278 material Form 8-K filings that 243 companies we cover made with the SEC in May 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).
Pilgrim's Pride reported first quarter 2024 results with net sales of $4.4 billion, up 4.7% from the prior year, and GAAP diluted EPS of $0.73 versus $0.02 a year earlier. Operating income rose to $250.3 million from $31.3 million, and the company said its net leverage ratio was less than 2.0x Adjusted EBITDA. The filing contains no forward guidance.
Net sales of $4.4 billion ($4,361.9 million), up 4.7% from $4,165.6 million in the first quarter of 2023
GAAP net income of $174.9 million and diluted EPS of $0.73, compared with $5.6 million net income and $0.02 EPS a year earlier
Adjusted EBITDA of $371.9 million, an 8.5% margin, compared with $151.9 million and a 3.6% margin in the prior-year quarter
Conference call scheduled for May 2, 2024 at 7 a.m. MT (9 a.m. ET)
Eversource reported first-quarter 2024 earnings of $521.8 million, or $1.49 per share, up from $491.2 million, or $1.41 per share, a year earlier, while operating revenues fell to $3.33 billion from $3.80 billion. The company reaffirmed its 2024 non-GAAP earnings projection of $4.50 to $4.67 per share and declared a quarterly dividend of $0.715 per share.
Q1 2024 earnings were $521.8 million, or $1.49 per share, compared with $491.2 million, or $1.41 per share, in Q1 2023.
Operating revenues were $3.33 billion in Q1 2024, down from $3.80 billion in Q1 2023.
The 2024 non-GAAP earnings projection of $4.50 to $4.67 per share was reaffirmed, and the dividend of $0.715 per share is payable June 28, 2024.
At the May 1, 2024 annual meeting, shareholders elected all nine trustees and approved a shareholder proposal titled "Simple Majority Vote" by 265,925,082 votes for to 11,998,641 against.
The Hanover Insurance Group reported first-quarter 2024 net income of $115.5 million, or $3.18 per diluted share, compared with a net loss of $12.0 million, or $0.34 per basic share, a year earlier. The combined ratio improved to 95.5% from 104.4%, and catastrophe losses were $86.9 million, or 6.0 points, compared with a 12.7-point catastrophe ratio a year earlier.
Operating income was $111.9 million, or $3.08 per diluted share, versus $4.6 million, or $0.13, in the first quarter of 2023.
Net premiums written rose 2.3% to $1,454.0 million; Personal Lines premiums were flat at $531.8 million.
Net investment income was $89.7 million, up $11.0 million from the prior-year quarter.
Book value per share was $70.22 at March 31, 2024, up 1.9% from December 31, 2023; no shares were repurchased in the quarter.
Rush Street Interactive reported first-quarter 2024 revenue of $217.4 million, up 34% from a year earlier, and a net loss of $2.2 million, down from $24.5 million. The company also raised its full-year 2024 Adjusted EBITDA guidance to between $50 million and $60 million, a midpoint increase of $15 million, which signals higher expected profitability for shareholders.
Q1 2024 revenue was $217.4 million, up 34% from $162.4 million in Q1 2023.
Q1 2024 net loss was $2.2 million, compared with $24.5 million in Q1 2023; net loss per share was $(0.01) versus $(0.11).
Q1 2024 Adjusted EBITDA was $17.1 million, compared with a loss of $8.7 million a year earlier.
Full-year 2024 Adjusted EBITDA guidance is $50 million to $60 million, with the midpoint raised by $15 million; revenue guidance is $810 million to $860 million, with the midpoint raised by $35 million.
Digi International reported second fiscal quarter 2024 revenue of $108 million, down 3% from a year earlier, and net income of $4 million, down from $6 million. The company lowered its fiscal 2024 Adjusted EBITDA range and now projects revenue down 5% year over year, citing customers who are more cautious on second half demand and longer sales cycles.
Q2 revenue was $108 million, down 3%; diluted EPS was $0.11 versus $0.16, and adjusted diluted EPS was $0.49, flat year over year
Company accrued an approximate $6 million liability for pending litigation in the quarter
Fiscal 2024 revenue is projected to be down 5% year over year; Adjusted EBITDA range lowered slightly
Third quarter revenue guidance is $103 million to $107 million, with adjusted diluted EPS of $0.47 to $0.51
Aflac reported first quarter 2024 net earnings of $1.9 billion, or $3.25 per diluted share, up from $1.2 billion, or $1.94 per share, a year earlier. Revenue rose to $5.4 billion from $4.8 billion, and the filing attributes much of the increase to net investment gains of $951 million. Adjusted earnings, which exclude those gains, were $961 million, up 0.8%, and adjusted earnings per diluted share rose 7.1% to $1.66, while the company also declared a $0.50 quarterly dividend and repurchased $750 million of stock.
Net earnings were $1.9 billion, or $3.25 per diluted share, versus $1.2 billion, or $1.94 per share, in the first quarter of 2023
Adjusted earnings per diluted share rose 7.1% to $1.66; adjusted earnings rose 0.8% to $961 million
Aflac repurchased 9.3 million shares for $750 million in the quarter and declared a $0.50 dividend payable June 3, 2024
Weaker yen reduced adjusted earnings per share by $0.08 compared with the prior year
New York Mortgage Trust (Nasdaq: NYMT) reported a first-quarter 2024 net loss attributable to common stockholders of $68.3 million, or $0.75 per share, compared with net income of $10.5 million, or $0.12 per share, a year earlier. Book value per common share fell to $10.21 from $11.31 at December 31, 2023, and management attributed the decline mainly to impairments in its multi-family joint venture equity investments. The filing names New York Mortgage Trust, not Adamas Trust, and uses ticker NYMT rather than ADAM as the request stated.
Net loss attributable to common stockholders of $68.3 million ($0.75 per share) for the three months ended March 31, 2024, versus net income of $10.5 million ($0.12 per share) in the same quarter of 2023
Total other loss of $57.3 million, including $36.2 million of real estate impairments and $39.4 million of net unrealized losses
Book value per common share of $10.21 at March 31, 2024, versus $11.31 at December 31, 2023; adjusted book value per common share of $11.51
Dividend of $0.20 per common share; earnings conference call scheduled for Thursday, May 2, 2024 at 9:00 a.m. Eastern Time
Enact reported net income of $161.0 million, or $1.01 per diluted share, for the quarter ended March 31, 2024, down from $176.0 million and $1.08 a year earlier, even though total revenues rose to $291.6 million from $280.9 million. The board also raised the quarterly dividend to $0.185 per share and authorized a new buyback of up to $250 million, which adds to the existing $100 million program.
Q1 2024 net income was $161.0 million ($1.01 per diluted share), versus $176.0 million ($1.08) in Q1 2023.
Total revenues were $291.6 million, versus $280.9 million in Q1 2023.
Adjusted operating income was $166.2 million, or $1.04 per diluted share, versus $1.08 a year earlier.
The dividend is $0.185 per share, payable June 13, 2024 to holders of record on May 29, 2024; $24 million remained under the existing $100 million buyback as of April 26, 2024.
EZCORP reported results for the fiscal second quarter ended March 31, 2024, showing net income of $21.5 million, compared with a net loss of $6.8 million a year earlier. The prior-year loss included EZCORP's share of a one-time, non-cash goodwill impairment at Cash Converters International, so the year-over-year comparison is distorted, but total revenues still rose 11% to $285.6 million.
Net income $21.5 million vs. net loss $6.8 million; diluted EPS $0.29 vs. diluted loss of $0.12
Total revenues $285.6 million, up 11%; gross profit $167.6 million, up 12%
Adjusted net income $20.7 million, up from $17.1 million; adjusted diluted EPS $0.28 vs. $0.23
Management will host an earnings conference call on May 2, 2024, at 8:00 am Central Time
Comstock Resources reported a first-quarter 2024 net loss of $14.5 million, or $0.05 per share, compared with net income of $134.5 million, or $0.49 per diluted share, a year earlier. Total revenues fell to $335.8 million from $489.6 million, and the company said continued weak natural gas prices weighed heavily on results, which matters to shareholders because earnings and cash flow both declined sharply.
Total revenues were $335.8 million, down from $489.6 million in the first quarter of 2023.
Net loss was $14.5 million, or $0.05 per share, versus net income of $134.5 million, or $0.49 per diluted share, a year earlier.
Adjusted net loss was $8.5 million, or $0.03 per share; adjusted EBITDAX was $230 million versus $293.5 million.
Average natural gas price was $2.06 per Mcf, down from $2.98, and operating cash flow was $182.0 million versus $254.9 million.
First Solar reported first quarter 2024 net sales of $794 million and diluted EPS of $2.20, down from the fourth quarter of 2023 but up sharply from a year earlier. The company kept its full-year 2024 net sales, gross margin, operating income and EPS guidance unchanged, but cut its expected year-end net cash balance to $600 million to $900 million and raised its capital expenditure forecast to $1.8 billion to $2.0 billion.
Q1 2024 net sales of $794 million, down $0.4 billion from the prior quarter and up from $548 million in Q1 2023
Diluted EPS of $2.20 versus $3.25 in Q4 2023 and $0.40 in Q1 2023; net income of $236.6 million
2024 guidance: net sales $4.4 billion to $4.6 billion and EPS $13.00 to $14.00 unchanged; net cash balance lowered to $600 million to $900 million from $0.9 billion to $1.2 billion
Capital expenditure guidance raised to $1.8 billion to $2.0 billion from $1.7 billion to $1.9 billion; cash less debt fell to $1.4 billion from $1.6 billion
Allstate reported first quarter 2024 net income applicable to common shareholders of $1.2 billion, or $4.46 per diluted share, compared with a net loss of $346 million a year earlier. Revenue rose 10.7% to $15.3 billion, and the company said Property-Liability underwriting results improved on higher premiums and lower catastrophe losses, which benefits shareholders.
Net income applicable to common shareholders was $1.2 billion, or $4.46 per diluted share, versus a net loss of $346 million, or $1.31 per share, in Q1 2023.
Adjusted net income was $1.4 billion, or $5.13 per diluted share, versus an adjusted net loss of $342 million a year earlier.
Total revenues rose 10.7% to $15.3 billion, driven by higher average premiums.
Catastrophe losses fell to $731 million from $1.7 billion a year earlier.
John B. Sanfilippo & Son reported fiscal 2024 third-quarter results for the period ended March 28, 2024. Net sales rose 14.0% to $271.9 million, mainly from the Lakeville snack bar acquisition, while diluted EPS fell 14.8% to $1.15 as gross profit margin declined. The company narrowed its estimate of the acquisition's fiscal 2024 dilution to $0.25 to $0.50 per diluted share, down from $0.80 to $1.00.
Net sales were $271.9 million, up $33.3 million or 14.0%; excluding the Lakeville Acquisition, net sales decreased 5.7%
Diluted EPS was $1.15 versus $1.35 in the prior-year quarter, a 14.8% decrease
Gross profit margin fell to 18.1% of net sales from 20.9%
Lakeville dilution estimate for the current fiscal year updated to $0.25 to $0.50 per diluted share from $0.80 to $1.00
Ensign Group reported first-quarter 2024 GAAP diluted earnings per share of $1.19, up 13.3% from the prior year quarter, and adjusted diluted EPS of $1.30, up 15.0%. Revenue was $1.01 billion, up 13.9%, and the company affirmed its 2024 guidance of $5.29 to $5.47 per diluted share, which shareholders can use to compare against future results.
GAAP net income was $68.8 million, up 15.0% from the prior year quarter; adjusted net income was $75.4 million, up 16.6%
Total revenue was $1.01 billion for the quarter ended March 31, 2024, up 13.9% year over year
2024 guidance affirmed: diluted EPS of $5.29 to $5.47 and revenue of $4.13 billion to $4.17 billion
Cash and cash equivalents were $511.8 million at March 31, 2024, with $593.7 million of available line-of-credit capacity
Axcelis reported first quarter 2024 revenue of $252.4 million, down from $310.3 million in the fourth quarter of 2023 but up slightly from $254.0 million a year earlier, and net income of $51.6 million, or $1.57 per diluted share. The company said revenue, gross margin and EPS finished above its guidance for the quarter, but it forecast second quarter revenue of about $245 million and EPS of around $1.30, both below first quarter levels.
Q1 2024 revenue was $252.4 million versus $310.3 million in Q4 2023; gross margin was 46% versus 44.4%.
Net income was $51.6 million, or $1.57 per diluted share, compared with $2.15 in Q4 2023 and $1.43 in Q1 2023.
Q2 2024 outlook: revenue of about $245 million, gross margin of about 43.5%, operating profit of about $47 million and EPS of around $1.30.
Management will discuss the results on a conference call on May 2, 2024, at 8:30 a.m. ET.
DoorDash amended and restated its revolving credit agreement on April 26, 2024, increasing the unsecured revolving facility from up to $400.0 million to up to $800.0 million and raising the letter of credit sublimit from $200.0 million to $600.0 million. As of April 26, 2024, no revolving loans were drawn and $111.4 million in letters of credit were outstanding, and the facility now runs to April 26, 2029. The larger facility gives the company more borrowing capacity, though the filing shows no drawn debt at signing.
Revolving facility increased from up to $400.0 million to up to $800.0 million; letter of credit sublimit raised from $200.0 million to $600.0 million
No revolving loans outstanding and $111.4 million in letters of credit outstanding as of April 26, 2024
Commitments run until April 26, 2029; company may add up to $2.0 billion in further commitments, subject to lender participation and covenant compliance
Carvana reported first-quarter 2024 results on May 1, 2024, with revenue up 17% year over year to $3.06 billion and net income of $49 million, a 1.6% net margin versus a loss in Q1 2023. The company said net income included a gain of about $75 million from its Root warrants, and that Adjusted EBITDA of $235 million was a company record. For shareholders, the filing shows higher sales and profit, and management expects Q2 unit growth and Adjusted EBITDA to rise sequentially and expects to meet its full-year 2024 targets.
Revenue of $3.061 billion in Q1 2024, up 17% year over year; retail units sold were 91,878, up 16%
Net income of $49 million, including a gain of about $75 million in the fair value of Root warrants; GAAP net earnings were $0.24 per basic and $0.23 per diluted Class A share
Adjusted EBITDA of $235 million, a 7.7% margin, compared with a negative 0.9% margin in Q1 2023
For Q2 2024, the company expects sequential increases in its year-over-year retail unit growth rate and in Adjusted EBITDA, as long as the environment remains stable
Glaukos reported first quarter 2024 net sales of $85.6 million, up 16% from $73.9 million a year earlier, and raised its full-year 2024 net sales guidance to $357 million to $365 million from $350 million to $360 million. The GAAP net loss widened to $40.8 million, or $0.82 per share, from $34.6 million, or $0.72 per share, in the same period of 2023, including an $11.7 million acquired in-process R&D charge that the company excluded from its non-GAAP results.
Q1 2024 net sales were $85.6 million, up 16% on both a reported and constant currency basis.
GAAP net loss was $40.8 million, or $(0.82) per diluted share, versus $34.6 million, or $(0.72), in Q1 2023.
Non-GAAP net loss was $34.6 million, or $(0.70) per diluted share, including an $11.7 million acquired in-process R&D charge.
Cash, cash equivalents, short-term investments and restricted cash were about $278.7 million as of March 31, 2024, versus $301.3 million at December 31, 2023.
Advanced Energy reported first-quarter 2024 revenue of $327.5 million, down from $425.0 million a year earlier and $405.3 million in the fourth quarter of 2023, and the company said revenue was below its guidance. GAAP diluted EPS from continuing operations fell to $0.15 from $0.84 a year earlier, and non-GAAP EPS was $0.58 versus $1.24, so profit declined sharply. The company guided second-quarter 2024 revenue to $350 million plus or minus $20 million.
Q1 2024 revenue was $327.5 million, compared with $425.0 million in Q1 2023 and $405.3 million in Q4 2023.
GAAP diluted EPS from continuing operations was $0.15, versus $0.84 in Q1 2023; non-GAAP diluted EPS was $0.58, versus $1.24.
Q1 2024 GAAP net income from continuing operations was $5.8 million, compared with $31.8 million a year earlier.
Q2 2024 guidance: revenue of $350 million +/- $20 million; GAAP EPS of $0.25 +/- $0.25; non-GAAP EPS of $0.73 +/- $0.25.
Corcept Therapeutics reported first quarter 2024 revenue of $146.8 million, up 39 percent from a year earlier, and net income of $27.8 million, compared with $15.9 million in the first quarter of 2023. The company raised its 2024 revenue guidance to $620 million to $650 million from $600 million to $630 million, which points to stronger expected sales for the year.
Q1 2024 revenue of $146.8 million vs. $105.7 million in Q1 2023; diluted EPS $0.25 vs. $0.14
2024 revenue guidance raised to $620 million to $650 million from $600 million to $630 million
Operating expenses rose to $117.3 million from $90.8 million, driven by clinical trial activity and commercial team expansion
Cash and investments were $451.0 million at March 31, 2024, up from $425.4 million at December 31, 2023
Mosaic reported first quarter 2024 results on May 1, 2024, with net earnings of $45 million, or $0.14 per diluted share, down from $435 million a year earlier. Revenue fell 26% to $2.7 billion on lower selling prices, and the company cited $165 million in after-tax notable items, mainly a foreign currency transaction loss, an unrealized derivatives loss and an environmental reserve adjustment. The sharp drop in earnings and adjusted EBITDA means shareholders received a weaker quarter, though the company also reported $178 million returned to shareholders so far in 2024.
Revenue of $2.7 billion, down 26% from the year-ago period, reflecting lower selling prices; gross margin rate was 14.9% versus 18.6%.
Diluted EPS of $0.14 versus $1.28 a year earlier; adjusted EPS of $0.65 versus $1.14.
Adjusted EBITDA of $576 million versus $777 million; free cash flow of $203 million versus $191 million.
Second quarter guidance: potash sales volumes of 2.2-2.4 million tonnes and phosphate sales volumes of 1.6-1.8 million tonnes.
Kulicke & Soffa reported fiscal second-quarter 2024 net revenue of $172.1 million, down 0.5% from a year earlier, and a net loss of $102.7 million, or $(1.83) per diluted share, compared with net income of $15.0 million a year earlier. The loss reflects pre-tax charges tied to the cancellation of Project W, and the company expects third-quarter net revenue of about $180 million with GAAP diluted EPS of about $0.17.
Net revenue of $172.1 million, down 0.5% from $173.0 million in the same quarter last year.
Net loss of $102.7 million, or $(1.83) per diluted share; non-GAAP net loss was $53.2 million, or $(0.95) per share.
Pre-tax charges related to Project W totaled $105.5 million, including a $44.5 million impairment charge.
Third-quarter fiscal 2024 outlook: net revenue of about $180 million +/- $10 million and GAAP diluted EPS of about $0.17 +/- 10%.
MYR Group reported first-quarter 2024 revenue of $815.6 million, a 0.5% increase from a year earlier, but net income fell to $18.9 million, or $1.12 per diluted share, from $23.2 million, or $1.38 per diluted share. Total backlog fell 9.1% year over year to $2.43 billion, and the company said some customers face supply chain and regulatory challenges.
Revenue rose $4.0 million to $815.6 million; Transmission & Distribution revenue grew 10.1% to $490.4 million, while Commercial & Industrial fell 11.2% to $325.2 million.
Net income was $18.9 million, or $1.12 per diluted share, versus $23.2 million, or $1.38 per diluted share, a year earlier.
Backlog was $2.43 billion at March 31, 2024, down from $2.51 billion at December 31, 2023 and $2.67 billion at March 31, 2023.
Free cash flow was negative $18.1 million in the quarter, compared with positive $17.5 million a year earlier.
EVERTEC reported first-quarter 2024 results on May 1, 2024. Revenue rose 28% to $205.3 million, reflecting the Sinqia acquisition and organic growth, while GAAP net income attributable to common shareholders fell 47% to $16.0 million, mainly due to higher interest expense on debt raised to finance Sinqia. The company also entered into a $70 million accelerated share repurchase agreement, which it expects to complete in the third quarter of 2024.
Revenue rose 28% to $205.3 million from $159.8 million in the prior-year quarter.
GAAP net income attributable to common shareholders fell 47% to $16.0 million, or $0.24 per diluted share.
Adjusted EBITDA rose 16% to $78.2 million, and adjusted earnings per share rose 4% to $0.72.
2024 outlook: total revenue of $846 million to $854 million and adjusted earnings per share of $2.85 to $2.94.
DoorDash reported first-quarter 2024 results on May 1, 2024, with revenue up 23% year over year to $2.5 billion and a GAAP net loss including redeemable non-controlling interests of $25 million, compared with $162 million a year earlier. The company also gave second-quarter 2024 guidance for Marketplace GOV of $19.0 billion to $19.4 billion and Adjusted EBITDA of $325 million to $425 million. For shareholders, the filing shows higher revenue and a smaller loss, with the company noting that Seattle and New York City earnings rules are reducing merchant earnings and order volume in those markets.
Revenue rose 23% year over year to $2.5 billion in Q1 2024, from $2.035 billion in Q1 2023.
GAAP net loss including redeemable non-controlling interests was $25 million, versus $162 million in Q1 2023.
Adjusted EBITDA reached $371 million, up from $204 million in Q1 2023.
Q2 2024 outlook: Marketplace GOV of $19.0 billion to $19.4 billion and Adjusted EBITDA of $325 million to $425 million.
eBay reported first-quarter 2024 results for the quarter ended March 31, 2024, with revenue up 2% and GAAP earnings per diluted share down 19% year over year, while non-GAAP EPS rose 13%. The company also gave second-quarter guidance of $2.49 billion to $2.54 billion in revenue and declared a $0.27 per share dividend, which shareholders of record as of May 31, 2024 will receive.
Revenue was $2.6 billion, up 2% from $2.51 billion a year earlier; GMV was $18.6 billion, up 1%.
GAAP net income from continuing operations was $439 million, or $0.85 per diluted share, versus $1.05 a year earlier; non-GAAP EPS was $1.25, versus $1.11.
Second-quarter 2024 guidance: revenue of $2.49 billion to $2.54 billion, GAAP diluted EPS of $0.76 to $0.81, and non-GAAP diluted EPS of $1.10 to $1.15.
eBay returned $638 million to shareholders in the quarter, including $499 million of share repurchases and $139 million of dividends.
FormFactor reported first-quarter fiscal 2024 revenue of $168.7 million, up 0.3% from the prior quarter and 0.8% from a year earlier. Non-GAAP earnings per share fell to $0.18 from $0.20 in the prior quarter, and non-GAAP gross margin fell to 38.7% from 42.1%, while the company guided to second-quarter revenue of $195 million plus or minus $5 million and non-GAAP EPS of $0.31 plus or minus $0.04.
Q1 revenue $168.7 million, up 0.3% sequentially and 0.8% year over year
GAAP net income $21.8 million, or $0.28 per diluted share, including a $20.3 million gain on sale of business; non-GAAP net income $14.3 million, or $0.18 per diluted share
Non-GAAP gross margin 38.7%, below the outlook range, versus 42.1% in the fourth quarter of fiscal 2023
Q2 outlook: revenue $195 million plus or minus $5 million; non-GAAP EPS $0.31 plus or minus $0.04; quarter ends June 29, 2024
Connection reported first-quarter 2024 net sales of $632.0 million, down 13.1% year over year, which management attributed to customers delaying IT capital spending. Net income fell 7.4% to $13.2 million, or $0.50 per diluted share, although gross margin rose 187 basis points to 18.7%. The board also declared a $0.10 quarterly dividend and raised the share repurchase authorization by $40.0 million to $120.0 million, of which $72.1 million is available.
Net sales were $632.0 million, down 13.1% from $727.5 million; Public Sector Solutions sales fell 33.4% to $93.5 million
Net income was $13.2 million, or $0.50 per diluted share, versus $14.2 million, or $0.54, a year earlier
Gross margin expanded 187 basis points to 18.7%; Adjusted EBITDA decreased 6% to $120.3 million for the last twelve months
Quarterly dividend of $0.10 per share is payable May 29, 2024, to shareholders of record as of May 14, 2024
MGIC Investment Corporation reported first quarter 2024 net income of $174.1 million, or $0.64 per diluted share, up from $154.5 million, or $0.53 per diluted share, a year earlier. The company also said its board approved a new $750 million share repurchase program in April 2024, which signals continued capital returns to shareholders.
Q1 2024 net income was $174.1 million, or $0.64 per diluted share, compared with $154.5 million, or $0.53, in Q1 2023.
Adjusted net operating income was $178.4 million, or $0.65 per diluted share, a non-GAAP measure.
The company repurchased 4.7 million shares for $93.3 million in Q1 2024 and an additional 2.7 million shares for $54.8 million in April.
The board approved a share repurchase program of up to $750 million that runs through December 31, 2026.
Warrior Met Coal reported first quarter 2024 net income of $137.0 million, or $2.62 per diluted share, down from $182.3 million, or $3.51 per diluted share, a year earlier. Total revenues were $503.5 million, compared with $509.7 million, and Adjusted EBITDA fell to $200.2 million from $259.4 million. The company kept its full-year 2024 sales, production and cost guidance unchanged, while noting weaker steelmaking coal prices since early March.
Net income $137.0 million ($2.62 per diluted share) vs. $182.3 million ($3.51) in Q1 2023
Total revenues $503.5 million vs. $509.7 million; Adjusted EBITDA $200.2 million vs. $259.4 million
Sales volume rose 9% to 2.1 million short tons, but average net selling price fell 9% to $233.91 per short ton
2024 guidance re-affirmed, including coal sales of 7.4 to 8.2 million short tons; $0.58 per share returned to stockholders in Q1
Monolithic Power Systems reported first-quarter 2024 revenue of $457.9 million, up 1.5% from a year earlier, while GAAP net income fell 15.7% to $92.5 million. The company guided second-quarter 2024 revenue to $480.0 million to $500.0 million, and CEO Michael Hsing said it remains cautious about second-half 2024 business conditions.
Revenue was $457.9 million, up 1.5% from $451.1 million in Q1 2023 and up 0.9% from $454.0 million in Q4 2023.
GAAP net income was $92.5 million, or $1.89 per diluted share, versus $109.8 million, or $2.26 per diluted share, in Q1 2023.
Non-GAAP net income was $137.5 million, or $2.81 per diluted share, versus $3.00 a year earlier.
Q2 2024 guidance: revenue of $480.0 million to $500.0 million and GAAP gross margin of 55.1% to 55.7%.
Graham Holdings reported first-quarter 2024 revenue of $1.15 billion, up 12% from a year earlier, and operating income of $35.4 million, up from $27.7 million. Reported net income attributable to common shareholders rose to $124.4 million ($27.72 per diluted share), helped by $104.2 million in net gains on marketable equity securities, while adjusted net income excluding those and other items was $50.4 million ($11.24 per share) versus $40.2 million ($8.36) a year earlier.
Revenue of $1,152.7 million, up 12% from $1,031.5 million, led by education, healthcare and automotive
Operating income of $35.4 million versus $27.7 million; manufacturing and automotive declined
Net income attributable to common shareholders of $124.4 million ($27.72 per diluted share), including $104.2 million in net gains on marketable equity securities
Repurchased 28,606 Class B shares for $20.0 million in the quarter; $815.6 million in borrowings outstanding at March 31, 2024
Century Aluminum reported first quarter 2024 net sales of $489.5 million, down from $512.3 million in the fourth quarter of 2023, and adjusted EBITDA of $25.0 million, down from $57.1 million. Reported net income of $246.8 million was driven by a $245.9 million bargain purchase gain from the Jamalco acquisition, while the company reported an adjusted net loss of $3.0 million, so shareholders face weaker operating results behind a large one-time accounting gain. The company guided second quarter adjusted EBITDA to $25 million to $35 million.
Net sales of $489.5 million, down from $512.3 million in Q4 2023 and $552.4 million in Q1 2023
Adjusted EBITDA attributable to Century stockholders of $25.0 million versus $57.1 million in Q4 2023, reflecting only one quarter of the IRA Section 45X credit
Net income attributable to Century stockholders of $246.8 million included a $245.9 million bargain purchase gain; adjusted net loss was $3.0 million
Second quarter 2024 adjusted EBITDA expected between $25 million and $35 million; webcast call on May 1, 2024 at 11:00 a.m. Eastern
Gates Industrial reported first-quarter 2024 net sales of $862.6 million, down 3.9% from a year earlier, while net income attributable to shareholders rose to $40.0 million, or $0.15 per diluted share, from $26.4 million, or $0.09. The company raised its full-year 2024 Adjusted EBITDA guidance to $745 million to $805 million from $725 million to $785 million, which matters to shareholders because it signals stronger expected profitability despite softer sales.
Q1 2024 net sales were $862.6 million, down 3.9%, with a core revenue decline of 3.6%.
Adjusted EBITDA rose to $195.6 million from $174.5 million, and the margin widened to 22.7% from 19.4%.
Adjusted EPS was $0.31 versus $0.25 a year earlier, despite a higher effective tax rate.
Full-year 2024 Adjusted EBITDA guidance was raised to $745 million to $805 million from $725 million to $785 million; other guidance metrics were unchanged.
Vita Coco reported first quarter 2024 net sales up 2% to $112 million, with net income of $14 million, or $0.24 per diluted share, compared with $7 million, or $0.12, a year earlier. The company raised its full-year 2024 guidance to net sales of $500 million to $510 million and Adjusted EBITDA of $76 million to $82 million, but said higher ocean freight costs will weigh on gross margins starting in the second quarter.
Q1 2024 net sales rose 2% to $112 million, and gross margin rose to 42.2% from 30.7%.
Q1 2024 Adjusted EBITDA was $21 million, compared with $9 million in the same period of 2023.
2024 guidance: net sales of $500 million to $510 million, Adjusted EBITDA of $76 million to $82 million, and full-year gross margin of 37% to 39%.
Verisk reported first-quarter 2024 results on May 1, 2024, with revenue of $704 million, up 8.0%, and diluted EPS of $1.52, up 19.7% from a year earlier. The company reiterated its full-year 2024 guidance, including revenue of $2,840 million to $2,900 million, and said a $200 million accelerated share repurchase was completed in April 2024. Higher earnings and continued buybacks are positive for shareholders, though the guidance itself was not changed.
Revenue of $704 million, up 8.0% (6.9% on an organic constant currency basis)
Income from continuing operations of $219 million, up 12.9%; diluted EPS of $1.52 versus $1.27
Diluted adjusted EPS of $1.63, up 26.4% (non-GAAP measure)
Full-year 2024 guidance reiterated, with revenue of $2,840 million to $2,900 million; board approved a 39-cent dividend payable June 28, 2024
Extreme Networks reported fiscal third-quarter 2024 results for the quarter ended March 31, 2024. Revenue fell 36.5% year over year to $211.0 million, and the company posted a GAAP net loss of $64.4 million, or $0.50 per diluted share, compared with earnings of $0.17 per share a year earlier. For shareholders, the sharp revenue decline and loss weigh on the results, though the company guided to sequential revenue growth of $250.0 million to $260.0 million for the fourth quarter.
Revenue was $211.0 million, down from $332.5 million a year earlier; SaaS ARR rose 38.0% to $162.0 million
GAAP net loss was $64.4 million ($0.50 per diluted share), versus net income of $22.1 million a year earlier
Quarter-end cash was $151.0 million; free cash flow was negative $73.6 million for the quarter
Fourth-quarter fiscal 2024 revenue guidance is $250.0 million to $260.0 million; GAAP EPS guidance is ($0.11) to ($0.05)
Marriott reported first quarter 2024 results with total revenues up 6% to $5,977 million, but reported diluted EPS fell to $1.93 from $2.43 and reported net income fell to $564 million from $757 million. The company raised its full-year 2024 adjusted EPS outlook to $9.31 to $9.65 and expects to return $4.2 billion to $4.4 billion to shareholders in 2024.
Adjusted diluted EPS rose to $2.13 from $2.09; adjusted net income fell to $620 million from $648 million.
Worldwide comparable systemwide constant dollar RevPAR rose 4.2%, with U.S. & Canada up 1.5% and international markets up 11.1%.
Full-year 2024 adjusted EBITDA outlook is $4,960 million to $5,090 million; investment spending is $1,000 million to $1,200 million.
Marriott repurchased 4.8 million shares for $1.2 billion in the first quarter.
TG Therapeutics reported first quarter 2024 total revenue of $63.5 million, up from $7.8 million a year earlier, and a net loss of $10.7 million, down from $39.2 million. The company raised its full-year 2024 U.S. BRIUMVI net product revenue target to $270 million to $290 million, from $220 million to $260 million previously.
Q1 2024 total revenue of $63.5 million, including a $12.5 million milestone payment tied to the first EU launch of BRIUMVI in Germany
Q1 2024 U.S. BRIUMVI net product revenue of $50.5 million; company targets approximately $65 million for Q2 2024
Net loss of $10.7 million, or $0.07 per share, versus $39.2 million, or $0.28 per share, in Q1 2023
Cash, cash equivalents and investment securities of $209.8 million as of March 31, 2024
Steve Madden reported first quarter 2024 revenue up 19.1% to $552.4 million and diluted EPS of $0.60, up from $0.48 a year earlier. The company said it continues to expect fiscal 2024 revenue growth of 11% to 13% and diluted EPS of $2.51 to $2.61, and declared a $0.21 quarterly dividend.
Revenue rose 19.1% to $552.4 million from $463.8 million; wholesale revenue rose 21.0% to $438.2 million.
Diluted EPS was $0.60 versus $0.48; adjusted diluted EPS was $0.65 versus $0.50.
Gross profit was 40.7% of revenue, down from 42.1% a year earlier.
Quarterly dividend of $0.21 per share is payable June 21, 2024 to holders of record as of June 10, 2024; 2024 outlook was maintained.
DFIN reported first-quarter 2024 results on May 1, 2024, with net sales of $203.4 million, up 2.4% from the first quarter of 2023, and net earnings of $33.3 million, or $1.09 per diluted share, up from $15.8 million, or $0.52 per diluted share. Adjusted EBITDA rose 30.2% to $55.2 million, and the company said software solutions growth and a higher-margin sales mix drove the improvement.
Net sales $203.4 million, up 2.4% (2.8% organic); software solutions net sales rose 14.6% to $80.3 million
Net earnings $33.3 million, or $1.09 per diluted share, versus $0.52 a year earlier; includes an after-tax benefit of $5.5 million, mainly from a gain on the sale of land
Adjusted EBITDA $55.2 million, up 30.2%; operating cash flow was negative $27.9 million, improved from negative $51.5 million; share repurchases totaled about $8.8 million with $141.2 million remaining authorization at March 31, 2024
OneSpaWorld reported first-quarter 2024 total revenues of $211.2 million, up 16% from a year earlier, and net income of $21.2 million, or $0.21 per diluted share, compared with a net loss of $15.9 million, or $0.17 per share, a year earlier. The company raised its fiscal 2024 revenue guidance to $860 million to $880 million and its adjusted EBITDA guidance to $95 million to $105 million, and its board approved a $50 million share repurchase program. Net income includes a $7.7 million gain from the change in fair value of warrant liabilities.
Income from operations rose 52% to $17.0 million; adjusted EBITDA rose 31% to $25.3 million from $19.3 million.
Fiscal 2024 revenue guidance raised to $860-$880 million from $850-$870 million.
Fiscal 2024 adjusted EBITDA guidance raised to $95-$105 million from $90-$100 million.
Board approved a share repurchase program of up to $50 million; cash at March 31, 2024 was $66.6 million.
Garmin reported first-quarter 2024 revenue of $1.38 billion, up 20% from the prior year quarter, with operating income of $298 million, up 51%. GAAP diluted EPS was $1.43 and pro forma diluted EPS was $1.42, up 39%. The company did not update its 2024 guidance of about $5.75 billion in revenue and $5.40 in pro forma EPS, and it reaffirmed a $3.00 per share annual dividend recommendation for the June 7, 2024 shareholder meeting.
Net sales of $1.38 billion, up 20%; fitness segment up 40% and auto OEM up 58%
GAAP diluted EPS of $1.43 (up 36%); pro forma diluted EPS of $1.42 (up 39%)
Operating income of $298 million; operating margin 21.6% versus 17.2% a year earlier
2024 guidance not updated: revenue about $5.75 billion and pro forma EPS $5.40
Bio-Techne reported third-quarter fiscal 2024 results for the period ended March 31, 2024, with net sales up 3% to $303.4 million. Profit declined: GAAP EPS fell to $0.31 from $0.43 and adjusted EPS fell to $0.48 from $0.53, and the company attributed the margin pressure to restructuring and CEO transition costs, the Lunaphore acquisition, and unfavorable volume leverage within Protein Sciences. The Board also declared a $0.08 per share quarterly dividend.
Net sales rose 3% to $303.4 million; organic revenue rose 2%
GAAP EPS was $0.31 versus $0.43 a year earlier; adjusted EPS was $0.48 versus $0.53
GAAP operating income fell 16% to $67.0 million; adjusted operating margin was 33.0% versus 37.0%
Dividend of $0.08 per share payable May 24, 2024, to holders of record on May 13, 2024
Parsons reported first-quarter 2024 revenue of $1.5 billion, up 31% from a year earlier, and raised its fiscal 2024 revenue, adjusted EBITDA, and operating cash flow guidance. The company posted a net loss of $107 million because of a $214 million pre-tax charge tied to repurchasing part of its 2025 convertible notes, so shareholders see stronger operations offset by a large one-time loss.
Revenue of $1.5 billion, up $362 million or 31% year over year; adjusted EBITDA of $141 million, up 56%
Net loss of $107 million, or $1.01 per diluted share, including a $214 million pre-tax charge on convertible note repurchases; excluding that charge, diluted EPS would have been $0.49
Fiscal 2024 revenue guidance raised to $6.1 billion-$6.4 billion from $5.8 billion-$6.0 billion; adjusted EBITDA guidance raised to $535 million-$575 million
Total backlog of $9.0 billion, up 8%; book-to-bill ratio of 1.4x on $2.1 billion of net bookings
Generac reported first-quarter 2024 net sales of $889 million, nearly flat from $888 million a year earlier, with core sales down about 1%. Net income attributable to the company rose to $26 million, or $0.39 per diluted share, from $12 million, or $0.05, while adjusted EBITDA increased to $127 million. The company maintained its full-year 2024 net sales growth guidance of 3% to 7%.
Net income attributable to Generac was $26 million, or $0.39 per diluted share, versus $12 million, or $0.05, in Q1 2023.
Net sales were $889 million versus $888 million; core sales were down approximately 1%.
Adjusted EBITDA was $127 million, or 14.3% of net sales, versus $100 million, or 11.3%, a year earlier.
Full-year 2024 net sales growth guidance of 3% to 7% was maintained; net income margin is now expected at 6.0% to 7.0%.
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