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).
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.
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.
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
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
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.
Robert Half reported first-quarter 2024 results on April 25, 2024, with revenue of $1.476 billion and net income of $64 million, or $0.61 per share, for the quarter ended March 31, 2024. Both figures were lower than the $1.716 billion in revenue and $122 million, or $1.14 per share, in net income reported for the same quarter a year earlier. CEO M. Keith Waddell said second-quarter earnings guidance anticipates higher sequential earnings for the first time in seven quarters.
Revenue was $1.476 billion for the quarter ended March 31, 2024, versus $1.716 billion a year earlier.
Net income was $64 million, or $0.61 per share, versus $122 million, or $1.14 per share, a year earlier.
Second-quarter earnings guidance, led by Protiviti, anticipates higher sequential earnings for the first time in seven quarters, according to CEO M. Keith Waddell.
Robert Half will hold a conference call on April 25, 2024 at 5 p.m. EDT.
Cullen/Frost reported first-quarter 2024 net income available to common shareholders of $134.0 million, or $2.06 per diluted share, compared with $2.70 a year earlier. The result includes a $7.7 million addition to the estimated FDIC special assessment; excluding that item, EPS would have been $2.15, a 20.4 percent decrease, and the board declared a second-quarter common dividend of $0.92 per share.
Diluted EPS of $2.06 versus $2.70 in Q1 2023; excluding the FDIC item, EPS would have been $2.15, down 20.4 percent
FDIC special assessment addition of $7.7 million ($6.1 million after tax) in the first quarter
Net interest income on a taxable-equivalent basis was $411.4 million, down 3.4 percent year over year; non-interest income rose 5.8 percent to $111.4 million
Board declared a $0.92 per common share dividend payable June 14, 2024, to holders of record on May 31
United Bankshares reported first-quarter 2024 net income of $86.8 million, or $0.64 per diluted share, down from $98.3 million, or $0.73 per diluted share, a year earlier, though up from $79.4 million in the fourth quarter of 2023. Net interest income fell 5% from a year earlier, while the company's capital ratios and credit metrics were reported as sound, and the company did not repurchase shares in 2023 or the first quarter of 2024.
Q1 2024 net income $86.8 million, or $0.64 per diluted share, versus $98.3 million, or $0.73, in Q1 2023 and $79.4 million, or $0.59, in Q4 2023
Net interest income of $222.5 million for Q1 2024 was down $11.8 million, or 5%, from Q1 2023, mainly due to higher deposit interest expense
Non-performing loans rose to $74.4 million, or 0.35% of loans, at March 31, 2024, from $45.5 million at December 31, 2023, driven by one commercial and industrial loan relationship
Q1 2024 included $1.8 million of FDIC special assessment expense; the quarterly cash dividend was $0.37 per share
Brunswick reported first quarter 2024 net sales of $1,365.0 million, down 21.7% from $1,743.6 million a year earlier, with GAAP diluted EPS of $1.00 (down 35.9%) and adjusted diluted EPS of $1.35 (down 47.5%). The company reiterated its 2024 guidance, including adjusted diluted EPS of $7.00 to $8.00 and net sales of $6.0 to $6.2 billion, so shareholders see weaker first-quarter results without a guidance cut.
Q1 2024 net sales were $1,365.0 million, down 21.7% from $1,743.6 million in Q1 2023.
GAAP diluted EPS was $1.00, down 35.9%; adjusted diluted EPS was $1.35, down 47.5%.
Propulsion sales fell 23.1% and Boat sales fell 26.0%; Navico Group sales fell 23.9%.
2024 guidance was reiterated: net sales of $6.0 to $6.2 billion and adjusted diluted EPS of $7.00 to $8.00.
Plexus reported fiscal second quarter 2024 revenue of $967 million and GAAP diluted EPS of $0.58, down from $1.071 billion and $1.45 in the year-earlier quarter, and the GAAP results include $0.36 per share of restructuring and other charges. The company guided fiscal third quarter revenue to $960 million to $1.00 billion and GAAP diluted EPS to $0.80 to $0.95, and reported free cash flow of $65 million and $17.6 million of share repurchases.
Q2 revenue $967 million vs $1.071 billion in the quarter ended April 1, 2023, and $983 million in the prior quarter
GAAP diluted EPS $0.58 vs $1.45 a year earlier; non-GAAP diluted EPS $0.94 excludes restructuring charges
Q3 guidance: revenue $960 million to $1.00 billion; GAAP diluted EPS $0.80 to $0.95
Free cash flow of $65 million; $17.6 million of shares repurchased, leaving $38.1 million under the $50.0 million authorization
MaxLinear reported unaudited first-quarter 2024 results, with net revenue of $95.3 million, down 24% from the prior quarter and 62% from a year earlier. The GAAP diluted loss per share was $0.88, compared with a loss of $0.47 in the prior quarter and earnings of $0.12 a year earlier. The company guided second-quarter 2024 net revenue to approximately $90 million to $110 million.
Q1 2024 net revenue was $95.3 million, down 24% sequentially and 62% year over year.
GAAP loss from operations was $74.6 million, or 78% of net revenue, including restructuring charges of $22.6 million.
GAAP diluted loss per share was $0.88, versus a $0.47 loss in Q4 2023 and $0.12 of earnings in Q1 2023.
Second-quarter 2024 net revenue is expected to be approximately $90 million to $110 million.
Mueller Industries reported first quarter 2024 net income of $138.4 million, down from $173.2 million a year earlier, and net sales of $849.7 million, down from $971.2 million. The company attributed the sales decline to lower demand for products mainly used in residential building and to lower copper prices, and its diluted earnings per share fell to $1.21 from $1.54.
Net sales were $849.7 million versus $971.2 million in the first quarter of 2023.
Diluted EPS was $1.21 versus $1.54, adjusted for the two-for-one stock split effective October 20, 2023.
The company recorded a $10.3 million loss on its investment in Tecumseh Products Company, largely driven by restructuring charges in its international operations.
Cash balance was $1.36 billion at quarter end, and the company repurchased $27.9 million of common stock during the quarter.
Silicon Laboratories reported first-quarter 2024 revenue of $106.4 million, down from $246.8 million a year earlier, and a GAAP net loss of $56.5 million, or $1.77 per diluted share, compared with diluted earnings of $0.41 a year earlier. The company guided second-quarter revenue to $135 million to $145 million and named Dean Butler as chief financial officer effective May 15, 2024, succeeding interim CFO Mark Mauldin.
Q1 2024 revenue was $106.4 million versus $246.8 million in Q1 2023; GAAP operating loss was $59.1 million
Non-GAAP diluted loss per share was $(0.92); GAAP diluted loss per share was $(1.77)
Q2 2024 revenue outlook is $135 million to $145 million; GAAP diluted loss per share guided to $(1.45) to $(1.61)
Dean Butler joins as CFO on May 15, 2024; Bob Conrad joins as SVP of Worldwide Operations on April 29, 2024
Central Pacific Financial reported first-quarter 2024 net income of $12.9 million, or $0.48 per diluted share, down from $14.9 million, or $0.55, in the prior quarter and $16.2 million, or $0.60, a year earlier. Net interest margin fell to 2.83% from 3.08% a year ago, and total deposits decreased $228.7 million from December 31, 2023. The board declared a quarterly cash dividend of $0.26 per share, unchanged from the prior quarters.
Net income of $12.9 million, or $0.48 diluted EPS, versus $14.9 million ($0.55) in the prior quarter and $16.2 million ($0.60) a year ago
Net interest margin of 2.83%, compared with 2.84% in the prior quarter and 3.08% a year ago
Total deposits of $6.62 billion at March 31, 2024, down $228.7 million from December 31, 2023
Quarterly cash dividend of $0.26 per share, payable June 17, 2024 to holders of record on May 31, 2024
Vicor reported first-quarter 2024 revenue of $83.9 million, down 14.3% from a year earlier, and net income of $2.6 million, or $0.06 per diluted share, versus $11.2 million, or $0.25, a year ago. Operating expenses rose to $44.0 million, mainly from higher legal expenses, which shrank operating income to $1.1 million, so shareholders face weaker profit even though gross margin improved.
Revenue was $83.9 million, down 14.3% from $97.8 million a year earlier and down 9.5% from $92.7 million in the fourth quarter of 2023.
Net income was $2.6 million, or $0.06 per diluted share, compared with $11.2 million, or $0.25 per diluted share, in the first quarter of 2023.
Gross margin rose to 53.8% of revenue from 47.6% a year earlier, while operating expenses rose to $44.0 million from $36.1 million, primarily due to higher legal expenses.
Backlog was $150.3 million at March 31, 2024, down 44.6% from $271.3 million a year earlier; cash and cash equivalents were $239.2 million.
Cathay General Bancorp (Nasdaq: CATY) reported first-quarter 2024 net income of $71.4 million, or $0.98 per diluted share, down from $82.5 million, or $1.13 per diluted share, in the fourth quarter of 2023 and $96.0 million, or $1.32 per diluted share, a year earlier. Lower net interest income, a mark-to-market loss on equity securities and rising non-performing loans weighed on results, which matters to shareholders because earnings per share fell in both comparisons.
Net income $71.4 million vs. $82.5 million in Q4 2023 and $96.0 million in Q1 2023
Diluted EPS $0.98 vs. $1.13 in Q4 2023 and $1.32 in Q1 2023, including a $9.0 million equity securities mark-to-market loss
Net interest margin fell to 3.05% from 3.27% in Q4 2023; non-accrual loans rose $31.4 million to $98.1 million
Conference call scheduled for Monday, April 22, 2024, at 3:00 p.m. Pacific Time
Simpson Manufacturing reported first-quarter 2024 net sales of $530.6 million, down 0.7%, and net income of $75.4 million, or $1.77 per diluted share, down 14.3% from $2.05 a year earlier. The company said higher operating expenses and lower gross profit drove the decline, and it updated its full-year 2024 outlook, now estimating an operating margin of 20.0% to 21.5%.
Net sales of $530.6 million, down 0.7% from $534.4 million; North America sales rose 0.1%, Europe fell 3.4%
Income from operations of $96.1 million, down 18.8% from $118.4 million; operating margin 18.1% versus 22.1%
Net income per diluted share of $1.77 versus $2.05 in the prior-year quarter
2024 outlook: operating margin 20.0% to 21.5%; capital expenditures about $185.0 million
Calix reported first quarter 2024 revenue of $226.3 million, down 9% from a year earlier, and non-GAAP net income of $14.4 million, down from $21.5 million a year earlier. It guided second quarter 2024 revenue to $197.0 million to $203.0 million, below the first quarter level, citing expected lower appliance shipments as customers weigh government broadband funding.
Q1 2024 revenue was $226.3 million, down 9% from a year ago and 15% from the prior quarter, within January guidance of $225.0 million to $231.0 million.
Q1 non-GAAP net income was $14.4 million; GAAP net income was $0.1 million. Non-GAAP earnings per diluted share were $0.21, within guidance of $0.17 to $0.23.
Q1 non-GAAP gross margin was a record 54.9%, while non-GAAP operating expenses were $108.4 million.
Q2 2024 guidance calls for revenue of $197.0 million to $203.0 million and non-GAAP earnings per diluted share of $0.03 to $0.09.
Zions Bancorporation reported first-quarter 2024 net earnings of $143 million, or $0.96 per diluted share, down from $198 million and $1.33 a year earlier, though up from $116 million and $0.78 in the fourth quarter of 2023. Net interest income fell 14% to $586 million as higher funding costs offset higher asset yields, which weighed on the year-over-year earnings decline shareholders will focus on.
Net earnings were $143 million, or $0.96 per diluted share, versus $198 million and $1.33 in 1Q23 and $116 million and $0.78 in 4Q23.
Net interest income was $586 million, down 14% from the prior year; net interest margin was 2.94%, compared with 3.33%, and up from 2.91% in 4Q23.
The provision for credit losses was $13 million, compared with $45 million a year earlier, and included a $13 million FDIC special assessment accrual in noninterest expense.
Common dividend was $0.41 per share, unchanged from a year earlier; the company repurchased $35 million of common stock in the quarter.
Regions Financial reported first-quarter 2024 net income available to common shareholders of $343 million, or $0.37 per diluted share, down from $367 million and $0.39 in the fourth quarter of 2023 and from $588 million and $0.62 in the first quarter of 2023. Total revenue was $1.747 billion, down 3.5% from the prior quarter and 10.5% from a year earlier, and the results included a $50 million pre-tax securities repositioning loss and an $18 million increase in the FDIC special assessment accrual.
Net income available to common shareholders was $343 million, versus $367 million in Q4 2023 and $588 million in Q1 2023.
Diluted EPS was $0.37, compared with $0.39 in Q4 2023 and $0.62 in Q1 2023.
Total revenue was $1.747 billion, down from $1.811 billion in Q4 2023 and $1.951 billion in Q1 2023.
Regions expects operational losses of approximately $100 million for all of 2024.
BancFirst reported first-quarter 2024 net income of $50.3 million, or $1.50 per diluted share, down from $57.5 million, or $1.72 per diluted share, a year earlier. Lower net interest income and noninterest income, plus higher noninterest expense and a larger loan loss provision, drove the decline, while total assets and deposits grew from year-end 2023.
Net interest income fell to $106.1 million from $109.2 million, and net interest margin was 3.70% versus 3.89%.
Noninterest income totaled $44.9 million versus $47.8 million, mainly due to an approximate $5.3 million reduction in interchange fees tied to the Durbin Amendment.
Provision for credit losses was $4.0 million, compared with $2.3 million in the first quarter of 2023.
Nonaccrual loans were $42.0 million, or 0.54% of total loans at March 31, 2024, up from 0.32% at year-end 2023.
Glacier Bancorp reported first-quarter 2024 net income of $32.6 million, down 47% from $61.2 million a year earlier, with diluted earnings per share of $0.29 versus $0.55. The company attributed the decline mainly to a significant increase in funding costs and costs tied to its Wheatland Bank acquisition, while its net interest margin rose to 2.59% from 2.56%. For shareholders, profit fell sharply in the quarter, and the company declared a quarterly dividend of $0.33 per share.
Net income of $32.6 million versus $61.2 million in the prior year first quarter; diluted EPS of $0.29 versus $0.55
Net interest margin of 2.59% in the quarter, up from 2.56% in the prior quarter
Wheatland Bank acquisition completed January 31, 2024, with $5.7 million of acquisition-related expense in the quarter
Quarterly dividend of $0.33 per share declared; purchase of six Montana branches from Heartland Bank expected to close in the third quarter of 2024
Westamerica Bancorporation reported first quarter 2024 net income of $36.4 million, or $1.37 per diluted share, down from $40.5 million and $1.51 per share in the first quarter of 2023, and from $39.5 million and $1.48 in the fourth quarter of 2023. Total revenue on a fully taxable equivalent basis fell 4.9% year over year to $76.2 million, as net interest income declined and total deposits fell 11.3%. The results were furnished in an 8-K with the press release attached as Exhibit 99.1.
Net income of $36.4 million, down 10.0% from $40.5 million in Q1 2023 and from $39.5 million in Q4 2023.
Diluted EPS of $1.37, versus $1.51 in Q1 2023 and $1.48 in Q4 2023.
Net interest and fee income (FTE) of $66.1 million, down 5.0% from $69.6 million a year earlier; cost of funds rose to 0.20% from 0.03%.
Return on average common equity was 15.2%, versus 19.1% in Q1 2023; the company paid a $0.44 per share dividend in Q1 2024.
Ally Financial reported preliminary first-quarter 2024 results on April 18, 2024. GAAP net income attributable to common shareholders was $129 million, down from $291 million a year earlier, as lower net financing revenue, higher credit provisions and higher noninterest expenses offset higher other revenue. The results and the planned leadership change, with Michael Rhodes becoming CEO on April 29, are the key items for shareholders.
GAAP EPS of $0.42 compared with $0.96 in the first quarter of 2023; adjusted EPS of $0.45 compared with $0.82
GAAP total net revenue of $1,986 million, down 5% from $2,100 million a year earlier
Provision for credit losses rose $61 million year over year to $507 million
Michael Rhodes to become CEO starting April 29, according to the release
S&T Bancorp reported first-quarter 2024 net income of $31.2 million, or $0.81 per diluted share, down from $39.8 million, or $1.02 per share, a year earlier and from $37.0 million, or $0.96 per share, in the fourth quarter of 2023. Net interest income and noninterest income both declined from the prior quarter, which the company attributed to higher funding costs and unusual fourth-quarter items, so shareholders are looking at lower earnings per share in both comparisons.
Net income was $31.2 million, or $0.81 per diluted share, versus $39.8 million, or $1.02 per share, in Q1 2023
Net interest income was $83.5 million, down $1.6 million from $85.1 million in Q4 2023, as funding costs rose
Noninterest income fell to $12.8 million from $18.1 million in Q4 2023, which included a $3.3 million gain on OREO
Total deposits rose $78.6 million to $7.6 billion at March 31, 2024, the third straight quarter of deposit growth
Texas Capital Bancshares reported first-quarter 2024 net income available to common stockholders of $21.8 million, or $0.46 per diluted share, down from $34.3 million, or $0.70, a year earlier but up from $0.33 in the fourth quarter of 2023. Chief Risk Officer Tim J. Storms also told the company he plans to retire on or around June 15, 2024, and the company intends to search for a replacement.
Q1 2024 net income available to common stockholders was $21.8 million, or $0.46 per diluted share, versus $34.3 million, or $0.70, in Q1 2023 and $15.8 million, or $0.33, in Q4 2023.
Net interest income was $215.0 million, down from $235.3 million a year earlier; non-interest income rose to $41.3 million from $37.4 million.
Q1 2024 included a $5.0 million legal settlement expense, a $3.0 million FDIC special assessment and $2.0 million of restructuring expenses.
Chief Risk Officer Tim J. Storms plans to retire on or around June 15, 2024, and will provide consulting services during the transition.
Banner Corporation reported first-quarter 2024 net income of $37.6 million, or $1.09 per diluted share, down from $42.6 million ($1.24) in the preceding quarter and $55.6 million ($1.61) a year earlier. Higher funding costs reduced net interest income to $133.0 million, and the board declared a regular $0.48 per share dividend. The filing does not include an updated outlook, and the lower per-share earnings are the key takeaway for shareholders.
Net income was $37.6 million, or $1.09 per diluted share, versus $42.6 million ($1.24) in the preceding quarter and $55.6 million ($1.61) in the first quarter of 2023.
Revenues were $144.6 million, compared with $152.5 million in the preceding quarter and $162.6 million a year earlier.
Net interest margin was 3.74%, down from 3.83% in the preceding quarter, as total deposit costs rose to 1.37% from 1.18%.
A regular quarterly cash dividend of $0.48 per share is payable May 10, 2024, to holders of record on April 30, 2024.
Triumph Financial reported first-quarter 2024 net income to common stockholders of $3.4 million, or $0.14 per diluted share, down from $0.37 in the fourth quarter of 2023 and $0.43 in the first quarter of 2023. The company attributed the decline to a soft freight market, a $5.9 million drop in net interest income, nearly $6 million of credit costs, and higher expenses tied to technology investments, and it expects second-quarter noninterest expense in a $92 million to $94 million range.
Q1 2024 net income to common stockholders was $3.4 million, or $0.14 per diluted share, versus $8.8 million, or $0.37, in Q4 2023 and $10.2 million, or $0.43, in Q1 2023.
Return on average assets was 0.31% in Q1 2024, compared with 0.70% in Q4 2023 and 0.84% in Q1 2023.
Total credit expense was just under $6 million, and net interest income fell $5.9 million from the prior quarter.
Second-quarter noninterest expense is likely to be in the $92 million to $94 million range, according to the letter.
Winmark reported first-quarter 2024 net income of $8.8 million, or $2.41 per diluted share, down from $8.9 million, or $2.49 per diluted share, a year earlier. Revenue fell to $20.1 million from $20.5 million, and the company said results were affected by its May 2021 decision to run off its leasing portfolio. The board also approved a quarterly dividend of $0.90 per share, an increase of $0.10, payable June 3, 2024 to holders of record on May 15, 2024.
Q1 2024 net income was $8.8 million, or $2.41 per diluted share, versus $8.9 million, or $2.49, in Q1 2023
Total revenue was $20.1 million versus $20.5 million a year earlier; leasing income fell to $836,800 from $1.6 million
Quarterly dividend raised to $0.90 per share, up $0.10 from the prior rate; payable June 3, 2024
Dividend record date is May 15, 2024; future dividends remain subject to board approval
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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