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).
Aflac reported second-quarter 2024 net earnings of $1.8 billion, or $3.10 per diluted share, up from $2.71 a year earlier, while total revenues fell 0.7% to $5.1 billion. Adjusted earnings per diluted share rose 15.8% to $1.83, and the board declared a $0.50 third-quarter dividend. Shareholders benefit from higher profit per share and $800 million in share repurchases, though the company's net earnings included $696 million in net investment gains.
Net earnings $1.8 billion, or $3.10 per diluted share, vs. $2.71 a year ago
Total revenues $5.1 billion, vs. $5.2 billion in Q2 2023
Adjusted earnings per diluted share $1.83, up 15.8%; net investment gains of $696 million included in net earnings
$800 million used to repurchase 9.3 million shares; third-quarter dividend of $0.50 per share payable September 2, 2024
Host Hotels & Resorts reported second-quarter 2024 revenue of $1.466 billion, up 5.2%, and net income of $242 million, up 13.1%, with diluted EPS of $0.34 versus $0.29. The company lowered its full-year 2024 guidance, citing a slower Maui recovery and moderating leisure demand, which lowers the midpoints of net income and Adjusted EBITDAre for shareholders.
Q2 2024 revenue was $1.466 billion, up 5.2%, and comparable hotel RevPAR rose 0.1%.
Q2 net income was $242 million, up 13.1%, helped by $53 million more in insurance settlement gains than in Q2 2023.
Full-year 2024 net income guidance is $683 million to $741 million, a $35 million cut at the midpoint versus the prior range of $719 million to $775 million.
Full-year 2024 diluted EPS guidance is $0.95 to $1.03, down $0.05 at the midpoint from $1.00 to $1.08.
Service Corporation International reported second quarter 2024 revenue of $1,034.0 million, up $20.6 million from a year earlier, but diluted earnings per share fell to $0.81 from $0.86. The company said full-year 2024 adjusted earnings per share will likely be at the lower end of its $3.50 to $3.80 guidance range because funeral services performed fell below expectations, while it kept its operating cash flow guidance midpoint.
Q2 2024 revenue $1,034.0 million vs. $1,013.4 million in Q2 2023
Diluted EPS $0.81 vs. $0.86; adjusted EPS $0.79 vs. $0.83
2024 adjusted EPS now expected at lower end of $3.50 to $3.80 range; prior guidance unchanged
Net cash from operating activities $196.9 million vs. $144.1 million a year earlier
Eversource Energy reported second-quarter 2024 GAAP earnings of $335.3 million, or $0.95 per share, up from $15.4 million, or $0.04 per share, a year earlier. The prior-year period included a $331.0 million impairment of its offshore wind investment, and operating revenues fell to $2.53 billion from $2.63 billion. The company reaffirmed its 2024 non-GAAP earnings projection of $4.50 to $4.67 per share, and said it closed the Sunrise Wind sale and expects to close the Revolution and South Fork Wind sales later this quarter.
Q2 2024 GAAP EPS was $0.95 ($335.3 million) versus $0.04 ($15.4 million) in Q2 2023, which included a $331.0 million offshore wind impairment.
Excluding charges, Q2 EPS was $0.95 in 2024 versus $1.00 in 2023, according to the earnings slides.
Operating revenues were $2.53 billion for the quarter, compared with $2.63 billion a year earlier.
The 2024 non-GAAP EPS projection of $4.50 to $4.67 was reaffirmed; a webcast with management is set for August 1, 2024.
Park Hotels & Resorts reported second-quarter 2024 net income of $67 million, compared with a net loss of $146 million a year earlier, when results included a $203 million impairment and casualty loss. Total revenues fell 4.0% to $686 million, and the company lowered the midpoint of its full-year 2024 Comparable RevPAR growth outlook, while its diluted EPS outlook midpoint rose slightly.
Q2 2024 diluted EPS was $0.30, versus a loss of $0.70 in Q2 2023; Q2 total revenues fell 4.0% to $686 million.
Comparable RevPAR rose 2.0% to $194.90 in Q2 2024.
Full-year 2024 Comparable RevPAR change outlook is now 3.5% to 4.5%, down from 4.0% to 5.5%; diluted EPS outlook is $0.69 to $0.83, versus $0.66 to $0.85 previously.
Board declared a $0.25 per share Q3 2024 dividend payable October 15, 2024; the company repurchased about 1.7 million shares for $25 million in June 2024.
Kyndryl reported first-quarter fiscal 2025 revenue of $3.74 billion, down 11% year over year, as it reduced low-margin third-party content in customer contracts. Net income was $11 million, or $0.05 per diluted share, compared with a net loss of $141 million a year earlier, and the company raised its fiscal 2025 adjusted pretax income and adjusted EBITDA margin outlook while reaffirming its constant-currency revenue decline outlook of (2%) to (4%).
Revenue of $3.74 billion, down 11% year over year and 8% in constant currency
Net income of $11 million, or $0.05 per diluted share, versus a net loss of $141 million a year earlier; adjusted pretax income of $92 million, up 96%
Adjusted pretax income outlook for fiscal 2025 raised to at least $460 million from at least $435 million
Constant-currency revenue outlook of (2%) to (4%) reaffirmed; company expects year-over-year revenue growth in the fourth quarter
Genworth Financial reported second-quarter 2024 results on July 31, 2024. Net income available to common stockholders was $76 million, or $0.17 per diluted share, down from $139 million in the prior quarter, while adjusted operating income rose to $125 million, or $0.28 per diluted share, from $85 million. The mixed picture matters to shareholders because GAAP profit fell while the company's non-GAAP measure improved, and the results were driven by Enact and offset by losses in long-term care insurance and net investment losses.
Net income available to common stockholders was $76 million ($0.17 per diluted share) in Q2 2024, versus $139 million in Q1 2024.
Adjusted operating income was $125 million ($0.28 per diluted share), versus $85 million in Q1 2024 and $85 million in Q2 2023.
Net investment losses, net of taxes, reduced net income by $48 million in the quarter.
Company repurchased $36 million of common stock in the quarter; $111 million executed year-to-date through July 31, 2024.
Innoviva reported second quarter 2024 results on July 31, 2024. Total revenue rose to $99.9 million from $81.0 million a year earlier, but the company posted a net loss of $34.7 million, or $(0.55) per share, compared with net income of $1.3 million, or $0.02 per share, in the second quarter of 2023. The company attributed the loss mainly to unfavorable changes in the fair value of its equity and long-term investments, primarily from a lower share price of Armata Pharmaceuticals.
Total revenue was $99.9 million versus $81.0 million in Q2 2023; net product sales were $21.7 million, up from $15.7 million.
Net loss was $34.7 million, or $(0.55) per share, versus net income of $1.3 million, or $0.02 per share, a year earlier.
Unfavorable fair value change in equity and long-term investments was $90.7 million, mainly from lower Armata Pharmaceuticals share price.
Gross royalty revenue from GSK was $67.2 million, and the company completed its $100 million share repurchase program during the quarter.
Employers Holdings reported second quarter 2024 results, with net income per diluted share of $1.25 versus $1.30 a year earlier and adjusted net income per diluted share of $1.10 versus $1.17. Net premiums earned rose 6% to $187.8 million, but the GAAP combined ratio worsened to 94.2% from 90.4%, so headline profit fell while revenue grew. The board also declared a regular quarterly dividend of $0.30 per share.
Net income per diluted share $1.25 vs $1.30; adjusted net income per diluted share $1.10 vs $1.17
Net premiums earned $187.8 million, up 6%; GAAP combined ratio 94.2% vs 90.4%
Quarterly dividend of $0.30 per share, payable August 28, 2024, to holders of record as of August 14, 2024
Repurchased 461,789 shares in Q2 2024 at an average $41.53; $44.4 million remaining authorization
Axcelis reported second quarter 2024 revenue of $256.5 million, up from $252.4 million in the first quarter, and net income of $50.9 million, or $1.55 per diluted share, down from $1.57 in the first quarter. For the third quarter, the company expects revenue of approximately $255 million and diluted EPS of approximately $1.43, both below second quarter results. Second quarter revenue was also below the $274.0 million reported a year earlier, and diluted EPS was down from $1.86.
Q2 2024 revenue of $256.5 million, compared with $252.4 million in Q1 2024 and $274.0 million in Q2 2023
Operating profit of $52.8 million, compared with $56.5 million in Q1 2024 and $63.7 million in Q2 2023
Q3 2024 outlook: revenue of approximately $255 million and diluted EPS of approximately $1.43
Company says Q2 revenue, operating margin and EPS exceeded its guidance for the period
Glaukos reported second-quarter 2024 net sales of $95.7 million, up 19% from a year earlier, and raised its full-year 2024 net sales guidance to $370 million to $376 million from $357 million to $365 million. GAAP net loss widened to $53.9 million, or $1.06 per diluted share, from $32.8 million, or $0.68 per share, a year earlier, including an $18.0 million charge tied to convertible senior note exchanges.
Q2 2024 net sales of $95.7 million, up from $80.4 million in Q2 2023
GAAP net loss of $53.9 million, or $1.06 per diluted share, versus $32.8 million, or $0.68, in Q2 2023
2024 net sales guidance raised to $370 million to $376 million from $357 million to $365 million
$18.0 million charges associated with convertible senior notes; cash and investments of $266.4 million as of June 30, 2024
Independence Realty Trust reported second quarter 2024 results on July 31, 2024, with diluted EPS of $0.05, the same as a year earlier, and net income available to common shares of $10.4 million versus $10.7 million. The company raised the midpoint of its full-year 2024 EPS, FFO, CFFO per share and same-store NOI guidance, which matters to shareholders because it lifts the company's own outlook even though reported Q2 profit was flat.
Q2 2024 net income available to common shares was $10.4 million, versus $10.7 million in Q2 2023; diluted EPS was $0.05 in both periods.
CFFO was $63.6 million, or $0.28 per share, versus $63.7 million and $0.28 per share a year earlier.
2024 EPS guidance is now $0.36 to $0.38, up from $0.34 to $0.38; the midpoint rose $0.01.
Same-store NOI grew 2.8% in Q2 2024; full-year same-store NOI growth guidance is now 2.7% to 3.7%, up from 1.0% to 4.0%.
Knowles reported second-quarter 2024 revenue of $204.7 million, up 18% from a year earlier, with non-GAAP diluted EPS of $0.24. GAAP results were a diluted loss of $2.90 per share, driven by a $249.4 million goodwill impairment charge tied to the Consumer MEMS Microphones reporting unit. For shareholders, the revenue growth and third-quarter outlook sit alongside a large GAAP loss from the impairment.
Q2 2024 revenue was $204.7 million, up 18% from $173.0 million in Q2 2023 and up from $196.4 million in Q1 2024.
GAAP diluted loss per share was $(2.90), compared with $0.15 in Q2 2023; the goodwill impairment accounted for $2.77 per share.
Non-GAAP diluted EPS was $0.24, versus $0.23 a year earlier; net cash from operating activities was $24.9 million.
Q3 2024 guidance: revenue of $210 to $220 million and non-GAAP diluted EPS of $0.29 to $0.33.
Cognizant reported second-quarter 2024 revenue of $4.85 billion, down 0.7% from $4.89 billion a year earlier, but above the high end of its guidance range. GAAP diluted EPS rose to $1.14 from $0.91, and the company narrowed its full-year 2024 revenue guidance to a decline of 0.5% to growth of 1.0% in constant currency. The company also signed a definitive agreement to acquire Belcan for $1.3 billion in cash and stock.
Q2 2024 revenue of $4.85 billion, down 0.7% year over year; GAAP operating margin 14.6% vs 11.8% a year earlier
GAAP diluted EPS $1.14 vs $0.91; adjusted diluted EPS $1.17 vs $1.10
Full-year 2024 adjusted EPS guidance of $4.62 to $4.70; adjusted operating margin guidance unchanged at 15.3% to 15.5%
Belcan acquisition for $1.3 billion in cash and stock, expected to close in Q3 2024; quarterly dividend of $0.30 per share declared
LXP Industrial Trust reported second quarter 2024 results. Total gross revenues fell to $85.8 million from $87.1 million a year earlier, mainly due to property sales, while net income attributable to common shareholders was $3.8 million, or $0.01 per diluted share, compared with a loss a year earlier. Adjusted Company FFO declined to $46.9 million, or $0.16 per diluted share, from $52.7 million, or $0.18, and the company narrowed its 2024 Adjusted Company FFO guidance to $0.62 to $0.65 per diluted share.
Total gross revenues were $85.8 million, versus $87.1 million for the quarter ended June 30, 2023, which the company attributed mainly to property sales and lower other revenue.
Net income attributable to common shareholders was $3.8 million, or $0.01 per diluted share, versus a loss of $(9.7) million, or $(0.03) per diluted share, a year earlier.
Adjusted Company FFO was $46.9 million, or $0.16 per diluted share, versus $52.7 million, or $0.18 per diluted share, a year earlier.
For 2024, the company estimates net income attributable to common shareholders of $0.10 to $0.13 per diluted share and tightened its Adjusted Company FFO range to $0.62 to $0.65 per diluted share.
Penske Automotive Group reported second quarter 2024 revenue up 3% from a year earlier to a record $7.7 billion. Net income attributable to common stockholders fell 19.8% to $241.2 million, and earnings per share fell to $3.61 from $4.41, so profit declined even as sales grew. The board also approved a quarterly dividend of $1.07 per share, an 11% increase.
Revenue rose 3% to $7.7 billion, a quarterly record, versus $7.5 billion in Q2 2023.
Net income attributable to common stockholders was $241.2 million versus $300.8 million; EPS was $3.61 versus $4.41.
Quarterly dividend raised 11% to $1.07 per share, payable September 4, 2024, to holders of record as of August 15, 2024.
Graham Holdings reported second-quarter 2024 revenue of $1,185.3 million, up 7% from a year earlier, led by education, healthcare and automotive. It swung to a net loss attributable to common shareholders of $21.0 million ($4.79 per share), compared with income of $122.8 million ($25.89 per share) in the second quarter of 2023, mainly due to $26.3 million of goodwill and intangible asset impairment charges at World of Good Brands and a $73.5 million interest expense tied to a fair value adjustment. Excluding these and other listed items, adjusted net income was $56.9 million ($12.70 per share), down from $61.1 million ($12.88 per share).
Revenue: $1,185.3 million, up 7% from $1,105.0 million in Q2 2023
Operating income: $25.9 million, down from $58.1 million, due to impairment charges at World of Good Brands
Net loss attributable to common shareholders: $21.0 million ($4.79 per share), versus income of $122.8 million ($25.89 per share) a year earlier
Adjusted net income (non-GAAP): $56.9 million ($12.70 per share), versus $61.1 million ($12.88 per share)
BorgWarner reported second-quarter 2024 net sales of $3.6 billion, down 2% from a year earlier, while GAAP diluted EPS rose to $1.39 from $0.97 and adjusted EPS rose to $1.19 from $1.06. For full-year 2024, the company cut its net sales guidance to $14.1 billion to $14.4 billion from $14.4 billion to $14.9 billion, but raised its adjusted operating margin and adjusted EPS guidance.
Q2 2024 net sales were $3,603 million, down 2% from $3,671 million; organic sales fell 0.3%.
Full-year net sales guidance cut to $14.1 billion to $14.4 billion from $14.4 billion to $14.9 billion, citing lower market production and weaker foreign currencies.
Adjusted EPS guidance raised to $3.95 to $4.15 from $3.80 to $4.15; adjusted operating margin guidance raised to 9.6% to 9.8% from 9.2% to 9.6%.
Company plans to repurchase $300 million of shares in the second half of 2024 and announced a restructuring of its ePropulsion segment with about $100 million in annual savings expected by 2026.
Oshkosh reported second-quarter 2024 net sales of $2.85 billion, up 18.0%, driven by organic volume, the AeroTech acquisition and pricing. GAAP diluted earnings per share fell to $2.56 from $2.67 after $51.6 million of intangible asset impairments in the Defense segment, while adjusted EPS rose to $3.34 from $2.74. The company lowered its 2024 GAAP EPS outlook to $10.45 from $10.55 and raised its adjusted EPS outlook to $11.75 from $11.25.
Q2 net sales $2.85 billion, up 18.0%; GAAP net income $168.6 million versus $175.0 million a year earlier
GAAP diluted EPS $2.56 versus $2.67; adjusted EPS $3.34 versus $2.74
Gates Industrial reported second-quarter 2024 net sales of $885.5 million, down 5.4% from the prior year, while net income attributable to shareholders rose to $70.7 million, or $0.26 per diluted share, from $64.9 million, or $0.23. The company trimmed its 2024 guidance for core sales, adjusted EBITDA and adjusted EPS, and authorized a new $250 million share repurchase program valid through December 2025.
Q2 net sales $885.5 million, down 5.4%; core sales declined 4.0%
Net income attributable to shareholders $70.7 million, or $0.26 per diluted share, versus $0.23 a year earlier; adjusted EPS $0.36 versus $0.34
Adjusted EBITDA guidance lowered to $740 million to $770 million from $745 million to $805 million; adjusted EPS guidance to $1.29 to $1.35 from $1.28 to $1.43
New $250 million share repurchase authorization, valid through December 2025, replacing one set to expire in October 2024
Macerich reported second-quarter 2024 results. Net income attributable to the company was $252.0 million, or $1.16 per diluted share, versus a $15.0 million loss a year earlier, driven by a $325.0 million gain on sale or write-down of assets. Core FFO excluding certain items fell slightly to $0.39 per share from $0.40, and the company has not issued 2024 guidance since withdrawing it on April 30, 2024.
Total revenues were $215.5 million, up from $212.4 million in the second quarter of 2023.
Net income attributable to the company was $252.0 million, or $1.16 per diluted share, compared with a loss of $15.0 million, or $0.07 per share, a year earlier.
FFO excluding certain items was $88.1 million, or $0.39 per share, compared with $89.1 million, or $0.40 per share, in the prior-year quarter.
The company withdrew its 2024 guidance on April 30, 2024 and is not providing an updated outlook.
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.
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
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.
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.
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.
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.
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
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.
AMERISAFE reported second-quarter 2024 net income of $11.0 million, down 29.7% from $15.6 million a year earlier, and diluted EPS of $0.57, down from $0.81. Net premiums earned rose 4.6% to $68.6 million, but higher loss and expense costs cut underwriting profit by 31.2% to $6.5 million, so shareholders saw lower per-share earnings even as the insurer wrote more business.
Diluted EPS was $0.57 for the quarter, versus $0.81 in Q2 2023; operating EPS was $0.58, versus $0.73.
Net premiums earned rose 4.6% to $68.6 million, while the net combined ratio worsened to 90.5% from 85.4%.
Favorable prior accident year reserve development reduced loss expenses by $8.1 million.
The Board declared a quarterly dividend of $0.37 per share on July 26, 2024, payable September 20, 2024; a conference call is set for July 30, 2024.
Rambus reported second-quarter 2024 results for the period ended June 30, 2024, with GAAP revenue of $132.1 million, up from $119.8 million a year earlier, and operating income of $40.3 million, up from $11.7 million. Net income fell to $36.1 million, or $0.33 per diluted share, from $168.9 million, or $1.51, a year earlier, when the company recorded an income tax benefit of $155.3 million. Shareholders get higher revenue and operating income, but reported earnings declined against a prior-year period that included that tax benefit, and the company said it expects a strong third quarter.
GAAP revenue was $132.1 million versus $119.8 million in Q2 2023; product revenue was $56.7 million and royalties were $56.4 million.
Net income was $36.1 million, or $0.33 per diluted share, versus $168.9 million, or $1.51, in Q2 2023, which included a $155.3 million income tax benefit.
Cash from operating activities was $70.4 million, versus $50.4 million a year earlier; cash and marketable securities totaled $432.9 million at June 30, 2024.
Third-quarter 2024 outlook calls for product revenue of $62 million to $68 million and licensing billings of $60 million to $66 million; full revenue guidance will be discussed on the conference call.
Lattice Semiconductor reported second-quarter 2024 revenue of $124.1 million, down 11.9% from the first quarter and 34.7% from a year earlier, with GAAP diluted earnings of $0.16 per share. The company guided third-quarter 2024 revenue to between $117 million and $137 million, and interim CEO Esam Elashmawi said the industry is starting to show signs of improvement after a period of inventory normalization.
Q2 2024 revenue was $124.1 million, down 11.9% from Q1 2024 and down 34.7% from Q2 2023.
GAAP diluted EPS was $0.16 versus $0.11 in Q1 2024 and $0.36 in Q2 2023; non-GAAP diluted EPS was $0.23 versus $0.29 in Q1 2024.
Q3 2024 outlook: revenue of $117 million to $137 million, non-GAAP gross margin of 69.0% plus or minus 1%, and non-GAAP operating expenses of $53 million to $55 million.
The company repurchased shares for the fifteenth consecutive quarter, with $30.0 million of buybacks in the first half of 2024.
Minerals Technologies furnished the transcript and slides from its July 26, 2024 second-quarter earnings call as Exhibits 99.1 and 99.2, because a third-party webcast problem meant some listeners could not hear part of the audio. The call showed higher operating income and earnings per share excluding special items, offset by $34 million in special charges, mainly a $30 million provision for a credit loss on a line of credit to BMI Oldco, the entity formerly known as BMI.
Q2 2024 sales were $541 million, up 1% on an underlying basis; operating income was $85 million, up 20%, with operating margin of 15.7%.
Earnings per share were $1.65 excluding special items, up 26% from the prior year; special charges totaled $34 million.
The $34 million in special charges mainly reflects a $30 million provision for credit loss on a committed line of credit to BMI Oldco, of which $5 million has been loaned so far.
For Q3 2024, the company expects sales of $535 million to $545 million, operating income of $77 million to $80 million, and EPS of $1.50 to $1.55.
Revvity reported second-quarter 2024 revenue of $692 million, down from $709 million a year earlier, while GAAP EPS rose to $0.45 from $0.28 and adjusted EPS from continuing operations was $1.22 versus $1.21. The company raised its full-year 2024 adjusted EPS guidance to $4.70-$4.80 and set revenue guidance at $2.77-$2.79 billion, citing currency changes and assumed 2% organic revenue growth. Shareholders see higher profit measures alongside a lower top line, with Life Sciences revenue down 7%.
Q2 2024 revenue was $692 million versus $709 million a year earlier; reported revenue fell 2% and organic revenue fell 1%.
GAAP EPS was $0.45 versus $0.28; adjusted EPS from continuing operations was $1.22 versus $1.21.
Full-year 2024 adjusted EPS guidance raised to $4.70-$4.80; revenue guidance updated to $2.77-$2.79 billion.
Life Sciences revenue fell 7% to $314 million; Diagnostics revenue rose 1% to $378 million.
Tompkins Financial reported second-quarter 2024 diluted earnings per share of $1.10 and net income of $15.7 million, both down from the prior quarter but up sharply from the second quarter of 2023, which included a $7.1 million loss on securities sales. The company also declared a $0.61 per share dividend payable August 16, 2024.
Diluted EPS was $1.10, down 6.8% from the first quarter of 2024 and up 86.4% from $0.59 a year earlier.
Net income was $15.7 million, down 7.1% from the prior quarter and up 85.0% from $8.5 million in the second quarter of 2023.
Net interest margin was 2.73%, unchanged from the first quarter and down from 2.83% a year earlier.
Dividend of $0.61 per share is payable August 16, 2024 to shareholders of record on August 9, 2024.
Franklin Resources reported third-quarter fiscal 2024 results for the quarter ended June 30, 2024. Operating revenues rose 8% year over year to $2,122.9 million, but net income attributable to the company fell 24% to $174.0 million, or $0.32 per diluted share, from $227.5 million, or $0.44, a year earlier. Adjusted diluted earnings per share were $0.60, compared with $0.63 a year earlier, and the filing gives no guidance.
Operating revenues were $2,122.9 million, up 8% from $1,969.0 million a year earlier but down 1% from $2,152.8 million in the prior quarter.
Net income attributable to Franklin Resources was $174.0 million, down 24% year over year and up 40% from $124.2 million in the prior quarter.
Adjusted diluted earnings per share were $0.60, versus $0.63 a year earlier and $0.56 in the prior quarter.
Ending assets under management were $1,646.6 billion at June 30, 2024, and the company repurchased 4.3 million shares for $101.5 million during the quarter.
First Hawaiian reported second-quarter 2024 net income of $61.9 million, or $0.48 per diluted share, up from $54.2 million, or $0.42, in the first quarter and down from $62.4 million, or $0.49, in the second quarter of 2023. Net interest income fell 1.0% from the prior quarter to $152.9 million, while noninterest expense dropped $6.7 million to $122.1 million, and total deposits declined $350.6 million to $20.3 billion. The company also declared a quarterly dividend of $0.26 per share and did not repurchase any shares in the quarter.
Net income $61.9 million, $0.48 per diluted share, versus $54.2 million, $0.42 in Q1 2024 and $62.4 million, $0.49 in Q2 2023
Net interest income $152.9 million, down $1.6 million from Q1 2024; net interest margin rose 1 basis point to 2.92%
Noninterest expense $122.1 million, down $6.7 million from Q1 2024; total deposits $20.3 billion, down $350.6 million from March 31, 2024
Quarterly dividend of $0.26 per share, payable August 30, 2024, to holders of record on August 19, 2024; no shares repurchased in the quarter
WisdomTree reported second-quarter 2024 results with record assets under management of $109.7 billion and operating revenues of $107.0 million, up 10.5% from the prior quarter. Diluted EPS was $0.13 ($0.16 as adjusted), and net income was $21.8 million, down from $22.1 million in the first quarter and $54.3 million a year earlier, when a $41.4 million gain on gold payments was recorded. The board also declared a $0.03 quarterly dividend.
Operating revenues of $107.0 million, up 10.5% from the first quarter of 2024 and 24.9% from the second quarter of 2023
Diluted EPS of $0.13 on a GAAP basis and $0.16 as adjusted; net income of $21.8 million versus $22.1 million in the first quarter
Quarterly cash dividend of $0.03 per share, payable August 21, 2024 to holders of record on August 7, 2024
Sensient reported second-quarter 2024 revenue of $403.5 million, up 7.8%, but operating income fell 3.7% to $49.7 million and diluted EPS fell 9.9% to 73 cents. The company raised its local currency revenue and adjusted EBITDA growth outlook, but narrowed its GAAP diluted EPS guidance lower by 3 cents at both ends to $2.77 to $2.87.
Revenue rose 7.8% to $403.5 million from $374.3 million a year earlier; operating income fell 3.7% to $49.7 million.
Diluted EPS was 73 cents versus 81 cents a year earlier, including $1.8 million of Portfolio Optimization Plan costs in the quarter.
Local currency revenue and adjusted EBITDA growth outlook raised to mid-to-high single digits from mid-single digits.
GAAP diluted EPS guidance lowered to between $2.77 and $2.87 from between $2.80 and $2.90; the company also posted an updated investor presentation on July 26, 2024.
Virtus Investment Partners reported results for the quarter ended June 30, 2024, in a press release furnished as Exhibit 99.1 to its July 26, 2024 Form 8-K. Revenue rose 5% year over year to $224.4 million, but GAAP diluted earnings per share fell 41% to $2.43, with net investment losses and other items weighing on results, while adjusted diluted EPS rose 20% to $6.53. Assets under management fell 3% to $173.6 billion, with net outflows of $2.6 billion, which matters to shareholders because it reflects the asset base that generates the company's fees.
Revenues of $224.4 million, up 5% from $213.5 million a year earlier and up 1% from $222.0 million in the first quarter of 2024.
GAAP diluted EPS of $2.43, down from $4.10 a year earlier; adjusted diluted EPS of $6.53, up from $5.43.
Net outflows of $2.6 billion and total sales of $6.1 billion; ending assets under management of $173.6 billion, down 3% from $179.3 billion at March 31, 2024.
The company repurchased 55,099 shares for $12.5 million and repaid $5.7 million of debt during the quarter.
Minerals Technologies reported second-quarter 2024 net sales of $541 million, down 2% from the prior year as reported and up 1% on an underlying basis. Diluted earnings per share were $0.61, down from $0.82, after $34.2 million of special items, mainly a $30 million provision for credit losses on a committed line of credit to BMI OldCo, a subsidiary in Chapter 11 bankruptcy. Excluding special items, diluted EPS was $1.65, up 26%, a figure the company calls a record.
Net sales were $541 million, down 2% from $551.5 million a year earlier; underlying growth was 1%
Diluted EPS was $0.61 versus $0.82 a year earlier; excluding special items it was $1.65, up 26%
Special items of $34.2 million include a $30 million provision tied to BMI OldCo (f/k/a Barretts Minerals Inc.) bankruptcy proceeding
Operating income was $51 million as reported and $85 million excluding special items, or 15.7% of sales
Seacoast Banking Corporation of Florida reported second-quarter 2024 net income of $30.2 million, or $0.36 per diluted share, up from $26.0 million, or $0.31, in the first quarter but down from $31.2 million, or $0.37, a year earlier. Net revenues rose 1% from the prior quarter but fell 15% from the prior year, and the net interest margin narrowed to 3.18%.
Net income $30.2 million, $0.36 per diluted share, versus $26.0 million, $0.31 in Q1 2024 and $31.2 million, $0.37 in Q2 2023
Net revenues $126.6 million, up 1% from Q1 2024 and down 15% from Q2 2023
Net interest margin fell to 3.18% from 3.24% in Q1 2024; noninterest expense fell 9% from Q1 to $82.5 million
Total deposits $12.1 billion and loans $10.0 billion at June 30, 2024; loan pipelines rose 46% from March 31, 2024
Columbia Banking System reported second quarter 2024 net income of $120 million, or $0.57 per diluted share, down from $124 million and $0.59 in the first quarter and from $133 million and $0.64 a year earlier. Operating net income was $140 million and operating EPS was $0.67, up from $0.65 in the prior quarter but down from $0.81 a year earlier; the company also filed an investor presentation for its July 25, 2024 earnings call.
Net income was $120 million and diluted EPS was $0.57 for Q2 2024, versus $124 million and $0.59 in Q1 2024 and $133 million and $0.64 in Q2 2023.
Operating net income was $140 million and operating EPS was $0.67, versus $0.65 in Q1 2024 and $0.81 in Q2 2023.
Net interest income rose $4 million to $427 million, while non-interest income fell $6 million to $45 million.
Provision for credit losses was $32 million, up from $17 million in Q1 2024.
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