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).
On May 24, 2024, Roivant subsidiary Dermavant Sciences Ltd. entered into agreements to renegotiate its debt, which the filing says would reduce potential cash payments by over $300 million in aggregate. Roivant will contribute $195 million in preferred equity to Dermavant, and the royalty purchasers and NovaQuest receive about 13.2% of Dermavant's shares, leaving Roivant with about 87% of common and preferred shares after closing. For shareholders, the deal lowers future cash obligations but dilutes Roivant's stake in Dermavant and raises the interest rate on one credit agreement.
Debt Renegotiation expected to reduce potential cash payments by over $300 million in aggregate, with about $225 million achieved over the next three fiscal years.
Roivant to contribute $195 million to Dermavant for convertible preferred shares with a liquidation preference of 1.5 times invested capital.
Credit Agreement maturity extended from May 2026 to May 2028, with the interest rate rising from 10% to 12.25% per annum.
NovaQuest eliminates fixed quarterly payments totaling $176.3 million and milestone payments of up to $141.0 million; remaining payments of $122.5 million run through March 31, 2029.
UiPath reported first quarter fiscal 2025 revenue of $335 million, up 16% year-over-year, and annualized recurring revenue (ARR) of $1.508 billion, up 21%. The company also updated its fiscal 2025 guidance, citing increased deal scrutiny and longer sales cycles for large multi-year deals, and said CEO Rob Enslin is resigning effective June 1, 2024, with founder Daniel Dines returning as CEO.
Q1 fiscal 2025 revenue of $335 million, up 16% year-over-year; ARR of $1.508 billion, up 21%
GAAP operating loss of $49 million vs. $46 million a year earlier; net loss of $28.7 million vs. $31.9 million
Full-year fiscal 2025 revenue guidance of $1.405 billion to $1.410 billion; non-GAAP operating income of approximately $145 million
Rob Enslin resigns as CEO effective June 1, 2024; Daniel Dines re-appointed CEO effective the same date
BJ's Wholesale reported first quarter fiscal 2024 total revenues of $4.92 billion, up 4.1%, but net income fell 4.4% to $111.0 million and diluted EPS declined to $0.83 from $0.85. Operating income dropped 13.9%, and the company said its fiscal 2024 outlook is unchanged.
Total revenues rose 4.1% to $4.92 billion; net sales rose 4.0% to $4.81 billion
Operating income fell 13.9% to $160.8 million; net income fell 4.4% to $111.0 million
Diluted EPS was $0.83 versus $0.85; adjusted EPS was flat at $0.85, excluding a $3.3 million restructuring charge
Company repurchased 405,110 shares for $30.2 million; fiscal 2024 outlook is unchanged
At its May 17, 2024 annual meeting, JetBlue stockholders did not approve the advisory vote on executive compensation or a charter amendment to exculpate officers from breaches of fiduciary duty, while approving increases to two equity plans. The Board expanded to thirteen members and appointed Jesse Lynn and Steven Miller under a February 16, 2024 agreement with Carl C. Icahn. The failed votes are governance signals that shareholders may weigh alongside the board changes.
Say-on-pay advisory vote not approved: 44,124,572 for and 138,718,249 against.
Officer exculpation charter amendment not approved: 165,814,993 for and 16,986,274 against; the filing says it was not approved.
Omnibus plan share limit raised by 15,000,000 to 35,500,000; crewmember stock purchase plan limit raised by 25,000,000 to 52,530,985.
Lynn and Miller joined the Board on May 17, 2024; former CEO Robin Hayes's advisory agreement terminates June 2, 2024.
REX American reported fiscal first quarter 2024 results for the three months ended April 30, 2024. Net sales and revenue fell to $161.2 million from $212.7 million, but net income attributable to REX common shareholders rose to $10.2 million, or $0.58 per diluted share, from $5.2 million, or $0.30 per share, a year earlier. The company also said it has secured rights of way for 100% of its planned carbon pipeline and expects construction of its carbon capture and compression facility to finish in July 2024.
Net sales and revenue were $161.2 million, down from $212.7 million a year earlier, which the company attributed mainly to reduced ethanol and co-product pricing.
Gross profit rose to $14.5 million from $10.2 million, reflecting lower corn and natural gas prices and higher production levels.
Diluted EPS attributable to REX common shareholders was $0.58, compared with $0.30 a year earlier.
As of April 30, 2024, REX had $351.8 million of cash, cash equivalents and short-term investments and no bank debt; capital expenditures on its carbon capture and ethanol expansion projects totaled $78.1 million through the quarter.
Williams-Sonoma reported first-quarter 2024 net revenues of $1.66 billion, down from $1.76 billion a year earlier, with comparable brand revenue down 4.9%. Reported diluted EPS of $4.07 includes a $0.59 per share benefit from a $49 million out-of-period freight expense adjustment; without it, diluted EPS was $3.48, compared with $2.35 a year earlier. The company raised its fiscal 2024 operating margin outlook to 17.6% to 18.0% while reiterating its net revenue growth outlook of -3% to +3%.
Net revenues of $1.66 billion, down from $1.76 billion; comparable brand revenue -4.9%
Operating margin of 19.5% reported, or 16.6% without the out-of-period adjustment
Fiscal 2024 operating margin outlook raised to 17.6% to 18.0%; 17.0% to 17.4% without the adjustment
Returned $107 million to stockholders in the quarter, including $63 million in dividends
Take-Two reported fourth-quarter fiscal 2024 Net Bookings of $1.35 billion, down 3% from a year earlier, and a GAAP net loss of $2.90 billion, or $17.02 per share, driven largely by a $2.18 billion goodwill impairment. The company also gave initial fiscal 2025 guidance of $5.55 to $5.65 billion in Net Bookings and said the Grand Theft Auto VI window has narrowed to the fall of calendar 2025.
Q4 fiscal 2024 GAAP net revenue fell 3% to $1.40 billion; GAAP net loss was $2.90 billion, versus $610.3 million a year earlier
Fiscal 2024 Net Bookings rose 1% to $5.33 billion; GAAP net loss for the year was $3.74 billion, or $22.01 per share
Grand Theft Auto VI release window narrowed to Fall of Calendar 2025, from Calendar 2025, per the filing
Boot Barn reported fourth-quarter fiscal 2024 results, with net sales down 8.7% and diluted EPS of $0.96 versus $1.53 a year earlier, partly reflecting a 14-week prior-year quarter. For the full year, sales rose 0.6% but diluted EPS fell to $4.80 from $5.62, and the company guided to fiscal 2025 sales of $1.766 billion to $1.800 billion and diluted EPS of $4.55 to $4.85.
Q4 net sales fell 8.7% to $388.5 million; consolidated same store sales decreased 5.9%.
Q4 diluted EPS was $0.96, versus $1.53, including a $2.0 million Sheplers trademark impairment.
Fiscal 2024 net sales rose 0.6% to $1.667 billion; diluted EPS was $4.80, versus $5.62.
Fiscal 2025 guidance: sales of $1.766 billion to $1.800 billion and diluted EPS of $4.55 to $4.85; first-quarter diluted EPS of $0.94 to $1.00.
Agilysys reported record fiscal fourth-quarter revenue of $62.2 million, up 17.6% from a year earlier, and record full-year revenue of $237.5 million. Q4 GAAP net income per diluted share fell to $0.11 from $0.14, while the company expects fiscal 2025 revenue of $275 million to $280 million.
Q4 total net revenue rose 17.6% to $62.2 million from $52.9 million a year earlier.
Q4 net income attributable to common shareholders was $3.0 million, or $0.11 per diluted share, versus $3.6 million, or $0.14, a year earlier.
Full-year fiscal 2024 net income was $85.0 million, or $3.17 per diluted share, versus $0.49 a year earlier; adjusted diluted EPS was $1.10 versus $0.97.
For fiscal 2025, the company expects revenue of $275 million to $280 million and Adjusted EBITDA at 16% of revenue.
eBay and its affiliates signed amendments to agreements covering its Adevinta ASA stake. eBay would sell 227,115,592 Adevinta shares for about $2.4 billion in cash and transfer 177,115,591 shares to TopCo in exchange for new TopCo shares. The filing says the changes raise the cash eBay expects at closing by about $270 million but reduce its expected ownership in Adevinta from about 20% to about 18%.
Amendments dated May 10, 2024 change the Bid Conduct Agreement and Transaction Completion Agreement, both originally dated November 21, 2023.
Share sale to BidCo 1 increases to 227,115,592 Adevinta shares for about $2.4 billion in cash.
Shares transferred to TopCo decrease to 177,115,591 in exchange for new TopCo shares.
Expected cash at closing rises by about $270 million, while expected Adevinta ownership falls from about 20% to about 18%.
United Bankshares agreed on May 9, 2024 to acquire Piedmont Bancorp, a Georgia bank holding company with about $2.1 billion in assets and 16 locations, through a merger in which Piedmont shareholders receive 0.300 United shares for each Piedmont share. United expects to issue about 7,756,514 shares, and the company's presentation projects 7.6% EPS accretion in 2025 but 3.5% dilution to tangible book value per share, so shareholders face both earnings and capital effects.
Aggregate transaction value of approximately $267 million, all in United common stock, per the company's exhibit
Fixed exchange ratio of 0.300 United shares per Piedmont share; about 7,756,514 United shares expected to be issued
Piedmont termination fee of $10,690,000 payable in certain circumstances; merger expected to close in the fourth quarter of 2024
Closing requires Piedmont shareholder approval and Federal Reserve approval among other conditions
DNOW reported first-quarter 2024 revenue of $563 million and diluted EPS of $0.19, down from $584 million and $0.28 in the year-earlier quarter. The company raised its full-year 2024 revenue outlook to mid-to-high single digit percentage growth and expects second-quarter revenue to rise 10% to 15% sequentially, while it completed the $185 million Whitco Supply acquisition and ended the quarter with no long-term debt.
Revenue was $563 million in Q1 2024, versus $584 million in Q1 2023.
Net income attributable to DNOW was $21 million, or $0.19 per diluted share, versus $31 million, or $0.28, a year earlier.
Full-year 2024 outlook raised to revenue growth in the mid-to-high single digit percentage range; second-quarter revenue expected to rise 10% to 15% sequentially.
Completed Whitco Supply acquisition for $185 million in cash; cash was $188 million and long-term debt was zero at March 31, 2024.
Innospec reported first-quarter 2024 results for the period ended March 31, 2024. Revenue fell 2% to $500.2 million, while net income rose to $41.4 million, or $1.65 per diluted share, from $33.2 million, or $1.33 per diluted share, a year earlier. The board also declared a semi-annual dividend of $0.76 per share, a 10% increase, payable May 31, 2024 to holders of record on May 20, 2024.
Revenue was $500.2 million, down 2% from $509.6 million a year earlier.
Net income was $41.4 million, or $1.65 per diluted share, versus $33.2 million, or $1.33, a year earlier.
Adjusted non-GAAP EPS was $1.75 per diluted share versus $1.38 a year earlier; cash from operating activities was $80.6 million.
Semi-annual dividend of $0.76 per share, up 10%, payable May 31, 2024 to holders of record on May 20, 2024.
Metallus reported first-quarter 2024 net income of $24.0 million, or $0.52 per diluted share, up from $14.4 million, or $0.30, a year earlier, on net sales of $321.6 million, roughly flat year over year. The company expects second-quarter adjusted EBITDA to be lower than the first quarter's $43.4 million, and its board authorized an additional $100 million share repurchase program on May 6, 2024.
Q1 2024 net income $24.0 million ($0.52 diluted EPS) vs. $14.4 million ($0.30) in Q1 2023; adjusted EPS $0.56 vs. $0.44
Net sales $321.6 million, down 2% from $328.1 million in Q4 2023 and roughly flat vs. $323.5 million in Q1 2023
Second-quarter 2024 adjusted EBITDA expected to be lower than Q1's $43.4 million, with surcharge revenue per ton expected to decline
Board authorized an additional $100 million share repurchase on May 6, 2024; $132.1 million remains under authorizations
PDF Solutions reported first-quarter 2024 revenue of $41.3 million, up 1% from a year earlier, but swung to a GAAP net loss of $0.4 million, or $0.01 per diluted share, from a $0.4 million profit a year earlier. Non-GAAP diluted earnings per share fell to $0.15 from $0.19. Management expects second-half 2024 revenue to grow 20% over the prior-year period and adopted a new $40 million, two-year stock repurchase program in April 2024.
Q1 2024 total revenue was $41.3 million, up 1% from $40.8 million in Q1 2023; Analytics revenue was $38.5 million, up 6%.
GAAP net loss was $0.4 million, or $0.01 per diluted share, versus net income of $0.4 million, or $0.01 per share, in Q1 2023.
Non-GAAP diluted EPS was $0.15, down from $0.19 in Q1 2023; GAAP gross margin was 67%, down from 71%.
CEO John Kibarian said the company continues to expect second-half 2024 revenue to grow 20% over the prior-year period; a new $40 million, 2-year buyback was adopted in April 2024.
CarGurus reported first quarter 2024 results on May 9, 2024. Total revenue fell 7% year over year to $215.8 million, as product revenue dropped 69% and wholesale revenue dropped 36%, while marketplace revenue rose 12% to $187.2 million. GAAP net income rose 80% to $21.3 million and non-GAAP adjusted EBITDA rose 24% to $50.4 million, and the company guided second quarter total revenue to $202 million to $222 million.
Total revenue $215.8 million, down 7%; marketplace revenue $187.2 million, up 12%
GAAP consolidated net income $21.3 million, up 80%; non-GAAP adjusted EBITDA $50.4 million, up 24%
Second quarter 2024 guidance: total revenue $202 million to $222 million; non-GAAP EPS $0.29 to $0.34
Repurchased $81.1 million of shares in the first quarter, representing 3.3% of outstanding capital
NETSCOUT reported fourth-quarter fiscal 2024 revenue of $203.4 million, down from $208.1 million a year earlier, and a GAAP net loss of $32.4 million, or $0.46 per share, which includes a $50.2 million non-cash goodwill impairment charge. Non-GAAP net income rose to $0.55 per share from $0.38, and the company guided fiscal 2025 revenue to $800 million to $830 million, described as flat to slightly down, with GAAP EPS of $0.58 to $0.82.
Q4 fiscal 2024 revenue was $203.4 million versus $208.1 million in Q4 fiscal 2023; GAAP net loss was $32.4 million, or $0.46 per share (diluted)
Full fiscal 2024 revenue was $829.5 million versus $914.5 million in fiscal 2023; GAAP net loss was $147.7 million, or $2.07 per share
Fiscal 2025 outlook: revenue of $800 million to $830 million; GAAP EPS of $0.58 to $0.82; non-GAAP EPS of $2.10 to $2.30
Voluntary Separation Program restructuring charges are estimated at $18 million to $22 million in fiscal 2025
Privia Health reported first quarter 2024 revenue of $415.2 million, up 7.5% from a year earlier, and reiterated its full-year 2024 guidance. GAAP net income fell to $3.0 million from $7.3 million and operating income fell to $0.8 million from $6.7 million, while non-GAAP adjusted EBITDA rose 18.1% to $19.9 million. Stock-based compensation was $11.9 million, up from $5.4 million, and the company did not change its outlook.
Total revenue was $415.2 million versus $386.3 million in Q1 2023, up 7.5%
Operating income was $0.8 million versus $6.7 million; net income was $3.0 million versus $7.3 million
Non-GAAP adjusted net income rose 16.6% to $22.5 million; adjusted EBITDA rose 18.1% to $19.9 million
Full-year 2024 guidance was reiterated, including GAAP revenue of $1,600 million to $1,675 million and adjusted EBITDA of $85 million to $90 million
First Advantage reported first quarter 2024 revenue of $169.4 million, down 3.5% from a year earlier, and a GAAP net loss of $2.9 million, compared with net income of $1.9 million in the same quarter of 2023. The results include $11.1 million of costs related to the pending Sterling acquisition, and adjusted diluted EPS fell to $0.17 from $0.19. The company reaffirmed its full-year 2024 guidance for standalone First Advantage, which excludes Sterling.
Revenues were $169.4 million, down 3.5% from $175.5 million in Q1 2023.
GAAP net loss was $2.9 million, or $(0.02) per diluted share, including $11.1 million of Sterling acquisition costs.
Adjusted diluted EPS was $0.17, down from $0.19; adjusted EBITDA was $46.6 million, down 4.1%.
Full-year 2024 guidance reaffirmed: revenues of $750 million to $800 million and adjusted diluted EPS of $0.88 to $0.98.
STERIS reported fiscal 2024 fourth-quarter revenue up 10% to $1.5 billion and full-year revenue up 12% to $5.5 billion, and announced a targeted restructuring plan with approximately $100 million in pre-tax charges. The fourth-quarter U.S. GAAP result was a net loss of $1.4 million, or $0.01 per diluted share, compared with net income of $187.2 million a year earlier, as results were negatively impacted by a $206.4 million pre-tax loss tied to the Dental segment and $44.4 million of restructuring charges. The company expects fiscal 2025 adjusted earnings per diluted share of $9.05 to $9.25, compared with $8.20 in fiscal 2024.
Q4 fiscal 2024 revenue rose 10% to $1.5 billion; Q4 U.S. GAAP net loss was $1.4 million, or $0.01 per diluted share, versus net income of $187.2 million a year earlier.
Full-year fiscal 2024 U.S. GAAP EPS was $3.81, up from $1.07; adjusted EPS was $8.83, up from $8.20.
Restructuring plan carries about $100 million in pre-tax charges, with $44.4 million recorded in Q4 and the balance in fiscal 2025; about $50 million is non-cash.
Fiscal 2025 outlook calls for revenue from continuing operations to rise 6.5% to 7.5% and adjusted EPS of $9.05 to $9.25.
Crane NXT reported first-quarter 2024 net sales of $313.6 million, down 4.7% from a year earlier, with GAAP EPS of $0.66 versus $0.77 and Adjusted EPS of $0.85 versus $0.98. It completed the $270 million cash acquisition of OpSec Security on May 3, 2024, and raised full-year 2024 sales growth guidance to 5% to 8% from -1% to +3%, while reaffirming Adjusted EPS guidance of $4.10 to $4.35.
Q1 2024 net sales were $313.6 million, down $15.5 million or 4.7%; core sales fell 4.2%, mainly from lower volumes at Crane Payment Innovations.
GAAP EPS was $0.66 versus $0.77; Adjusted EPS was $0.85 versus $0.98.
Full-year 2024 sales growth guidance was raised to 5% to 8% from -1% to +3%, reflecting the OpSec acquisition; Adjusted EPS guidance of $4.10 to $4.35 was unchanged.
Quarterly dividend of $0.16 per share declared, payable June 12, 2024 to holders of record as of May 31, 2024.
QuinStreet reported fiscal third-quarter 2024 results for the period ended March 31, 2024. Revenue fell from $172.7 million a year earlier and the GAAP net loss widened to $7.0 million, or $(0.13) per diluted share, from $479 thousand, or $(0.01) per share. The company guided fiscal fourth-quarter revenue to $180 million to $190 million and adjusted EBITDA to $10 million to $11 million, which the filing says would be above year-ago levels.
Q3 revenue was $168.6 million, down from $172.7 million a year earlier.
GAAP net loss was $(7.0) million, or $(0.13) per diluted share; adjusted net income was $3.4 million, or $0.06 per diluted share.
Adjusted EBITDA was $7.9 million, versus $9.0 million a year earlier.
Fiscal Q4 outlook: revenue of $180 million to $190 million and adjusted EBITDA of $10 million to $11 million.
Sunrun reported first-quarter 2024 revenue of $458.2 million, down 22% from a year earlier, as more customers chose subscription agreements that recognize revenue over time. Net loss attributable to common stockholders narrowed to $87.8 million, or $0.40 per share, from $240.4 million, or $1.12 per share, a year earlier. The company cut its full-year 2024 solar installation and value-generated guidance while reiterating its cash generation target, which matters to shareholders because the revenue decline and lower guidance weigh against the narrower loss.
Total revenue was $458.2 million, down $131.6 million or 22% from Q1 2023; customer agreements and incentives revenue rose 31% to $323.0 million.
Net loss attributable to common stockholders was $87.8 million, or $0.40 per share, versus $240.4 million, or $1.12 per share, in Q1 2023.
Full-year 2024 Solar Energy Capacity Installed guidance was cut to a 15% decline to flat growth, from -5% to +5%.
Cash Generation was negative $311 million in Q1; management reiterated a $200 million to $500 million annualized run-rate target for Q4 2024.
Fox Corporation reported fiscal third-quarter results for the three months ended March 31, 2024. Revenue fell to $3.45 billion from $4.08 billion a year earlier, mainly because the prior year included the Super Bowl LVII broadcast, while net income attributable to Fox stockholders rose to $666 million ($1.40 per share) from a loss of $54 million.
Total revenues were $3.45 billion versus $4.08 billion in the prior-year quarter; advertising revenue fell to $1.24 billion from $1.88 billion.
Net income attributable to Fox Corporation stockholders was $666 million ($1.40 per share), compared with a net loss of $54 million ($(0.10) per share), helped by the absence of prior-year legal settlement charges at FOX News Media and a ga
Adjusted EBITDA was $891 million, up $58 million or 7%, as expenses decreased.
As of March 31, 2024, the company had a remaining share repurchase authorization of up to $1.65 billion.
Griffon reported fiscal second-quarter 2024 revenue of $672.9 million, down 5% from the prior year, while net income was $64.1 million, or $1.28 per diluted share, compared with a net loss of $62.3 million a year earlier. The company raised its full-year 2024 segment EBITDA guidance to $555 million from $525 million and its revenue outlook to $2.65 billion from $2.6 billion, which would benefit shareholders if achieved.
Q2 revenue was $672.9 million, down 5% from $711.0 million in the prior year quarter.
Net income was $64.1 million, or $1.28 per diluted share, versus a net loss of $62.3 million, or $1.17 per share, a year earlier.
Adjusted earnings per share were $1.35, compared with $1.21 in the prior year quarter.
2024 outlook: segment adjusted EBITDA raised to $555 million from $525 million; revenue raised to $2.65 billion from $2.6 billion.
Reynolds Consumer Products reported first-quarter 2024 net income of $49 million, up from $17 million a year earlier, and diluted EPS of $0.23 versus $0.08. Net revenues fell 5% to $833 million from $874 million, and the company raised its full-year 2024 net income outlook while reiterating its net revenue and Adjusted EBITDA outlook. Shareholders get higher profit and a higher net income outlook, but revenue is declining and the second-quarter revenue outlook is below the prior-year level.
Q1 2024 net revenues were $833 million vs. $874 million in Q1 2023; retail net revenues fell 3% to $794 million.
Q1 net income was $49 million vs. $17 million; Adjusted EBITDA was $122 million vs. $82 million.
Full-year 2024 net income outlook raised to $341 million to $357 million from $331 million to $347 million; EPS outlook raised to $1.62 to $1.70 from $1.57 to $1.65.
Board approved a quarterly dividend of $0.23 per share, payable May 31, 2024, to holders of record as of May 17, 2024.
Kyndryl reported fourth-quarter fiscal 2024 revenue of $3.8 billion, down 10% year over year, as it reduced inherited no-margin and low-margin third-party content in customer contracts. The net loss narrowed to $45 million from $737 million a year earlier, and adjusted pretax income rose to $30 million from an adjusted loss of $61 million. For fiscal 2025, the company expects constant-currency revenue growth of (2%) to (4%) and adjusted pretax income of at least $435 million.
Q4 revenue $3.8 billion, down 10% (9% in constant currency); net loss $45 million, or ($0.20) per diluted share, versus $737 million, or ($3.24), a year earlier
Q4 adjusted pretax income $30 million, versus an adjusted pretax loss of $61 million in the prior-year quarter
Fiscal 2024 revenue $16.1 billion, down 6%; net loss $340 million, or ($1.48) per diluted share; adjusted free cash flow $291 million
Fiscal 2025 outlook: revenue growth of (2%) to (4%) in constant currency and adjusted pretax income of at least $435 million, versus $165 million in fiscal 2024
Red Rock Resorts reported first quarter 2024 results, with net revenues up 12.7% to $488.9 million and Adjusted EBITDA up 7.7% to $209.1 million. Net income fell 8.4% to $78.4 million, and diluted earnings per share were $0.68 versus $0.75 a year earlier, so top-line growth did not carry through to bottom-line profit for shareholders.
Net revenues were $488.9 million, up $55.3 million from $433.6 million in Q1 2023
Net income was $78.4 million, down $7.2 million from $85.5 million; diluted EPS was $0.68 versus $0.75
Loss on extinguishment/modification of debt was $14.4 million; interest expense, net was $57.2 million
Board declared a $0.25 per Class A share dividend payable June 28, 2024 to holders of record on June 14, 2024
Reddit reported first-quarter 2024 results, with revenue up 48% year-over-year to $243.0 million and a net loss of $575.1 million, compared with $60.9 million a year earlier. The company said the loss was driven by stock-based compensation and related taxes of $595.5 million tied to IPO charges, while Adjusted EBITDA swung to a profit of $10.0 million. The filing also added Sarah Farrell to the board and gave second-quarter revenue and Adjusted EBITDA ranges.
Q1 2024 revenue was $243.0 million, up 48% year-over-year; advertising revenue was $222.7 million, up 39%
Net loss was $575.1 million versus $60.9 million in Q1 2023, driven by $595.5 million of stock-based compensation and related taxes tied to IPO charges
Adjusted EBITDA was $10.0 million versus a loss of $(50.2) million a year earlier; operating cash flow was $32.1 million
Q2 2024 estimates: revenue of $240 million to $255 million and Adjusted EBITDA of $0 to $15 million; Sarah Farrell joined the board May 2, 2024
Cirrus Logic reported fiscal fourth-quarter 2024 revenue of $371.8 million, above the top end of its guidance range, and GAAP earnings per share of $0.81 compared with a loss of $0.97 a year earlier. Revenue fell 40 percent from the prior quarter, and the company guided June quarter revenue to $290 million to $350 million, which is down 14 percent sequentially at the midpoint.
Q4 FY24 revenue of $371.8 million, down 40 percent quarter over quarter and approximately flat year over year
Q4 GAAP diluted EPS of $0.81 versus a loss of $0.97 a year earlier; non-GAAP EPS of $1.24 versus $0.92
FY24 revenue of $1.79 billion, down six percent; GAAP EPS of $4.90 versus $3.09
Q1 FY25 guidance: revenue of $290 million to $350 million and GAAP gross margin of 49 to 51 percent
Berkshire Hathaway reported first-quarter 2024 net earnings attributable to shareholders of $12.7 billion, down from $35.5 billion a year earlier, mainly because of investment swings. Operating earnings, which exclude investment gains and losses, rose to $11.2 billion from $8.1 billion. Shareholders also met on May 4, 2024, and rejected all six shareholder proposals.
Q1 2024 net earnings: $12.7 billion, versus $35.5 billion in Q1 2023
Q1 2024 operating earnings: $11.2 billion, versus $8.1 billion in Q1 2023
Investment losses included about $9.7 billion of unrealized losses on equity holdings in Q1 2024
All six shareholder proposals were voted down at the May 4, 2024 annual meeting
Energizer reported fiscal second-quarter 2024 results for the period ended March 31, 2024. Net sales fell 3.0% to $663.3 million, while GAAP diluted EPS dropped to $0.45 from $0.55 and adjusted diluted EPS rose to $0.72 from $0.64. The company reaffirmed its fiscal 2024 outlook for adjusted EPS of $3.10 to $3.30 and adjusted EBITDA of $600 million to $620 million.
Net sales were $663.3 million versus $684.1 million a year earlier; organic net sales declined 2.7%.
GAAP net earnings were $32.4 million versus $40.0 million, after restructuring charges of $23.4 million versus $7.5 million.
Adjusted diluted EPS was $0.72 versus $0.64; adjusted EBITDA was $142.5 million versus $139.5 million.
Fiscal 2024 outlook for adjusted EPS ($3.10 to $3.30) and adjusted EBITDA ($600 million to $620 million) was reaffirmed.
AECOM reported second-quarter fiscal 2024 results for the quarter ended March 31, 2024, with revenue up 13% to $3.9 billion, while net income from continuing operations fell 6% to $111 million and diluted EPS fell 4% to $0.81 as reported. The company raised its fiscal 2024 adjusted EBITDA guidance, which matters to shareholders because it signals management's confidence in the full year despite a $103 million loss from discontinued operations.
Revenue rose 13% to $3.9 billion; net service revenue rose 8% to $1.8 billion.
Fiscal 2024 adjusted EBITDA guidance raised to between $1,070 million and $1,105 million; adjusted EPS guidance is $4.35 to $4.55.
As-reported diluted EPS fell 4% to $0.81; a $103 million loss related to the 2021 civil construction business sale was recorded in discontinued operations.
The company returned $145 million to shareholders in the first half of fiscal 2024 through share repurchases and dividends.
Atmus reported first-quarter 2024 results with net sales up about 2% to $427 million, while net income fell to $46 million from $53 million and diluted EPS fell to $0.54 from $0.63. The company reaffirmed its full-year 2024 guidance and said Cummins completed the divestiture of its remaining Atmus shares on March 18, 2024, fully separating the two companies.
Net sales of $427 million vs. $419 million a year earlier, driven by pricing and favorable currency, partly offset by lower volume
Net income of $46 million and diluted EPS of $0.54, down from $53 million and $0.63; adjusted EPS of $0.60 vs. $0.67
2024 guidance reaffirmed: revenue of $1,610 million to $1,675 million and adjusted EPS of $2.10 to $2.35
Operating cash flow was negative $8 million vs. positive $43 million a year earlier, mainly due to working capital and incentive payments
Interface reported first-quarter 2024 net sales of $289.7 million, down 2.0% from a year earlier, while GAAP and adjusted earnings per share rose to $0.24 from a GAAP loss of $0.01 a year earlier. The company raised its full-year 2024 net sales guidance to $1.29 billion to $1.31 billion, which matters to shareholders because it signals management's updated view of the year's top line.
Q1 2024 net sales were $289.7 million, down 2.0% from $295.8 million; currency neutral orders rose 5.1%.
GAAP net income was $14.2 million, or $0.24 per diluted share, versus a GAAP net loss of $0.7 million, or $0.01 per share, in Q1 2023.
Gross profit margin was 38.1%, up 569 basis points year-over-year, driven mainly by input cost deflation and higher prices.
Full-year 2024 net sales guidance is $1.29 billion to $1.31 billion; Q2 2024 net sales guidance is $335 million to $345 million.
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.
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.
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
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
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.
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%.
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
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.
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.
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.
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
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
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