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).
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
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
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.
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.
Lincoln Electric reported second-quarter 2024 net sales of $1,022 million, down 3.7% from a year earlier, and diluted EPS of $1.77, versus $2.36 in the prior-year quarter. Adjusted EPS fell to $2.34 from $2.44, so both sales and profit declined for shareholders in the period.
Net sales fell 3.7% to $1,022 million; organic sales decreased 4.4% and acquisitions added 1.2%
Diluted EPS was $1.77 versus $2.36; special item charges reduced EPS by $0.57; adjusted EPS was $2.34 versus $2.44
Operating income was $148.8 million (14.6% of sales) versus $178.0 million, including $26.5 million of rationalization and asset impairment charges
Cash from operations was $171 million, and the company returned $91 million to shareholders through dividends and share repurchases
Waters reported second quarter 2024 sales of $709 million, down 4% as reported from $741 million a year earlier, with the company saying results exceeded its own reported guidance. Non-GAAP EPS was $2.63 versus $2.80 a year earlier, and GAAP diluted EPS was $2.40 versus $2.55, while the company now expects full-year 2024 non-GAAP EPS of $11.55 to $11.65.
Q2 2024 sales were $709 million, down 4% as reported and 4% in organic constant currency; currency reduced sales 2% and acquisitions added 2%.
Instrument system sales fell 14% as reported, while recurring revenues rose 4%; Academic & Government sales fell 15%.
Full-year 2024 organic constant currency sales growth is now expected at -2.0% to -0.5%, with non-GAAP EPS of $11.55 to $11.65.
Third quarter 2024 non-GAAP EPS is expected at $2.60 to $2.70, and the company cited the potential for a more gradual market improvement in the second half.
AutoNation reported second quarter 2024 results on July 31, 2024, with revenue of $6.5 billion, down 6% from a year earlier, and diluted EPS of $3.20 versus $6.02. The company says an outage of its dealer management system, caused by a cyber incident at CDK Global, reduced EPS by an estimated $1.55, including $0.79 of one-time costs. Shareholders face lower reported earnings, though the company repurchased $350 million of shares year to date through July 29, 2024.
Diluted EPS $3.20 vs. $6.02 a year earlier; adjusted EPS $3.99 vs. $6.29
Revenue $6.5 billion, down $410 million, mainly due to the CDK outage and lower average vehicle selling prices
CDK outage reduced EPS by an estimated $1.55, including $0.79 of one-time costs
Repurchased $350 million of shares year to date through July 29, 2024; about $971 million remains under the program
Smurfit Westrock filed its second-quarter 2024 earnings presentation. Results include Smurfit Kappa only, because the combination with WestRock closed after the quarter ended, and net sales were about $3 billion. Adjusted EBITDA fell to $480 million from $556 million and net income fell to $132 million from $267 million, while adjusted free cash flow rose to $186 million from $83 million and net leverage rose to 1.6x.
Q2 2024 adjusted EBITDA was $480 million versus $556 million in Q2 2023; adjusted EBITDA margin was 16.2% versus 18.1%.
Q2 2024 net income was $132 million versus $267 million a year earlier, including $60 million of transaction-related expenses.
Q2 2024 adjusted free cash flow was $186 million versus $83 million in Q2 2023.
Net leverage ratio was 1.6x at June 30, 2024, up from 1.3x at December 31, 2023.
Comstock Resources reported a second-quarter 2024 net loss of $123.2 million, or $0.43 per share, compared with a net loss of $45.7 million, or $0.17 per share, a year earlier. Total revenues fell to $246.8 million from $288.2 million as natural gas prices declined, which the company said weighed heavily on results. Adjusted net loss, which excludes an unrealized hedging loss, was $58.2 million, or $0.20 per share.
Q2 2024 net loss of $123.2 million, or $0.43 per share, versus a net loss of $45.7 million, or $0.17 per share, in Q2 2023
Total revenues of $246.8 million, down from $288.2 million a year earlier
Average natural gas price of $1.65 per Mcf before hedging and $2.12 per Mcf after hedging
Company issued $400 million of 6.75% senior notes during the period
JBG SMITH reported a second-quarter 2024 net loss of $24.4 million, or $0.27 per diluted share, compared with a net loss of $10.5 million, or $0.10, a year earlier. Core FFO fell to $16.1 million, or $0.18 per diluted share, from $39.8 million, or $0.36, and management expects continued downward pressure on earnings and office Same Store NOI at least through the end of 2025, though multifamily leasing remained strong.
Q2 2024 net loss of $24.4 million ($0.27 per diluted share) versus a net loss of $10.5 million ($0.10) in Q2 2023
Core FFO of $16.1 million ($0.18 per diluted share) versus $39.8 million ($0.36) a year earlier
Annualized NOI excluding sold or taken-out-of-service assets was $283.9 million, down from $292.6 million in Q1 2024
Management expects downward pressure on earnings and office Same Store NOI to persist at least through the end of 2025; 1900 Crystal Drive was 49.5% leased as of July 28, 2024
UFP Industries reported second quarter 2024 net sales of $1.9 billion, down 7% from a year earlier, as selling prices fell 6% and organic unit sales fell 1%. Net earnings attributable to controlling interest were $126 million, down 16%, and diluted EPS was $2.05 versus $2.36, while the company revised its outlook for the rest of 2024 to expect lower demand in Retail and Packaging. Shareholders face lower reported profit and a weaker near-term demand forecast, partly offset by a 10% dividend increase.
Net sales were $1.9 billion, down 7%; net earnings attributable to controlling interest were $126 million, down 16%.
Diluted EPS was $2.05 versus $2.36 a year earlier; adjusted EBITDA was $204 million, down 13%.
The company expects Retail demand to decrease by mid-single digits and Packaging demand to decrease by mid- to high-single digits for the balance of 2024, and Construction demand to increase by low- to mid-single digits.
The board approved a quarterly dividend of $0.33 per share, up 10% from $0.30, payable September 16, 2024.
Repligen reported second quarter 2024 revenue of $154 million, down from $159 million a year earlier, and adjusted earnings per share of $0.33, down from $0.53. GAAP earnings per share fell to $0.06 from $0.35, and the company narrowed its full-year revenue guidance while leaving adjusted EPS guidance unchanged.
Q2 2024 revenue was $154 million versus $159 million in Q2 2023; first half revenue was $305 million
Q2 GAAP income from operations was $1 million versus $19 million; GAAP diluted EPS was $0.06 versus $0.35
Full-year 2024 revenue guidance narrowed to $620 million-$635 million; adjusted EPS guidance unchanged at $1.42-$1.49
Q2 results include $4.4 million of incremental stock compensation tied to the CEO transition to Executive Chair
PHINIA reported second quarter 2024 results for the period ended June 30, 2024, with net sales of $868 million, down 2.1% from a year earlier, and net earnings of $14 million, down from $35 million. The company said full-year sales will be at the low end of its prior ranges and gave full-year 2024 net earnings guidance of $100 million to $140 million after revising its adjusted tax rate expectation, which means lower sales and profit for shareholders in the period.
Q2 net sales of $868 million, down 2.1% from Q2 2023, with lower commercial vehicle sales in Europe and light vehicle sales in China
Q2 diluted EPS of $0.31 versus $0.74 a year earlier; adjusted diluted EPS of $0.88 versus $1.61
Q2 net earnings were reduced by a $15 million loss on the extinguishment of debt; adjusted EBITDA was $117 million versus $130 million
Full-year 2024 net sales expected at the low end of prior ranges; net earnings guidance of $100 million to $140 million
JetBlue reported second quarter 2024 net income of $25 million, or $0.07 per share, down from $138 million, or $0.41 per share, a year earlier. It also outlined JetForward, a strategy targeting $800 million to $900 million of incremental EBIT from 2025 through 2027, and lowered its revenue outlook for the third quarter and full year 2024.
Q2 2024 operating revenue was $2.4 billion, down 6.9% year-over-year, and operating income was $57 million versus $235 million a year earlier.
Excluding special items, adjusted net income was $26 million, or $0.08 per share.
Third quarter 2024 revenue is estimated to change (5.5%) to (1.5%) year-over-year, and full year 2024 revenue (6.0%) to (4.0%).
JetForward targets $800 million to $900 million of incremental EBIT from 2025 to 2027 and deferral of approximately $3.0 billion of capital expenditures through 2029.
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.
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.
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.
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
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
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
ASGN Incorporated (NYSE: ASGN) reported second-quarter 2024 revenue of $1.035 billion, down 8.5% from a year earlier, and net income of $47.2 million, or $1.02 per diluted share, versus $60.1 million, or $1.22, in the second quarter of 2023. It also gave third-quarter 2024 estimates of $1.024 billion to $1.044 billion in revenue and $1.01 to $1.09 in diluted EPS. Note that the filing is from ASGN Incorporated, not Everforth Inc (EFOR) as named in the request.
Revenue of $1.035 billion, down 8.5% year over year; Commercial Segment down 10.6% and Federal Government Segment down 3.3%
Net income of $47.2 million ($1.02 per diluted share) vs. $60.1 million ($1.22) in Q2 2023; Adjusted EBITDA of $117.1 million, an 11.3% margin vs. 12.0%
Q3 2024 estimates: revenue of $1.024 billion to $1.044 billion; net income of $45.8 million to $49.4 million; diluted EPS of $1.01 to $1.09
Repurchased 1.1 million shares for $108.0 million in Q2 2024; about $667.0 million remained available under the repurchase plan at quarter end
The St. Joe Company reported second-quarter 2024 revenue of $111.6 million, down 13% from $128.1 million a year earlier, and net income attributable to the Company of $24.5 million, or $0.42 per share, down from $34.7 million, or $0.60 per share. The company said hospitality and leasing revenue grew while real estate revenue fell 51%, and its board raised the quarterly dividend 17% to $0.14 per share.
Q2 2024 total revenue $111.6 million, down 13% from $128.1 million in Q2 2023
Q2 2024 net income attributable to the Company $24.5 million ($0.42 per share), down from $34.7 million ($0.60 per share)
Hospitality revenue rose 38% to $62.3 million; real estate revenue fell 51% to $34.5 million
Quarterly dividend raised to $0.14 per share from $0.12, payable September 6, 2024, to holders of record August 9, 2024
MaxLinear reported unaudited second-quarter 2024 results, with net revenue of $92.0 million, down 3% sequentially and down 50% from the year-ago quarter. The GAAP net loss was $39.3 million, or $0.47 per diluted share, narrower than the prior quarter but far below the year-ago loss of $0.05 per share. The company guided third-quarter 2024 net revenue to $70 million to $90 million, which puts the midpoint below the second quarter's level.
Q2 2024 net revenue was $92.0 million, down 3% from Q1 2024 and down 50% from Q2 2023.
GAAP diluted loss per share was $0.47, versus $0.88 in Q1 2024 and $0.05 in Q2 2023.
Non-GAAP diluted loss per share was $0.25, versus $0.21 in Q1 2024.
Third-quarter 2024 net revenue is expected to be approximately $70 million to $90 million.
Robert Half reported second-quarter 2024 results, with net income of $68 million, or $0.66 per share, on revenues of $1.473 billion, compared with $106 million, or $1.00 per share, on revenues of $1.639 billion a year earlier. Management said client and candidate caution continues to affect hiring and that second-quarter results were within its guidance range, but the filing does not provide new guidance figures, so shareholders see lower revenue and profit year over year.
Q2 2024 net income was $68 million, or $0.66 per share, versus $106 million, or $1.00 per share, in Q2 2023.
Q2 2024 revenues were $1.473 billion, versus $1.639 billion in Q2 2023.
For the first six months of 2024, net income was $132 million, or $1.27 per share, versus $228 million, or $2.14 per share, a year earlier.
Management said Q2 revenues and earnings were within its guidance range.
Capitol Federal Financial reported third-quarter fiscal 2024 net income of $9.6 million, or $0.07 per share, down from $13.8 million, or $0.11 per share, in the prior quarter. The company said higher income tax expense tied to the Bank's pre-1988 bad debt recapture and a higher provision for credit losses drove the decline, and it said quarterly earnings may not fully cover its $0.085 quarterly dividend.
Net income of $9.6 million, or $0.07 per share, for the quarter ended June 30, 2024, versus $13.8 million, or $0.11 per share, for the quarter ended March 31, 2024
Income tax expense on the pre-1988 bad debt recapture reduced earnings by $0.03 per share in the quarter
Net interest margin was 1.77%, down from 1.82% in the prior quarter
Quarterly cash dividend of $0.085 per share payable August 16, 2024 to holders of record on August 2, 2024; the company held $49.1 million in cash at June 30, 2024
First Commonwealth Financial reported second-quarter 2024 net income of $37.1 million, or $0.36 per diluted share, down from $37.5 million, or $0.37 per share, in the first quarter and $42.8 million, or $0.42 per share, a year earlier. Provision expense rose to $7.8 million and nonperforming loans increased to $57.1 million, while the company also declared a $0.13 quarterly dividend, a 4.0% increase from the second quarter of 2023.
Net income of $37.1 million and diluted EPS of $0.36, versus $0.37 in Q1 2024 and $0.42 in Q2 2023.
Provision for credit losses of $7.8 million, up from $4.2 million in Q1 2024; nonperforming loans rose $14.7 million to $57.1 million.
Net interest margin of 3.57%, up 5 basis points from Q1 2024 but down 28 basis points from Q2 2023.
Quarterly dividend of $0.13 per share, payable August 16, 2024, to shareholders of record as of August 2, 2024.
PennyMac Mortgage Investment Trust reported net income attributable to common shareholders of $15.0 million, or $0.17 per diluted share, for the quarter ended June 30, 2024, on net investment income of $71.2 million. Both measures were lower than in the prior quarter, when net income attributable to common shareholders was $37.2 million and net investment income was $74.2 million. Book value per common share fell slightly to $15.89 from $16.11 at March 31, 2024.
Net income attributable to common shareholders was $15.0 million, or $0.17 per diluted share, versus $37.2 million in the first quarter of 2024.
Net investment income was $71.2 million, compared with $74.2 million in the first quarter of 2024.
Book value per common share was $15.89 at June 30, 2024, down from $16.11 at March 31, 2024.
A cash dividend of $0.40 per common share will be paid on July 26, 2024, to holders of record as of July 12, 2024.
Vicor reported second-quarter 2024 revenue of $85.9 million, down 19.6% from a year earlier but up 2.4% from the first quarter, and a net loss of $1.2 million, or $0.03 per diluted share, compared with net income of $17.1 million, or $0.38 per share, a year ago. The loss narrowed from a $14.5 million net loss in the first quarter, and the filing notes a $2.3 million litigation-contingency expense in the quarter, with accrued litigation rising to $26.2 million from $6.5 million at December 31, 2023.
Q2 2024 revenue $85.9 million, down 19.6% year over year and up 2.4% sequentially
Net loss $1.2 million ($0.03 per diluted share) vs. net income $17.1 million ($0.38) a year ago; Q1 2024 net loss was $14.5 million
Gross margin 49.8% vs. 51.7% a year ago; backlog $153.8 million, down 29.2% year over year
Cash and cash equivalents $251.9 million at June 30, 2024; Q2 cash flow from operations $15.6 million
City Holding Company reported second-quarter 2024 net income of $29.1 million, or $1.96 per diluted share, down from $32.7 million and $2.16 a year earlier and slightly below the first quarter's $29.5 million and $1.97. Net interest margin narrowed to 3.87% from 3.95% in the first quarter, while non-interest expense rose to $36.8 million from $34.8 million a year earlier, which matters to shareholders because profit fell on both comparisons.
Q2 2024 net income $29.1 million vs $32.7 million in Q2 2023 and $29.5 million in Q1 2024
Diluted EPS $1.96 vs $2.16 in Q2 2023 and $1.97 in Q1 2024
Net interest margin 3.87% vs 3.95% in Q1 2024; non-interest expense $36.8 million vs $34.8 million in Q2 2023
Board declared a quarterly cash dividend of $0.715 per share payable July 31, 2024
NXP Semiconductors reported second-quarter 2024 revenue of $3.13 billion, down 5% from a year earlier and essentially flat from the first quarter. Non-GAAP diluted earnings per share were $3.20, compared with $3.43 a year earlier and $3.24 in the first quarter. The company guided third-quarter 2024 revenue to $3.15 billion to $3.35 billion, which is below the prior-year quarter, so shareholders face continued year-over-year declines in the near term.
Q2 2024 revenue was $3.13 billion, down 5% year-on-year and flat versus Q1 2024 ($3.126 billion)
GAAP diluted EPS was $2.54 versus $2.67 in Q2 2023; non-GAAP diluted EPS was $3.20 versus $3.43
Q3 2024 guidance: revenue of $3.15 billion to $3.35 billion; non-GAAP diluted EPS of $3.21 to $3.63
Q2 2024 capital return totaled $570 million, including $260 million in dividends and $310 million in share repurchases
Cathay General Bancorp reported second quarter 2024 net income of $66.8 million, or $0.92 per diluted share, down from $71.4 million, or $0.98 per share, in the first quarter and $93.2 million, or $1.28 per share, a year earlier. The decline was driven mainly by a higher provision for credit losses and $4.1 million of accelerated amortization on solar tax credit investments, and non-performing assets rose to $129.0 million.
Net interest margin narrowed to 3.01% from 3.05% in the first quarter; the provision for credit losses rose to $6.6 million from $1.9 million.
Non-performing assets increased 3.1% to $129.0 million as of June 30, 2024.
The Company announced a new stock repurchase program of up to $125.0 million on May 28, 2024, and repurchased $25.1 million of stock in the quarter.
Simpson Manufacturing reported second-quarter 2024 results on July 22, 2024. Net sales were essentially flat at $597.0 million, but income from operations fell 8.9% to $132.2 million and diluted earnings per share were $2.31, down from $2.50. The company also updated its full-year 2024 outlook, which for operating margin now calls for 20.0% to 21.0%, so shareholders face lower profit in the period despite stable sales.
Net sales of $597.0 million, down 0.1% from $597.6 million a year earlier
Income from operations of $132.2 million, down 8.9% from $145.0 million; operating margin 22.1% versus 24.3%
Net income of $97.8 million, or $2.31 per diluted share, versus $107.2 million, or $2.50 per diluted share
Updated 2024 outlook: operating margin of 20.0% to 21.0% and capital expenditures of $180.0 million to $190.0 million
Calix reported second quarter 2024 results, with revenue of $198.1 million, down 24% from $261.0 million a year earlier and down 12% from the prior quarter. The company posted a GAAP net loss of $8.0 million, compared with GAAP net income of $9.4 million in the year-ago quarter, and guided third quarter revenue to $198.0 million to $204.0 million.
Q2 2024 revenue was $198.1 million, down 24% year over year and 12% sequentially; Q2 2024 non-GAAP diluted EPS was $0.09, within the $0.03 to $0.09 guidance given April 22, 2024.
GAAP net loss was $8.0 million, or $(0.12) per diluted share; non-GAAP net income was $6.1 million, versus $25.2 million a year earlier.
Non-GAAP gross margin was a record 55.1%, and management expects gross margin to keep rising each quarter.
Third quarter 2024 guidance calls for revenue of $198.0 million to $204.0 million and non-GAAP diluted EPS of $0.05 to $0.11.
AGNC Investment Corp. reported a second-quarter 2024 comprehensive loss of $(0.13) per common share, including a $(0.11) net loss per share, compared with net income of $0.59 per share in the first quarter. Tangible net book value per share fell 5.0% to $8.40 as of June 30, 2024, and the economic return on tangible common equity was -0.9% after $0.36 in dividends, so shareholders' per-share book value declined during the quarter.
Net loss of $(0.11) per common share in Q2 2024, versus net income of $0.59 per share in Q1 2024
Tangible net book value per share of $8.40 at June 30, 2024, down from $8.84 at March 31, 2024
Economic return of -0.9% for the quarter: $0.36 dividends offset by a $(0.44) decrease in tangible net book value per share
Issued 45.8 million shares through at-the-market offerings for net proceeds of $434 million; unencumbered cash and Agency MBS totaled $5.3 billion
BancFirst Corporation reported second-quarter 2024 net income of $50.6 million, or $1.51 per diluted share, down from $55.0 million, or $1.64 per diluted share, a year earlier. Net interest income rose to $109.9 million, but noninterest income fell to $43.9 million, mainly due to an approximate $5.7 million reduction in interchange fees tied to the Durbin Amendment, and noninterest expense rose to $85.3 million.
Q2 2024 net income was $50.6 million, or $1.51 per diluted share, versus $55.0 million, or $1.64 per diluted share, in Q2 2023.
Net interest income increased to $109.9 million from $105.9 million; net interest margin was 3.76% versus 3.87%.
Noninterest income fell to $43.9 million from $48.0 million, primarily due to an approximate $5.7 million reduction in Durbin Amendment interchange fees.
Noninterest expense rose to $85.3 million from $81.1 million; total assets were $12.7 billion at June 30, 2024.
Westamerica Bancorporation reported second quarter 2024 net income of $35.5 million, or $1.33 per diluted share, down from $40.2 million and $1.51 per share in the second quarter of 2023. Results also declined from the first quarter of 2024, when net income was $36.4 million and EPS was $1.37. The company recorded no provision for credit losses and raised its quarterly dividend to $0.44 per share from $0.42 a year earlier.
Net income of $35.5 million versus $40.2 million in Q2 2023, a decline of 11.9%
Diluted EPS of $1.33 versus $1.51 a year earlier and $1.37 in Q1 2024
Net interest income (FTE) of $64.1 million, down 8.8% from $70.3 million in Q2 2023
Dividend of $0.44 per share, up from $0.42 in Q2 2023; annualized return on average common equity of 14.4% versus 18.4%
Triumph Financial reported second-quarter 2024 net income to common stockholders of $1.9 million, or $0.08 per diluted share, down from $3.4 million, or $0.14, in the first quarter and $6.8 million, or $0.29, a year earlier. The letter says the company missed consensus earnings estimates by approximately $3.3 million, citing elevated expenses, and management said it will hold expenses near $97 million per quarter while continuing to invest in its technology platform.
Q2 2024 net income to common stockholders was $1.9 million, or $0.08 per diluted share, versus $3.4 million, or $0.14, in Q1 2024 and $6.8 million, or $0.29, in Q2 2023.
Management said earnings missed consensus estimates by approximately $3.3 million, and expenses were $97.3 million, up 7.7% from Q1.
Management expects Q3 2024 expenses of approximately $97 million and said it intends to hold expenses near that level through the rest of 2024 and early 2025.
Management said network engagement in brokered freight was just under 47% at the end of Q2 and it expects to reach 50% by the end of 2024.
J.B. Hunt Transport Services reported second quarter 2024 results on July 16, 2024. Net earnings were $135.9 million, or $1.32 per diluted share, down from $189.6 million, or $1.81 per share, a year earlier, while total operating revenue fell 7% to $2.93 billion. The company attributed the profit decline mainly to lower revenue and higher insurance and claims, equipment-related, and certain personnel-related expenses.
Total operating revenue was $2.93 billion, down 7% from $3.13 billion in the second quarter of 2023.
Operating income was $205.7 million, down 24% from $270.7 million.
Diluted EPS was $1.32 versus $1.81 a year earlier, down 27%.
The company bought back about 1,225,000 shares for about $203 million in the quarter and had about $163 million left under its repurchase authorization.
AutoNation said a cyber incident at third-party provider CDK Global disrupted its dealer management system and core functions, and it estimates the incident will reduce second-quarter 2024 earnings per share by about $1.50 before any insurance or other recoveries. After that impact, the company estimates GAAP earnings per share for the quarter ended June 30, 2024, will be between $3.15 and $3.30, and these estimates are subject to change. Shareholders face lower reported profit for the quarter, though the company says it does not expect a material effect on its overall financial condition or ongoing operations.
Estimated negative impact of about $1.50 per share on Q2 2024 EPS, before potential recoveries
Impact split roughly evenly between lost income from June 19 to June 30, 2024 and one-time costs, mainly guaranteed compensation to retain commission-based associates
Estimated GAAP EPS for the quarter ended June 30, 2024: $3.15 to $3.30
Dealer management system and core functions restored; ancillary systems expected fully restored before the end of July 2024; second-quarter results due July 31, 2024
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