392 material Form 8-K filings that 341 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).
Federated Hermes reported second quarter 2024 earnings of $0.20 per diluted share, down from $0.81 a year earlier, on net income of $21.0 million versus $72.2 million. The results include a $66.3 million non-cash impairment of an indefinite-lived intangible asset, while total managed assets reached a record $782.7 billion, which supports revenue but did not offset the charge.
Q2 2024 revenue was $402.6 million, down 7% from $433.2 million in Q2 2023.
The $66.3 million non-cash impairment equaled $0.76 per diluted share and related to an intangible asset tied to the 2018 acquisition of Federated Hermes Limited.
The board declared a $0.31 per share dividend, payable August 15, 2024, to holders of record as of August 8, 2024.
During Q2 2024 the company bought back 1,559,200 class B shares for $47.5 million.
Minerals Technologies reported second-quarter 2024 net sales of $541 million, down 2% from the prior year as reported and up 1% on an underlying basis. Diluted earnings per share were $0.61, down from $0.82, after $34.2 million of special items, mainly a $30 million provision for credit losses on a committed line of credit to BMI OldCo, a subsidiary in Chapter 11 bankruptcy. Excluding special items, diluted EPS was $1.65, up 26%, a figure the company calls a record.
Net sales were $541 million, down 2% from $551.5 million a year earlier; underlying growth was 1%
Diluted EPS was $0.61 versus $0.82 a year earlier; excluding special items it was $1.65, up 26%
Special items of $34.2 million include a $30 million provision tied to BMI OldCo (f/k/a Barretts Minerals Inc.) bankruptcy proceeding
Operating income was $51 million as reported and $85 million excluding special items, or 15.7% of sales
Seacoast Banking Corporation of Florida reported second-quarter 2024 net income of $30.2 million, or $0.36 per diluted share, up from $26.0 million, or $0.31, in the first quarter but down from $31.2 million, or $0.37, a year earlier. Net revenues rose 1% from the prior quarter but fell 15% from the prior year, and the net interest margin narrowed to 3.18%.
Net income $30.2 million, $0.36 per diluted share, versus $26.0 million, $0.31 in Q1 2024 and $31.2 million, $0.37 in Q2 2023
Net revenues $126.6 million, up 1% from Q1 2024 and down 15% from Q2 2023
Net interest margin fell to 3.18% from 3.24% in Q1 2024; noninterest expense fell 9% from Q1 to $82.5 million
Total deposits $12.1 billion and loans $10.0 billion at June 30, 2024; loan pipelines rose 46% from March 31, 2024
Columbia Banking System reported second quarter 2024 net income of $120 million, or $0.57 per diluted share, down from $124 million and $0.59 in the first quarter and from $133 million and $0.64 a year earlier. Operating net income was $140 million and operating EPS was $0.67, up from $0.65 in the prior quarter but down from $0.81 a year earlier; the company also filed an investor presentation for its July 25, 2024 earnings call.
Net income was $120 million and diluted EPS was $0.57 for Q2 2024, versus $124 million and $0.59 in Q1 2024 and $133 million and $0.64 in Q2 2023.
Operating net income was $140 million and operating EPS was $0.67, versus $0.65 in Q1 2024 and $0.81 in Q2 2023.
Net interest income rose $4 million to $427 million, while non-interest income fell $6 million to $45 million.
Provision for credit losses was $32 million, up from $17 million in Q1 2024.
Ameris Bancorp reported unaudited second-quarter 2024 results on July 25, 2024, with net income of $90.8 million, or $1.32 per diluted share, up from $62.6 million, or $0.91 per diluted share, a year earlier. Excluding certain gains, charges and tax items, adjusted net income was $80.8 million, or $1.17 per diluted share. Management will discuss the results on a teleconference at 9:00 a.m. Eastern time on July 26, 2024.
Net income of $90.8 million, or $1.32 per diluted share, for the quarter ended June 30, 2024, compared with $62.6 million, or $0.91 per diluted share, a year earlier.
Adjusted net income of $80.8 million, or $1.17 per diluted share, excluding items including a $12.6 million gain on conversion of Visa Class B-1 shares and a $4.8 million BOLI-related tax expense.
Net interest margin of 3.58%, up from 3.51% in the first quarter of 2024.
Tangible book value per share of $35.79 at June 30, 2024, up $1.27 in the quarter.
Veralto reported second-quarter 2024 sales of $1,288 million, up 2.8% from a year earlier, and GAAP diluted earnings per share of $0.81, down from $0.85. The company raised its full-year 2024 adjusted diluted EPS guidance to $3.37 to $3.45 from $3.25 to $3.34, which points to higher expected profit for shareholders.
Q2 sales rose 2.8% to $1,288 million; non-GAAP core sales growth was 3.8%
GAAP net earnings were $203 million, or $0.81 per diluted share, versus $209 million, or $0.85, a year earlier
Non-GAAP adjusted diluted EPS was $0.85, versus $0.80 in the prior-year quarter
Full-year adjusted diluted EPS guidance raised to $3.37 to $3.45; Q3 guidance is $0.82 to $0.86
Arthur J. Gallagher & Co. reported second quarter 2024 results with higher revenues and earnings than a year earlier, including total company revenues before reimbursements of $2.7 billion, up from $2.4 billion, and diluted EPS of $1.26, up from $1.07. The board also expanded from nine to ten directors and appointed Richard Harries to fill the new seat, effective July 24, 2024.
Total company revenues before reimbursements were $2.7 billion ($2,736.0 million) for the quarter ended June 30, 2024, versus $2.4 billion ($2,406.9 million) a year earlier.
Net earnings were $285.4 million versus $235.8 million; diluted EPS was $1.26 versus $1.07, and adjusted EPS was $2.26 versus $1.89.
Richard Harries was appointed to the board on July 24, 2024, serves until the 2025 Annual Meeting, and joins the Audit and Risk and Compliance Committees.
The CFO Commentary, posted on the investor relations page, includes estimates for 2024 and other future results.
Phillips Edison reported second quarter 2024 net income attributable to stockholders of $15.3 million, or $0.12 per diluted share, up from $14.5 million, or $0.12 per share, a year earlier, and reaffirmed its full-year 2024 Nareit and Core FFO per-share guidance. Per-share Nareit FFO fell to $0.57 from $0.58, and Core FFO per share was flat at $0.59, so per-share results did not improve even as dollar totals rose. The company also announced a joint venture with Cohen & Steers Income Opportunities REIT that targets $300 million in equity.
Q2 2024 Nareit FFO was $78.4 million, or $0.57 per diluted share, compared with $0.58 in Q2 2023.
Q2 2024 Core FFO was $80.0 million, or $0.59 per diluted share, flat with Q2 2023.
2024 Nareit FFO guidance of $2.34 to $2.41 per share and Core FFO guidance of $2.37 to $2.45 per share were reaffirmed.
Management will hold a conference call on Friday, July 26, 2024, at 12:00 p.m. Eastern Time.
Principal Financial Group reported second quarter 2024 results on July 25, 2024. Non-GAAP operating earnings rose 3% to $386 million, or $1.63 per diluted share, while GAAP net income fell 9% to $353 million, or $1.49 per diluted share. The company also raised its third quarter common stock dividend to $0.72 per share and returned $415 million to shareholders in the quarter.
Non-GAAP operating earnings of $386 million, or $1.63 per diluted share, up from $375.8 million and $1.53 a year earlier
GAAP net income attributable to PFG of $353 million, or $1.49 per diluted share, versus $388.8 million a year earlier
Third quarter dividend raised to $0.72 per share, a 1 cent increase, payable September 27, 2024 to holders of record as of September 5, 2024
$415 million returned to shareholders in the quarter, including $250 million of share repurchases
Erie Indemnity reported second-quarter 2024 net income of $163.9 million, or $3.13 per diluted share, up from $117.9 million, or $2.25 per share, a year earlier. The board also declared a quarterly dividend of $1.275 per Class A share, payable October 22, 2024, which is higher than the $1.19 declared in the second quarter of 2023.
Q2 2024 net income $163.9 million vs. $117.9 million in Q2 2023; diluted EPS $3.13 vs. $2.25
Q2 2024 operating income $190.2 million, up 41.8% from $134.2 million, driven by policy issuance and renewal management fee revenue up $127.5 million
First-half 2024 net income $288.5 million, or $5.52 per diluted share, vs. $204.1 million, or $3.90, in first half 2023
Dividend No. 377: $1.275 per Class A share; record and ex-dividend date October 7, 2024; payable October 22, 2024
Cousins Properties reported second quarter 2024 Funds From Operations of $103.3 million, or $0.68 per share, flat with a year earlier, while net income available to common stockholders fell to $7.8 million, or $0.05 per share, from $22.6 million, or $0.15 per share, mainly due to higher depreciation expense. The company raised the midpoint of its full year 2024 FFO guidance by $0.02 per share to $2.63 to $2.68, but lowered its net income guidance to $0.31 to $0.36 per share.
Q2 2024 FFO was $103.3 million, or $0.68 per share, versus $103.0 million, or $0.68 per share, in Q2 2023
Q2 2024 net income available to common stockholders was $7.8 million, or $0.05 per share, versus $22.6 million, or $0.15 per share, a year earlier
Full year 2024 FFO guidance raised to $2.63 to $2.68 per share from $2.60 to $2.67; net income guidance lowered to $0.31 to $0.36 per share from $0.32 to $0.39
Same property cash-basis NOI increased 5.1% in Q2 2024 and 391,000 square feet of office leases were executed
Eastern Bankshares reported second quarter 2024 net income of $26.3 million, or $0.16 per diluted share, down from $38.6 million, or $0.24 per diluted share, in the first quarter of 2024. The company also approved a $0.11 quarterly dividend and a share repurchase program of up to $200 million over 12 months, after completing its merger with Cambridge Bancorp on July 12, 2024.
Net income was $26.3 million, or $0.16 per diluted share, versus $38.6 million, or $0.24, in the prior quarter; operating net income was $36.5 million, or $0.22 per diluted share.
Total revenue was $154.0 million, down from $157.6 million in the prior quarter; noninterest expense rose to $109.9 million from $101.2 million.
Board approved a quarterly cash dividend of $0.11 per share, payable September 16, 2024 to holders of record on September 3, 2024.
Share repurchase program covers up to 10.8 million shares (5% of outstanding), capped at $200 million through July 31, 2025; purchases are not expected to begin before early August 2024.
WSFS Financial reported second-quarter 2024 diluted EPS of $1.16 and net income of $69.3 million, up from $1.09 and $65.8 million in the first quarter, with total net revenue of $266.0 million. Core EPS was $1.08, down from $1.11 in the first quarter, and problem assets rose to $628.5 million, which shareholders may watch closely.
Diluted EPS was $1.16 for 2Q 2024, versus $1.09 for 1Q 2024 and $1.12 for 2Q 2023.
Total net revenue was $266.0 million, up from $251.1 million in 1Q 2024; fee revenue rose to $91.6 million from $75.9 million.
Core EPS was $1.08, compared with $1.11 in 1Q 2024; noninterest expense rose to $155.8 million from $149.1 million.
WSFS repurchased 897,461 shares for $39.7 million and declared a quarterly dividend of $0.15 per share, payable August 23, 2024.
Edison International reported second-quarter 2024 net income of $439 million, or $1.14 per share, up from $354 million, or $0.92 per share, a year earlier. Core EPS was $1.23 versus $1.01, and the company reaffirmed its 2024 core EPS guidance of $4.75 to $5.05. The board also authorized a share repurchase program of up to $200 million running through December 31, 2025, which shareholders may watch as a use of capital.
Q2 2024 core earnings were $475 million, or $1.23 per share, compared with $388 million, or $1.01 per share, in Q2 2023.
Q2 2024 operating revenue was $4,336 million, compared with $3,964 million a year earlier.
2024 core EPS guidance of $4.75 to $5.05 was reaffirmed; basic EPS guidance moved to $3.49 to $3.79 from $3.59 to $3.89 due to non-core items.
A share repurchase program of up to $200 million takes effect July 29, 2024, to offset dilution from employee incentive stock issuance.
SPS Commerce reported second-quarter 2024 revenue of $153.6 million, up 18% from a year earlier, and net income of $18.0 million, or $0.48 per diluted share, compared with $14.7 million, or $0.39, in the second quarter of 2023. The board also authorized a new share repurchase program of up to $100 million, effective August 23, 2024, which the company intends to fund with cash on hand.
Q2 2024 net income was $18.0 million, or $0.48 per diluted share, versus $14.7 million, or $0.39, in Q2 2023.
Third quarter 2024 revenue is expected at $157.6 million to $158.6 million; fiscal 2024 revenue at $624.2 million to $626.0 million, or 16% to 17% growth.
The new program authorizes up to $100 million of repurchases through July 24, 2026, replacing a $50 million program from August 2022 that ends July 26, 2024.
Comfort Systems USA reported second quarter 2024 net income of $134.0 million, or $3.74 per diluted share, up from $69.5 million, or $1.93 per diluted share, a year earlier. Revenue rose to $1.81 billion from $1.30 billion, and the company also declared a quarterly dividend of $0.30 per share.
Q2 2024 revenue was $1.81 billion, compared with $1.30 billion in Q2 2023.
Backlog was $5.77 billion at June 30, 2024, down from $5.91 billion at March 31, 2024 and up from $4.19 billion a year earlier.
Operating cash flow was $189.9 million in the quarter, compared with $125.4 million in 2023.
The board declared a $0.30 per share dividend, payable August 23, 2024 to holders of record on August 12, 2024.
Columbia Sportswear reported second quarter 2024 net sales of $570.2 million, down 8 percent, and a net loss of $11.8 million, or $(0.20) per diluted share, compared with net income of $8.4 million a year earlier. The company cut its full year 2024 operating income outlook to $256 to $288 million from $259 to $291 million, while keeping its net sales and diluted EPS outlook unchanged, which matters to shareholders because profit expectations were lowered.
Q2 2024 net sales fell 8 percent to $570.2 million, with U.S. wholesale weakness cited as the main driver.
Q2 2024 loss from operations was $23.8 million, compared with operating income of $6.2 million a year earlier.
Full year 2024 operating income outlook lowered to $256 to $288 million; diluted EPS outlook of $3.65 to $4.05 unchanged.
Board declared a quarterly dividend of $0.30 per share, payable August 29, 2024 to holders of record on August 15, 2024.
Exponent reported second-quarter 2024 net income of $29.2 million, up 14% from a year earlier, and revenues before reimbursements of $132.4 million, up 2%. The company raised its full-year 2024 revenue and EBITDA margin guidance and declared a $0.28 per share quarterly dividend payable September 20, 2024. Third-quarter revenues before reimbursements are expected to be approximately flat.
Q2 2024 net income rose to $29.2 million, or $0.57 per diluted share, from $25.7 million, or $0.50, in Q2 2023
Revenues before reimbursements rose 2% to $132.4 million; total revenues were approximately flat at $140.5 million
Full-year 2024 guidance raised: revenues before reimbursements to grow in the low to mid-single digits, EBITDA margin of 27.5% to 28.0%
Quarterly dividend of $0.28 per share to be paid September 20, 2024, to holders of record as of September 6, 2024
SkyWest reported second quarter 2024 net income of $76 million, or $1.82 per diluted share, compared with $15 million, or $0.35 per diluted share, a year earlier. Revenue rose 19% to $867 million, while operating expenses rose 8% to $747 million as block hour production increased 12%. The company also repurchased 177,000 shares for $13.3 million in the quarter and had $69 million of remaining availability under its buyback program as of June 30, 2024.
Q2 2024 net income of $76 million, or $1.82 per diluted share, versus $15 million, or $0.35, in Q2 2023
Revenue of $867 million, up $141 million, or 19%, from $726 million in Q2 2023
Operating expenses of $747 million, up 8%; block hour production increased 12%
Repurchased 177,000 shares for $13.3 million at an average price of $75.23; $69 million remaining under the program
Heritage Financial reported second quarter 2024 net income of $14.2 million, or $0.41 per diluted share, up from $5.7 million in the first quarter but down from $16.8 million in the second quarter of 2023. The company also declared a $0.23 quarterly dividend and announced a CEO succession plan, with Bryan McDonald named President of Heritage Financial and CEO of Heritage Bank effective July 1, 2024. Shareholders see a sequential profit recovery alongside a year-over-year decline, which included a $1.9 million pre-tax loss on securities sales.
Net income $14.2 million, or $0.41 per diluted share, versus $5.7 million, or $0.16, in Q1 2024 and $16.8 million, or $0.48, in Q2 2023
Q2 included a $1.9 million pre-tax loss on sale of investment securities, which reduced diluted EPS by $0.04
Net interest margin was 3.29%, down from 3.32% in Q1 2024 and 3.56% in Q2 2023; loans receivable rose $104.5 million, or 2.4%
Quarterly cash dividend of $0.23 per share payable August 21, 2024 to holders of record August 7, 2024; Jeff Deuel remains CEO of Heritage Financial until May 6, 2025
Tootsie Roll reported second quarter 2024 net sales of $148.8 million, down 6% from a year earlier, while net earnings rose to $15.6 million and earnings per share rose 10% to $0.22. The company cited customers' resistance to higher prices and customer inventory adjustments for lower sales, and said higher cocoa and chocolate costs are expected to weigh on margins in the second half of 2024 and in 2025.
Q2 2024 net sales were $148,819,000, down $10,018,000 or 6% from $158,837,000 in Q2 2023.
Q2 2024 net earnings were $15,640,000 versus $14,726,000; EPS was $0.22 versus $0.20.
First half 2024 net sales were $300,283,000, down 6%, while first half EPS rose to $0.44 from $0.39.
The company expects higher cocoa and chocolate costs to have adverse effects on input costs and margins in the second half of 2024 and in 2025.
Old Republic International reported second-quarter 2024 results on July 25, 2024. Pretax income excluding investment gains and losses rose 11.6% to $253.8 million, and diluted earnings per share excluding investment gains rose 22.6% to $0.76. Net income fell to $91.8 million from $155.5 million because of $140.5 million in pretax investment losses, so reported results declined even as operating results improved.
Pretax income excluding investment gains (losses) was $253.8 million, up from $227.3 million a year earlier.
Net income was $91.8 million, down from $155.5 million; pretax investment losses were $140.5 million in the quarter.
Diluted net income per share was $0.35, down from $0.54; excluding investment gains and losses it was $0.76, up from $0.62.
The company returned $479 million to shareholders in the quarter, including $410 million in share repurchases; book value per share was $23.59.
Cullen/Frost reported second-quarter 2024 net income available to common shareholders of $143.8 million, down from $160.4 million a year earlier, and diluted EPS of $2.21 versus $2.47. The board also raised the quarterly common dividend 3.3 percent to $0.95 per share, payable September 13, 2024.
Net income available to common shareholders: $143.8 million in Q2 2024 vs. $160.4 million in Q2 2023
Diluted EPS: $2.21 vs. $2.47 a year earlier; net interest margin 3.54 percent vs. 3.45 percent
Average loans rose 11.3 percent year over year to $19.7 billion; average deposits fell 1.2 percent to $40.5 billion
Quarterly common dividend increased to $0.95 from $0.92, payable September 13, 2024 to holders of record on August 30
United Bankshares reported second-quarter 2024 net income of $96.5 million, or $0.71 per diluted share, up from $86.8 million, or $0.64, in the first quarter of 2024 and $92.5 million, or $0.68, in the second quarter of 2023. Net interest margin rose to 3.50% from 3.44% in the first quarter, while noninterest income fell 14% year over year. The pending merger with Piedmont Bancorp, Inc. is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to customary closing conditions.
Q2 2024 net income was $96.5 million, or $0.71 per diluted share, versus $86.8 million, or $0.64, in Q1 2024 and $92.5 million, or $0.68, in Q2 2023.
Net interest margin was 3.50% for Q2 2024, up 6 basis points from 3.44% in Q1 2024.
Noninterest income was $30.2 million in Q2 2024, down $5.0 million, or 14%, from Q2 2023; noninterest expense was $134.8 million.
Piedmont Bancorp merger expected to close late in Q4 2024 or early in Q1 2025.
NETSCOUT reported first-quarter fiscal 2025 revenue of $174.6 million, down from $211.1 million a year earlier, and a GAAP net loss of $443.4 million, or $6.20 per share, driven by a $427.0 million non-cash goodwill impairment and a $16.6 million restructuring charge. The company cut its fiscal 2025 GAAP net loss per share guidance to ($5.28) to ($5.03) from a prior GAAP net income range of $0.58 to $0.82, while revenue guidance of $800 million to $830 million and non-GAAP EPS guidance of $2.10 to $2.30 were unchanged.
Q1 FY25 revenue was $174.6 million versus $211.1 million in Q1 FY24; non-GAAP net income was $20.6 million, or $0.28 per share, versus $0.31 per share a year earlier
GAAP net loss was $443.4 million, or $6.20 per share, including a $427.0 million goodwill impairment and a $16.6 million restructuring charge
FY25 GAAP net loss per share guidance is now ($5.28) to ($5.03), versus a prior GAAP net income range of $0.58 to $0.82
Voluntary Separation Program is expected to reduce about 150 employees and generate net annual run-rate savings of $25 million to $27 million
Nasdaq reported second-quarter 2024 net revenues of $1.2 billion, up 25% from a year earlier and up 10% on a pro forma basis, while GAAP diluted earnings per share fell 30% to $0.38. The company also updated its 2024 non-GAAP operating expense guidance and announced a quarterly cash dividend, with the second-quarter dividends declared at $0.24 per share.
Net revenues were $1.2 billion, up 25% year over year and 10% pro forma; Solutions revenues were $901 million, up 34%.
GAAP diluted EPS was $0.38, down 30%; non-GAAP diluted EPS was $0.69, down 3%.
2024 non-GAAP operating expense guidance updated to $2,145 million to $2,185 million; non-GAAP tax rate guidance of 24.5% to 26.5% maintained.
Cash dividends declared were $0.24 per common share in the second quarter of 2024, versus $0.22 a year earlier.
Dow Inc. reported second-quarter 2024 results with net sales of $10.9 billion, down 4% from a year earlier, and operating EPS of $0.68 versus $0.75 in the year-ago period. Sequentially, operating EPS rose from $0.56 and operating EBIT increased $145 million, but both sales and profit remained below the prior-year level, and the company returned $691 million to shareholders in the quarter.
GAAP EPS was $0.62 versus $0.68 a year earlier; operating EPS excludes restructuring and efficiency costs of $0.06 per share.
Operating EBIT was $819 million, down $66 million year over year, and up $145 million from the first quarter of 2024.
Cash provided by operating activities from continuing operations was $832 million, down $515 million year over year.
Dow returned $691 million to shareholders, including $491 million in dividends and $200 million in share repurchases.
Lear reported second-quarter 2024 sales of $6.0 billion, a modest increase from $5.999 billion a year earlier, and net income attributable to Lear of $173 million, up from $169 million. Diluted EPS was $3.02 versus $2.84, and adjusted EPS rose 8% to $3.60, which the company attributes mainly to its share repurchase program. The company also updated its full-year 2024 outlook, now showing core operating earnings of $1,030 million to $1,200 million, though the filing does not state the prior outlook for comparison.
Q2 2024 sales of $6.0 billion versus $5.999 billion in Q2 2023; core operating earnings flat at $302 million
Diluted EPS of $3.02 versus $2.84; adjusted EPS of $3.60 versus $3.33, up 8%
Full-year 2024 outlook: net sales $23,230 million to $23,670 million; core operating earnings $1,030 million to $1,200 million; free cash flow $485 million to $635 million
Repurchased $60 million of shares in Q2 2024; remaining authorization about $1.4 billion
Tractor Supply reported second-quarter 2024 net sales of $4.25 billion, up 1.5%, and diluted EPS of $3.93, up from $3.83, but comparable store sales fell 0.5%. The company also narrowed its full-year 2024 outlook, raising the low end of its net sales and EPS ranges while lowering the high end, so shareholders face a mixed picture.
Net sales rose 1.5% to $4.25 billion from $4.18 billion; comparable store sales decreased 0.5%
Diluted EPS of $3.93 vs. $3.83 a year earlier; net income of $425.2 million
2024 EPS guidance now $10.00 to $10.40, versus the prior $9.85 to $10.50
2024 net sales guidance now $14.8 billion to $15.0 billion, versus the prior $14.7 billion to $15.1 billion
Visteon reported second quarter 2024 net sales of $1,014 million, up from $983 million a year earlier, and net income attributable to the company of $71 million, up from $20 million. The company updated its full-year 2024 guidance, citing lower customer vehicle production in the second half and market dynamics in China, which signals a more cautious outlook for shareholders.
Q2 diluted EPS was $2.54, compared with $0.70 in the prior-year quarter.
Adjusted EBITDA was a record $136 million, up from $90 million, with a margin of 13.4% of sales.
Full-year 2024 guidance: sales of $3.85 billion to $3.95 billion and adjusted EBITDA of $455 million to $475 million.
Adjusted free cash flow guidance of $155 million to $185 million was maintained.
Lakeland Financial reported second-quarter 2024 net income of $22.5 million, up 54% from $14.6 million a year earlier, with diluted earnings per share of $0.87 versus $0.57. Net income fell 4% from the first quarter, and the quarter included a $9.0 million Visa share gain and a $4.5 million litigation accrual. Nonperforming loans rose to $57.2 million, mainly from one $43.3 million commercial relationship, which matters to shareholders because it signals higher credit risk.
Q2 2024 net income of $22.5 million, up $7.9 million or 54% from Q2 2023; diluted EPS $0.87 versus $0.57
Net income down $852,000, or 4%, from $23.4 million in Q1 2024
Q2 results included a $9.0 million net gain on Visa shares and a $4.5 million litigation accrual
Nonperforming loans rose to $57.2 million from $18.0 million a year earlier, driven by one $43.3 million commercial relationship
Hasbro reported second quarter 2024 net revenues of $995.3 million, down 18% from $1,210.0 million a year earlier, mainly due to the eOne divestiture. GAAP operating profit was $212.1 million versus a loss of $188.6 million in the prior-year quarter, and diluted EPS was $0.99 versus a loss of $1.69. The company raised its full-year guidance, including total Adjusted EBITDA of $975 million to $1.025 billion, and declared a quarterly dividend of $0.70 per share.
Q2 net revenues $995.3 million, down 18%; excluding the eOne divestiture, down 6%
Q2 GAAP operating profit $212.1 million versus a $188.6 million loss a year earlier; diluted EPS $0.99 versus a loss of $1.69
Full-year 2024 total Adjusted EBITDA guidance of $975 million to $1.025 billion; company raised full-year guidance
Quarterly dividend of $0.70 per share payable September 4, 2024, to holders of record on August 21, 2024
Ryder reported second-quarter 2024 results for the three months ended June 30, with total revenue up to $3.2 billion from $2.9 billion and comparable EPS from continuing operations down to $3.00 from $3.61. GAAP EPS from continuing operations rose to $2.83 from a loss of $(0.39), a comparison that reflects a prior-year non-cash FMS U.K. business exit charge. The company kept its full-year 2024 comparable EPS forecast at $11.90 to $12.40.
Comparable EPS of $3.00 versus $3.61 a year earlier, reflecting weaker rental and used vehicle sales, partly offset by higher contractual lease, supply chain and dedicated results.
Total revenue of $3.2 billion versus $2.9 billion; operating revenue (non-GAAP) of $2.6 billion, up 10%, reflecting recent acquisitions.
Full-year 2024 GAAP EPS forecast of $11.15 to $11.65 and comparable EPS forecast of $11.90 to $12.40.
Third-quarter 2024 comparable EPS forecast of $3.30 to $3.50.
Reliance reported second-quarter 2024 net sales of $3.64 billion, down 6.1% from $3.88 billion a year earlier, and diluted EPS of $4.67, down 28.0% from $6.49. Management attributed the decline mainly to lower carbon steel prices, even though tons sold rose 4.7% year over year. The company expects non-GAAP EPS of $3.60 to $3.80 for the third quarter of 2024, and the filing notes continued pricing pressure.
Q2 2024 net sales of $3.64 billion versus $3.88 billion in Q2 2023; diluted EPS of $4.67 versus $6.49
Gross profit margin was 29.8%, compared with 31.0% in Q1 2024 and 31.5% in Q2 2023
Q3 2024 outlook: non-GAAP EPS of $3.60 to $3.80, with average selling price per ton expected to fall 2% to 4% from Q2
Reliance repurchased $519.3 million of stock in Q2 and $165.4 million in July 2024; $755.0 million remained under the program as of July 23, 2024
CMS Energy reported second-quarter 2024 diluted earnings of $0.65 per share, down from $0.67 a year earlier, and adjusted earnings of $0.66 per share, down from $0.75. Operating revenue rose to $1,607 million from $1,555 million, and the company reaffirmed its 2024 adjusted EPS guidance of $3.29 to $3.35 per share, with confidence toward the high end.
Q2 2024 diluted EPS $0.65 vs. $0.67 in Q2 2023; adjusted EPS $0.66 vs. $0.75
Q2 2024 operating revenue $1,607 million vs. $1,555 million in Q2 2023
First-half 2024 reported EPS $1.61 vs. $1.36; adjusted EPS $1.63 vs. $1.45, citing constructive regulatory outcomes and higher weather-normalized sales
2024 adjusted EPS guidance of $3.29 to $3.35 reaffirmed; webcast on July 25, 2024 at 9:30 a.m. ET
WEX reported second-quarter 2024 revenue up 8% to $673.5 million, but GAAP net income fell to $77.0 million, or $1.83 per diluted share, from $95.3 million, or $2.20, a year earlier. Adjusted net income rose to $3.91 per diluted share from $3.63. The company now expects full-year 2024 revenue of $2.68 billion to $2.72 billion and adjusted earnings of $15.98 to $16.38 per diluted share, citing a modest revision to its second-half outlook, and expects to enter a $300 million accelerated share repurchase agreement.
Q2 revenue was $673.5 million, up from $621.3 million; the Benefits segment grew 13%.
GAAP diluted EPS was $1.83 versus $2.20; adjusted diluted EPS was $3.91 versus $3.63.
Q3 2024 guidance: revenue of $688 million to $698 million and adjusted EPS of $4.42 to $4.52.
Full-year 2024 guidance: revenue of $2.68 billion to $2.72 billion and adjusted EPS of $15.98 to $16.38; a $300 million accelerated share repurchase is expected in the near future.
Dover reported second-quarter 2024 results for the period ended June 30, 2024, with revenue of $2.2 billion, up 4% (5% organic), and GAAP net earnings of $282 million, up 16%. The company reaffirmed a full-year 2024 GAAP EPS range of $10.80 to $10.95 and adjusted EPS range of $9.05 to $9.20, and said it announced the divestiture of its Environmental Solutions Group business.
Q2 2024 revenue: $2.2 billion, up 4% (+5% organic); six-month revenue $4.3 billion, up 2%
Q2 GAAP diluted EPS: $2.04, up 19%; adjusted diluted EPS: $2.36, up 15%
Full-year 2024 guidance: GAAP EPS of $10.80 to $10.95; adjusted EPS of $9.05 to $9.20; revenue growth of 3% to 4%
Dover announced the divestiture of its Environmental Solutions Group business unit and completed two bolt-on acquisitions
TransUnion reported second quarter 2024 revenue of $1,041 million, up 8 percent, and net income attributable to TransUnion of $85 million, compared with $54 million a year earlier. The company said it exceeded its second quarter guidance for revenue and earnings and raised its full-year 2024 revenue growth expectation to 7 to 8 percent, which points to higher expected results for shareholders.
Q2 2024 revenue was $1,041 million, up 8 percent from the second quarter of 2023.
Diluted earnings per share were $0.44, compared with $0.28 in the second quarter of 2023.
The company now expects 2024 revenue growth of 7 to 8 percent, with $80 million of debt voluntarily prepaid during the quarter.
WTW reported second-quarter 2024 results for the period ended June 30, 2024. Revenue rose 5% to $2.3 billion, diluted EPS rose 55% to $1.36, and adjusted diluted EPS rose 24% to $2.55, while the company raised the low end of its full-year 2024 adjusted operating margin and adjusted EPS targets.
Revenue of $2,265 million, up 5% from $2,159 million; organic growth was 6%
Diluted EPS of $1.36 vs. $0.88 a year earlier; adjusted diluted EPS of $2.55 vs. $2.05
2024 adjusted diluted EPS target now $16.00-$17.00 (previously $15.40-$17.00); adjusted operating margin target now 23.0%-23.5% (previously 22.5%-23.5%)
WTW repurchased $200 million of its outstanding shares during the quarter
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