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).
Packaging Corporation of America reported second quarter 2024 net income of $199 million, or $2.21 per diluted share, down from $2.24 a year earlier, while net sales rose to $2.1 billion from $2.0 billion. Excluding special items, EPS was $2.20 versus $2.31, but that beat the company's $2.07 second quarter guidance by $0.13. The company expects third quarter earnings of $2.45 per share, citing higher prices and mix in both segments.
Second quarter net income was $198.9 million, or $2.21 diluted EPS, versus $202.7 million, or $2.24, in the second quarter of 2023
Net sales were $2,075.3 million versus $1,952.1 million a year earlier
EPS excluding special items of $2.20 beat second quarter guidance of $2.07 per share by $0.13
Third quarter 2024 earnings are expected at $2.45 per share, with one less shipping day for the corrugated business
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.
Artisan Partners reported results for the three months ended June 30, 2024, with revenue of $270.8 million, up 11% from a year earlier, and GAAP net income of $57.6 million, or $0.80 per share, up from $53.6 million, or $0.76 per share. Assets under management ended the quarter at $158.9 billion, up 11% from a year earlier but down 1% from March 31, 2024, as the firm recorded $1.6 billion of net client cash outflows in the quarter. The board declared a variable quarterly dividend of $0.71 per share.
Q2 2024 revenue $270.8 million, up 11% from $242.9 million in Q2 2023 and up 2% from $264.4 million in Q1 2024
GAAP net income $57.6 million, or $0.80 per share, versus $59.5 million, or $0.84 per share, in Q1 2024; adjusted net income $66.0 million, or $0.82 per adjusted share
Ending AUM $158.9 billion at June 30, 2024, down $1.5 billion from March 31, 2024, after $1.6 billion of net client cash outflows
Quarterly dividend of $0.71 per share declared, payable August 30, 2024, to holders of record on August 16, 2024
Trustmark reported second quarter 2024 net income of $73.8 million, or $1.20 per diluted share, up from $41.5 million and $0.68 in the first quarter. The result was driven by a $171.2 million after-tax gain on the sale of Fisher Brown Bottrell Insurance, which is reported in discontinued operations, while the loss from continuing operations was $100.6 million after a $182.8 million pre-tax loss on securities restructuring. Excluding these non-routine items, adjusted continuing operations net income was $40.5 million, or $0.66 per diluted share.
Net income of $73.8 million, or $1.20 per diluted share, versus $41.5 million, or $0.68 per diluted share, in the first quarter of 2024
Loss from continuing operations of $100.6 million, including a $182.8 million pre-tax loss on the securities portfolio restructuring
Adjusted continuing operations net income of $40.5 million, or $0.66 per diluted share
Board declared a quarterly cash dividend of $0.23 per share, payable September 15, 2024
On July 21, 2024, Dover entered into an agreement to sell its Environmental Solutions Group businesses to Terex Corporation for $2.0 billion in cash, subject to customary adjustments. Closing depends on customary conditions, including expiration of the Hart-Scott-Rodino waiting period, and either party may terminate if the deal is not completed by April 21, 2025. The filing does not state the financial effect of the sale on Dover's earnings or the use of proceeds.
Buyer: Terex Corporation; price: $2.0 billion in cash, subject to customary transaction adjustments
Agreement signed July 21, 2024; either party may terminate if the deal is not consummated by April 21, 2025
Closing requires the expiration or termination of the Hart-Scott-Rodino waiting period and no governmental order blocking the deal
Full agreement to be filed as an exhibit to the Form 10-Q for the quarter ending September 30, 2024
Weatherford reported second-quarter 2024 revenue of $1.405 billion, up 10% from a year earlier, with net income of $125 million and diluted earnings of $1.66 per share, compared with $1.12 a year earlier. The company also declared its first quarterly dividend of $0.25 per share, authorized a $500 million share repurchase program running through June 2027, and appointed Steven Beringhause to its board. Management reaffirmed expectations for adjusted free cash flow of over $500 million for the full year.
Revenue of $1,405 million, up 10% year over year and 3.5% sequentially; diluted EPS of $1.66 versus $1.12 in Q2 2023
Adjusted EBITDA of $365 million, a 26.0% margin; adjusted free cash flow of $96 million
Quarterly dividend of $0.25 per share payable September 12, 2024, to holders of record August 13, 2024
Steven Beringhause appointed to the board, increasing its size to six directors
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
EastGroup reported second-quarter 2024 diluted EPS of $1.14, up from $0.97 a year earlier, and FFO of $2.09 per share, up 9.4%. The company also revised its 2024 FFO guidance to $8.28-$8.38 per share from $8.17-$8.37 in April, a higher range for shareholders.
Q2 2024 diluted EPS was $1.14 versus $0.97 in Q2 2023; FFO excluding gains was $2.05 per share, up 8.5%
Same PNOI excluding lease termination income rose 5.3% on both straight-line and cash bases for the quarter
2024 FFO per share guidance revised to $8.28-$8.38; 2024 EPS guidance set at $4.63-$4.73
Operating portfolio was 97.4% leased as of June 30, 2024, with average occupancy of 97.0% for the quarter versus 98.1% a year earlier
Enphase Energy reported second-quarter 2024 revenue of $303.5 million, up from $263.3 million in the first quarter but down from $711.1 million in the second quarter of 2023. GAAP net income was $10.8 million, compared with a loss of $16.1 million in the first quarter and $157.2 million a year earlier, and it guided third-quarter 2024 revenue to $370.0 million to $410.0 million. Shareholders get a sequential improvement alongside a steep year-over-year decline.
Q2 2024 revenue was $303.5 million versus $263.3 million in Q1 2024 and $711.1 million in Q2 2023.
GAAP diluted EPS was $0.08 and non-GAAP diluted EPS was $0.43, compared with $0.35 non-GAAP in Q1 2024 and $1.47 non-GAAP in Q2 2023.
Third-quarter 2024 revenue is expected to be within a range of $370.0 million to $410.0 million.
The company repurchased 891,896 shares for approximately $99.9 million and ended the quarter with $1.65 billion in cash, cash equivalents, and marketable securities.
Red Rock Resorts reported second quarter 2024 net revenues of $486.4 million, up 16.9% from a year earlier, and Adjusted EBITDA of $201.7 million, up 15.0%. Net income fell 6.8% to $69.8 million, and diluted earnings per share were $0.59 versus $0.65, so top-line and cash-earnings growth came alongside lower bottom-line profit for shareholders.
Net revenues were $486.4 million, up $70.3 million from $416.1 million in Q2 2023.
Net income was $69.8 million, down from $74.9 million; net income attributable to Red Rock Resorts was $35.7 million versus $39.5 million.
Diluted earnings per Class A share were $0.59 versus $0.65; the filing cites $0.25 quarterly dividend declared for Q3 2024, payable September 30, 2024.
Total principal amount of debt outstanding was $3.5 billion at quarter end, with cash and cash equivalents of $136.4 million.
Agree Realty reported second quarter 2024 results on July 23, 2024, with net income per share up 25.6% to $0.52 and AFFO per share up 6.4% to $1.04. The company raised its full-year 2024 AFFO per share guidance to $4.11 to $4.14 from $4.10 to $4.13 and lifted its acquisition volume outlook to approximately $700 million from approximately $600 million.
Q2 2024 net income per share rose 25.6% to $0.52; Core FFO per share rose 5.7% to $1.03
2024 AFFO per share guidance raised to $4.11 to $4.14 from $4.10 to $4.13
2024 acquisition volume guidance raised to approximately $700 million from approximately $600 million
Commitments received to expand the credit facility to $1.25 billion from $1.0 billion, with maturity extended to August 2029
Visa reported fiscal third-quarter 2024 results for the quarter ended June 30, 2024, with net revenue of $8.9 billion, up 10%, and GAAP earnings per share of $2.40, up 20%. Non-GAAP earnings per share were $2.42, up 12%, and non-GAAP net income rose 9% to $4.9 billion. The board also declared a $0.520 per share quarterly dividend, payable September 3, 2024, which shows continued cash returns to shareholders alongside share repurchases and dividends totaling $5.8 billion in the quarter.
Net revenue was $8.9 billion, up 10%, with payments volume up 7% and cross-border volume up 14%.
GAAP net income was $4.9 billion, or $2.40 per share, up 17% and 20% respectively.
Non-GAAP EPS was $2.42, up 12%, while non-GAAP operating expenses rose 14%.
The quarterly dividend is $0.520 per share, payable September 3, 2024, to holders of record as of August 9, 2024.
Manhattan Associates reported second-quarter 2024 revenue of $265.3 million, up from $231.0 million a year earlier, and GAAP diluted earnings per share of $0.85 versus $0.63. The company also raised its full-year 2024 guidance, now projecting total revenue of $1,036 million to $1,044 million and GAAP diluted EPS of $3.08 to $3.16, with adjusted EPS of $4.22 to $4.30.
Q2 2024 total revenue was $265.3 million, compared with $231.0 million in Q2 2023.
Q2 2024 GAAP diluted EPS was $0.85, compared with $0.63; adjusted diluted EPS was $1.18, compared with $0.88.
2024 full-year guidance: total revenue $1,036 million to $1,044 million (12% growth) and GAAP EPS $3.08 to $3.16.
Cash flow from operations was $73.3 million in Q2 2024, compared with $40.6 million in Q2 2023; cash totaled $202.7 million at June 30, 2024.
East West Bancorp reported second quarter 2024 net income of $288 million, or $2.06 per diluted share, up 1% from the first quarter but down from $312 million a year earlier. Revenue fell 1% from the first quarter to $638 million, and net interest income declined 2% as the net interest margin narrowed to 3.27%. The company also declared a $0.55 quarterly dividend and repurchased about 560 thousand shares for $41 million.
Net income $288 million and diluted EPS $2.06, versus $285 million and $2.03 in the first quarter of 2024
Revenue $638 million, down 1% from $644 million in the first quarter; net income was down 7.6% from $312 million in the second quarter of 2023
Net interest margin 3.27%, a 7 basis point decline from the first quarter
Quarterly dividend of $0.55 per share payable August 16, 2024 to holders of record as of August 2, 2024
Mueller Industries reported second quarter 2024 results with net sales of $997.7 million, up from $897.0 million a year earlier. Diluted EPS fell to $1.41 from $1.56, because the prior-year quarter included a $19.5 million insurance settlement gain and net income declined to $160.2 million from $177.7 million.
Net sales were $997.7 million versus $897.0 million in the second quarter of 2023.
Net income was $160.2 million versus $177.7 million, and diluted EPS was $1.41 versus $1.56.
Operating income was $210.0 million versus $210.7 million, and the company said adjusted operating income rose 9.8% over the prior year period.
Cash was $825.7 million at quarter end, after $566.6 million was spent on acquisitions and $15.1 million on stock repurchases during the quarter.
NVR reported second-quarter 2024 revenue of $2.61 billion, up 12%, and net income of $400.9 million, down 1% from a year earlier. Diluted earnings per share rose 4% to $120.69 because the company had fewer diluted shares outstanding, and homebuilding gross profit margin fell to 23.6% from 24.3%.
Q2 net income $400.9 million, down 1% from $404.0 million; diluted EPS $120.69, up 4% from $116.54
Q2 consolidated revenues $2.61 billion, up 12% from $2.34 billion; homebuilding gross profit margin 23.6% vs. 24.3%
Six months ended June 30, 2024: revenues $4.95 billion, up 10%; diluted EPS $237.05, up 9%
Q2 share repurchases of 83,168 shares at an aggregate cost of $639.0 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
First BanCorp. reported net income of $75.8 million, or $0.46 per diluted share, for the quarter ended June 30, 2024, up from $73.5 million, or $0.44 per share, in the first quarter of 2024 and $70.7 million, or $0.39 per share, a year earlier. Net interest margin rose to 4.22% and non-performing assets fell $2.7 million to $126.9 million, while annualized net charge-offs rose to 0.69% of average loans from 0.37%. The company repurchased $50.0 million of common stock and paid $26.3 million in dividends during the quarter.
Net income of $75.8 million, or $0.46 per diluted share, versus $73.5 million, or $0.44, in Q1 2024 and $70.7 million, or $0.39, in Q2 2023
Net interest margin increased to 4.22% from 4.16%; net interest income was $199.6 million
Annualized net charge-offs rose to 0.69% of average loans from 0.37%; allowance coverage was 2.06% versus 2.14%
Repurchased $50.0 million of common stock and paid $26.3 million in common stock dividends in the quarter
Equity LifeStyle Properties reported second-quarter 2024 results on July 22, with net income per share of $0.42, up from $0.34, and normalized FFO per share of $0.66, up 2.9%. The accompanying release also increased the company's 2024 earnings guidance, with full-year normalized FFO per share now projected at $2.86 to $2.96. The filing also discloses a July 18 amendment extending the maturity of its $500 million line of credit to July 18, 2028, with other material terms, including interest rate terms, unchanged.
Q2 2024 net income per share was $0.42 versus $0.34 in Q2 2023; normalized FFO per share was $0.66 versus $0.64.
Full-year 2024 normalized FFO per share guidance is $2.86 to $2.96; third-quarter guidance is $0.69 to $0.75.
On July 18, 2024, the $500 million credit line maturity was extended to July 18, 2028, and the $300 million term loan gained an option to extend to April 16, 2027.
Freeport-McMoRan reported second-quarter 2024 net income attributable to common stock of $616 million, or $0.42 per share, up from $343 million, or $0.23 per share, a year earlier, on revenues of $6.6 billion. Copper and gold sales volumes fell year over year because of shipping delays in Indonesia, and the company now expects 2024 gold sales about 150 thousand ounces below its April guidance.
Net income attributable to common stock was $616 million, or $0.42 per share, versus $343 million, or $0.23 per share, in second-quarter 2023; adjusted net income was $667 million, or $0.46 per share.
Revenues were $6.624 billion versus $5.737 billion a year earlier, and operating income was $2.049 billion versus $1.410 billion.
Second-quarter copper sales were 931 million pounds, 10% lower than a year earlier, and gold sales were 361 thousand ounces, 27% lower, due to shipping delays in Indonesia in June 2024.
Full-year 2024 gold sales are expected to approximate 1.8 million ounces, about 150 thousand ounces lower than April 2024 guidance, due to mine sequencing changes at PT-FI.
Invesco reported second-quarter 2024 U.S. GAAP operating revenues of $1,483.3 million, up 0.5% from the first quarter, and diluted EPS of $0.29, down from $0.31. Results include a $50.0 million contingent liability tied to two regulatory matters, including an SEC investigation into electronic business communications recordkeeping. Adjusted diluted EPS, which excludes that charge among other items, rose to $0.43 from $0.33, and the company said it plans to begin share buybacks in the third quarter.
GAAP operating income fell 3.0% to $206.8 million, and net income attributable to Invesco Ltd. fell 6.6% to $132.2 million from $141.5 million in the first quarter.
Adjusted diluted EPS was $0.43 versus $0.33 in the first quarter and $0.31 in the second quarter of 2023.
Net long-term inflows were $16.7 billion, and ending AUM reached a record $1.7 trillion, up 12% year over year.
Common dividend of $0.205 per share is payable September 4, 2024, to holders of record on August 16, 2024.
PulteGroup reported second quarter 2024 net income of $809 million, or $3.83 per diluted share, up from $3.21 a year earlier, on home sale revenues of $4.4 billion, up 10%. The results were helped by higher closings, a higher average sales price and a 30 basis point gain in homebuilding gross margin, and they include a $52 million pre-tax insurance benefit.
Net income was $809 million versus $720 million in the second quarter of 2023; the quarter included a $52 million pre-tax insurance benefit ($0.19 per share).
Closings rose 8% to 8,097 homes, and the average sales price rose 2% to $549,000.
Homebuilding gross margin was 29.9%, up 30 basis points from both a year earlier and the first quarter of 2024.
The company repurchased $314 million of common shares and completed a $300 million tender offer for senior notes in the quarter.
Dime Community Bancshares reported second-quarter 2024 results on July 23, 2024, with net income available to common stockholders of $16.7 million, or $0.43 per diluted share, up from $0.41 in the first quarter but down from $0.66 a year earlier. Net interest margin rose to 2.41% from 2.21%, while non-interest expense increased to $55.7 million, and the company's $74.8 million subordinated notes offering helped lift its total risk-based capital ratio to 14.5%. For shareholders, the sequential earnings gain came alongside a steep year-over-year decline in profit.
Net income available to common stockholders was $16.7 million, or $0.43 per diluted share, for the quarter ended June 30, 2024, versus $15.9 million, or $0.41, in Q1 2024 and $25.7 million, or $0.66, in Q2 2023.
Net interest income was $75.5 million, up from $71.5 million in Q1 2024 but down from $80.2 million in Q2 2023; net interest margin was 2.41% versus 2.21% in Q1 2024 and 2.50% in Q2 2023.
Total non-interest expense was $55.7 million, compared with $52.5 million in Q1 2024 and $52.2 million in Q2 2023; the efficiency ratio was 63.8%.
Subordinated notes offering, including an overallotment option exercised July 9, 2024, generated total gross proceeds of $74.8 million, lifting the total risk-based capital ratio to 14.5%.
Comcast reported second-quarter 2024 results for the three months ended June 30, 2024, with revenue down 2.7% to $29.7 billion and net income attributable to Comcast down 7.5% to $3.9 billion. Adjusted earnings per share rose 7.0% to $1.21, and the company returned $3.4 billion to shareholders through dividends and share repurchases. The filing contains no updated financial guidance.
Revenue was $29,688 million, down 2.7% from $30,513 million a year earlier.
Net income attributable to Comcast was $3,929 million, down 7.5%; diluted EPS was $1.00, down 1.3%.
Adjusted EPS was $1.21, up 7.0% from $1.13; Adjusted EBITDA was $10,171 million, down 0.7%.
Free cash flow was $1.3 billion, down 60.9%, including a tax payment related to the Hulu transaction; capital returned was $1.2 billion in dividends and $2.2 billion in share repurchases.
Northwest Bancshares reported second quarter 2024 net income of $5 million, or $0.04 per diluted share, down from $33 million ($0.26) a year earlier and $29 million ($0.23) in the first quarter. The decline reflects a $39 million pre-tax loss on the sale of investment securities from a balance sheet repositioning; excluding that loss and $1 million of restructuring expense, adjusted net operating income was $35 million ($0.27 per diluted share), a non-GAAP measure. The board also declared a $0.20 quarterly dividend.
Net income was $5 million, or $0.04 per diluted share, versus $33 million ($0.26) in Q2 2023 and $29 million ($0.23) in Q1 2024.
A $39 million pre-tax loss ($28 million after tax) on the sale of $276 million of investment securities drove the decline; the company expects to earn back the loss over the next three years.
Adjusted net operating income was $35 million, or $0.27 per diluted share, a non-GAAP measure, compared with $34 million ($0.27) in Q2 2023.
Net interest margin rose to 3.20% from 3.10% in Q1 2024; the $0.20 dividend is payable August 14, 2024 to holders of record on August 2, 2024.
A. O. Smith reported second-quarter 2024 net sales of $1,024.3 million, up 7% from a year earlier, and diluted EPS of $1.06, up 2%. The company reaffirmed its 2024 sales growth outlook of 3% to 5% and narrowed its full-year EPS guidance to $3.95 to $4.10, while North America segment margin fell to 25.1% from 27.6%.
Q2 2024 net sales were $1,024.3 million, up 7% from $960.8 million, driven by higher water heater volumes
Diluted EPS was $1.06 versus $1.04 a year earlier; net earnings were $156.2 million, down 1%
2024 EPS guidance narrowed to $3.95 to $4.10; sales outlook of 3% to 5% growth reaffirmed
Pureit acquisition from Unilever for $120 million is expected to close by the end of 2024
Quest Diagnostics reported second-quarter 2024 net revenues of $2.40 billion, up 2.5% from a year earlier, and raised its full-year 2024 revenue and adjusted diluted EPS guidance. Reported diluted EPS fell 1.0% to $2.03, while adjusted diluted EPS rose 2.2% to $2.35, so shareholders see higher sales and adjusted earnings alongside lower reported profit. The updated guidance excludes the pending LifeLabs acquisition.
Q2 2024 net revenues $2.40 billion, up 2.5%; net income attributable to Quest Diagnostics $229 million, down 2.4%
Q2 reported diluted EPS $2.03, down 1.0%; adjusted diluted EPS $2.35, up 2.2%
Full-year 2024 net revenues now expected at $9.50 billion to $9.58 billion, up from $9.40 billion to $9.48 billion
Full-year adjusted diluted EPS now expected at $8.80 to $9.00, up from $8.72 to $8.97; reported diluted EPS range $7.57 to $7.77, high end down from $7.82
Banc of California reported second quarter 2024 net earnings available to common stockholders of $20.4 million, or $0.12 per diluted share, roughly unchanged from the first quarter. Total revenue declined and net charge-offs rose to $55.7 million, while net interest margin widened to 2.80% and a $1.95 billion CIVIC loan sale closed on July 18, 2024, with net proceeds of $1.91 billion that the company says will increase its CET1 capital ratio by more than 30 basis points.
Net earnings available to common stockholders were $20.4 million, or $0.12 per diluted share, versus $20.9 million, or $0.12, in the first quarter of 2024.
Total revenue was $259.3 million, down from $262.9 million in the first quarter; net interest margin rose 14 basis points to 2.80%.
Net charge-offs rose to $55.7 million from $1.2 million in the first quarter, including $28.7 million of CIVIC charge-offs.
The $1.95 billion CIVIC loan sale closed on July 18, 2024, generating net proceeds of $1.91 billion.
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
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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