385 material Form 8-K filings that 334 companies we cover made with the SEC in July 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 second quarter 2024 results with net sales of $4.6 billion, up 5.8% from a year earlier, and operating income of $440.8 million, up from $100.3 million. Diluted GAAP earnings per share were $1.37, compared with $0.25 in the prior-year quarter, and the company said Europe and Mexico both improved. The results show a sharp rise in profit for shareholders, though the filing gives no outlook for future periods.
Net sales were $4,559.3 million for the quarter ended June 30, 2024, up 5.8% from $4,308.1 million.
Operating income was $440.8 million, compared with $100.3 million a year earlier.
GAAP net income was $326.5 million, or $1.37 per diluted share, versus $0.25 per diluted share in the prior-year quarter; the company also reported adjusted EPS of $1.67.
Aflac reported second-quarter 2024 net earnings of $1.8 billion, or $3.10 per diluted share, up from $2.71 a year earlier, while total revenues fell 0.7% to $5.1 billion. Adjusted earnings per diluted share rose 15.8% to $1.83, and the board declared a $0.50 third-quarter dividend. Shareholders benefit from higher profit per share and $800 million in share repurchases, though the company's net earnings included $696 million in net investment gains.
Net earnings $1.8 billion, or $3.10 per diluted share, vs. $2.71 a year ago
Total revenues $5.1 billion, vs. $5.2 billion in Q2 2023
Adjusted earnings per diluted share $1.83, up 15.8%; net investment gains of $696 million included in net earnings
$800 million used to repurchase 9.3 million shares; third-quarter dividend of $0.50 per share payable September 2, 2024
The Hanover Insurance Group reported second-quarter 2024 net income of $40.5 million, or $1.12 per diluted share, compared with a net loss of $69.2 million a year earlier. Operating income was $68.1 million, or $1.88 per diluted share, versus an operating loss of $68.3 million in the prior-year quarter, and the combined ratio improved to 99.2% from 111.3%. Shareholders should note that net realized investment losses of $30.4 million, from selling lower-coupon fixed income securities, reduced net income relative to operating income.
Net income of $40.5 million, or $1.12 per diluted share, vs. a net loss of $69.2 million, or $1.94 per basic share, in Q2 2023
Operating income of $68.1 million, or $1.88 per diluted share, vs. an operating loss of $68.3 million in Q2 2023
Combined ratio of 99.2% vs. 111.3%; catastrophe losses of $157.1 million, or 10.7 points
Net premiums written rose 5.1% to $1,521.1 million; book value per share was $70.96 at June 30, 2024
City Holding Company (CHCO) appointed retired Major General James A. Hoyer to its Board of Directors effective July 31, 2024, increasing the board from 13 to 14 directors. Hoyer also joined the board of its subsidiary, City National Bank of West Virginia, and will stand for election by shareholders at the April 2025 annual meeting.
Hoyer is named as a Class II director, with a term expiring at the 2028 annual meeting
Board size increases from 13 to 14 directors
Hoyer has not been appointed to any board committees as of the filing date
Compensation will follow the company's standard non-employee director arrangements disclosed in its 2024 proxy statement
United States Lime & Minerals reported second quarter 2024 revenue of $76.5 million, up 3.5% from $74.0 million a year earlier, and net income of $26.1 million, or $0.91 per diluted share, versus $19.7 million, or $0.69, in the prior-year quarter. Higher average selling prices offset lower sales volumes, which the company attributed to weaker construction demand from weather-related project delays. The board also declared a regular quarterly cash dividend of $0.05 per share.
Q2 2024 revenue of $76.5 million, up $2.6 million or 3.5% from $74.0 million in Q2 2023
Q2 2024 net income of $26.1 million ($0.91 per diluted share) vs. $19.7 million ($0.69) a year earlier
Sales volumes fell on lower construction demand; higher average selling prices partly offset the decline
Quarterly cash dividend of $0.05 per share, payable September 13, 2024, to holders of record August 23, 2024
Q2 Holdings entered a five-year secured revolving credit agreement on July 29, 2024, with Wells Fargo Bank, Wells Fargo Securities and Texas Capital Bank, providing a $125.0 million revolving line of credit. As of July 31, 2024, no amounts had been drawn, and the facility is secured by substantially all assets of Q2 and its subsidiary Q2 Software, Inc.
$125.0 million revolving credit line with a five-year term, dated July 29, 2024
No amounts drawn as of July 31, 2024
Borrowings priced at 1.75% to 2.50% per annum over Adjusted Term SOFR, with a commitment fee of 0.15% to 0.30%
Includes financial covenants that take effect if liquidity falls below specified levels
Antero Midstream reported second quarter 2024 results for the period ended June 30, 2024. Revenue rose to $270 million from $258 million a year earlier, and adjusted net income per diluted share rose 5% to $0.23, while GAAP net income of $86 million ($0.18 per diluted share) was in line with the prior year quarter.
Revenue was $270 million for the quarter, up from $258 million in the prior year quarter.
Net income was $86 million, or $0.18 per diluted share, in line with the prior year quarter.
Adjusted net income was $110 million, or $0.23 per diluted share, a 5% per share increase (non-GAAP).
Free cash flow after dividends was $43 million, a 41% increase; leverage was 3.1x as of June 30, 2024.
Antero Resources reported a second quarter 2024 net loss of $66 million, compared with a net loss of $83 million in the year-ago quarter, and Adjusted EBITDAX of $151 million, up from $113 million. The company raised its full-year 2024 production guidance to 3.375 to 3.425 Bcfe/d and its C3+ NGL realized price guidance, citing higher liquids volumes and stronger well performance.
Q2 2024 net loss was $66 million versus $83 million in Q2 2023; Adjusted Net Loss was $60 million (non-GAAP).
Adjusted EBITDAX rose to $151 million from $113 million, and net cash from operating activities was $143 million.
Full-year 2024 production guidance was raised to 3.375 to 3.425 Bcfe/d, and C3+ NGL realized price guidance was raised to a $1.00 to $2.00 per barrel premium to Mont Belvieu.
S&P upgraded Antero to BBB- on May 15, 2024, and on July 30, 2024 the company entered a new unsecured credit facility with $1.65 billion in lender commitments.
Host Hotels & Resorts reported second-quarter 2024 revenue of $1.466 billion, up 5.2%, and net income of $242 million, up 13.1%, with diluted EPS of $0.34 versus $0.29. The company lowered its full-year 2024 guidance, citing a slower Maui recovery and moderating leisure demand, which lowers the midpoints of net income and Adjusted EBITDAre for shareholders.
Q2 2024 revenue was $1.466 billion, up 5.2%, and comparable hotel RevPAR rose 0.1%.
Q2 net income was $242 million, up 13.1%, helped by $53 million more in insurance settlement gains than in Q2 2023.
Full-year 2024 net income guidance is $683 million to $741 million, a $35 million cut at the midpoint versus the prior range of $719 million to $775 million.
Full-year 2024 diluted EPS guidance is $0.95 to $1.03, down $0.05 at the midpoint from $1.00 to $1.08.
J.B. Hunt Transport Services disclosed in a July 31, 2024 Form 8-K that director Patrick Ottensmeyer died on July 28, 2024. He had joined the board earlier in 2024 and was serving on the Compensation Committee and the Nominating and Corporate Governance Committee. The filing is a board-composition change rather than a business or financial update.
Director Patrick Ottensmeyer passed away on July 28, 2024.
He joined the board earlier in 2024 after a career in the rail industry.
He was serving on the Compensation Committee and the Nominating and Corporate Governance Committee.
Service Corporation International reported second quarter 2024 revenue of $1,034.0 million, up $20.6 million from a year earlier, but diluted earnings per share fell to $0.81 from $0.86. The company said full-year 2024 adjusted earnings per share will likely be at the lower end of its $3.50 to $3.80 guidance range because funeral services performed fell below expectations, while it kept its operating cash flow guidance midpoint.
Q2 2024 revenue $1,034.0 million vs. $1,013.4 million in Q2 2023
Diluted EPS $0.81 vs. $0.86; adjusted EPS $0.79 vs. $0.83
2024 adjusted EPS now expected at lower end of $3.50 to $3.80 range; prior guidance unchanged
Net cash from operating activities $196.9 million vs. $144.1 million a year earlier
Q2 Holdings reported second-quarter 2024 revenue of $172.9 million, up 12% year-over-year, and a GAAP net loss of $13.1 million, narrower than the $23.6 million loss a year earlier. The company raised its full-year 2024 outlook for revenue and adjusted EBITDA, with non-GAAP revenue now guided to $688.5 million to $692.5 million. For shareholders, the filing shows higher sales and profitability on a non-GAAP basis, though the company still reported a GAAP net loss for the quarter.
Q2 2024 revenue was $172.9 million, up 12% year-over-year and up 4% from the first quarter of 2024.
GAAP net loss for Q2 2024 was $13.1 million, compared with $23.6 million in the prior-year quarter.
Adjusted EBITDA for Q2 2024 was $29.9 million, up from $17.6 million a year earlier, a 17.3% margin.
Full-year 2024 non-GAAP revenue guidance is $688.5 million to $692.5 million, and adjusted EBITDA guidance is $116.5 million to $119.5 million.
MetLife reported second quarter 2024 net income of $912 million, or $1.28 per share, up from $370 million, or $0.48 per share, a year earlier. Adjusted earnings rose 9 percent to $1.6 billion, or $2.28 per share, while premiums, fees and other revenues were essentially flat at $13.5 billion. For shareholders, the higher earnings are offset in part by book value per share, which fell 5 percent to $33.30.
Net income of $912 million, or $1.28 per share, versus $370 million, or $0.48 per share, in Q2 2023
Adjusted earnings of $1.6 billion, or $2.28 per share, up 18 percent per share from $1.94
Book value per share of $33.30, down 5 percent from $34.92 at June 30, 2023
Group Benefits adjusted earnings rose 43 percent to $533 million
The Cheesecake Factory reported second-quarter fiscal 2024 results, with revenue of $904.0 million and net income of $52.4 million, both up from the year-earlier quarter. Diluted earnings per share were $1.08, compared with $0.87 a year earlier. The Board also declared a quarterly dividend of $0.27 per share, payable August 27, 2024.
Total revenues were $904.0 million, up from $866.2 million in the second quarter of fiscal 2023.
Net income was $52.4 million, or $1.08 per diluted share, versus $42.7 million, or $0.87 per diluted share, a year earlier.
Comparable restaurant sales at The Cheesecake Factory restaurants rose 1.4% year over year.
The quarterly dividend is $0.27 per share, with a record date of August 14, 2024 and payment on August 27, 2024.
New York Mortgage Trust (Nasdaq: NYMT) reported a second-quarter 2024 net loss attributable to common stockholders of $26.0 million, or $0.29 per share, narrower than the $37.2 million loss a year earlier and the $68.3 million loss in the first quarter. Net interest income rose to $19.0 million from $15.1 million, but book value per common share fell to $9.69 from $12.44 a year earlier, and the common dividend was $0.20 per share versus $0.30. The filing names New York Mortgage Trust as the registrant, not Adamas Trust as stated in the request.
Net loss to common stockholders of $26.0 million ($0.29 per share) for the three months ended June 30, 2024, vs. $37.2 million ($0.41 per share) a year earlier
Net loss to common stockholders of $68.3 million in the first quarter of 2024 ($0.75 per share)
Net interest income of $19.0 million vs. $15.1 million in the second quarter of 2023
Book value per common share of $9.69 at June 30, 2024, down from $10.21 at March 31, 2024 and $12.44 at June 30, 2023; conference call set for August 1, 2024 at 9:00 a.m. Eastern
Rush Street Interactive reported second-quarter 2024 revenue of $220.4 million, up 34% from a year earlier, and its net loss narrowed to $0.3 million from $16.7 million. The company raised its full-year 2024 Adjusted EBITDA guidance to $64 million to $72 million and its revenue guidance to $860 million to $900 million, which points to stronger expected profitability for shareholders.
Q2 2024 revenue was $220.4 million, up 34% from $165.1 million in Q2 2023.
Net loss was $0.3 million versus $16.7 million a year earlier; Adjusted EBITDA was $21.4 million versus $1.2 million.
2024 revenue guidance is $860 million to $900 million, with the midpoint raised by $45 million; Adjusted EBITDA guidance is $64 million to $72 million, with the midpoint raised by $13 million.
Unrestricted cash and cash equivalents were $194 million as of June 30, 2024.
Eversource Energy reported second-quarter 2024 GAAP earnings of $335.3 million, or $0.95 per share, up from $15.4 million, or $0.04 per share, a year earlier. The prior-year period included a $331.0 million impairment of its offshore wind investment, and operating revenues fell to $2.53 billion from $2.63 billion. The company reaffirmed its 2024 non-GAAP earnings projection of $4.50 to $4.67 per share, and said it closed the Sunrise Wind sale and expects to close the Revolution and South Fork Wind sales later this quarter.
Q2 2024 GAAP EPS was $0.95 ($335.3 million) versus $0.04 ($15.4 million) in Q2 2023, which included a $331.0 million offshore wind impairment.
Excluding charges, Q2 EPS was $0.95 in 2024 versus $1.00 in 2023, according to the earnings slides.
Operating revenues were $2.53 billion for the quarter, compared with $2.63 billion a year earlier.
The 2024 non-GAAP EPS projection of $4.50 to $4.67 was reaffirmed; a webcast with management is set for August 1, 2024.
C.H. Robinson reported second-quarter 2024 results for the quarter ended June 30, 2024. Diluted EPS rose 29.6% to $1.05, income from operations rose 34.3% to $178.1 million, and total revenues rose 1.4% to $4.5 billion, while cash generated from operations fell $58.4 million to $166.4 million.
Diluted EPS of $1.05, up 29.6%; adjusted EPS of $1.15, up 25.0%
Income from operations of $178.1 million, up 34.3%; total revenues of $4.5 billion, up 1.4%
Cash generated from operations of $166.4 million, down $58.4 million year over year
Restructuring-related adjustments of $15.2 million in the quarter, including $9.4 million for workforce reductions
Republic Services and its subsidiary USE Canada Holdings entered a Second Amended and Restated Credit Agreement on July 26, 2024, with Bank of America as administrative agent. The unsecured facility provides lender commitments of up to $3.5 billion and replaces the company's prior credit agreement dated August 17, 2021. The filing does not report any drawn balance, and the new terms matter to shareholders mainly as a description of the company's borrowing capacity and covenants.
Aggregate lender commitments of up to $3.5 billion; Canadian dollar loans capped at $1.0 billion within that total
Facility is unsecured and matures in July 2029, with two possible one-year extensions
Company may add up to $1.0 billion of commitments from existing or new lenders, subject to conditions
Covenant requires total debt to EBITDA not to exceed a maximum ratio; dividends and buybacks permitted if in compliance
Enact Holdings reported second quarter 2024 net income of $184 million, or $1.16 per diluted share, up from $161 million in the first quarter and $168 million a year earlier. Primary insurance in force reached a record $266 billion, and the company now expects total 2024 capital returns of $300 million to $350 million. The quarter benefited from a $77 million reserve release, and results also included about $3 million of one-time restructuring costs.
Net income of $184 million, or $1.16 per diluted share, versus $161 million, or $1.01, in Q1 2024 and $168 million, or $1.04, in Q2 2023
Adjusted operating income of $201 million, or $1.27 per diluted share
2024 capital return now expected between $300 million and $350 million; quarterly dividend of $0.185 per share payable September 9, 2024
A $77 million reserve release drove losses incurred to $(17) million and a loss ratio of (7)%
Park Hotels & Resorts reported second-quarter 2024 net income of $67 million, compared with a net loss of $146 million a year earlier, when results included a $203 million impairment and casualty loss. Total revenues fell 4.0% to $686 million, and the company lowered the midpoint of its full-year 2024 Comparable RevPAR growth outlook, while its diluted EPS outlook midpoint rose slightly.
Q2 2024 diluted EPS was $0.30, versus a loss of $0.70 in Q2 2023; Q2 total revenues fell 4.0% to $686 million.
Comparable RevPAR rose 2.0% to $194.90 in Q2 2024.
Full-year 2024 Comparable RevPAR change outlook is now 3.5% to 4.5%, down from 4.0% to 5.5%; diluted EPS outlook is $0.69 to $0.83, versus $0.66 to $0.85 previously.
Board declared a $0.25 per share Q3 2024 dividend payable October 15, 2024; the company repurchased about 1.7 million shares for $25 million in June 2024.
Kyndryl reported first-quarter fiscal 2025 revenue of $3.74 billion, down 11% year over year, as it reduced low-margin third-party content in customer contracts. Net income was $11 million, or $0.05 per diluted share, compared with a net loss of $141 million a year earlier, and the company raised its fiscal 2025 adjusted pretax income and adjusted EBITDA margin outlook while reaffirming its constant-currency revenue decline outlook of (2%) to (4%).
Revenue of $3.74 billion, down 11% year over year and 8% in constant currency
Net income of $11 million, or $0.05 per diluted share, versus a net loss of $141 million a year earlier; adjusted pretax income of $92 million, up 96%
Adjusted pretax income outlook for fiscal 2025 raised to at least $460 million from at least $435 million
Constant-currency revenue outlook of (2%) to (4%) reaffirmed; company expects year-over-year revenue growth in the fourth quarter
Cognex reported second-quarter 2024 revenue of $239 million, down 1% from a year earlier, with GAAP diluted earnings per share of $0.21 versus $0.33 in Q2 2023. Its Q3 2024 revenue outlook of $225 million to $240 million implies a slight sequential decline, and the board declared a $0.075 quarterly dividend.
Q2 2024 revenue was $239 million, down from $243 million in Q2 2023; operating income fell 41% to $38 million
GAAP diluted EPS was $0.21 versus $0.33 a year earlier; adjusted diluted EPS was $0.23
Q3 2024 revenue is expected between $225 million and $240 million
Quarterly dividend of $0.075 per share is payable August 29, 2024, to holders of record on August 15, 2024
Genworth Financial reported second-quarter 2024 results on July 31, 2024. Net income available to common stockholders was $76 million, or $0.17 per diluted share, down from $139 million in the prior quarter, while adjusted operating income rose to $125 million, or $0.28 per diluted share, from $85 million. The mixed picture matters to shareholders because GAAP profit fell while the company's non-GAAP measure improved, and the results were driven by Enact and offset by losses in long-term care insurance and net investment losses.
Net income available to common stockholders was $76 million ($0.17 per diluted share) in Q2 2024, versus $139 million in Q1 2024.
Adjusted operating income was $125 million ($0.28 per diluted share), versus $85 million in Q1 2024 and $85 million in Q2 2023.
Net investment losses, net of taxes, reduced net income by $48 million in the quarter.
Company repurchased $36 million of common stock in the quarter; $111 million executed year-to-date through July 31, 2024.
FICO reported third-quarter fiscal 2024 revenue of $447.8 million, up from $398.7 million a year earlier, and raised its full-year 2024 revenue and EPS guidance. GAAP diluted EPS was $5.05, down slightly from $5.08, and the company said the prior-year quarter included a large one-time favorable expense adjustment.
Q3 fiscal 2024 revenue was $447.8 million versus $398.7 million in the prior year period.
GAAP diluted EPS was $5.05 versus $5.08; non-GAAP diluted EPS was $6.25 versus $5.66.
Full-year 2024 revenue guidance was raised to $1.700 billion from $1.690 billion; GAAP EPS guidance to $19.90 from $19.70.
Net cash from operating activities was $213.3 million versus $122.6 million in the prior year quarter.
Innoviva reported second quarter 2024 results on July 31, 2024. Total revenue rose to $99.9 million from $81.0 million a year earlier, but the company posted a net loss of $34.7 million, or $(0.55) per share, compared with net income of $1.3 million, or $0.02 per share, in the second quarter of 2023. The company attributed the loss mainly to unfavorable changes in the fair value of its equity and long-term investments, primarily from a lower share price of Armata Pharmaceuticals.
Total revenue was $99.9 million versus $81.0 million in Q2 2023; net product sales were $21.7 million, up from $15.7 million.
Net loss was $34.7 million, or $(0.55) per share, versus net income of $1.3 million, or $0.02 per share, a year earlier.
Unfavorable fair value change in equity and long-term investments was $90.7 million, mainly from lower Armata Pharmaceuticals share price.
Gross royalty revenue from GSK was $67.2 million, and the company completed its $100 million share repurchase program during the quarter.
EZCORP reported results for the quarter ended June 30, 2024, with total revenues up 10% to $281.4 million and diluted earnings per share of $0.25, up from $0.24. Net income was $18.0 million, compared with $18.2 million a year earlier. The company also reported that pawn loans outstanding rose 14% to $261.7 million.
Total revenues rose 10% to $281.4 million; gross profit rose 12% to $166.7 million.
Diluted EPS was $0.25 versus $0.24; net income was $18.0 million versus $18.2 million.
On an adjusted basis, diluted EPS was $0.23 versus $0.20, and adjusted net income rose $2.2 million or 14%.
Company repurchased $3.0 million of shares in the quarter and settled convertible notes after quarter end for $34.4 million in cash and 77,328 shares.
Employers Holdings reported second quarter 2024 results, with net income per diluted share of $1.25 versus $1.30 a year earlier and adjusted net income per diluted share of $1.10 versus $1.17. Net premiums earned rose 6% to $187.8 million, but the GAAP combined ratio worsened to 94.2% from 90.4%, so headline profit fell while revenue grew. The board also declared a regular quarterly dividend of $0.30 per share.
Net income per diluted share $1.25 vs $1.30; adjusted net income per diluted share $1.10 vs $1.17
Net premiums earned $187.8 million, up 6%; GAAP combined ratio 94.2% vs 90.4%
Quarterly dividend of $0.30 per share, payable August 28, 2024, to holders of record as of August 14, 2024
Repurchased 461,789 shares in Q2 2024 at an average $41.53; $44.4 million remaining authorization
Simpson Manufacturing Co. said its Chief Financial Officer and Treasurer, Brian Magstadt, will retire effective December 31, 2024. The company has started a search for a successor that includes both internal and external candidates, and the filing does not name a replacement or report any financial results.
Brian Magstadt notified the company on July 25, 2024, that he will retire effective December 31, 2024.
Magstadt joined Simpson in 2004 and has been CFO and Treasurer since 2012.
The company is searching for a new CFO, with both internal and external candidates under consideration.
CEO Mike Olosky said the search is already underway.
MYR Group reported second-quarter 2024 revenue of $828.9 million, down 6.7 percent from a year earlier, and a net loss of $15.3 million, or $0.91 per diluted share, versus net income of $22.3 million a year earlier. The company attributed the decline mainly to unfavorable clean energy projects in its T&D segment and one C&I project, and said it expects those projects to reach mechanical completion this year.
Q2 2024 revenue $828.9 million, down $59.7 million (6.7 percent) from Q2 2023
Q2 2024 net loss $15.3 million, or $0.91 per diluted share, versus net income of $22.3 million, or $1.33 per diluted share, in Q2 2023
Gross margin fell to 4.9 percent from 10.1 percent; backlog was $2.54 billion as of June 30, 2024
First-half 2024 net income $3.7 million, or $0.22 per diluted share, versus $45.4 million, or $2.70, a year earlier
Allstate reported second quarter 2024 results on July 31, 2024, with revenues up 12.4% to $15.7 billion and net income applicable to common shareholders of $301 million, compared with a loss of $1.4 billion a year earlier. The improvement came mainly from higher Property-Liability earned premiums, better underlying loss experience and lower catastrophe losses, which matter to shareholders because they show the insurer's profit recovery continuing. The filing contains no new guidance.
Total revenues were $15.7 billion, up $1.7 billion from the prior year quarter.
Net income applicable to common shareholders was $301 million, or $1.13 per diluted share, versus a loss of $1.4 billion, or $5.29 per share, a year earlier.
Adjusted net income was $429 million, or $1.61 per diluted share, versus an adjusted net loss of $1.2 billion.
Property-Liability underwriting loss narrowed to $145 million from $2.1 billion, and catastrophe losses fell 21.4% to $2.1 billion.
Hawkins reported record first-quarter fiscal 2025 results for the three months ended June 30, 2024, with net income of $28.9 million, or $1.38 per diluted share, up from $1.12 a year earlier. Sales rose 2% to $255.9 million, driven by Water Treatment growth from acquisitions, while Industrial and Health and Nutrition sales declined. For shareholders, profit growth was strong, though the company's total debt rose to $134.0 million after acquisitions and net borrowings.
Net income was $28.9 million, or $1.38 per diluted share, versus $23.4 million, or $1.12 per diluted share, a year earlier.
Sales were $255.9 million, up 2%; Water Treatment sales rose 25% to $117.2 million, while Industrial sales fell 15% to $103.2 million.
Gross profit rose 24% to $64.7 million, and adjusted EBITDA rose 25% to $50.9 million.
Total debt was $134.0 million at quarter end, and the leverage ratio was 0.84x; the company closed two acquisitions in the quarter.
Valaris reported second quarter 2024 results that improved sharply from the first quarter, with net income of $151 million, revenue of $610 million and Adjusted EBITDA of $139 million. The company said the results were better than its prior guidance, and contract backlog reached more than $4.3 billion as of July 29, 2024.
Net income of $151 million in Q2 2024, up from $26 million in Q1 2024; diluted EPS of $2.03 versus $0.35 in Q1
Revenues of $610 million, up from $525 million in Q1 2024; Adjusted EBITDA of $139 million, up from $54 million
Contract backlog above $4.3 billion as of July 29, 2024, a 42% increase from twelve months earlier, including a multi-year Equinor contract for VALARIS DS-17 adding nearly $500 million
Perdoceo Education reported second-quarter 2024 revenue of $166.7 million, down 10.6% from a year earlier, and GAAP diluted earnings per share of $0.57 versus $0.80. Its outlook calls for lower third-quarter and full-year GAAP earnings per share than in the prior year, although the board also raised the quarterly dividend 18.2% to $0.13 per share.
Q2 2024 revenue was $166.7 million, down 10.6%; total student enrollments rose 4.2% to 39,600.
Q2 GAAP diluted EPS was $0.57 versus $0.80; adjusted EPS was $0.60 versus $0.61.
Outlook: Q3 2024 GAAP diluted EPS of $0.51 to $0.53 versus $0.62 in Q3 2023; full-year 2024 of $2.04 to $2.16 versus $2.18 in 2023.
Quarterly dividend raised 18.2% to $0.13 per share, payable September 13, 2024.
Coca-Cola Consolidated reported second-quarter 2024 net sales of $1.8 billion, up 3.3%, and income from operations of $259.1 million, up 10.9%. Net income rose to $172.8 million from $122.3 million a year earlier, and diluted net income per Common Stock share was $18.54 compared with $13.02. Standard physical case volume fell 1.2%, and the company reported a share repurchase obligation to The Coca-Cola Company of $553.7 million on its June 28, 2024 balance sheet.
Net sales rose 3.3% to $1.8 billion in Q2 2024, driven by pricing actions taken in Q1 2024; standard physical case volume fell 1.2%.
Income from operations was $259.1 million, up $25 million or 10.9%; operating margin was 14.4% versus 13.4%.
Net income was $172.8 million versus $122.3 million; diluted net income per Common Stock share was $18.54 versus $13.02.
Share repurchase obligation to The Coca-Cola Company was $553.7 million as of June 28, 2024; the full-year 2024 capital expenditure outlook is $300 million to $350 million.
Carvana reported second-quarter 2024 results with revenue of $3.410 billion, up 15%, and net income of $48 million, compared with a loss in the year-earlier quarter. The company also expects full-year 2024 Adjusted EBITDA of $1.0 to $1.2 billion, up from $339 million last year, which gives shareholders a specific profit target while the company's results were filed with the SEC.
Retail units sold totaled 101,440 in Q2 2024, up 33% year over year
Net income was $48 million, a 1.4% margin, versus a net loss margin of (3.5)% in Q2 2023
Adjusted EBITDA was $355 million, a 10.4% margin, compared with a 5.2% margin a year earlier
Outlook: full-year 2024 Adjusted EBITDA of $1.0 to $1.2 billion, versus $339 million in 2023
Axcelis reported second quarter 2024 revenue of $256.5 million, up from $252.4 million in the first quarter, and net income of $50.9 million, or $1.55 per diluted share, down from $1.57 in the first quarter. For the third quarter, the company expects revenue of approximately $255 million and diluted EPS of approximately $1.43, both below second quarter results. Second quarter revenue was also below the $274.0 million reported a year earlier, and diluted EPS was down from $1.86.
Q2 2024 revenue of $256.5 million, compared with $252.4 million in Q1 2024 and $274.0 million in Q2 2023
Operating profit of $52.8 million, compared with $56.5 million in Q1 2024 and $63.7 million in Q2 2023
Q3 2024 outlook: revenue of approximately $255 million and diluted EPS of approximately $1.43
Company says Q2 revenue, operating margin and EPS exceeded its guidance for the period
Kinder Morgan (KMI) disclosed that director Joel V. Staff notified the company on July 30, 2024 that he will retire from its Board of Directors effective August 1, 2024. The filing states his decision was not due to any disagreement with the company, and it does not name a replacement director.
Joel V. Staff notified Kinder Morgan on July 30, 2024 of his retirement from the Board of Directors.
Retirement is effective August 1, 2024.
The filing states the decision was not due to any disagreement with Kinder Morgan.
Glaukos reported second-quarter 2024 net sales of $95.7 million, up 19% from a year earlier, and raised its full-year 2024 net sales guidance to $370 million to $376 million from $357 million to $365 million. GAAP net loss widened to $53.9 million, or $1.06 per diluted share, from $32.8 million, or $0.68 per share, a year earlier, including an $18.0 million charge tied to convertible senior note exchanges.
Q2 2024 net sales of $95.7 million, up from $80.4 million in Q2 2023
GAAP net loss of $53.9 million, or $1.06 per diluted share, versus $32.8 million, or $0.68, in Q2 2023
2024 net sales guidance raised to $370 million to $376 million from $357 million to $365 million
$18.0 million charges associated with convertible senior notes; cash and investments of $266.4 million as of June 30, 2024
EVERTEC reported second quarter 2024 results on July 31, 2024, with revenue up 27% to $212.0 million, mainly from the Sinqia acquisition and organic growth, and GAAP net income attributable to common shareholders up 13% to $31.9 million. Adjusted EBITDA margin fell about 400 basis points to 40.6%, which the company linked to Sinqia's lower margin, and the company completed its accelerated share repurchase on July 9, 2024.
Revenue rose 27% to $212.0 million from $167.1 million a year earlier, reflecting the Sinqia acquisition and organic growth
GAAP net income attributable to common shareholders rose 13% to $31.9 million, or $0.49 per diluted share
Adjusted EBITDA rose 16% to $86.1 million, but the margin fell to 40.6%, down about 400 basis points
2024 outlook: total revenue of $846 million to $854 million and adjusted earnings per share of $2.98 to $3.07
eBay reported second-quarter 2024 revenue of $2.6 billion, up 1% as reported and 2% on an FX-neutral basis, with GAAP earnings of $0.45 per diluted share versus $0.32 a year earlier. The company also gave third-quarter revenue guidance of $2.50 to $2.56 billion and non-GAAP EPS guidance of $1.15 to $1.20, and declared a $0.27 quarterly dividend.
Q2 revenue was $2,572 million, up 1% as reported and 2% FX-neutral; GMV was $18.4 billion, up 1%
GAAP EPS was $0.45 vs. $0.32 a year earlier; non-GAAP EPS was $1.18 vs. $1.03
Q3 2024 guidance: revenue $2.50 to $2.56 billion; diluted non-GAAP EPS $1.15 to $1.20
Returned $1.1 billion to stockholders in Q2, including $1.0 billion of buybacks; $0.27 dividend payable September 13, 2024
InvenTrust reported second-quarter 2024 results on July 31, 2024. Nareit FFO rose to $0.44 per diluted share from $0.43 a year earlier, while Core FFO was flat at $0.43 and net income fell to $1.5 million from $2.1 million. The company raised its 2024 Same Property NOI growth guidance to 3.50% to 4.50% from 2.75% to 3.75%, and raised the low end of its Nareit FFO and Core FFO ranges.
Net income for Q2 2024 was $1.5 million, or $0.02 per diluted share, versus $2.1 million, or $0.03, in Q2 2023.
Nareit FFO was $0.44 per diluted share versus $0.43; Core FFO was $0.43 per diluted share in both periods.
2024 Same Property NOI growth guidance was raised to 3.50% to 4.50% from 2.75% to 3.75%.
Net Debt-to-Adjusted EBITDA was 5.2x as of June 30, 2024, compared with 4.9x as of December 31, 2023.
Cohu reported fiscal second-quarter 2024 net sales of $104.7 million, down from $168.9 million a year earlier, with a GAAP net loss of $15.8 million, or $0.34 per share, compared with net income of $10.6 million a year earlier. The company also expects third-quarter 2024 sales of $95 million, plus or minus $5 million, which signals continued weak revenue for shareholders.
Q2 2024 net sales were $104.7 million, versus $107.6 million in Q1 2024 and $168.9 million in Q2 2023.
GAAP net loss was $15.8 million, or $0.34 per share; non-GAAP net loss was $0.6 million, or $0.01 per share.
Q3 2024 sales guidance is $95 million, plus or minus $5 million.
Total cash and investments were $262.4 million at the end of Q2 2024, and the company repurchased 267,000 shares for about $8.2 million.
Independence Realty Trust reported second quarter 2024 results on July 31, 2024, with diluted EPS of $0.05, the same as a year earlier, and net income available to common shares of $10.4 million versus $10.7 million. The company raised the midpoint of its full-year 2024 EPS, FFO, CFFO per share and same-store NOI guidance, which matters to shareholders because it lifts the company's own outlook even though reported Q2 profit was flat.
Q2 2024 net income available to common shares was $10.4 million, versus $10.7 million in Q2 2023; diluted EPS was $0.05 in both periods.
CFFO was $63.6 million, or $0.28 per share, versus $63.7 million and $0.28 per share a year earlier.
2024 EPS guidance is now $0.36 to $0.38, up from $0.34 to $0.38; the midpoint rose $0.01.
Same-store NOI grew 2.8% in Q2 2024; full-year same-store NOI growth guidance is now 2.7% to 3.7%, up from 1.0% to 4.0%.
Knowles reported second-quarter 2024 revenue of $204.7 million, up 18% from a year earlier, with non-GAAP diluted EPS of $0.24. GAAP results were a diluted loss of $2.90 per share, driven by a $249.4 million goodwill impairment charge tied to the Consumer MEMS Microphones reporting unit. For shareholders, the revenue growth and third-quarter outlook sit alongside a large GAAP loss from the impairment.
Q2 2024 revenue was $204.7 million, up 18% from $173.0 million in Q2 2023 and up from $196.4 million in Q1 2024.
GAAP diluted loss per share was $(2.90), compared with $0.15 in Q2 2023; the goodwill impairment accounted for $2.77 per share.
Non-GAAP diluted EPS was $0.24, versus $0.23 a year earlier; net cash from operating activities was $24.9 million.
Q3 2024 guidance: revenue of $210 to $220 million and non-GAAP diluted EPS of $0.29 to $0.33.
On July 29, 2024, Texas Capital Bancshares entered into an amended and restated employment agreement with CEO Robert C. Holmes and approved special retention restricted stock units for four named executive officers. The board said the changes reflect Holmes's leadership through the company's multi-year transformation, and the filing sets out larger severance and change-in-control terms that apply to him.
CEO agreement sets base salary at $1,100,000 with a target cash incentive of not less than 200% for the rest of 2024 and not less than 180% from 2025
Holmes receives a one-time RSU award with a grant date value of $4,045,489 (61,491 units), cliff vesting on the third anniversary of grant
Severance is two times base salary plus target bonus, rising to three times if termination occurs from 90 days before to two years after a change in control
Other named executives receiving RSUs: J. Matthew Scurlock $1,000,000, John W. Cummings $350,000, Anna M. Alvarado $375,000
Connection (PC Connection, Inc.) reported second-quarter 2024 net sales of $736.5 million, up 0.4% from a year earlier, and net income of $26.2 million, up 32.8%, or $0.99 per diluted share versus $0.75. The company described the quarter as a record for net income and earnings per share, while the Public Sector Solutions segment's sales fell 14.0%. The board also declared a quarterly dividend of $0.10 per share.
Net sales were $736.5 million, up 0.4% year over year; gross profit rose 6.9% to $136.5 million and gross margin widened 112 basis points to 18.5%.
Net income was $26.2 million, up 32.8%; diluted EPS was $0.99 versus $0.75 a year earlier.
Public Sector Solutions net sales fell 14.0% to $159.5 million, while Business Solutions and Enterprise Solutions sales rose 6.6% and 4.1%.
Quarterly dividend of $0.10 per share is payable August 30, 2024, to shareholders of record on August 13, 2024.
MGIC Investment Corp reported second-quarter 2024 net income of $204.2 million, or $0.77 per diluted share, up from $191.1 million, or $0.66 per share, in the same quarter of 2023. Total revenues rose to $305.3 million from $290.7 million, and new insurance written was $13.5 billion versus $12.4 billion a year earlier. The company also repurchased $157.0 million of its stock in the quarter and has an additional $750 million buyback authorization that runs through December 31, 2026.
Net income was $204.2 million, or $0.77 per diluted share, compared with $191.1 million, or $0.66 per share, in Q2 2023 and $174.1 million, or $0.64 per share, in Q1 2024.
Adjusted net operating income was $204.9 million, or $0.77 per diluted share, compared with $0.68 per share in Q2 2023.
Total revenues were $305.3 million, compared with $290.7 million in Q2 2023; net premiums earned were $243.5 million.
The company repurchased 7.6 million shares for $157.0 million in Q2 2024 and declared a $0.13 per share dividend payable August 22, 2024.
Cognizant reported second-quarter 2024 revenue of $4.85 billion, down 0.7% from $4.89 billion a year earlier, but above the high end of its guidance range. GAAP diluted EPS rose to $1.14 from $0.91, and the company narrowed its full-year 2024 revenue guidance to a decline of 0.5% to growth of 1.0% in constant currency. The company also signed a definitive agreement to acquire Belcan for $1.3 billion in cash and stock.
Q2 2024 revenue of $4.85 billion, down 0.7% year over year; GAAP operating margin 14.6% vs 11.8% a year earlier
GAAP diluted EPS $1.14 vs $0.91; adjusted diluted EPS $1.17 vs $1.10
Full-year 2024 adjusted EPS guidance of $4.62 to $4.70; adjusted operating margin guidance unchanged at 15.3% to 15.5%
Belcan acquisition for $1.3 billion in cash and stock, expected to close in Q3 2024; quarterly dividend of $0.30 per share declared
FormFactor reported second-quarter fiscal 2024 revenue of $197.5 million, up 17.0% from the first quarter and 26.7% from a year earlier, with GAAP net income of $19.4 million, or $0.25 per diluted share. For the third quarter, it expects revenue of $200 million plus or minus $5 million and GAAP earnings of $0.20 per diluted share plus or minus $0.04, with the company citing expected demand levels similar to the second quarter and a less favorable DRAM product mix.
Q2 revenue of $197.5 million, up from $168.7 million in Q1 and $155.9 million a year earlier
GAAP net income of $19.4 million ($0.25 per diluted share), versus $21.8 million ($0.28) in Q1, which included a $20.3 million gain on sale of business, and $0.8 million ($0.01) a year earlier
Non-GAAP net income of $27.3 million ($0.35 per diluted share) in Q2
Q3 outlook: revenue of $200 million +/- $5 million; GAAP EPS of $0.20 +/- $0.04; non-GAAP EPS of $0.31 +/- $0.04
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