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).
Avista Corp. reported first-quarter 2024 net income of $71.5 million, or $0.91 per diluted share, up from $54.8 million, or $0.73 per diluted share, in the first quarter of 2023. The company confirmed its 2024 consolidated earnings guidance of $2.36 to $2.56 per diluted share, and said the Energy Recovery Mechanism is expected to reduce 2024 earnings by $0.07 per diluted share.
Q1 2024 net income was $71.5 million versus $54.8 million in Q1 2023
Q1 2024 earnings per diluted share were $0.91 versus $0.73 a year earlier
2024 consolidated earnings guidance confirmed at $2.36 to $2.56 per diluted share
Avista Utilities expects to contribute $2.23 to $2.39 per diluted share in 2024; the ERM is expected to have a negative $0.07 impact for the full year
United States Lime & Minerals reported first quarter 2024 revenue of $71.7 million, up 7.4% from a year earlier, and net income of $22.4 million, or $3.92 per diluted share, up 31.2%. Higher selling prices offset lower sales volumes, which fell on weaker construction demand, and the board declared a regular quarterly dividend of $0.25 per share.
Revenue $71.7 million vs. $66.8 million in Q1 2023, up $4.9 million (7.4%), driven by higher average selling prices
Net income $22.4 million ($3.92 per diluted share) vs. $17.1 million ($3.00) a year earlier
Quarterly cash dividend of $0.25 per share, payable June 14, 2024, to holders of record May 24, 2024
CEO Timothy W. Byrne said the company anticipates improved demand from construction customers
Powell Industries reported fiscal second-quarter 2024 revenue of $255.1 million, up 49% from a year earlier, and net income of $33.5 million, or $2.75 per diluted share, versus $0.70 a year earlier. New orders fell to $235 million from $508 million, which the company attributed to two large LNG and petrochemical projects awarded in the prior-year quarter. The board also declared a quarterly dividend of $0.2650 per share.
Revenue $255.1 million vs. $171.4 million in fiscal Q2 2023; gross margin 24.6% vs. 19.5%
Net income $33.5 million, or $2.75 per diluted share, vs. $8.5 million, or $0.70, a year earlier
New orders $235 million vs. $508 million a year earlier; backlog steady at $1.3 billion
Quarterly dividend of $0.2650 per share; record date May 15, 2024; payable June 12, 2024
Essex Property Trust reported first-quarter 2024 net income of $4.25 per diluted share, up from $2.38, with the increase largely due to a gain on remeasurement of co-investments. Core FFO per diluted share rose 4.9% to $3.83 and exceeded the midpoint of company guidance by $0.09, and the company raised its full-year 2024 Core FFO guidance midpoint by $0.20 to $15.23.
Net income per diluted share of $4.25 for Q1 2024 versus $2.38 in Q1 2023, driven by a $138.3 million gain on remeasurement of co-investments
Core FFO per diluted share of $3.83 for Q1 2024, up 4.9% from $3.65, and $0.09 above the guidance midpoint
Full-year 2024 Core FFO guidance range raised to $15.03 to $15.43 per diluted share, midpoint up $0.20
Same-property revenue growth of 3.6% and NOI growth of 3.0% year over year for Q1 2024
Unum Group reported first-quarter 2024 net income of $395.2 million, or $2.04 per diluted share, up from $358.3 million, or $1.80, a year earlier. The company also raised its quarterly dividend 15 percent to 42 cents per share, starting with the payment expected in the third quarter of 2024, and gave a full-year 2024 outlook of 7 to 9 percent growth in after-tax adjusted operating income per share.
Net income of $395.2 million ($2.04 per diluted share) for Q1 2024, versus $358.3 million ($1.80) in Q1 2023.
After-tax adjusted operating income of $409.9 million ($2.12 per diluted share), versus $372.6 million ($1.87) a year earlier.
Quarterly dividend increased 15 percent to 42 cents per share, effective with the dividend expected to be paid in Q3 2024.
Full-year 2024 outlook: after-tax adjusted operating income per share up 7 to 9 percent compared with full-year 2023.
American Assets Trust reported first-quarter 2024 net income attributable to common stockholders of $19.3 million, or $0.32 per diluted share, up from $16.1 million, or $0.27, a year earlier. The company also raised its 2024 FFO per diluted share guidance to $2.24 to $2.34, which the filing says is a 1% increase at the midpoint. Shareholders should note that first-quarter net income was helped by a $10 million settlement payment.
Q1 2024 FFO per diluted share was $0.71, up 8% from $0.66 a year earlier.
Same-store cash NOI rose 1.5% to $66.8 million; excluding a $0.5 million construction in progress write-off, it rose 2.3%.
2024 FFO guidance was raised to $2.24 to $2.34 per share, from $2.19 to $2.33 previously, with a midpoint of $2.29.
Total revenue was $110.7 million for the quarter, compared with $107.8 million a year earlier.
Tanger Inc. reported first-quarter 2024 revenue of $123.4 million, up from $108.9 million a year earlier, and Core FFO of $0.52 per share, up from $0.46. GAAP net income available to common shareholders fell to $0.20 per share from $0.22, and the company raised its full-year 2024 Core FFO guidance to $2.03 to $2.11 per share from $2.02 to $2.10.
Q1 2024 revenue was $123.4 million versus $108.9 million in Q1 2023, and FFO available to common shareholders was $0.51 per share versus $0.47.
Net income available to common shareholders was $22.2 million, or $0.20 per share, versus $23.3 million, or $0.22 per share, a year earlier.
Full-year 2024 Core FFO guidance was raised to $2.03 to $2.11 per share from $2.02 to $2.10 per share.
The Board approved a 5.8% dividend increase to $1.10 per share annualized, with a quarterly dividend of $0.275 per share payable May 15, 2024.
Mercury General reported first-quarter 2024 net income of $73.5 million, or $1.33 per diluted share, compared with a net loss of $45.3 million, or $0.82 per share, in the first quarter of 2023. Net premiums earned rose 16.1% to $1.17 billion, and the combined ratio improved to 100.9% from 115.8%, which gives shareholders a clear view of a much stronger underwriting quarter. The company also declared a quarterly dividend of $0.3175 per share.
Net income of $73.5 million ($1.33 per diluted share) vs. a net loss of $45.3 million ($0.82 per share) in Q1 2023
Operating income of $43.3 million ($0.78 per diluted share) vs. an operating loss of $84.0 million a year earlier
Combined ratio of 100.9% vs. 115.8%; catastrophe losses net of reinsurance were $72 million vs. $98 million
Quarterly dividend of $0.3175 per share, payable June 27, 2024, to shareholders of record on June 13, 2024
NMI Holdings reported first-quarter 2024 net income of $89.0 million, or $1.08 per diluted share, up from $74.5 million, or $0.88 per share, a year earlier, and described the quarter as a record. Total revenue rose to $156.3 million from $136.8 million, and the loss ratio fell to 2.7% from 5.5%, which supports earnings for shareholders.
Net income was $89.0 million, up 7% from $83.4 million in the fourth quarter of 2023 and up 20% from $74.5 million in the first quarter of 2023.
Diluted EPS was $1.08, compared with $1.01 in the fourth quarter of 2023 and $0.88 in the first quarter of 2023.
Primary insurance-in-force was $199.4 billion at March 31, 2024, up from $186.7 billion a year earlier.
Book value per share was $24.56, and book value per share excluding net unrealized gains and losses was $26.42.
Republic Services reported first-quarter 2024 revenue of $3.86 billion, up 7.8% from a year earlier, and net income of $453.8 million, or $1.44 per diluted share, versus $1.21 a year earlier. Adjusted earnings per share were $1.45, compared with $1.24 in the 2023 period, and cash flow from operations was $811.5 million.
Revenue of $3,861.7 million for the three months ended March 31, 2024, up from $3,581.1 million
Diluted EPS of $1.44 versus $1.21; adjusted diluted EPS of $1.45 versus $1.24
Cash flow from operations of $811.5 million; adjusted free cash flow of $534.6 million
No shares repurchased in the quarter; a quarterly dividend of $0.535 per share is payable July 15, 2024
Merchants Bancorp reported first quarter 2024 net income of $87.1 million, or $1.80 per diluted share, up 58% and 68% from the first quarter of 2023 and the highest quarterly earnings in company history. The gain was driven mainly by a $14.0 million positive fair value adjustment to servicing rights and a $26.4 million rise in net interest income, and total assets reached $17.8 billion.
Net income of $87.1 million and diluted EPS of $1.80 for Q1 2024, versus $55.0 million and $1.07 in Q1 2023
Efficiency ratio improved to 29.1% from 30.3% a year earlier; return on average assets was 2.07%
Non-performing loans rose to $131.8 million, or 1.22% of loans, from $82.0 million at December 31, 2023
Series A Preferred Stock redeemed for approximately $52 million on April 1, 2024
UMB Financial reported first-quarter 2024 GAAP net income of $110.3 million, or $2.25 per diluted share, up from $92.4 million, or $1.90 per diluted share, a year earlier. The results include $13.0 million of pre-tax expense for the FDIC special assessment. The board also declared a $0.39 per share quarterly dividend and authorized repurchases of up to 1,000,000 shares, which sets cash returned to shareholders and the potential share count for the coming period.
GAAP net income was $110.3 million, or $2.25 per diluted share, versus $92.4 million, or $1.90, in Q1 2023 and $70.9 million, or $1.45, in Q4 2023.
Net operating income, a non-GAAP measure, was $120.7 million, or $2.47 per diluted share.
Quarterly dividend of $0.39 per share, payable July 1, 2024, to shareholders of record on June 10, 2024.
Board authorized repurchase of up to 1,000,000 shares, with purchases possible until the board meeting after the 2025 annual meeting.
Portland General Electric reported first-quarter 2024 GAAP net income of $109 million, or $1.08 per diluted share, up from $74 million, or $0.80 per diluted share, a year earlier. Total revenues rose to $929 million from $748 million, and the company reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share, which matters to shareholders because it signals no change to the outlook.
GAAP net income of $109 million, or $1.08 per diluted share, for Q1 2024, versus $74 million, or $0.80 per diluted share, in Q1 2023
Total revenues of $929 million, versus $748 million in Q1 2023; purchased power and fuel expense rose to $405 million from $304 million
2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share reaffirmed, excluding January 2024 winter storm impacts
Quarterly common dividend of $0.50 per share, payable on or before July 15, 2024, to holders of record on June 24, 2024
Saia reported first quarter 2024 results with revenue up 14.3% to $754.8 million, operating income up 18.9% to $117.9 million, and diluted earnings per share of $3.38 versus $2.85 a year earlier. Management said winter weather hurt volumes and late-quarter shipments were below its expectations, and it expects net capital expenditures of about $1 billion in 2024, which shareholders should weigh against the company's rising debt and lower cash balance.
Revenue was $754.8 million, up 14.3%; operating income was $117.9 million, up 18.9%
Operating ratio improved to 84.4% from 85.0%; LTL shipments per workday rose 15.7%
Net capital expenditures were $456.8 million in the first quarter, and 2024 net capital expenditures are expected to be about $1 billion
Cash on hand was $12.3 million and total debt was $84.1 million at March 31, 2024, versus $166.4 million and $26.5 million a year earlier
Piper Sandler reported first-quarter 2024 net revenues of $343 million, up 15% from a year earlier but down 27% from the fourth quarter of 2023. Net income attributable to the company was $42.5 million, or $2.43 per diluted share, up 66% from the prior-year quarter. The board also declared a quarterly dividend of $0.60 per share, payable June 7, 2024.
Net revenues of $343 million, up 15% year over year and down 27% from the fourth quarter of 2023, driven by corporate investment banking
Net income attributable to Piper Sandler of $42.5 million, or $2.43 per diluted share, versus $1.49 a year earlier; adjusted diluted EPS was $2.79
Pre-tax margin of 15.3%, compared with 8.7% in the first quarter of 2023 and 18.2% in the fourth quarter of 2023
Quarterly dividend of $0.60 per share declared April 26, 2024, payable June 7, 2024 to holders of record on May 24, 2024
Colgate-Palmolive reported first-quarter 2024 net sales of $5,065 million, up 6.2%, and GAAP diluted EPS of $0.83, up 84% from $0.45. The company raised its full-year 2024 net sales and organic sales growth guidance, which supports the outlook for shareholders.
Net sales rose 6.2% to $5,065 million; organic sales rose 9.8%.
GAAP diluted EPS was $0.83 versus $0.45; Base Business EPS (non-GAAP) was $0.86 versus $0.73.
Full-year 2024 net sales growth guidance raised to 2% to 5% from 1% to 4%; organic sales growth guidance raised to 5% to 7% from 3% to 5%.
Net cash provided by operations was $681 million for the first three months of 2024.
Gentex reported first quarter 2024 results with record net sales of $590.2 million, up 7% from a year earlier, and diluted earnings per share of $0.47, up 12%. The company left its 2024 annual guidance unchanged, which keeps the revenue target at $2.45 to $2.55 billion for shareholders to track.
Net sales of $590.2 million, up 7% from $550.8 million in Q1 2023, a quarterly record
Net income of $108.2 million, up 11%; diluted EPS of $0.47 versus $0.42
Gross margin of 34.3%, up 260 basis points from 31.7%, but down slightly from the fourth quarter of 2023
2024 annual guidance unchanged: revenue $2.45 to $2.55 billion, gross margin 34% to 35%
T. Rowe Price reported first-quarter 2024 results, with net revenues of $1.75 billion, up 13.8% from a year earlier, and net income attributable to the firm of $573.8 million, up 36.1%. Higher average assets under management and performance-based fees drove the gains, although the effective fee rate declined, and the firm also raised its quarterly dividend, which matters to shareholders because it signals continued payouts.
Net revenues of $1.75 billion in Q1 2024, up 13.8% from $1.54 billion in Q1 2023.
Diluted EPS of $2.49 versus $1.83 a year earlier; adjusted diluted EPS of $2.38 versus $1.69.
Net client outflows of $8.0 billion in Q1 2024; assets under management reached $1.54 trillion at March 31, 2024.
Quarterly dividend increased to $1.24 per share from $1.22, the 38th consecutive year of increases.
Roper reported first-quarter 2024 revenue of $1.68 billion, up 14%, with organic revenue up 8%. Adjusted DEPS rose 13% to $4.41 and GAAP DEPS rose 33% to $3.54. The company raised its full-year 2024 adjusted DEPS guidance to $18.05 to $18.25, from $17.85 to $18.15, and excludes unannounced future acquisitions.
Q1 2024 revenue $1.68 billion, up 14%; organic revenue up 8%, acquisitions added 6 points
Q1 2024 adjusted DEPS $4.41, up 13%; GAAP DEPS $3.54, up 33%
FY 2024 adjusted DEPS guidance raised to $18.05 to $18.25; Q2 2024 guidance $4.42 to $4.46
Federated Hermes reported first quarter 2024 earnings per diluted share of $0.89, up from $0.78 a year earlier, on net income of $75.0 million, up from $69.6 million. The board also declared a $1.31 dividend, made up of a $0.31 quarterly dividend, which rose 10.7%, and a $1.00 special dividend, payable May 15, 2024.
Q1 2024 revenue was $396.4 million, up 4% from Q1 2023, driven mainly by higher average money market assets.
Total managed assets were a record $778.7 billion at March 31, 2024, up 11% from a year earlier.
Equity assets were $80.2 billion, down 4% year over year; fixed-income assets were $96.3 billion, up 10%.
Shares purchased in Q1 2024 totaled 1,082,120 Class B shares for $37.0 million.
Minerals Technologies reported first-quarter 2024 diluted earnings per share of $1.44, up from $1.14 a year earlier, and $1.49 excluding special items. Net sales were $535 million, down 2% from the prior year as reported but slightly up on an underlying basis, excluding the deconsolidation of Barretts Minerals after its Chapter 11 filing. Shareholders see higher profit on slightly lower reported sales, with Consumer & Specialties offsetting weaker Engineered Solutions results.
Diluted EPS $1.44 vs. $1.14 a year earlier; $1.49 excluding special items
Operating income $75 million, a record for the company; 14.1% operating margin
Net sales $535 million, down 2% as reported and slightly up on an underlying basis; Engineered Solutions sales down 5%
Cash flow from operations $56 million; free cash flow $39 million; repurchased $15 million of shares
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.
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.
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.
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
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.
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.
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
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).
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
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
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%.
Antero Midstream reported first quarter 2024 results for the period ended March 31, 2024, with net income of $104 million, or $0.21 per diluted share, a 17% per-share increase from the prior year quarter. Adjusted EBITDA rose 10% to $265 million, and free cash flow after dividends was $74 million, up 62%, while leverage fell to 3.1x from 3.3x at year-end 2023. The company said it continues to expect to reach its 3.0x leverage target in 2024.
Net income was a company record $104 million, or $0.21 per diluted share, versus $86.5 million and $0.18 a year earlier.
Revenue was $279 million, up from $259 million in the prior year quarter, and Adjusted EBITDA was $265 million, up 10%.
Free cash flow after dividends was $74 million, up 62%, and leverage declined to 3.1x as of March 31, 2024.
Management continues to expect to achieve its 3.0x leverage target in 2024; a conference call is set for April 25, 2024 at 10:00 am MT.
Tyler Technologies reported first-quarter 2024 total revenue of $512.4 million, up 8.6%, and GAAP net income of $54.2 million, or $1.26 per diluted share, up from $0.73. The company also revised its full-year 2024 guidance, but the filing does not state the prior guidance, so the direction of the change is not clear from this document. Free cash flow fell 10.1% to $57.2 million.
Total revenues were $512.4 million, up 8.6%; SaaS revenues grew 22.0% to $148.8 million.
GAAP diluted EPS was $1.26 versus $0.73 a year earlier; non-GAAP diluted EPS was $2.20 versus $1.76.
Free cash flow was $57.2 million, down 10.1% from $63.6 million.
2024 guidance: total revenues of $2.110 billion to $2.140 billion and GAAP diluted EPS of $5.27 to $5.47.
Goosehead Insurance reported first-quarter 2024 revenue of $64.5 million, up 11%, and swung to net income of $1.8 million from a net loss of $0.2 million a year earlier. The company also announced a $100 million share repurchase authorization through March 2025 and revised its full-year 2024 outlook, which now calls for total revenues of $290 million to $310 million.
Q1 2024 total revenues were $64.5 million, up 11% from the prior-year period; Core Revenue rose 13% to $58.8 million.
Net income was $1.8 million versus a net loss of $0.2 million a year earlier; basic EPS was $0.07.
Adjusted EBITDA rose to $11.7 million from $10.2 million, with the margin flat at 18%.
The board approved a $100 million share repurchase authorization through March 2025; 2024 total revenue guidance is $290 million to $310 million.
Chemed reported first-quarter 2024 revenue of $589.2 million, up 5.2%, and GAAP diluted EPS of $4.24, up 18.4%, with VITAS driving the gains while Roto-Rooter revenue fell 5.8%. The company reiterated its full-year 2024 adjusted EPS guidance range of $23.30 to $23.70 and said it will provide updated guidance with its June 30, 2024 results.
Consolidated revenue rose 5.2% to $589.2 million; adjusted diluted EPS was $5.20, up 21.5%.
VITAS net patient revenue rose 14.0% to $354.0 million, and its adjusted EBITDA excluding Medicare Cap rose 67.2% to $60.7 million.
Roto-Rooter revenue fell 5.8% to $235.2 million, and its adjusted EBITDA declined 15.6%.
Full-year 2024 adjusted EPS guidance of $23.30 to $23.70 was reiterated; cash and equivalents were $313.4 million at March 31, 2024, with no debt.
St. Joe reported first quarter 2024 results with revenue up 20% to $87.8 million and net income attributable to the Company up 34% to $13.9 million, or $0.24 per share. The board also declared a quarterly dividend of $0.12 per share, payable June 13, 2024, to holders of record on May 15, 2024, while real estate revenue fell 7%.
Revenue rose 20% to $87.8 million; hospitality revenue rose 60% to $39.3 million
Net income attributable to the Company rose 34% to $13.9 million, or $0.24 per share, versus $10.4 million, or $0.18, a year earlier
Quarterly dividend of $0.12 per share payable June 13, 2024, to shareholders of record May 15, 2024
Total real estate revenue fell 7% to $34.2 million; 216 homesites sold at an average base price of about $117,000
Old Dominion Freight Line reported first-quarter 2024 revenue of $1.46 billion, up 1.2% from a year earlier, and diluted earnings per share of $1.34, up 3.9%. Operating ratio rose slightly to 73.5% from 73.4%, as higher depreciation offset gains in yield. Prior-period per-share data was adjusted for the company's March 2024 two-for-one stock split.
Total revenue was $1,460.1 million versus $1,442.1 million in Q1 2023, up 1.2%.
Net income was $292.3 million, up 2.5%; diluted weighted average shares fell 1.2% to 218.8 million.
LTL revenue per hundredweight rose 4.1%, while LTL tons per day fell 3.2%.
Cash and cash equivalents were $581.0 million at March 31, 2024; share repurchases totaled $85.3 million in the quarter.
Capitol Federal Financial reported net income of $13.8 million, or $0.11 per share, for the quarter ended March 31, 2024, up from $2.5 million, or $0.02 per share, in the prior quarter. The prior quarter included a $13.3 million securities strategy loss, and the company also announced a $0.085 per share quarterly dividend payable May 17, 2024. For the six months, net income fell to $16.3 million from $30.4 million, mainly because of that securities loss and lower net interest income.
Quarter ended March 31, 2024: net income $13.8 million, $0.11 per share, versus $2.5 million, $0.02 per share, in the quarter ended December 31, 2023
Prior quarter included $13.3 million ($10.0 million net of tax) in net losses from the securities strategy; net interest margin rose to 1.82% from 1.71%
Six months ended March 31, 2024: net income $16.3 million, $0.12 per share, versus $30.4 million, $0.23 per share a year earlier
Quarterly cash dividend of $0.085 per share, payable May 17, 2024, to stockholders of record on May 3, 2024
M/I Homes reported first-quarter 2024 results for the three months ended March 31, with revenue up 5% to $1.05 billion and net income up 34% to $138.1 million, or $4.78 per diluted share, all described by the company as first-quarter records. Shareholders' equity rose 21% from a year earlier to $2.6 billion, and new contracts increased 17%, which points to continued demand for its homes.
Net income rose 34% to $138.1 million, or $4.78 per diluted share, versus $3.64 a year earlier
Revenue rose 5% to $1.05 billion; homes delivered rose 8% to 2,158
New contracts rose 17% to 2,547; cancellation rate fell to 8% from 13%
Shareholders' equity reached $2.6 billion, or $95.09 book value per share, at March 31, 2024
Wabtec reported first-quarter 2024 sales of $2.50 billion, up 13.8%, and adjusted earnings of $1.89 per diluted share, up 47.7%. The company raised its 2024 adjusted earnings guidance to $7.00 to $7.40 per share from $6.50 to $6.90, which points to a higher earnings outlook for shareholders.
Q1 2024 GAAP EPS was $1.53, up 64.5%; adjusted EPS was $1.89, up 47.7%
Freight segment sales rose 17.2% to $1.82 billion; Transit segment sales rose 5.5% to $673 million
2024 sales guidance is $10.25 billion to $10.55 billion; adjusted EPS guidance is $7.00 to $7.40
The company returned $211 million to shareholders through buybacks and dividends in the quarter
Healthcare Services Group reported first-quarter 2024 results on April 24, 2024. Revenue rose to $423.4 million from $417.2 million, net income rose to $15.3 million from $11.7 million, and diluted EPS was $0.21 versus $0.16 a year earlier. The company reiterated its 2024 adjusted cash flow range of $40.0 million to $55.0 million, but said the February Change Healthcare cyberattack disrupted customer collections during the quarter.
Revenue of $423.4 million compared with $417.2 million in the first quarter of 2023
Net income of $15.3 million and diluted EPS of $0.21, versus $11.7 million and $0.16 a year earlier
Cash flows used in operating activities were $26.0 million for the quarter
2024 adjusted cash flow from operations range of $40.0 million to $55.0 million reiterated
Stifel Financial reported first quarter 2024 net revenues of $1.2 billion, up from $1.1 billion a year earlier, and GAAP net income available to common shareholders of $154.3 million, or $1.40 per diluted share, compared with $1.28 a year ago. Non-GAAP diluted EPS was $1.49, and the company repurchased $159.3 million of its common stock during the quarter.
Net revenues of $1,163.0 million, up 5.1% from $1,106.8 million in Q1 2023
GAAP diluted EPS of $1.40 vs $1.28 a year ago (up 9.4%); non-GAAP diluted EPS of $1.49 vs $1.40
GAAP pre-tax margin of 18.8% vs 19.0%; non-GAAP pre-tax margin of 19.8% vs 20.5%
Quarterly common dividend of $0.42 per share, up from $0.36; $159.3 million of stock repurchased
Veralto reported first-quarter 2024 sales of $1,246 million, up 1.8% from a year earlier, and adjusted diluted EPS of $0.84 versus $0.78 a year earlier. The company raised its full-year 2024 adjusted diluted EPS target to $3.25 to $3.34 from $3.20 to $3.30, which benefits shareholders, although GAAP diluted EPS fell to $0.74 from $0.91.
Q1 2024 sales $1,246 million, up 1.8% year over year; non-GAAP core sales growth 1.8%
GAAP net earnings $184 million, or $0.74 per diluted share, versus $225 million, or $0.91, a year earlier
Adjusted diluted EPS $0.84 versus $0.78; includes a $15 million loss on disposition of certain product lines
Full-year 2024 adjusted diluted EPS target raised to $3.25 to $3.34; Q2 2024 adjusted diluted EPS expected at $0.75 to $0.80
Artisan Partners reported results for the three months ended March 31, 2024. Revenue and GAAP net income both rose from a year earlier, though net income fell from the December 2023 quarter. The board also declared a $0.61 per share variable quarterly dividend.
Revenue was $264.4 million, up 13% from $234.5 million a year earlier and up 6% from $249.0 million in the December 2023 quarter.
GAAP net income was $59.5 million, or $0.84 per diluted share, versus $50.8 million ($0.72) a year earlier and $64.8 million ($0.92) in the December 2023 quarter.
Ending assets under management were $160.4 billion, up from $138.5 billion a year earlier, driven by $26.0 billion of investment returns.
The variable quarterly dividend of $0.61 per share will be paid May 31, 2024, to shareholders of record as of May 17, 2024.
EastGroup Properties reported first-quarter 2024 results on April 23, 2024. Diluted earnings per share were $1.22, up from $1.02 a year earlier, and FFO excluding a gain on involuntary conversion and business interruption claims was $1.98 per share, up 8.8% from $1.82. The company's 2024 outlook calls for EPS of $4.45 to $4.65 and FFO of $8.17 to $8.37 per share, and management plans to discuss a revised outlook on a call on April 24, 2024.
Diluted EPS of $1.22 for Q1 2024 versus $1.02 for Q1 2023
FFO excluding gain on involuntary conversion and business interruption claims of $1.98 per share, up 8.8%
2024 outlook: EPS of $4.45 to $4.65 and FFO of $8.17 to $8.37 per share
Quarterly dividend of $1.27 per share paid April 15, 2024; conference call on April 24, 2024 at 11:00 a.m. Eastern Time
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