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).
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.
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
FirstEnergy reported second quarter 2024 GAAP earnings of $45 million, or $0.08 per share, down from $235 million, or $0.41 per share, a year earlier, while operating (non-GAAP) EPS rose 19% to $0.56 on revenue of $3.3 billion. The company affirmed its 2024 operating EPS guidance of $2.61 to $2.81 and gave third quarter guidance of $0.85 to $0.95 per share. The GAAP decline reflects $0.48 per share of special items, including a $0.28 charge tied to an asset retirement obligation regulatory change.
GAAP earnings were $45 million, or $0.08 per share, versus $235 million, or $0.41 per share, in Q2 2023; revenue was $3.3 billion versus $3.0 billion.
Operating EPS was $0.56 versus $0.47 a year earlier, above the midpoint of company guidance.
Special items totaled $0.48 per share in Q2 2024, including a $0.28 asset retirement obligation regulatory change.
2024 operating EPS guidance of $2.61 to $2.81 was affirmed; third quarter guidance is $490 million to $547 million, or $0.85 to $0.95 per share.
Essex reported second-quarter 2024 net income of $1.45 per diluted share, down from $1.55 a year earlier, while Core FFO per diluted share rose 4.5% to $3.94. The company raised its full-year 2024 Core FFO guidance midpoint to $15.50 from $15.23 and its net income per diluted share midpoint to $8.35 from $8.24, so shareholders see higher expected operating results even though quarterly GAAP earnings fell.
Q2 2024 Core FFO per diluted share was $3.94 versus $3.77 in Q2 2023; net income per diluted share was $1.45 versus $1.55.
Full-year 2024 Core FFO per diluted share guidance range revised to $15.38 to $15.62, up from $15.03 to $15.43.
Same-property revenues grew 3.4% year over year in Q2 2024, and same-property NOI grew 3.0%.
Results were released July 30, 2024; the earnings conference call is set for July 31, 2024 at 10:00 a.m. PT.
Effective July 29, 2024, Gail Lehmann ceased to serve as Triumph Financial's Executive Vice President and Chief Regulatory and Governance Officer and no longer performs duties as an executive officer. She will remain with the company in a role focused on special projects and facilities management.
Gail Lehmann stopped serving as Chief Regulatory and Governance Officer effective July 29, 2024
She is no longer an executive officer under Rule 3b-7 of the Securities Exchange Act of 1934
Lehmann remains employed in a role focused on special projects and facilities management
The filing does not name a successor for the Chief Regulatory and Governance Officer position
Kadant reported second-quarter 2024 revenue up 12% to a record $275 million and adjusted EPS up 11% to $2.81, while GAAP EPS rose 5% to $2.66. The company raised the low end of its full-year revenue and adjusted EPS guidance but lowered its full-year GAAP EPS guidance to $9.20 to $9.45 due to acquisition-related costs.
Q2 2024 revenue rose 12% to $274.8 million; organic revenue grew 2%, with acquisitions adding 11%
Full-year 2024 revenue guidance is $1.045 to $1.065 billion, up from $1.040 to $1.065 billion at the low end
Full-year GAAP EPS guidance was cut to $9.20 to $9.45 from $9.39 to $9.69, with acquisition-related costs of $0.60 per share
Management will discuss results on a webcast and conference call on July 31, 2024 at 11:00 a.m. Eastern
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.
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
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
American Assets Trust reported second-quarter 2024 FFO per diluted share of $0.60, up 2% year over year, and raised its full-year 2024 FFO per diluted share guidance to $2.48 to $2.54 from $2.24 to $2.34. The company also said Chairman and CEO Ernest Rady will become Executive Chairman and President Adam Wyll will become CEO, both effective January 1, 2025, with the guidance increase partly attributable to an $11 million lease termination fee to be recognized in the third quarter.
Q2 2024 FFO per diluted share was $0.60, up from $0.59 a year earlier; six-month FFO per diluted share was $1.32, up 6%.
Q2 2024 net income attributable to common stockholders was $11.9 million, or $0.20 per diluted share, compared with $12.0 million, or $0.20, a year earlier.
2024 FFO per diluted share guidance raised to $2.48 to $2.54, a 9.6% increase at midpoint; partly attributable to an $11 million lease termination fee recognized in Q3 2024.
Ernest Rady transitions from CEO to Executive Chairman and Adam Wyll becomes CEO, both effective January 1, 2025.
Acadia Realty Trust reported second-quarter 2024 net income of $1.2 million, or $0.01 per share, down from $9.0 million, or $0.09 per share, a year earlier, and FFO Before Special Items of $0.31 per share, down from $0.36. The company raised the low end of its 2024 FFO Before Special Items guidance and lowered the top end of its net earnings and NAREIT FFO guidance, while raising its quarterly dividend 5.6% to $0.19 per share.
Q2 2024 total revenues were $87.3 million, compared with $89.9 million in Q2 2023.
NAREIT FFO was $0.25 per share, versus $0.37; FFO Before Special Items was $0.31, versus $0.36.
2024 FFO Before Special Items guidance changed to $1.26-$1.32 from $1.24-$1.32; net earnings guidance changed to $0.07-$0.11 from $0.07-$0.13.
Quarterly dividend increased to $0.19 per share, payable October 15, 2024 to holders of record as of September 30, 2024.
Voya Financial reported second-quarter 2024 net income available to common shareholders of $201 million, or $1.96 per diluted share, up from $154 million, or $1.41, a year earlier. Adjusted operating earnings fell to $223 million, or $2.18 per diluted share, from $243 million, or $2.21, mainly due to lower net underwriting gains in Health Solutions. The board also approved a dividend increase to $0.45 per share from the third quarter, which the company said is supported by $174 million in share repurchases during the quarter.
Net income available to common shareholders: $201 million ($1.96 per diluted share) vs. $154 million ($1.41) in Q2 2023, helped by investment gains.
Adjusted operating earnings: $223 million ($2.18 per diluted share) vs. $243 million ($2.21), mainly from lower Health Solutions underwriting gains.
Quarterly dividend to rise $0.05, or 12.5%, to $0.45 per share beginning in Q3 2024.
Capital returned in Q2 2024 included $174 million in share repurchases and $40 million in common stock dividends; $551 million remains under the repurchase authorization.
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.
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
Penumbra reported second-quarter 2024 revenue of $299.4 million, up 14.5% from a year earlier, but posted a GAAP net loss of $60.2 million after a $110.3 million impairment charge tied to its immersive healthcare assets. The company also lowered its full-year 2024 revenue guidance to $1,180 million to $1,200 million, down $60 million at the midpoint from $1,230 million to $1,270 million, which weighs on the outlook for shareholders.
Q2 2024 revenue of $299.4 million, up 14.5%; U.S. thrombectomy revenue rose 24.9% to $153.7 million
2024 revenue guidance cut to $1,180 million to $1,200 million from $1,230 million to $1,270 million, with the China and European businesses cited as main drivers
Non-GAAP income from operations of $31.7 million and adjusted EBITDA of $46.3 million for the quarter
DoubleVerify reported second-quarter 2024 revenue of $155.9 million, up 17% year over year, and raised the midpoints of its full-year 2024 revenue and adjusted EBITDA guidance. Net income fell to $7.5 million from $12.8 million a year earlier, so revenue growth did not carry through to GAAP profit. The results were detailed in a press release attached as Exhibit 99.1 to the 8-K filed July 30, 2024.
Q2 revenue of $155.9 million, up from $133.7 million; net income of $7.5 million versus $12.8 million; diluted EPS $0.04 versus $0.07.
Adjusted EBITDA of $46.8 million, a 30% margin, compared with $40.0 million a year earlier.
Full-year 2024 guidance: revenue of $667 million to $675 million and adjusted EBITDA of $206 million to $214 million, with midpoints raised.
Repurchased $25 million of stock in Q2; $100 million remained available under the repurchase program as of July 30, 2024.
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%
UMB Financial reported second-quarter 2024 GAAP net income of $101.3 million, or $2.07 per diluted share, down from $110.3 million, or $2.25 per share, in the first quarter but up from $90.1 million, or $1.85 per share, a year earlier. Total revenue fell to $390.0 million from $398.7 million in the first quarter, while the board declared a $0.39 per share quarterly dividend.
GAAP diluted EPS was $2.07 for Q2 2024, versus $2.25 in Q1 2024 and $1.85 in Q2 2023; net operating income was $105.9 million, or $2.16 per diluted share.
Total revenue was $390.0 million, down $8.7 million from the first quarter, driven by lower investment securities gains and other income.
Average loans rose 7.3% year over year to $23.8 billion; net interest margin was 2.51%.
Legal and consulting expense of $16.6 million included costs tied to the announced acquisition of Heartland Financial USA, Inc.; the board declared a $0.39 dividend payable October 1, 2024, to holders of record on September 10, 2024.
Advanced Energy reported second quarter 2024 revenue of $364.9 million, up from $327.5 million in the first quarter but down from $415.5 million a year earlier. GAAP earnings per diluted share from continuing operations were $0.41, compared with $0.15 in the prior quarter and $0.73 a year ago. The company also expects most of its severance and facility-related charges from further manufacturing consolidation to be recognized in the third quarter of 2024, and its third quarter GAAP EPS guidance midpoint is negative.
Q2 2024 revenue was $364.9 million, versus $327.5 million in Q1 2024 and $415.5 million in Q2 2023.
Q2 2024 GAAP diluted EPS from continuing operations was $0.41; non-GAAP diluted EPS was $0.85, versus $1.11 in Q2 2023.
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.
Illinois Tool Works reported second-quarter 2024 revenue of $4.0 billion, down 1.2% from a year earlier, while GAAP diluted EPS rose 2.4% to $2.54 and operating income rose 4.5% to $1.05 billion. The company lowered the top end of its full-year 2024 GAAP EPS guidance to $10.30 to $10.40 per share from $10.30 to $10.70, while raising its operating margin guidance to 26.5% to 27%.
Q2 2024 revenue was $4.0 billion, down 1.2%, with organic growth of negative 0.1%
GAAP diluted EPS was $2.54, up 2.4%; excluding a one-time 2023 tax item, EPS rose 5.4%
Full-year 2024 GAAP EPS guidance narrowed to $10.30 to $10.40 from $10.30 to $10.70
Company repurchased $375 million of its own shares in the quarter and plans about $1.5 billion of repurchases for 2024
Public Service Enterprise Group reported second-quarter 2024 net income of $434 million, or $0.87 per share, down from $591 million, or $1.18 per share, a year earlier. Non-GAAP operating earnings were $313 million, or $0.63 per share, compared with $351 million, or $0.70 per share, and the company reaffirmed its full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share.
Q2 2024 consolidated operating revenues were $2,423 million, compared with $2,421 million in Q2 2023.
Q2 2024 net income was $434 million ($0.87 per share), versus $591 million ($1.18 per share) in Q2 2023.
Non-GAAP operating earnings were $313 million ($0.63 per share), versus $351 million ($0.70 per share).
Full-year 2024 non-GAAP operating earnings guidance of $3.60 to $3.70 per share was reaffirmed.
LGI Homes reported second quarter 2024 net income of $58.6 million, or $2.48 diluted EPS, up from $2.25 a year earlier, while home sales revenues fell to $602.5 million from $645.3 million. The company raised its full-year 2024 gross margin guidance to 23.5% to 24.5% and set home closings guidance at 6,400 to 7,200, which gives shareholders a mixed picture of lower sales volume offset by higher profitability.
Q2 2024 home closings were 1,655, compared with 1,854 in Q2 2023.
Q2 2024 diluted EPS was $2.48, compared with $2.25 in Q2 2023, which the company said was an increase of 10.2%.
Full-year 2024 guidance: 6,400 to 7,200 home closings, average sales price of $360,000 to $370,000, and gross margin of 23.5% to 24.5%.
The company repurchased 83,763 shares for $8.0 million in the second quarter.
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
Zebra Technologies reported second-quarter 2024 net sales of $1.2 billion, up 0.2% from a year earlier, while GAAP net income fell 21.5% to $113 million. The company raised its full-year 2024 outlook, now expecting net sales growth of 4% to 7% and non-GAAP diluted earnings per share of $12.30 to $12.90.
Q2 2024 net sales of $1,217 million vs. $1,214 million a year earlier; GAAP diluted EPS of $2.17 vs. $2.78
Non-GAAP diluted EPS of $3.18 vs. $3.29; adjusted EBITDA of $250 million vs. $257 million
Full-year 2024 guidance raised: net sales growth of 4% to 7%, non-GAAP diluted EPS of $12.30 to $12.90, free cash flow of at least $700 million
Third-quarter guidance: net sales expected to rise 25% to 28%; non-GAAP diluted EPS of $3.00 to $3.30
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
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
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.
Corning reported second-quarter 2024 GAAP sales of $3.25 billion, up 9% from the first quarter but flat year over year, while GAAP diluted EPS fell to $0.12 from $0.33 a year earlier. Core sales of $3.60 billion and core EPS of $0.47 both rose 4% year over year, and management guided third-quarter core sales to about $3.7 billion with core EPS of $0.50 to $0.54. The company also said it reached an agreement with Lumen Technologies to reserve 10% of its global fiber capacity for each of the next two years.
GAAP net income attributable to Corning was $104 million, down 63% year over year, and GAAP diluted EPS was $0.12 versus $0.33 in Q2 2023.
Core sales were $3.60 billion, up 4% year over year, and core EPS was $0.47, up from $0.45.
Third-quarter outlook: core sales of approximately $3.7 billion and core EPS of $0.50 to $0.54.
Corning and Lumen Technologies agreed to reserve 10% of Corning's global fiber capacity for each of the next two years for AI-enabled data center networks.
Hayward Holdings reported second-quarter fiscal 2024 net sales of $284.4 million, up from $283.5 million a year earlier, and net income of $37.6 million, up 28%. The company narrowed its full-year 2024 guidance, lowering the top of its net sales range to $1.040 billion from $1.060 billion and the top of its Adjusted EBITDA range to $270 million from $275 million, citing a more challenging demand environment.
Q2 net income rose 28% to $37.6 million; diluted EPS was $0.17, up 31%; adjusted diluted EPS was $0.21, up 11%.
Q2 Adjusted EBITDA was $82.6 million, up from $79.5 million; gross profit margin rose 290 basis points to 51.0%.
Full-year 2024 net sales guidance is now $1.010 billion to $1.040 billion, versus prior $1.010 billion to $1.060 billion.
Full-year 2024 Adjusted EBITDA guidance is now $255 million to $270 million, versus prior $255 million to $275 million.
Howmet Aerospace reported record second quarter 2024 revenue of $1.88 billion, up 14% year over year, and net income of $266 million, or $0.65 per share, versus $193 million, or $0.46 per share, a year earlier. The company raised full year 2024 guidance for all metrics, increased its share repurchase authorization by $2 billion to $2.487 billion, and raised the third quarter dividend 60% to $0.08 per share.
Q2 2024 revenue $1.88 billion, up 14%; commercial aerospace revenue up 27%
Net income $266 million, EPS $0.65, versus $0.46 in Q2 2023
Full year 2024 revenue guidance baseline $7.440 billion; adjusted EPS guidance baseline $2.55
Share repurchase authorization raised to $2.487 billion; Q3 dividend $0.08 per share, payable August 26, 2024
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.
Armstrong World Industries reported record second-quarter 2024 results, with net sales up 12.2% to $365.1 million and diluted EPS up 11.9% to $1.50. The company raised all key full-year 2024 guidance metrics, including adjusted diluted EPS of $6.00 to $6.15, and also removed an outside-director requirement from its compensation committee bylaws.
Q2 2024 net sales $365.1 million, up 12.2%; operating income $95.0 million, up 9.2%
Q2 diluted EPS $1.50 vs. $1.34; adjusted diluted EPS $1.62 vs. $1.38, up 17.4%
2024 guidance raised: net sales $1,415 million to $1,440 million; adjusted diluted EPS $6.00 to $6.15
Bylaws amended effective July 24, 2024 to remove the outside-director requirement for compensation committee members
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.
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
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