of fourth-quarter charges, while the year-over-year decline shows lower earnings.
Net income was $108.6 million, or $1.24 per diluted share, versus $50.6 million, or $0.58, in Q4 2023 and $126.5 million, or $1.45, in Q1 2023.
Excluding supplemental disclosure items, EPS was $1.28, up $0.02 from the prior quarter.
Adjusted pre-provision net revenue was $152.9 million, down $4.6 million, or 3%, linked-quarter.
Management expects 2024 period-end loan and deposit growth to be low single digits compared with year-end 2023.
Northern Trust reported first-quarter 2024 net income of $214.7 million, or $0.96 per diluted share, down from $334.6 million and $1.51 per share in the first quarter of 2023, but up from $113.1 million and $0.52 in the fourth quarter of 2023. Results included a $189.4 million pre-tax loss on securities sold in a portfolio repositioning and a $12.5 million increase in the FDIC special assessment, while total revenue on a fully taxable equivalent basis was $1,654.1 million, down 6% from a year earlier. The company also declared $153.4 million in common dividends and repurchased shares at a total cost of $132.0 million during the quarter.
Diluted earnings per share were $0.96, compared with $1.51 in Q1 2023 and $0.52 in Q4 2023.
A $189.4 million pre-tax loss on available-for-sale debt securities sold in a portfolio repositioning reduced investment security results.
Trust, investment and other servicing fees rose 7% year over year to $1,142.9 million.
Assets under custody/administration were $16.5 trillion as of March 31, 2024.
M&T Bank Corporation reported first quarter 2024 net income of $531 million, or $3.02 per diluted share, down from $702 million and $4.01 a year earlier but up from $482 million and $2.74 in the fourth quarter of 2023. Net interest income fell 8% from a year earlier as funding costs rose, and provisions for credit losses increased, which weighed on earnings for shareholders.
Net income was $531 million versus $702 million in Q1 2023, a 24% decline; diluted EPS was $3.02 versus $4.01
Net operating income was $543 million, or $3.09 per diluted share, versus $715 million, or $4.09, a year earlier
Net interest margin was 3.52% versus 4.04% a year earlier; provision for credit losses was $200 million versus $120 million
Expenses included a $29 million estimated increase in the FDIC special assessment; the company did not repurchase shares in Q1 2024
Argan reported fourth-quarter revenue of $164.6 million, up 38.5% from a year earlier, but net income fell to $12.0 million, or $0.89 per diluted share, from $13.6 million, or $1.00. The company tied the profit decline to a loss on its Kilroot Power Station project in Northern Ireland, while full-year fiscal 2024 revenue rose 26% to $573.3 million and diluted EPS rose to $2.39 from $2.33. The board also declared a regular quarterly dividend of $0.30 per share.
Q4 revenue $164.6 million vs. $118.8 million a year earlier; Q4 net income $12.0 million, $0.89 per diluted share, vs. $1.00
Kilroot project losses of approximately $2.1 million in Q4 and $13.6 million for fiscal 2024; the company says it has submitted claims above the recorded loss
Fiscal 2024 revenue $573.3 million, up 26.0%; net income $32.4 million, $2.39 per diluted share, vs. $2.33
Quarterly dividend of $0.30 per share payable April 30, 2024 to holders of record on April 22, 2024
Acuity Brands reported results for its fiscal 2024 second quarter ended February 29, 2024. Net sales fell 4.0% to $905.9 million, while GAAP diluted EPS rose 10.5% to $2.84 and operating profit rose 5.9% to $118.1 million. The mixed result of lower sales and higher per-share earnings is the key point for shareholders.
Net sales were $905.9 million, down $37.7 million or 4.0% from the prior year
Diluted EPS was $2.84, up $0.27 or 10.5% from $2.57; adjusted diluted EPS was $3.38, up from $3.06
Operating profit was $118.1 million, up 5.9%; operating margin was 13.0%, up 120 basis points
Year to date, the company repurchased about 370,000 shares for about $68 million
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