392 material Form 8-K filings that 341 companies we cover made with the SEC in July 2024, each read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). All of them were written later, when past filings were added: a selection, not every 8-K of the month (see the note below).
Pilgrim's Pride reported second quarter 2024 results with net sales of $4.6 billion, up 5.8% from a year earlier, and operating income of $440.8 million, up from $100.3 million. Diluted GAAP earnings per share were $1.37, compared with $0.25 in the prior-year quarter, and the company said Europe and Mexico both improved. The results show a sharp rise in profit for shareholders, though the filing gives no outlook for future periods.
Net sales were $4,559.3 million for the quarter ended June 30, 2024, up 5.8% from $4,308.1 million.
Operating income was $440.8 million, compared with $100.3 million a year earlier.
GAAP net income was $326.5 million, or $1.37 per diluted share, versus $0.25 per diluted share in the prior-year quarter; the company also reported adjusted EPS of $1.67.
Antero Resources reported a second quarter 2024 net loss of $66 million, compared with a net loss of $83 million in the year-ago quarter, and Adjusted EBITDAX of $151 million, up from $113 million. The company raised its full-year 2024 production guidance to 3.375 to 3.425 Bcfe/d and its C3+ NGL realized price guidance, citing higher liquids volumes and stronger well performance.
Q2 2024 net loss was $66 million versus $83 million in Q2 2023; Adjusted Net Loss was $60 million (non-GAAP).
Adjusted EBITDAX rose to $151 million from $113 million, and net cash from operating activities was $143 million.
Full-year 2024 production guidance was raised to 3.375 to 3.425 Bcfe/d, and C3+ NGL realized price guidance was raised to a $1.00 to $2.00 per barrel premium to Mont Belvieu.
S&P upgraded Antero to BBB- on May 15, 2024, and on July 30, 2024 the company entered a new unsecured credit facility with $1.65 billion in lender commitments.
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
Q2 Holdings reported second-quarter 2024 revenue of $172.9 million, up 12% year-over-year, and a GAAP net loss of $13.1 million, narrower than the $23.6 million loss a year earlier. The company raised its full-year 2024 outlook for revenue and adjusted EBITDA, with non-GAAP revenue now guided to $688.5 million to $692.5 million. For shareholders, the filing shows higher sales and profitability on a non-GAAP basis, though the company still reported a GAAP net loss for the quarter.
Q2 2024 revenue was $172.9 million, up 12% year-over-year and up 4% from the first quarter of 2024.
GAAP net loss for Q2 2024 was $13.1 million, compared with $23.6 million in the prior-year quarter.
Adjusted EBITDA for Q2 2024 was $29.9 million, up from $17.6 million a year earlier, a 17.3% margin.
Full-year 2024 non-GAAP revenue guidance is $688.5 million to $692.5 million, and adjusted EBITDA guidance is $116.5 million to $119.5 million.
Rush Street Interactive reported second-quarter 2024 revenue of $220.4 million, up 34% from a year earlier, and its net loss narrowed to $0.3 million from $16.7 million. The company raised its full-year 2024 Adjusted EBITDA guidance to $64 million to $72 million and its revenue guidance to $860 million to $900 million, which points to stronger expected profitability for shareholders.
Q2 2024 revenue was $220.4 million, up 34% from $165.1 million in Q2 2023.
Net loss was $0.3 million versus $16.7 million a year earlier; Adjusted EBITDA was $21.4 million versus $1.2 million.
2024 revenue guidance is $860 million to $900 million, with the midpoint raised by $45 million; Adjusted EBITDA guidance is $64 million to $72 million, with the midpoint raised by $13 million.
Unrestricted cash and cash equivalents were $194 million as of June 30, 2024.
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
FICO reported third-quarter fiscal 2024 revenue of $447.8 million, up from $398.7 million a year earlier, and raised its full-year 2024 revenue and EPS guidance. GAAP diluted EPS was $5.05, down slightly from $5.08, and the company said the prior-year quarter included a large one-time favorable expense adjustment.
Q3 fiscal 2024 revenue was $447.8 million versus $398.7 million in the prior year period.
GAAP diluted EPS was $5.05 versus $5.08; non-GAAP diluted EPS was $6.25 versus $5.66.
Full-year 2024 revenue guidance was raised to $1.700 billion from $1.690 billion; GAAP EPS guidance to $19.90 from $19.70.
Net cash from operating activities was $213.3 million versus $122.6 million in the prior year quarter.
Simpson Manufacturing Co. said its Chief Financial Officer and Treasurer, Brian Magstadt, will retire effective December 31, 2024. The company has started a search for a successor that includes both internal and external candidates, and the filing does not name a replacement or report any financial results.
Brian Magstadt notified the company on July 25, 2024, that he will retire effective December 31, 2024.
Magstadt joined Simpson in 2004 and has been CFO and Treasurer since 2012.
The company is searching for a new CFO, with both internal and external candidates under consideration.
CEO Mike Olosky said the search is already underway.
Coca-Cola Consolidated reported second-quarter 2024 net sales of $1.8 billion, up 3.3%, and income from operations of $259.1 million, up 10.9%. Net income rose to $172.8 million from $122.3 million a year earlier, and diluted net income per Common Stock share was $18.54 compared with $13.02. Standard physical case volume fell 1.2%, and the company reported a share repurchase obligation to The Coca-Cola Company of $553.7 million on its June 28, 2024 balance sheet.
Net sales rose 3.3% to $1.8 billion in Q2 2024, driven by pricing actions taken in Q1 2024; standard physical case volume fell 1.2%.
Income from operations was $259.1 million, up $25 million or 10.9%; operating margin was 14.4% versus 13.4%.
Net income was $172.8 million versus $122.3 million; diluted net income per Common Stock share was $18.54 versus $13.02.
Share repurchase obligation to The Coca-Cola Company was $553.7 million as of June 28, 2024; the full-year 2024 capital expenditure outlook is $300 million to $350 million.
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
InvenTrust reported second-quarter 2024 results on July 31, 2024. Nareit FFO rose to $0.44 per diluted share from $0.43 a year earlier, while Core FFO was flat at $0.43 and net income fell to $1.5 million from $2.1 million. The company raised its 2024 Same Property NOI growth guidance to 3.50% to 4.50% from 2.75% to 3.75%, and raised the low end of its Nareit FFO and Core FFO ranges.
Net income for Q2 2024 was $1.5 million, or $0.02 per diluted share, versus $2.1 million, or $0.03, in Q2 2023.
Nareit FFO was $0.44 per diluted share versus $0.43; Core FFO was $0.43 per diluted share in both periods.
2024 Same Property NOI growth guidance was raised to 3.50% to 4.50% from 2.75% to 3.75%.
Net Debt-to-Adjusted EBITDA was 5.2x as of June 30, 2024, compared with 4.9x as of December 31, 2023.
Cohu reported fiscal second-quarter 2024 net sales of $104.7 million, down from $168.9 million a year earlier, with a GAAP net loss of $15.8 million, or $0.34 per share, compared with net income of $10.6 million a year earlier. The company also expects third-quarter 2024 sales of $95 million, plus or minus $5 million, which signals continued weak revenue for shareholders.
Q2 2024 net sales were $104.7 million, versus $107.6 million in Q1 2024 and $168.9 million in Q2 2023.
GAAP net loss was $15.8 million, or $0.34 per share; non-GAAP net loss was $0.6 million, or $0.01 per share.
Q3 2024 sales guidance is $95 million, plus or minus $5 million.
Total cash and investments were $262.4 million at the end of Q2 2024, and the company repurchased 267,000 shares for about $8.2 million.
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.
On July 29, 2024, Texas Capital Bancshares entered into an amended and restated employment agreement with CEO Robert C. Holmes and approved special retention restricted stock units for four named executive officers. The board said the changes reflect Holmes's leadership through the company's multi-year transformation, and the filing sets out larger severance and change-in-control terms that apply to him.
CEO agreement sets base salary at $1,100,000 with a target cash incentive of not less than 200% for the rest of 2024 and not less than 180% from 2025
Holmes receives a one-time RSU award with a grant date value of $4,045,489 (61,491 units), cliff vesting on the third anniversary of grant
Severance is two times base salary plus target bonus, rising to three times if termination occurs from 90 days before to two years after a change in control
Other named executives receiving RSUs: J. Matthew Scurlock $1,000,000, John W. Cummings $350,000, Anna M. Alvarado $375,000
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
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
Clean Harbors reported second-quarter 2024 results on July 31, 2024, with revenue up 11% to $1.55 billion and net income up 15% to $133.3 million, or $2.46 per diluted share. The company raised its full-year 2024 Adjusted EBITDA guidance to a range of $1.125 billion to $1.165 billion, which points to higher expected profit for shareholders.
Q2 2024 revenue rose 11% to $1.55 billion, and income from operations rose 14% to $215.5 million.
Net income was $133.3 million, or $2.46 per diluted share, compared with $2.13 per diluted share in Q2 2023.
Full-year 2024 Adjusted EBITDA guidance raised to $1.125 billion to $1.165 billion, midpoint $1.145 billion.
Company expects Q3 2024 Adjusted EBITDA to grow 20% to 24% from Q3 2023.
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
AutoNation reported second quarter 2024 results on July 31, 2024, with revenue of $6.5 billion, down 6% from a year earlier, and diluted EPS of $3.20 versus $6.02. The company says an outage of its dealer management system, caused by a cyber incident at CDK Global, reduced EPS by an estimated $1.55, including $0.79 of one-time costs. Shareholders face lower reported earnings, though the company repurchased $350 million of shares year to date through July 29, 2024.
Diluted EPS $3.20 vs. $6.02 a year earlier; adjusted EPS $3.99 vs. $6.29
Revenue $6.5 billion, down $410 million, mainly due to the CDK outage and lower average vehicle selling prices
CDK outage reduced EPS by an estimated $1.55, including $0.79 of one-time costs
Repurchased $350 million of shares year to date through July 29, 2024; about $971 million remains under the program
OneSpaWorld reported second-quarter 2024 revenue of $224.9 million, up 12% from a year earlier, and net income of $15.8 million, or $0.15 per diluted share, compared with a net loss a year earlier. The company raised its fiscal 2024 revenue and adjusted EBITDA guidance and adopted an annual cash dividend program, with an initial quarterly payment of $0.04 per share.
Q2 2024 total revenues were $224.9 million, up from $200.5 million; net income was $15.8 million, or $0.15 per diluted share, versus a net loss of $3.2 million a year earlier.
Fiscal 2024 revenue guidance raised to $870-$890 million from $860-$880 million; adjusted EBITDA guidance raised to $102-$108 million from $95-$105 million.
Board adopted an annual cash dividend program; the first quarterly dividend of $0.04 per share is payable September 4, 2024 to holders of record on August 21, 2024.
Cash totaled $63.7 million at June 30, 2024 after repaying $15.0 million of its first lien term loan; total debt was $123.8 million.
Garmin reported fiscal second quarter 2024 revenue of $1.51 billion, up 14% from the prior year quarter, with GAAP diluted EPS of $1.56 and pro forma diluted EPS of $1.58, up 9%. The company raised its full-year 2024 guidance to revenue of approximately $5.95 billion and pro forma EPS of $6.00, which points to higher expected results for shareholders.
Q2 2024 net sales were $1,506,671 thousand, up 14%, with Fitness up 28%, Marine up 26% and Auto OEM up 41%, while Outdoor fell 2%
GAAP diluted EPS was $1.56 versus $1.50, and pro forma diluted EPS was $1.58 versus $1.45
Full-year 2024 guidance now calls for revenue of approximately $5.95 billion and pro forma EPS of $6.00
Quarterly dividend of $0.75 per share has a record date of September 13, 2024 and a payment date of September 27, 2024
Urban Edge Properties reported second-quarter 2024 results on July 31, 2024, with net income attributable to common shareholders of $30.8 million, or $0.26 per diluted share, compared with $10.3 million, or $0.09, a year earlier. The company raised the low end of its full-year 2024 FFO as Adjusted guidance and raised its net income and FFO ranges, which points to higher expected earnings for shareholders.
Q2 2024 FFO per diluted share was $0.47, up from $0.29 in Q2 2023; FFO as Adjusted per diluted share was $0.32, up from $0.30.
Q2 net income included a $21.7 million gain on extinguishment of debt tied to the Kingswood Center foreclosure and a $13.4 million gain on sale of real estate.
Full-year 2024 FFO per diluted share guidance was raised to $1.42 to $1.45 from $1.22 to $1.27.
Full-year FFO as Adjusted per diluted share guidance is now $1.29 to $1.32, up from $1.27 to $1.32, with the low end raised.
Parsons reported second-quarter 2024 revenue of $1.7 billion, up 23% from a year earlier, and net income attributable to Parsons of $69 million, up 60%. The company raised its fiscal 2024 revenue, adjusted EBITDA and operating cash flow guidance ranges, and said it has agreed to acquire BlackSignal Technologies for approximately $200 million.
Q2 2024 revenue $1.7 billion, up 23%; organic growth 22%
Q2 diluted EPS $0.63 vs. $0.38 a year earlier; adjusted EBITDA $150 million, up 27%
FY2024 revenue guidance raised to $6.35 billion-$6.55 billion from $6.1 billion-$6.4 billion
Six-month net loss attributable to Parsons of $38.2 million, including a $211 million loss on extinguishment of debt
LivaNova reported second-quarter 2024 revenue of $318.6 million, up 8.4% from a year earlier, and adjusted diluted earnings per share of $0.93 versus $0.78. The company raised its full-year 2024 revenue and adjusted earnings per share guidance, which signals improved expected results for shareholders.
Q2 2024 revenue of $318.6 million rose 8.4% on a reported basis and 9.6% on a constant-currency basis
Q2 2024 U.S. GAAP diluted EPS was $0.30, compared with $0.02 in Q2 2023; adjusted diluted EPS was $0.93, compared with $0.78
Full-year 2024 adjusted diluted EPS is now expected to be $3.10 to $3.20, and constant-currency revenue growth 7% to 8%
A $6.6 million increase in the Italian payback law reserve reduced net revenue
Generac reported second-quarter 2024 results with net sales of $998 million, roughly flat year over year, while diluted earnings per share rose to $0.97 from $0.70. The company raised its full-year 2024 net sales growth and adjusted EBITDA margin guidance, citing recent power outage activity including Hurricane Beryl. The filing also disclosed stockholder approval on June 13, 2024 of an amendment adding 3,900,000 shares to the 2019 Equity Incentive Plan.
Q2 net sales were $998 million versus $1.00 billion a year earlier; core sales were approximately flat.
Diluted EPS was $0.97 versus $0.70; adjusted EPS was $1.35 versus $1.08.
Adjusted EBITDA was $165 million, or 16.5% of net sales, versus $137 million, or 13.6%, a year earlier.
Full-year 2024 net sales growth guidance rose to 4% to 8% from 3% to 7%; adjusted EBITDA margin guidance rose to 17.0% to 18.0% from 16.5% to 17.5%.
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
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.
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.
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.
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
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
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
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
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.
Centerspace reported second-quarter 2024 results and raised the midpoint of its 2024 Core FFO per diluted share outlook, narrowing the range to $4.78 to $4.92 from $4.74 to $4.92. Q2 net loss was $0.19 per diluted share, compared with a $0.23 loss a year earlier, while Core FFO per diluted share was $1.27 versus $1.28 in the prior-year quarter.
Updated 2024 Core FFO per diluted share outlook: $4.78 to $4.92, up from $4.74 to $4.92; net income per diluted share outlook raised to $(1.21) to $(1.01) from $(1.34) to $(1.10)
Q2 2024 net loss of $0.19 per diluted share vs. $0.23 loss in Q2 2023; Q2 Core FFO of $1.27 per diluted share vs. $1.28
Six-month Core FFO per diluted share rose 5.5% to $2.49; same-store NOI rose 2.4% in Q2 2024 year over year
Unsecured credit facility maturity extended to July 2028 on July 26, 2024; borrowing capacity stayed at $250.0 million
CNO Financial Group reported second-quarter 2024 net income of $116.3 million, or $1.06 per diluted share, up from $73.7 million, or $0.64 per diluted share, a year earlier. Net operating income rose to $114.6 million, or $1.05 per diluted share, and the company said it is raising full-year guidance on earnings and cash flow. The company returned $77.2 million to shareholders in the quarter through buybacks and dividends.
Net income of $116.3 million, or $1.06 per diluted share, in 2Q24 versus $73.7 million, or $0.64, in 2Q23
Net operating income of $114.6 million, or $1.05 per diluted share, in 2Q24 versus $62.3 million, or $0.54, in 2Q23
Full-year guidance raised on earnings and cash flow
Repurchased $60.0 million of common stock in 2Q24; 106.5 million shares outstanding at June 30, 2024
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