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).
The fund's board approved dismissing PricewaterhouseCoopers LLP as its independent registered public accounting firm on April 23, 2024, because PwC will cease to be deemed independent for the fund after April 30, 2024. The filing states PwC's prior reports had no adverse opinion, disclaimer, or qualification, and that there were no disagreements or reportable events; separately, Credit Suisse Asset Management merged into UBS Asset Management (Americas) on May 1, 2024, which became the fund's investment manager.
Board approved dismissal of PwC on April 23, 2024; PwC ceases to be deemed independent for the fund after April 30, 2024
PwC's reports for fiscal years ended October 31, 2023 and 2022 contained no adverse opinion, disclaimer, or qualification
On May 1, 2024, UBS Asset Management (Americas) LLC became the fund's investment manager after the Credit Suisse merger
PwC's letter dated May 2, 2024 is filed as Exhibit 16.1
Saul Centers reported first-quarter 2024 results, with total revenue of $66.7 million, up from $63.0 million a year earlier. Net income available to common stockholders was $10.8 million, or $0.45 per share, matching the prior-year figure, so higher rental income did not lift per-share earnings.
Total revenue for the quarter ended March 31, 2024 was $66.7 million, versus $63.0 million in the 2023 quarter.
Net income rose to $18.3 million from $17.7 million; net income available to common stockholders was $10.8 million, or $0.45 per share, unchanged from the prior year.
FFO available to common stockholders and noncontrolling interests was $0.80 per diluted share, versus $0.79 a year earlier; the commercial portfolio was 94.6% leased versus 93.9%.
Xenia Hotels & Resorts reported first-quarter 2024 net income attributable to common stockholders of $8.5 million, or $0.08 per share, up from $6.3 million, or $0.06 per share, a year earlier. Adjusted EBITDAre fell 8.5% to $65.3 million, and the company said the renovation of Hyatt Regency Scottsdale weighed on results. The company kept the midpoint of its 2024 Adjusted EBITDAre guidance range, which narrows the range by moving the low end up $2 million and the high end down $2 million.
Net income attributable to common stockholders was $8.5 million, or $0.08 per share, versus $6.3 million, or $0.06 per share, in the first quarter of 2023.
Adjusted EBITDAre was $65.3 million, down 8.5%; Adjusted FFO per diluted share was $0.44, up from $0.40.
Same-Property RevPAR was $176.86, down 1.5%; excluding Hyatt Regency Scottsdale, RevPAR rose 3.7%.
2024 Adjusted EBITDAre guidance is $246 million to $262 million; the company maintained the midpoint and said it expects the Scottsdale renovation to be completed by year-end 2024.
American Homes 4 Rent (AMH) reported first-quarter 2024 results on May 2, 2024. Rents and other single-family property revenues rose 6.5% to $423.6 million, and core FFO per share rose to $0.43 from $0.41, but net income attributable to common shareholders fell to $109.3 million, or $0.30 per diluted share, from $117.5 million, or $0.32, a year earlier. The company left its full-year 2024 core FFO guidance of $1.70 to $1.76 unchanged.
Revenue: rents and other single-family property revenues up 6.5% to $423.6 million versus $397.7 million a year earlier.
Profit: net income attributable to common shareholders was $109.3 million ($0.30 per diluted share), down from $117.5 million ($0.32), mainly due to lower net gains on property sales.
Core FFO attributable to common share and unit holders was $0.43 per share, up from $0.41; Adjusted FFO was $0.40, up from $0.37.
2024 core FFO guidance of $1.70 to $1.76 per share was unchanged; a conference call is set for May 3, 2024 at 12:00 p.m. Eastern Time.
Bright Horizons Family Solutions reported first quarter 2024 revenue of $623 million, up 12% from a year earlier, and net income of $17 million, or $0.29 per diluted share, versus $0.14 a year earlier. The company reaffirmed its 2024 guidance of $2.6 billion to $2.7 billion in revenue and $3.00 to $3.20 in diluted adjusted earnings per share, which gives shareholders a clear view that results are tracking the company's full-year plan.
Revenue of $623 million, up 12% from the first quarter of 2023, driven by enrollment gains, tuition increases and higher back-up care utilization
Income from operations of $40 million, up 30%; net income of $17 million versus $8.1 million a year earlier
Diluted adjusted earnings per share of $0.51 versus $0.49 in the first quarter of 2023
2024 guidance reaffirmed: revenue of $2.6 billion to $2.7 billion and diluted adjusted earnings per share of $3.00 to $3.20; results were discussed on a conference call held May 2, 2024
Dolby reported fiscal second-quarter 2024 revenue of $364.5 million, down from $375.9 million a year earlier, while GAAP net income rose to $97.8 million, or $1.01 per diluted share, from $0.98. The company also declared a $0.30 per share cash dividend and gave third-quarter revenue guidance of $270 million to $300 million, with full-year fiscal 2024 revenue expected to be roughly $1.30 billion.
Q2 fiscal 2024 total revenue was $364.5 million, versus $375.9 million in Q2 fiscal 2023.
GAAP net income was $97.8 million, or $1.01 per diluted share, versus $0.98 a year earlier; non-GAAP diluted EPS was $1.27 versus $1.26.
Q3 fiscal 2024 total revenue is estimated at $270 million to $300 million; GAAP diluted EPS at $0.21 to $0.36.
Cash dividend of $0.30 per share is payable May 22, 2024, to holders of record on May 14, 2024.
Adtalem Global Education (NYSE: ATGE) reported fiscal Q3 2024 revenue of $412.7 million, up 11.8%, and raised its fiscal 2024 revenue and adjusted EPS guidance. GAAP net income fell to $36.8 million from $45.9 million, but adjusted EPS rose to $1.50 from $1.13. Note: this 8-K is filed by Adtalem, not Covista Inc. (CVSA) as the request stated.
Revenue $412.7 million, up 11.8% from $369.1 million; total enrollment 85,809, up 7.8%
FY2024 revenue guidance raised to $1,560 million to $1,580 million from $1,520 million to $1,560 million
FY2024 adjusted EPS guidance raised to $4.80 to $5.00 from $4.55 to $4.75
Diluted GAAP EPS $0.93 vs $1.00 a year earlier; repurchased $91 million of shares
MP Materials reported first-quarter 2024 results with revenue down 49% year over year to $48.7 million, as realized rare earth oxide prices fell 54% and sales volumes fell 9%. Net income fell 56% to $16.5 million, helped by a $46.3 million gain on early debt repayment, and Adjusted EBITDA swung to a $(1.2) million loss. For shareholders, the results show weaker profitability, while the company also repurchased 7.3% of its shares and issued $747.5 million of new convertible notes due 2030.
Revenue fell to $48.7 million from $95.7 million, driven by a 54% drop in realized price per REO metric ton to $4,294.
Diluted EPS was $(0.08) versus $0.20 a year earlier; Adjusted Diluted EPS was $(0.04) versus $0.27.
Adjusted EBITDA was $(1.2) million versus $58.7 million, with higher cost of sales and a $6.0 million reserve tied to Stage II start-up.
In March 2024 the company repurchased 13.0 million shares, or 7.3% of shares outstanding, at $15.43 per share, and issued $747.5 million of 3.0% convertible notes due 2030.
SPX Technologies reported first quarter 2024 revenue of $465.2 million, up from $399.8 million a year earlier, and GAAP diluted EPS of $1.05 versus $0.84. The company raised its full-year 2024 adjusted EPS guidance to $5.15 to $5.40 from $4.85 to $5.15, citing strong HVAC demand, which benefits shareholders as profit measures grew and the outlook improved.
Q1 2024 revenue $465.2 million vs. $399.8 million; net income $49.0 million vs. $42.8 million
Diluted EPS from continuing operations $1.05 vs. $0.84; adjusted EPS $1.25 vs. $0.93
Fortinet reported first-quarter 2024 results for the period ended March 31, 2024, with total revenue of $1.35 billion, up 7.2% from a year earlier, and GAAP net income of $299.3 million, up from $247.7 million. The company also issued second-quarter and full-year 2024 revenue and non-GAAP earnings per share guidance, which shareholders can use to compare future results.
Total revenue was $1.35 billion, up 7.2% from $1.26 billion; service revenue rose 24.0% to $944.4 million while product revenue fell 18.3% to $408.9 million.
GAAP diluted net income per share was $0.39 versus $0.31; non-GAAP diluted net income per share was $0.43 versus $0.34.
Total billings fell 6.4% to $1.41 billion, and free cash flow was $608.5 million versus $647.2 million a year earlier.
Second-quarter 2024 revenue guidance is $1.375 billion to $1.435 billion; full-year 2024 revenue guidance is $5.745 billion to $5.845 billion.
Cohu reported fiscal first-quarter 2024 net sales of $107.6 million, down from $179.4 million a year earlier, and a GAAP net loss of $14.6 million, or $0.31 per share, compared with net income of $15.7 million a year earlier. The company guided second-quarter 2024 sales to $105 million, plus or minus $6 million, so shareholders face a weaker revenue base and a GAAP loss in the latest quarter.
First-quarter net sales of $107.6 million, versus $179.4 million in Q1 FY 2023 and $137.2 million in Q4 FY 2023
GAAP net loss of $14.6 million, or $0.31 per share; non-GAAP net income of $0.6 million, or $0.01 per share
Second-quarter 2024 sales expected at $105 million, plus or minus $6 million
Repaid remaining Term Loan B on February 9, 2024 with a $29.3 million payment; repurchased 333,504 shares for about $10.7 million
Palomar Holdings reported first quarter 2024 net income of $26.4 million, or $1.04 per diluted share, up from $17.3 million, or $0.68 per diluted share, a year earlier. Gross written premiums rose 47.2% to $368.1 million, and the company raised its full-year 2024 adjusted net income guidance to $113 million to $118 million, which shareholders would see as a higher outlook for profit.
Net income of $26.4 million ($1.04 diluted EPS) for Q1 2024, versus $17.3 million ($0.68) in Q1 2023
Adjusted net income of $27.8 million ($1.09 diluted adjusted EPS), versus $20.4 million ($0.80) a year earlier
Full-year 2024 adjusted net income guidance raised to $113 million to $118 million
Combined ratio of 76.9% versus 77.9% in Q1 2023; no share repurchases in Q1 2024
Fresh Del Monte Produce Inc. (NYSE: FDP) reported first-quarter 2024 results for the quarter ended March 29, 2024, with net sales of $1,107.9 million, down from $1,128.5 million a year earlier. Net income attributable to the company fell to $26.1 million, or $0.55 per diluted share, from $39.0 million, or $0.81, which matters to shareholders because lower banana sales and margins outweighed growth in fresh and value-added products.
Net sales were $1,107.9 million versus $1,128.5 million; banana net sales fell to $379.5 million from $425.1 million.
Fresh and value-added products net sales rose to $676.8 million from $643.4 million, and avocado revenue increased 23% on higher pricing.
Banana gross margin fell to 5.7% from 10.2%, and adjusted diluted EPS was $0.34 versus $0.55.
The board declared a quarterly cash dividend of $0.25 per share, payable June 7, 2024, to holders of record on May 16, 2024.
Universal Display reported first quarter 2024 total revenue of $165.3 million, up from $130.5 million a year earlier, and net income of $56.9 million, or $1.19 per diluted share, compared with $0.83 a year earlier. The company raised the lower end of its 2024 revenue guidance to a range of $635 million to $675 million and declared a $0.40 per share quarterly dividend.
Q1 2024 total revenue was $165.3 million versus $130.5 million in Q1 2023; royalty and license fees were $68.3 million and material sales were $93.3 million
Net income was $56.9 million, or $1.19 per diluted share, versus $39.8 million, or $0.83 per diluted share, a year earlier
2024 revenue guidance is $635 million to $675 million after the lower end was increased; the company cautions that many variables can affect results
Second quarter cash dividend of $0.40 per share is payable June 28, 2024 to holders of record as of June 14, 2024
Expedia Group reported first quarter 2024 revenue of $2.9 billion, up 8%, and a net loss of $135 million, narrower than the $145 million loss a year earlier. The company lowered its full-year guidance to mid to high single digit top line growth, citing a slower-than-expected recovery at Vrbo and gross bookings that rose only 3%.
Revenue was $2.9 billion, up 8% from the first quarter of 2023; gross bookings were $30.2 billion, up 3%
Net loss attributable to Expedia Group was $135 million versus $145 million a year earlier; adjusted EPS was $0.21 versus a loss of $0.20
Full-year guidance lowered to mid to high single digit top line growth, with margins relatively in line with last year
Repurchased about 5.7 million shares for about $786 million year-to-date
Trupanion reported first quarter 2024 total revenue of $306.1 million, up 19% from a year earlier, and a net loss of $6.9 million, narrowed from $24.8 million. The board also appointed President Margi Tooth as chief executive effective August 1, 2024, succeeding founder Darryl Rawlings, who will remain Chair of the Board.
Q1 2024 total revenue was $306.1 million, up 19% from $256.3 million in Q1 2023.
Net loss was $6.9 million, or $(0.16) per share, versus a net loss of $24.8 million, or $(0.60) per share, a year earlier.
Adjusted EBITDA was $4.8 million, compared with $(4.9) million in Q1 2023.
Darryl Rawlings resigned as CEO effective August 1, 2024 and will receive a $200,000 annual consulting fee for pet food program work.
International Bancshares Corporation reported net income of $97.3 million, or $1.56 per diluted share, for the three months ended March 31, 2024. That was down 4.2% in net income and 4.3% in diluted EPS from $101.6 million, or $1.63 per diluted share, a year earlier. Management cited a higher provision for credit losses, mainly a charge-down of an impaired credit after a bankruptcy-related foreclosure, as a drag on results.
Q1 2024 net income $97.3 million ($1.56 diluted EPS) vs. $101.6 million ($1.63) in Q1 2023
Provision for credit losses increased, primarily from a charge-down of an impaired credit after a bankruptcy-related foreclosure
Total assets $15.4 billion and deposits $12.0 billion at March 31, 2024, up from $15.1 billion and $11.8 billion at December 31, 2023
LXP Industrial Trust reported a first-quarter 2024 net loss attributable to common shareholders of $1.9 million, or $(0.01) per diluted share, compared with net income of $9.5 million a year earlier, while total gross revenues rose to $86.3 million from $85.1 million. Adjusted Company FFO fell to $48.8 million, or $0.16 per diluted share, from $50.3 million, or $0.17, and the company now expects 2024 net income of $0.08 to $0.12 per diluted share while affirming its Adjusted Company FFO range of $0.61 to $0.65.
Q1 2024 net loss attributable to common shareholders of $1.9 million, or $(0.01) per diluted share, versus net income of $9.5 million, or $0.03, in Q1 2023
Q1 2024 Adjusted Company FFO of $48.8 million, or $0.16 per diluted share, versus $50.3 million, or $0.17, in Q1 2023
2024 guidance: net income attributable to common shareholders of $0.08 to $0.12 per diluted share; Adjusted Company FFO of $0.61 to $0.65 affirmed
AMETEK reported first-quarter 2024 sales of $1.74 billion, up 9% from a year earlier, and adjusted earnings of $1.64 per diluted share, up 10%. The company raised its 2024 adjusted earnings per share guidance to $6.74 to $6.86 from $6.70 to $6.85, which benefits shareholders if the outlook holds.
First-quarter sales of $1.74 billion, up 9% from the first quarter of 2023
GAAP diluted EPS of $1.34 versus $1.32 a year earlier; adjusted EPS of $1.64 versus $1.49
2024 adjusted EPS guidance raised to $6.74 to $6.86 from $6.70 to $6.85
Paragon Medical integration costs of $29.2 million pre-tax weighed on GAAP results
IDACORP reported first-quarter 2024 net income of $48.2 million, or $0.95 per diluted share, down from $56.1 million, or $1.11 per share, a year earlier. The company reaffirmed its full-year 2024 earnings guidance of $5.25 to $5.45 per diluted share, but said capital spending could be higher than previously projected as it works through its resource request for proposal process.
Q1 2024 net income attributable to IDACORP was $48.2 million, or $0.95 per diluted share, versus $56.1 million, or $1.11, in Q1 2023.
Lower usage per retail customer reduced Idaho Power net income by $9.1 million, and depreciation expense rose $8.6 million, due to more moderate temperatures and higher plant-in-service.
Full-year 2024 EPS guidance of $5.25 to $5.45 was reaffirmed, with Idaho Power capital expenditures of $925 million to $975 million unchanged.
Management said it may need higher capital spending than previously projected to meet rapid customer and load growth.
XPEL reported first-quarter 2024 results for the three months ended March 31, with revenue up 5.0% to $90.1 million but net income down 41.7% to $6.7 million. The company cut its annual revenue growth projection to 8-10% from 15%, and management attributed the weakness mainly to slower US aftermarket demand, port delays, and lower China sales. Shareholders face weaker profitability and a lower growth outlook, though management said April showed some momentum.
Revenue rose 5.0% to $90.1 million; net income fell 41.7% to $6.7 million, or $0.24 per diluted share, versus $0.41 a year earlier
About $1.6 million of annual dealer conference costs fell in Q1 2024, versus Q2 in 2023; normalized net income would have declined 30.7%
2024 annual revenue growth projection revised to 8-10% from 15%; China revenue fell 78.2% to $1.5 million
Cummins reported first-quarter 2024 revenue of $8.4 billion, down 1% from a year earlier, while net income attributable to Cummins rose to $2.0 billion, mainly because of a $1.3 billion non-taxable gain from the March 18 divestiture of its remaining Atmus stake. The company raised its 2024 EBITDA guidance to 14.5% to 15.5% of sales but left its revenue decline forecast of 2% to 5% unchanged, and EBITDA excluding special items fell to $1.3 billion from $1.4 billion.
Q1 revenue was $8.4 billion, down 1% from Q1 2023; diluted EPS was $14.03 versus $5.55 a year earlier.
The results include a $1.3 billion gain ($9.08 per diluted share) from the Atmus separation and $29 million of restructuring expenses.
EBITDA excluding special items was $1.3 billion, or 15.5% of sales, compared with $1.4 billion, or 16.3%, in Q1 2023.
2024 guidance: revenue to fall 2% to 5% (unchanged), and EBITDA raised to 14.5% to 15.5% of sales from 14.4% to 15.4%.
American Financial Group reported first-quarter 2024 net earnings of $242 million ($2.89 per share), up from $212 million ($2.49 per share) a year earlier. Core net operating earnings fell to $231 million ($2.76 per share) from $247 million ($2.89 per share), which the company attributed to lower returns from its alternative investment portfolio, so the headline gain was driven mainly by non-core realized investment gains.
Net earnings were $242 million ($2.89 per share) versus $212 million ($2.49 per share) in Q1 2023, including $11 million of after-tax non-core realized gains.
Core net operating earnings were $231 million ($2.76 per share), down from $247 million ($2.89 per share), reflecting lower alternative investment returns.
Specialty P&C combined ratio was 90.1%, compared with 89.2% a year earlier; gross written premiums rose 8% to $2.336 billion.
Book value per share was $50.57 at March 31, 2024, and the company paid $3.21 per share in dividends in the quarter, including a $2.50 special dividend paid in February.
BrightSphere Investment Group Inc. (NYSE: BSIG), parent of Acadian Asset Management, reported first-quarter 2024 results on May 2, 2024. Total revenue rose 15.1% to $105.7 million and U.S. GAAP diluted EPS rose 32.1% to $0.37, helped by higher management fees and fewer shares outstanding after buybacks. Compared with the fourth quarter of 2023, revenue and earnings fell because performance fees are seasonal.
Total revenue of $105.7 million for Q1 2024, up from $91.8 million in Q1 2023
U.S. GAAP diluted EPS of $0.37 vs. $0.28 a year earlier; ENI diluted EPS of $0.44
Repurchased 3.5 million shares for $74.4 million in Q1 2024; quarterly dividend of $0.01 per share payable June 28, 2024
Revolving credit facility balance of $73 million at March 31, 2024; net leverage ratio of 1.7x
MACOM reported fiscal second quarter 2024 revenue of $181.2 million, up 7.0% from a year earlier, but GAAP net income fell to $15.0 million, or $0.20 per diluted share, from $25.8 million, or $0.36, a year earlier. The company guided fiscal third quarter revenue to $187 million to $193 million and adjusted earnings per diluted share to $0.63 to $0.69.
Revenue was $181.2 million, up 7.0% from $169.4 million a year earlier and up 15.3% from $157.1 million in the prior quarter.
GAAP gross margin fell to 52.5% from 60.6% a year earlier; GAAP income from operations was $15.4 million, down from $35.9 million.
Adjusted net income was $43.2 million, or $0.59 per diluted share, compared with $56.7 million, or $0.79, a year earlier.
For the quarter ending June 28, 2024, MACOM expects revenue of $187 million to $193 million and adjusted gross margin of 56% to 58%.
Vulcan Materials reported first-quarter 2024 results on May 2, 2024. Total revenues were $1.55 billion, down from $1.65 billion a year earlier, and net earnings attributable to Vulcan were $103 million, down from $121 million. Management said all aspects of its outlook from February remain unchanged, including $2.15 to $2.30 billion of 2024 Adjusted EBITDA, so shareholders see lower first-quarter earnings alongside unchanged full-year targets.
Total revenues were $1,546 million versus $1,649 million; diluted EPS from continuing operations was $0.78 versus $0.92.
Adjusted diluted EPS from continuing operations was $0.80 versus $0.95, and Adjusted EBITDA was $323 million versus $338 million.
Aggregates shipments fell to 48.1 million tons from 51.8 million, while freight-adjusted sales price rose to $20.59 per ton from $18.69.
The company expects 2024 Adjusted EBITDA of $2.15 to $2.30 billion and used $550 million of cash on hand to redeem its 2026 notes.
Intercontinental Exchange reported first quarter 2024 results for the quarter ended March 31, 2024, with net revenues of $2.3 billion, up 21% year over year, and GAAP diluted EPS of $1.33, up 14%. Adjusted diluted EPS was $1.48, up 5%, and the company updated its 2024 guidance, including a flat-to-down low single digit outlook for full year Mortgage Technology pro forma segment revenue growth.
Net income attributable to ICE was $767 million, versus $655 million in the first quarter of 2023.
Operating income was $1.1 billion, up 10% year over year; adjusted operating income was $1.4 billion, up 18%.
Mortgage Technology revenue was $499 million, and the company expects full year 2024 Mortgage Technology pro forma segment revenue growth of flat-to-down in the low single digit range.
Operating cash flow was $1.0 billion and adjusted free cash flow was $877 million in the first quarter.
Curtiss-Wright reported first quarter 2024 sales of $713 million, up 13%, and adjusted diluted EPS of $1.99, up 30%. The company raised its full-year 2024 guidance for sales, operating income and diluted EPS, while the Naval & Power segment's profit fell on a naval contract adjustment.
Q1 2024 sales of $713 million, up 13%; reported operating income of $100 million, up 27%
Diluted EPS of $1.99 versus $1.48 a year earlier; adjusted diluted EPS up 30%
2024 diluted EPS guidance raised to $10.10 to $10.40 from $10.00 to $10.30; sales growth guidance raised to 5% to 7%
Naval & Power adjusted operating income fell 13% to $35 million due to an unfavorable naval contract adjustment
HII reported first-quarter 2024 results on May 2, 2024, with revenue of $2.8 billion, up 4.9% from a year earlier, and net earnings of $153 million, or $3.87 per diluted share, compared with $3.23 in the first quarter of 2023. The company reaffirmed its 2024 financial outlook. Free cash flow was negative $274 million, which matters to shareholders watching cash generation.
Revenue of $2,805 million, up 4.9% from $2,674 million, driven mainly by Mission Technologies, where revenue rose 20.2%.
Net earnings of $153 million, or $3.87 per diluted share, versus $129 million, or $3.23, a year earlier.
Free cash flow was negative $274 million, compared with negative $49 million in the first quarter of 2023.
The company reaffirmed its FY24 outlook, including free cash flow of $600 million to $700 million.
Laureate Education reported first-quarter 2024 revenue of $275.4 million, up 10% as reported but up 1% on an organic constant currency basis. Its net loss narrowed to $(10.8) million from $(26.8) million, while Adjusted EBITDA fell to $30.6 million from $33.5 million. The company raised its full-year 2024 revenue and Adjusted EBITDA guidance, citing more favorable currency rates.
Q1 2024 revenue $275.4 million, up 10% as reported and 1% on an organic constant currency basis
Net loss $(10.8) million vs. $(26.8) million a year earlier; loss per share $(0.07) vs. $(0.17)
Operating income $11.1 million vs. $15.6 million; Adjusted EBITDA $30.6 million vs. $33.5 million
2024 revenue now expected at $1,566 million to $1,581 million; Adjusted EBITDA at $446 million to $456 million
Valaris reported first quarter 2024 revenue of $525 million, up from $484 million in the fourth quarter of 2023, helped by the reactivated drillship VALARIS DS-8 and higher floater revenue efficiency. Net income fell to $26 million from $829 million, a period that included an $800 million deferred tax benefit, and Adjusted EBITDA slipped to $54 million from $58 million. Contract backlog rose to more than $4.0 billion as of April 30, 2024, the sixth straight quarterly increase.
Revenue of $525 million vs $484 million in Q4 2023; excluding reimbursable items, $491 million vs $453 million
Net income of $26 million vs $829 million in Q4 2023, which included an $800 million deferred tax benefit; diluted EPS $0.35 vs $11.30
Adjusted EBITDA of $54 million vs $58 million in Q4 2023, reflecting idle time for jackups in contract preparations and surveys
Contract backlog of more than $4.0 billion as of April 30, 2024, up 43% from twelve months earlier; Q1 awards exceeded $520 million
Church & Dwight reported first-quarter 2024 net sales of $1,503.3 million, up 5.1%, with reported EPS of $0.93 and adjusted EPS of $0.96, above its $0.85 adjusted outlook. The company raised its full-year 2024 adjusted EPS growth expectation to 8% to 9% and its cash flow outlook to approximately $1.05 billion, but guided second-quarter adjusted EPS of $0.83, down 9.8% from the prior year.
Q1 2024 net sales rose 5.1% to $1,503.3 million; reported EPS was $0.93, up 13.4%, and adjusted EPS was $0.96, up 12.9%.
Full-year 2024 adjusted EPS growth outlook raised to 8% to 9%, from 7% to 9% previously; gross margin expansion raised to approximately 75 basis points.
Full-year cash flow from operations now expected at approximately $1.05 billion, up from $1.0 billion previously.
Q2 2024 adjusted EPS expected at $0.83 versus $0.92 in Q2 2023, with a higher tax rate of 24%.
Diebold Nixdorf reported first-quarter 2024 net sales of $895.4 million, up 4.3% from $858.1 million a year earlier, and GAAP operating profit of $23.8 million, compared with a $2.1 million operating loss in the prior-year period. The net loss attributable to the company narrowed to $14.6 million, or $0.39 per share, from $111.1 million, or $1.40 per share, and the company said its full-year 2024 outlook is unchanged, which matters to shareholders because it signals the company is holding its earlier financial targets.
Q1 2024 net sales $895.4 million, up 4.3% from $858.1 million in Q1 2023
GAAP operating profit $23.8 million vs. operating loss of $2.1 million a year earlier
Net loss attributable to Diebold Nixdorf $14.6 million, or $0.39 per share, vs. $111.1 million, or $1.40 per share
Full-year 2024 outlook unchanged: adjusted EBITDA of $410 million to $435 million and low single-digit revenue growth
PJT Partners reported record first-quarter 2024 revenues of $329 million, up 65% from a year earlier, with GAAP diluted EPS of $1.22, up 82%. Management said the company reported its second highest revenue quarter ever, and it repurchased 1.5 million share equivalents during the quarter.
Total revenues $329.4 million vs. $200.0 million in Q1 2023; Advisory revenues up 72%
GAAP diluted EPS $1.22 vs. $0.67; Adjusted EPS $0.98 vs. $0.54
GAAP non-compensation expense rose to $46.6 million from $37.8 million, mainly due to higher bad debt expense, occupancy and travel
Cash and short-term investments of $236 million, no funded debt; quarterly dividend of $0.25 per share payable June 20, 2024
Cognex reported first-quarter 2024 revenue of $211 million, up 5% from a year earlier, but operating income fell 36% to $14 million and net income per diluted share fell to $0.07 from $0.15. The company also named Dennis Fehr chief financial officer effective May 3, 2024, and expects second-quarter revenue of $230 million to $245 million.
Q1 2024 revenue was $211 million, up 5% from Q1 2023; excluding the Moritex acquisition and currency effects, revenue declined 3%.
GAAP net income per diluted share was $0.07 versus $0.15 a year earlier; adjusted EPS was $0.11 versus $0.13.
Q2 2024 revenue is expected to be between $230 million and $245 million.
Dennis Fehr was appointed Senior Vice President of Finance and Chief Financial Officer, effective May 3, 2024, succeeding Laura MacDonald as principal financial officer.
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