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).
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.
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
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
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.
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.
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
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)%
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.
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.
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
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
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
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.
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
Clean Harbors reported second-quarter 2024 results on July 31, 2024, with revenue up 11% to $1.55 billion and net income up 15% to $133.3 million, or $2.46 per diluted share. The company raised its full-year 2024 Adjusted EBITDA guidance to a range of $1.125 billion to $1.165 billion, which points to higher expected profit for shareholders.
Q2 2024 revenue rose 11% to $1.55 billion, and income from operations rose 14% to $215.5 million.
Net income was $133.3 million, or $2.46 per diluted share, compared with $2.13 per diluted share in Q2 2023.
Full-year 2024 Adjusted EBITDA guidance raised to $1.125 billion to $1.165 billion, midpoint $1.145 billion.
Company expects Q3 2024 Adjusted EBITDA to grow 20% to 24% from Q3 2023.
The Chefs' Warehouse reported results for the second quarter ended June 28, 2024, with net sales up 8.3% to $954.7 million and GAAP net income of $15.5 million, or $0.37 per diluted share, compared with $9.9 million, or $0.25, a year earlier. The company also issued fiscal 2024 guidance of $3.665 billion to $3.785 billion in net sales and $208.0 million to $219.0 million in adjusted EBITDA, which shareholders can compare with future results.
Net sales rose 8.3% to $954.7 million from $881.8 million; organic sales grew about 7.2%.
GAAP net income was $15.5 million, or $0.37 per diluted share, versus $9.9 million, or $0.25, in Q2 2023.
Adjusted EBITDA was $56.2 million versus $51.1 million; adjusted net income per share was $0.40 versus $0.35.
Fiscal 2024 guidance: net sales $3.665 billion to $3.785 billion; gross profit $874.0 million to $902.0 million; adjusted EBITDA $208.0 million to $219.0 million.
Vita Coco reported second-quarter 2024 results on July 31, 2024, with net sales up 3% to $144 million and net income of $19 million, compared with $18 million a year earlier. Adjusted EBITDA rose to $32 million from $24 million, and the company reaffirmed its full-year 2024 guidance of $500 million to $510 million in net sales and $76 million to $82 million in adjusted EBITDA. For shareholders, the quarter showed higher sales and profit, while the company said gross margin is expected to be pressured in the second half by higher ocean freight costs on certain routes.
Q2 2024 net sales rose 3% to $144 million; Vita Coco Coconut Water net sales grew 4%.
Q2 net income was $19 million, or $0.32 per diluted share, versus $18 million, or $0.31, a year earlier.
Q2 gross margin was 41%, up from 37%, driven mainly by lower finished goods and transportation costs.
Full-year 2024 guidance was reaffirmed: net sales of $500 million to $510 million and adjusted EBITDA of $76 million to $82 million.
Verisk reported second-quarter 2024 results with revenue of $717 million, up 6.2%, and income from continuing operations of $308 million, up 50.7%. The increase in income was primarily driven by a $98.3 million gain tied to settled retained interests from prior business sales, and the company left its 2024 financial guidance unchanged.
Diluted EPS was $2.15, up 52.5%; diluted adjusted EPS was $1.74, up 15.2%
Adjusted EBITDA was $397 million, up 8.8%; free cash flow was $154 million, up 14.3%
Income growth was primarily driven by a $98.3 million net gain on settlement of retained interests
2024 guidance remains unchanged, including revenue of $2,840 million to $2,900 million
Marriott reported second quarter 2024 results with reported diluted EPS of $2.69, up from $2.38 a year earlier, and adjusted diluted EPS of $2.50, up from $2.26. Worldwide RevPAR rose 4.9 percent, and the company narrowed its full-year 2024 RevPAR growth outlook to 3% to 4%, citing a weaker operating environment in Greater China. For shareholders, the company said it expects to return approximately $4.3 billion in 2024 through dividends and share repurchases.
Reported net income was $772 million, up from $726 million; adjusted net income was $716 million, up from $690 million.
Worldwide RevPAR rose 4.9 percent; U.S. and Canada rose 3.9 percent and international markets rose 7.4 percent.
Full-year 2024 outlook: adjusted EPS of $9.23 to $9.40 and net rooms growth of 5.5% to 6%.
Marriott repurchased 4.1 million shares for $1.0 billion in the quarter; year to date through July 29, it returned $2.8 billion to shareholders.
Steven Madden reported second-quarter 2024 revenue of $523.6 million, up 17.6% from a year earlier, and GAAP diluted EPS of $0.49, up from $0.46. The company kept its fiscal 2024 outlook unchanged and declared a $0.21 quarterly dividend, which matters to shareholders because it signals steady sales growth and reaffirmed earnings guidance.
Revenue rose 17.6% to $523.6 million from $445.3 million in the second quarter of 2023.
GAAP diluted EPS was $0.49 versus $0.46; Adjusted diluted EPS was $0.57 versus $0.47.
Gross profit as a percentage of revenue was 41.5%, down from 42.6%; a $6.6 million expense tied to the Almost Famous contingent consideration was recorded.
Fiscal 2024 outlook continued: revenue growth of 11% to 13% and diluted EPS of $2.43 to $2.53; the quarterly dividend is $0.21, payable September 23, 2024.
UL Solutions reported second-quarter 2024 revenue of $730 million, up 6.0% from $689 million a year earlier, with organic growth of 8.4%. Net income was $106 million, or $0.50 per diluted share, compared with $0.47 a year earlier, and the company reiterated its full-year 2024 outlook, which shareholders will weigh against the first-half results.
Revenue of $730 million, up 6.0%; organic growth of 8.4%, led by the Industrial segment
Net income of $106 million ($0.50 per diluted share) vs. $99 million ($0.47 per diluted share) in Q2 2023
Adjusted EBITDA of $173 million, up 11.6%; Adjusted EBITDA margin of 23.7%, up 120 basis points
Full-year 2024 outlook reiterated, including mid-single digit organic revenue growth and Adjusted EBITDA margin improvement
DFIN reported second-quarter 2024 results on July 31, 2024. Net sales were $242.7 million, up 0.2% from a year earlier, while net earnings rose 17.0% to $44.1 million, or $1.47 per diluted share. Higher software sales and cost control lifted Adjusted EBITDA 17.4% to $87.2 million, which matters to shareholders because it shows profit growing faster than revenue.
Net sales of $242.7 million, up 0.2% from $242.1 million in Q2 2023 (up 0.7% on an organic basis)
Net earnings of $44.1 million, or $1.47 per diluted share, versus $37.7 million, or $1.24, in Q2 2023
Adjusted EBITDA of $87.2 million, up 17.4%; operating cash flow of $56.2 million versus $20.2 million
Software solutions net sales rose 13.1% to $85.6 million; the company repurchased 317,388 shares for about $19.2 million in the quarter
OneSpaWorld reported second-quarter 2024 revenue of $224.9 million, up 12% from a year earlier, and net income of $15.8 million, or $0.15 per diluted share, compared with a net loss a year earlier. The company raised its fiscal 2024 revenue and adjusted EBITDA guidance and adopted an annual cash dividend program, with an initial quarterly payment of $0.04 per share.
Q2 2024 total revenues were $224.9 million, up from $200.5 million; net income was $15.8 million, or $0.15 per diluted share, versus a net loss of $3.2 million a year earlier.
Fiscal 2024 revenue guidance raised to $870-$890 million from $860-$880 million; adjusted EBITDA guidance raised to $102-$108 million from $95-$105 million.
Board adopted an annual cash dividend program; the first quarterly dividend of $0.04 per share is payable September 4, 2024 to holders of record on August 21, 2024.
Cash totaled $63.7 million at June 30, 2024 after repaying $15.0 million of its first lien term loan; total debt was $123.8 million.
Garmin reported fiscal second quarter 2024 revenue of $1.51 billion, up 14% from the prior year quarter, with GAAP diluted EPS of $1.56 and pro forma diluted EPS of $1.58, up 9%. The company raised its full-year 2024 guidance to revenue of approximately $5.95 billion and pro forma EPS of $6.00, which points to higher expected results for shareholders.
Q2 2024 net sales were $1,506,671 thousand, up 14%, with Fitness up 28%, Marine up 26% and Auto OEM up 41%, while Outdoor fell 2%
GAAP diluted EPS was $1.56 versus $1.50, and pro forma diluted EPS was $1.58 versus $1.45
Full-year 2024 guidance now calls for revenue of approximately $5.95 billion and pro forma EPS of $6.00
Quarterly dividend of $0.75 per share has a record date of September 13, 2024 and a payment date of September 27, 2024
Strategic Education reported results for the quarter ended June 30, 2024, with revenue up 8.5% to $312.3 million and diluted earnings per share of $1.24, compared with $0.59 a year earlier. Income from operations rose to $41.9 million from $16.8 million, and the company declared a regular quarterly dividend of $0.60 per share payable September 16, 2024.
Q2 2024 revenue rose 8.5% to $312.3 million from $287.7 million in Q2 2023.
Diluted EPS was $1.24 versus $0.59; adjusted diluted EPS, a non-GAAP measure, was $1.33 versus $0.82.
Income from operations was $41.9 million, or 13.4% of revenue, versus $16.8 million, or 5.8%, a year earlier.
Quarterly cash dividend of $0.60 per share declared, payable September 16, 2024 to holders of record as of September 6, 2024.
Central Pacific Financial reported second-quarter 2024 net income of $15.8 million, or $0.58 per diluted share, up from $12.9 million, or $0.48, in the first quarter and up from $14.5 million, or $0.53, a year earlier. Net interest margin rose to 2.97% and net interest income increased 3.5% from the prior quarter, while total loans and deposits declined slightly. Shareholders also received notice of a $0.26 quarterly dividend, unchanged from the prior quarter.
Net income of $15.8 million and diluted EPS of $0.58, versus $12.9 million and $0.48 in the first quarter of 2024
Net interest margin of 2.97%, up 14 basis points from 2.83% in the first quarter
Total loans of $5.38 billion, down $17.8 million from the prior quarter; total deposits of $6.58 billion, down $36.4 million
Quarterly cash dividend of $0.26 per share payable September 16, 2024 to holders of record on August 30, 2024
BXP, Inc. reported second-quarter 2024 results on July 30, 2024, with revenue of $850.5 million, up from $839.4 million in the first quarter, and diluted FFO per share of $1.77, up from $1.73. Diluted EPS was $0.51, unchanged from the prior quarter, and the filing furnished full-year 2024 and third-quarter guidance for EPS and FFO per share. Same-property NOI excluding termination income fell 4.4% year over year in the quarter, compared with a 1.9% decline in the first quarter.
Total revenue of $850.5 million for the quarter ended June 30, 2024, versus $839.4 million in the prior quarter
Diluted FFO per share of $1.77 versus $1.73; diluted EPS of $0.51 in both quarters
Full-year 2024 guidance: projected diluted EPS of $2.08 to $2.14 and FFO per share of $7.09 to $7.15
Average in-service portfolio occupancy of 87.1% at June 30, 2024, down from 88.2% at March 31, 2024
Unum Group reported second-quarter 2024 net income of $389.5 million, or $2.05 per diluted share, compared with $392.9 million, or $1.98 per diluted share, a year earlier. The company raised its full-year 2024 after-tax adjusted operating earnings per share growth outlook to 10 percent to 15 percent from 7 percent to 9 percent, and its board authorized up to $1 billion in share repurchases beginning August 1, 2024.
Diluted EPS was $2.05 versus $1.98 a year earlier; after-tax adjusted operating income was $411.4 million ($2.16 per diluted share) versus $408.8 million ($2.06) in Q2 2023.
Total revenue was $3,233.4 million for the quarter, up from $3,112.2 million a year earlier.
Full-year 2024 after-tax adjusted operating EPS growth outlook raised to 10 percent to 15 percent, from 7 percent to 9 percent.
Board authorized repurchases of up to $1 billion of common stock from August 1, 2024; the company repurchased $179.8 million of shares in Q2 2024.
Powell Industries reported fiscal third-quarter 2024 revenue of $288.2 million, up 50% from a year earlier, and net income of $46.2 million, or $3.79 per diluted share, compared with $1.52 a year earlier. New orders fell to $356 million from $505 million a year earlier, and backlog held at $1.3 billion. The company also declared a quarterly cash dividend of $0.2650 per share.
Revenue $288.2 million, up 50% from $192.4 million; gross margin 28.4%, up from 22.2%
Net income $46.2 million, or $3.79 per diluted share, vs. $1.52 a year earlier
New orders $356 million vs. $505 million a year earlier, which the company attributed to two LNG projects awarded in the prior-year quarter
Quarterly dividend of $0.2650 per share, record date August 14, 2024, payable September 18, 2024
Zurn Elkay Water Solutions reported second-quarter 2024 net sales of $412.0 million, up 2% from $403.2 million a year earlier, and net income of $46.0 million, up from $34.6 million. The company raised its full-year adjusted EBITDA margin expansion guidance to 200 to 250 basis points from 150 to 200 and expects full-year free cash flow to exceed $250 million, which bears directly on shareholder returns and the company's ability to keep repurchasing stock.
Net sales were $412.0 million, up 2% from $403.2 million; core sales grew 2%.
Diluted EPS from continuing operations was $0.26, versus $0.19; adjusted EPS was $0.33, versus $0.24.
Adjusted EBITDA was $104.3 million, or 25.3% of net sales, versus $87.0 million, or 21.6%, a year earlier.
Full-year adjusted EBITDA margin expansion guidance raised to 200 to 250 basis points from 150 to 200; full-year free cash flow expected to exceed $250 million.
Mercury General reported second-quarter 2024 net income of $62.6 million, or $1.13 per diluted share, compared with a net loss of $41.5 million, or $0.75 per share, a year earlier. Net premiums earned rose 19.5% to $1.24 billion, and the combined ratio improved to 98.9% from 110.1%, which indicates a much stronger underwriting result for shareholders. The company also declared a quarterly dividend of $0.3175 per share.
Q2 2024 net income was $62.6 million ($1.13 per diluted share), versus a net loss of $41.5 million ($0.75 per share) in Q2 2023.
Net premiums earned rose 19.5% to $1.24 billion; catastrophe losses, net of reinsurance, were $125 million, up from $92 million.
Combined ratio was 98.9% for the quarter, compared with 110.1% a year earlier.
Quarterly dividend of $0.3175 per share, payable September 26, 2024, to holders of record on September 12, 2024.
STAG Industrial reported second-quarter 2024 net income attributable to common stockholders of $59.7 million, up 15.9% from a year earlier, and Core FFO of $0.61 per diluted share, up 8.9%. Cash NOI rose 10.3% to $148.4 million, and the company bought ten buildings for $225.6 million during the quarter. Core earnings measures improved for shareholders, although net income for the six months ended June 30, 2024 fell 4.6%.
Q2 2024 net income attributable to common stockholders was $59.7 million, or $0.33 per share, versus $51.6 million, or $0.29 per share, in Q2 2023
Q2 2024 Core FFO per diluted share was $0.61, up 8.9% from $0.56; Cash NOI was $148.4 million, up 10.3%
The company acquired ten buildings for $225.6 million and sold seven buildings for $78.2 million in Q2 2024
On May 28, 2024, the company issued $450 million of senior unsecured notes at a weighted average fixed rate of 6.17%
First Solar reported second quarter 2024 net sales of $1.0 billion, up $0.2 billion from the first quarter, and net income of $349 million, or $3.25 per diluted share. The company kept its full-year 2024 guidance unchanged. Cash net of debt fell to $1.2 billion from $1.4 billion, mainly due to capital spending on new U.S. factories in Alabama and Louisiana.
Net sales were $1.0 billion, up from $794 million in the first quarter of 2024.
Net income per diluted share was $3.25, compared with $2.20 in the first quarter of 2024.
Full-year 2024 guidance is unchanged, including net sales of $4.4 billion to $4.6 billion and earnings per diluted share of $13.00 to $14.00.
Cash, marketable securities and restricted cash, less debt, fell to $1.2 billion from $1.4 billion at the end of the prior quarter.
NMI Holdings reported record second-quarter 2024 results on July 30, 2024, with net income of $92.1 million, or $1.13 per diluted share, up from $80.3 million, or $0.95 per share, a year earlier. Adjusted diluted EPS was $1.20, excluding non-recurring capital markets transaction costs tied to a second-quarter debt refinancing, and primary insurance-in-force reached $203.5 billion.
Q2 2024 net income was $92.1 million, up 15% from $80.3 million in Q2 2023 and up 3% from $89.0 million in Q1 2024.
Diluted EPS was $1.13, up from $0.95 a year earlier; adjusted diluted EPS was $1.20, excluding $7.0 million of capital markets transaction costs.
Total revenue was $162.1 million, compared with $142.7 million in Q2 2023.
Shareholders' equity was $2.0 billion at June 30, 2024, and book value per share was $25.65.
M/I Homes reported results for the three and six months ended June 30, 2024. Second-quarter revenue rose 9% to $1.1 billion and net income rose 24% to $146.7 million, or $5.12 per diluted share, both described by the company as all-time quarterly records. The company also repurchased $50 million of common stock during the quarter.
Q2 2024 net income of $146.7 million, or $5.12 per diluted share, versus $118.0 million, or $4.12 per diluted share, in Q2 2023
Homes delivered rose 12% to 2,224 and revenue rose 9% to $1.1 billion
Pre-tax income rose 25% to $194.1 million, 17.5% of revenue
Six-month net income was $284.8 million, or $9.90 per diluted share, versus $221.1 million, or $7.77, a year earlier
Watsco reported second-quarter 2024 revenue of $2.1 billion, up 7%, and diluted earnings per share of $4.49, up from $4.42 a year earlier. For the first half, EPS fell to $6.69 from $7.25, while revenue rose 4% to $3.7 billion. The company also raised its annual dividend rate 10% to $10.80 per share and reported $425 million in cash and short-term investments with no borrowings under its $600 million credit facility.
Q2 revenue rose 7% to $2.1 billion (4% on a same-store basis); gross margin was 27.1%.
Q2 diluted EPS was $4.49 versus $4.42; first-half EPS was $6.69 versus $7.25.
Annual dividend rate increased 10% to $10.80 per share, effective April 2024.
As of June 30, 2024, cash and short-term investments totaled $425 million, with no borrowings under the $600 million credit facility.
PJT Partners reported second-quarter 2024 total revenues of $360 million, up 4% from a year earlier, and GAAP diluted EPS of $1.06, up 23%. On July 29, 2024, the firm entered a new $100 million revolving credit facility maturing July 29, 2026, and terminated its $60 million facility with First Republic Bank. As of June 30, 2024, the company reported $351 million in cash, cash equivalents and short-term investments and no funded debt.
Q2 2024 total revenues were $360 million, up 4% from $346 million; GAAP diluted EPS was $1.06 versus $0.86.
Six-month revenues were $690 million, up 26%; GAAP diluted EPS was $2.29 versus $1.53.
On July 29, 2024, the new revolving credit facility carries SOFR plus 1.85% and matures July 29, 2026; the prior $60 million facility was terminated.
As of June 30, 2024, cash, cash equivalents and short-term investments were $351 million and the company had no funded debt.
Gartner reported second-quarter 2024 revenue of $1.6 billion, up 6.1% as reported, and net income of $230 million, up 15.9%. The company also updated its full-year 2024 outlook, though the filing does not state the new figures, and its board added $600 million to the share repurchase authorization on July 25, 2024.
Revenue $1.6 billion, up 6.1% as reported and 6.9% in FX neutral terms; diluted EPS $2.93, up 18.1%
Adjusted EPS $3.22, up 13.0%; adjusted EBITDA $416 million, up 8.2%
Operating cash flow $370 million, down 15.1%; free cash flow $341 million, down 17.0%
Board authorized up to an additional $600 million in buybacks on July 25, 2024; about $450 million remained under the prior authorization as of end of July 2024
CorVel reported results for the quarter ended June 30, 2024, in a press release furnished as Exhibit 99.1. Revenue rose to $212 million from $190 million a year earlier, net income rose to $21.6 million from $19.8 million, and diluted earnings per share rose to $1.25 from $1.14. Revenue, profit and per-share earnings all improved year over year.
Revenue of $212 million for the quarter, up from $190 million in the June 2023 quarter
Diluted EPS of $1.25, compared with $1.14 a year earlier
Gross profit of $48.2 million at a 22.7% gross margin, up from $41.9 million
Repurchased $9.5 million of common stock; ended the quarter with $132 million in cash and no borrowings
NewMarket reported second-quarter 2024 net income of $111.6 million, or $11.63 per share, up from $99.6 million, or $10.36 per share, a year earlier. Total net sales rose to $710.2 million from $685.1 million, with the increase including its newly acquired AMPAC specialty materials business, while petroleum additives sales fell slightly. The results are a routine quarterly update, and the filing does not include new guidance.
Q2 2024 net income was $111.6 million, or $11.63 per share, versus $99.6 million, or $10.36 per share, in Q2 2023.
Petroleum additives operating profit was $147.8 million, up from $132.1 million, mainly due to lower raw material and operating costs and higher shipments, partly offset by lower selling prices.
Petroleum additives sales were $669.8 million, down from $684.0 million, while specialty materials (AMPAC) added $38.0 million in sales.
Net Debt to EBITDA was 1.6 as of June 30, 2024, after the AMPAC acquisition completed on January 16, 2024; long-term debt was $1.17 billion.
COPT Defense Properties reported results for the quarter ended June 30, 2024, with net income of $36.4 million, up from $31.6 million in the same quarter of 2023. Diluted FFO per share rose to $0.64 from $0.60, and the company's quarterly dividend per common share was $0.295, up from $0.285 a year earlier.
Q2 2024 total revenues were $187.3 million, compared with $169.2 million in Q2 2023.
Diluted EPS was $0.31, compared with $0.27 in Q2 2023. Net income was $36.4 million.
NOI from real estate operations was $105.4 million, compared with $95.0 million in Q2 2023.
Dividend per common share was $0.295 for the quarter, compared with $0.285 a year earlier.
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