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).
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
Erie Indemnity reported first quarter 2024 net income of $124.6 million, or $2.38 per diluted share, up from $86.2 million, or $1.65 per diluted share, a year earlier. The board also declared a quarterly Class A dividend of $1.275 per share, up from $1.190 a year earlier, payable July 23, 2024.
Q1 2024 total operating revenue was $880.7 million, up from $752.5 million in Q1 2023.
Operating income before taxes rose $28.3 million, or 25.6 percent, to $138.8 million.
Board declared dividend number 376 of $1.275 per Class A share; record date July 9, 2024 and payable date July 23, 2024.
Shareholders re-elected all 11 directors and approved two compensation plan amendments at the April 23, 2024 annual meeting.
Eastern Bankshares reported first-quarter 2024 net income of $38.6 million, or $0.24 per diluted share, on April 25, 2024. Total revenue was $157.6 million, down from $160.0 million in the prior quarter, while per-share profit from continuing operations rose from $0.19. Chief Financial Officer James Fitzgerald will retire once a successor is appointed, and the company has begun a search, which adds a leadership transition for shareholders to track.
Net income $38.6 million, or $0.24 per diluted share; operating EPS $0.23 vs. $0.10 in the prior quarter
Net interest income fell $3.4 million to $129.9 million; noninterest expense fell $19.8 million to $101.2 million
CFO James Fitzgerald notified the company on April 24, 2024 of his retirement; he will stay until a successor is named
Quarterly dividend of $0.11 per share payable June 14, 2024; merger with Cambridge Bancorp approved by shareholders on February 28, 2024, expected to close early in Q3 2024 pending regulatory approvals
Kirby reported first quarter 2024 net earnings attributable to Kirby of $70.1 million, or $1.19 per diluted share, up from $40.7 million, or $0.68 per share, a year earlier, on revenue of $808.0 million versus $750.4 million. The company also said it expects quarterly earnings to strengthen as the year progresses and named Christian G. O'Neil as President and Chief Operating Officer, effective April 26, 2024.
Net earnings attributable to Kirby were $70.1 million, or $1.19 per diluted share, versus $40.7 million, or $0.68 per share, in the first quarter of 2023.
Consolidated revenues were $808.0 million versus $750.4 million; marine transportation revenues were $475.4 million and distribution and services revenues were $332.6 million.
Christian G. O'Neil, 52, will become President and Chief Operating Officer at the conclusion of the 2024 Annual Stockholder Meeting on April 26, 2024; his compensation arrangement has not been determined.
For 2024, Kirby expects net cash provided by operating activities of $600 million to $700 million and capital spending of $290 million to $330 million.
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.
Comfort Systems USA reported first-quarter 2024 net income of $96.3 million, or $2.69 per diluted share, up from $57.2 million, or $1.59 per diluted share, a year earlier, on revenue of $1,537.0 million versus $1,174.6 million. The board also declared a quarterly dividend of $0.30 per share, a $0.05 increase from the prior dividend, payable May 24, 2024.
Q1 2024 diluted EPS was $2.69, compared with $1.59 in Q1 2023
Q1 2024 revenue was $1,537.0 million, compared with $1,174.6 million in Q1 2023
Backlog was $5.91 billion as of March 31, 2024, compared with $4.44 billion a year earlier
Quarterly dividend of $0.30 per share payable May 24, 2024 to holders of record on May 13, 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.
Exponent reported first-quarter 2024 revenues before reimbursements up 6.6% to $137.2 million and diluted earnings per share of $0.59, up from $0.56 a year earlier. The company raised its fiscal 2024 revenue and EBITDA margin guidance and declared a $0.28 quarterly dividend payable June 21, 2024.
Q1 2024 net income was $30.1 million, or $0.59 per diluted share, versus $29.1 million, or $0.56, in Q1 2023.
Fiscal 2024 guidance raised: revenues before reimbursements expected to grow in the low-single digits, and EBITDA expected at 26.25% to 27.0% of revenues before reimbursements.
Q2 2024 outlook: revenues before reimbursements flat to up in the low-single digits, and EBITDA at 27.25% to 28.25%.
Quarterly cash dividend of $0.28 per share, payable June 21, 2024 to holders of record as of June 7, 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.
SkyWest reported first-quarter 2024 net income of $60 million, or $1.45 per diluted share, compared with a net loss of $22 million, or $0.45 per share, in the first quarter of 2023. Revenue rose 16% to $804 million, while operating expenses rose 1% to $704 million, and block hour production increased 5%.
Revenue of $804 million, up $112 million (16%) from $692 million in Q1 2023.
Net income of $60 million, or $1.45 per diluted share, versus a net loss of $22 million ($0.45 loss per share) a year earlier.
Operating expenses of $704 million, up 1%; block hour production up 5% year over year.
Repurchased 136,000 shares for $8.7 million at an average $64.21 per share; $82 million remained under the program as of March 31, 2024.
At its April 24, 2024 annual meeting, Cullen/Frost shareholders approved the 2024 Equity Incentive Plan, which replaces the 2015 Omnibus Incentive Plan, and elected all twelve director nominees to one-year terms. Shareholders also gave nonbinding approval to executive compensation and ratified Ernst & Young LLP as independent auditor. The filing reports the vote counts but no change in financial results.
2024 Equity Incentive Plan approved April 24, 2024 with 53,268,092 votes for and 1,004,357 against; the 2015 Plan is replaced and no further grants will be made under it
All 12 director nominees elected to one-year terms expiring at the 2025 Annual Meeting
Nonbinding say-on-pay approved with 53,091,784 votes for and 1,153,675 against
Ernst & Young LLP ratified as auditor for the fiscal year that began January 1, 2024, with 58,738,583 votes for
Old Republic International reported first-quarter 2024 results, with diluted net income of $1.15 per share, up from $0.68 a year earlier, and diluted net income excluding investment gains of $0.67 per share, up 9.8%. General Insurance pretax operating income rose 14.1%, while Title Insurance pretax operating income fell to $2.3 million from $17.4 million, and the combined ratio rose to 94.3% from 92.7%.
Diluted net income of $1.15 per share versus $0.68 a year earlier; excluding investment gains, $0.67 per share, up 9.8%
Net premiums and fees earned of $1,642.7 million, up 5.6%; General Insurance up 13.1%, Title Insurance down 6.5%
Title Insurance pretax operating income of $2.3 million versus $17.4 million; combined ratio 102.5% versus 99.3%
Capital returned to shareholders of $264 million in the quarter, including $193 million in share repurchases, plus $146 million more in repurchases after quarter end
EMCOR reported first-quarter 2024 revenue of $3.43 billion, up 18.7% from a year earlier, and diluted EPS of $4.17, up from $2.32. The company raised its full-year 2024 revenue and diluted EPS guidance, which signals higher expected results for shareholders.
Q1 2024 revenues of $3.43 billion, up 18.7% from $2.89 billion in Q1 2023
Q1 2024 diluted EPS of $4.17 vs. $2.32; net income of $197.1 million
2024 revenue guidance raised to $14.0 billion-$14.5 billion from $13.5 billion-$14.0 billion
2024 diluted EPS guidance raised to $15.50-$16.50 from $14.00-$15.00
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
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.
Tractor Supply reported first-quarter 2024 net sales up 2.9% to a record $3.39 billion and diluted earnings per share up 10.9% to $1.83. The company reiterated its fiscal 2024 financial outlook, which it first gave on February 1, 2024, rather than raising or cutting it.
Net sales rose 2.9% to $3.39 billion; comparable store sales rose 1.1%, led by a 1.3% increase in transaction count.
Diluted EPS was $1.83 versus $1.65 a year earlier; net income was $198.2 million, up 8.2%.
Fiscal 2024 guidance reiterated: net sales of $14.7 billion to $15.1 billion and diluted EPS of $9.85 to $10.50.
The company returned $236.2 million to shareholders in the quarter through buybacks ($117.4 million) and dividends ($118.8 million).
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
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.
TechnipFMC reported first quarter 2024 revenue of $2.04 billion, up 18.9% from a year earlier but down 1.7% from the fourth quarter. Net income attributable to the company was $157.1 million, or $0.35 per diluted share, helped by a $75.2 million gain on the sale of its Measurement Solutions business, and the company left its full-year 2024 guidance unchanged.
Revenue of $2,042.0 million, up 18.9% year over year and down 1.7% from the fourth quarter
Net income attributable to TechnipFMC of $157.1 million, or $0.35 per diluted share, versus $0.4 million a year earlier; includes a $75.2 million pre-tax gain on the Measurement Solutions disposal
Subsea inbound orders of $2.4 billion, book-to-bill of 1.4; total backlog of $13.5 billion
Shareholder distributions of $171.8 million in the quarter; full-year 2024 guidance unchanged from February 22, 2024, with distributions now expected to grow at least 70% versus 2023
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
WEX reported first-quarter 2024 revenue of $652.7 million, up 7% from a year earlier, and adjusted net income of $3.46 per diluted share, up 5%. GAAP net income was $65.8 million, or $1.55 per diluted share, compared with $1.56 a year earlier. The company raised its full-year 2024 revenue and adjusted earnings guidance, which matters to shareholders because it signals management's higher expectations for the year.
Q1 2024 revenue was $652.7 million, up 7% from $612.0 million; GAAP net income was $65.8 million, or $1.55 per diluted share, versus $1.56 a year earlier
Adjusted net income was $146.7 million, or $3.46 per diluted share, versus $3.31 a year earlier
Full-year 2024 revenue guidance raised to $2.73 billion to $2.77 billion from $2.70 billion to $2.74 billion
Full-year 2024 adjusted EPS guidance raised to $16.10 to $16.60 from $15.90 to $16.40 per diluted share
Strategic Education reported first quarter 2024 results for the period ended March 31, 2024. Revenue rose 13.1% to $290.3 million, and diluted earnings per share were $1.23, compared with a loss of $0.09 a year earlier; adjusted diluted EPS was $1.11 versus $0.24. The company also declared a regular quarterly dividend of $0.60 per share.
Revenue rose 13.1% to $290.3 million from $256.6 million; income from operations was $41.4 million versus a loss of $1.3 million a year earlier.
Diluted EPS was $1.23 versus a loss of $0.09; adjusted diluted EPS was $1.11 versus $0.24.
Cash provided by operations was $77.6 million versus $35.2 million; cash and marketable securities were $253.6 million at March 31, 2024.
Quarterly dividend of $0.60 per share, payable June 3, 2024 to holders of record as of May 24, 2024.
Dover reported first-quarter 2024 revenue of $2.1 billion, up 1%, and GAAP diluted EPS of $4.52, up 177%, the latter boosted by a $530 million pre-tax gain on the sale of De-Sta-Co. Adjusted diluted EPS was $1.95, up 1%, and management narrowed full-year adjusted EPS guidance to the higher end of its $9.00 to $9.15 range.
Q1 2024 revenue of $2.1 billion, up 1% (organic revenue down 1%)
GAAP net earnings of $632 million, up 177%, including a $530 million pre-tax gain on the De-Sta-Co sale
Adjusted diluted EPS of $1.95, up 1% from $1.94 a year earlier
Full-year 2024 adjusted EPS guidance of $9.00 to $9.15, narrowed to the higher end of the range; a $500 million accelerated share repurchase was launched
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.
California Water Service Group reported first-quarter 2024 net income attributable to the company of $69.9 million, or diluted EPS of $1.21, compared with a net loss of $22.2 million, or $(0.40) per share, a year earlier. The results were driven by the California Public Utilities Commission's March 7, 2024 decision on Cal Water's 2021 General Rate Case, which added $111.8 million to operating revenue, including $87.9 million of retroactive interim rate relief related to 2023.
Net income attributable to the company was $69.9 million in Q1 2024 versus a net loss of $22.2 million in Q1 2023; diluted EPS was $1.21 versus $(0.40).
Operating revenue was $270.7 million versus $131.1 million, with the 2021 GRC decision adding $111.8 million, including $87.9 million of retroactive interim rate relief related to 2023.
The CPUC decision authorizes Cal Water to invest approximately $1.2 billion from 2021 through 2024 in infrastructure projects and implements a 10.27% return on equity in California.
The company secured $83.0 million in California arrearage program funding, received after Q1 ended and expected to be applied to customer accounts in Q2 2024; Q1 capital investments totaled $109.8 million, up 33.9%.
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
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