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).
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
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
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
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
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.
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.
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
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.
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.
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.
Cousins Properties reported second quarter 2024 Funds From Operations of $103.3 million, or $0.68 per share, flat with a year earlier, while net income available to common stockholders fell to $7.8 million, or $0.05 per share, from $22.6 million, or $0.15 per share, mainly due to higher depreciation expense. The company raised the midpoint of its full year 2024 FFO guidance by $0.02 per share to $2.63 to $2.68, but lowered its net income guidance to $0.31 to $0.36 per share.
Q2 2024 FFO was $103.3 million, or $0.68 per share, versus $103.0 million, or $0.68 per share, in Q2 2023
Q2 2024 net income available to common stockholders was $7.8 million, or $0.05 per share, versus $22.6 million, or $0.15 per share, a year earlier
Full year 2024 FFO guidance raised to $2.63 to $2.68 per share from $2.60 to $2.67; net income guidance lowered to $0.31 to $0.36 per share from $0.32 to $0.39
Same property cash-basis NOI increased 5.1% in Q2 2024 and 391,000 square feet of office leases were executed
Heritage Financial reported second quarter 2024 net income of $14.2 million, or $0.41 per diluted share, up from $5.7 million in the first quarter but down from $16.8 million in the second quarter of 2023. The company also declared a $0.23 quarterly dividend and announced a CEO succession plan, with Bryan McDonald named President of Heritage Financial and CEO of Heritage Bank effective July 1, 2024. Shareholders see a sequential profit recovery alongside a year-over-year decline, which included a $1.9 million pre-tax loss on securities sales.
Net income $14.2 million, or $0.41 per diluted share, versus $5.7 million, or $0.16, in Q1 2024 and $16.8 million, or $0.48, in Q2 2023
Q2 included a $1.9 million pre-tax loss on sale of investment securities, which reduced diluted EPS by $0.04
Net interest margin was 3.29%, down from 3.32% in Q1 2024 and 3.56% in Q2 2023; loans receivable rose $104.5 million, or 2.4%
Quarterly cash dividend of $0.23 per share payable August 21, 2024 to holders of record August 7, 2024; Jeff Deuel remains CEO of Heritage Financial until May 6, 2025
Tractor Supply reported second-quarter 2024 net sales of $4.25 billion, up 1.5%, and diluted EPS of $3.93, up from $3.83, but comparable store sales fell 0.5%. The company also narrowed its full-year 2024 outlook, raising the low end of its net sales and EPS ranges while lowering the high end, so shareholders face a mixed picture.
Net sales rose 1.5% to $4.25 billion from $4.18 billion; comparable store sales decreased 0.5%
Diluted EPS of $3.93 vs. $3.83 a year earlier; net income of $425.2 million
2024 EPS guidance now $10.00 to $10.40, versus the prior $9.85 to $10.50
2024 net sales guidance now $14.8 billion to $15.0 billion, versus the prior $14.7 billion to $15.1 billion
Visteon reported second quarter 2024 net sales of $1,014 million, up from $983 million a year earlier, and net income attributable to the company of $71 million, up from $20 million. The company updated its full-year 2024 guidance, citing lower customer vehicle production in the second half and market dynamics in China, which signals a more cautious outlook for shareholders.
Q2 diluted EPS was $2.54, compared with $0.70 in the prior-year quarter.
Adjusted EBITDA was a record $136 million, up from $90 million, with a margin of 13.4% of sales.
Full-year 2024 guidance: sales of $3.85 billion to $3.95 billion and adjusted EBITDA of $455 million to $475 million.
Adjusted free cash flow guidance of $155 million to $185 million was maintained.
Hasbro reported second quarter 2024 net revenues of $995.3 million, down 18% from $1,210.0 million a year earlier, mainly due to the eOne divestiture. GAAP operating profit was $212.1 million versus a loss of $188.6 million in the prior-year quarter, and diluted EPS was $0.99 versus a loss of $1.69. The company raised its full-year guidance, including total Adjusted EBITDA of $975 million to $1.025 billion, and declared a quarterly dividend of $0.70 per share.
Q2 net revenues $995.3 million, down 18%; excluding the eOne divestiture, down 6%
Q2 GAAP operating profit $212.1 million versus a $188.6 million loss a year earlier; diluted EPS $0.99 versus a loss of $1.69
Full-year 2024 total Adjusted EBITDA guidance of $975 million to $1.025 billion; company raised full-year guidance
Quarterly dividend of $0.70 per share payable September 4, 2024, to holders of record on August 21, 2024
WEX reported second-quarter 2024 revenue up 8% to $673.5 million, but GAAP net income fell to $77.0 million, or $1.83 per diluted share, from $95.3 million, or $2.20, a year earlier. Adjusted net income rose to $3.91 per diluted share from $3.63. The company now expects full-year 2024 revenue of $2.68 billion to $2.72 billion and adjusted earnings of $15.98 to $16.38 per diluted share, citing a modest revision to its second-half outlook, and expects to enter a $300 million accelerated share repurchase agreement.
Q2 revenue was $673.5 million, up from $621.3 million; the Benefits segment grew 13%.
GAAP diluted EPS was $1.83 versus $2.20; adjusted diluted EPS was $3.91 versus $3.63.
Q3 2024 guidance: revenue of $688 million to $698 million and adjusted EPS of $4.42 to $4.52.
Full-year 2024 guidance: revenue of $2.68 billion to $2.72 billion and adjusted EPS of $15.98 to $16.38; a $300 million accelerated share repurchase is expected in the near future.
Wyndham Hotels & Resorts reported second-quarter 2024 results with diluted EPS of $1.07, up from $0.82 a year earlier, and net income of $86 million, up from $70 million. The company raised its full-year adjusted diluted EPS outlook to $4.20 to $4.32 while lowering its fee-related and other revenues outlook to $1.41 to $1.43 billion and its global RevPAR outlook to approximately flat, which the company attributed to a more moderated RevPAR acceleration than previously anticipated.
Q2 2024 diluted EPS was $1.07 versus $0.82 in Q2 2023; net income was $86 million versus $70 million
Fee-related and other revenues were $366 million versus $358 million; global RevPAR rose 2% in constant currency
Full-year 2024 adjusted diluted EPS outlook raised to $4.20 to $4.32 from $4.18 to $4.30
Full-year fee-related and other revenues outlook cut to $1.41 to $1.43 billion from $1.43 to $1.46 billion; global RevPAR outlook changed to approximately flat from 2% to 3% growth
Edwards reported second-quarter sales of $1,385.9 million, up 7%, and GAAP diluted EPS of $0.61 versus $0.50 a year earlier. It cut full-year TAVR sales growth guidance to 5 to 7% from 8 to 10%, raised TMTT guidance to the higher end of $320 to $340 million, and agreed to buy JenaValve and exercise its option to buy Endotronix for about $1.2 billion in cash plus up to $445 million in milestone payments.
Q2 net sales of $1,385.9 million, up 7% from $1,295.5 million; TMTT sales rose 75% to $83 million
Full-year 2024 TAVR sales growth guidance lowered to 5 to 7% from 8 to 10%; total Edwards sales growth guidance kept at 8 to 10%
Acquisitions of JenaValve and Endotronix carry about $1.2 billion upfront cash plus up to $445 million on milestones, subject to closing conditions
Critical Care sale for $4.2 billion remains on track to close in late Q3 2024
ServiceNow reported second-quarter 2024 total revenues of $2,627 million, up 22% year over year, and raised its 2024 subscription revenue guidance to $10,575 million to $10,585 million. The same day, President and Chief Operating Officer CJ Desai agreed to resign effective immediately after an internal investigation found that he and another individual violated company policy over a 2023 hire tied to a U.S. Army government contract, and the Department of Justice has opened its own investigation.
Total revenues $2,627 million, up 22% year over year; subscription revenues $2,542 million, up 23%.
GAAP net income $262 million, or $1.26 per diluted share, versus $1,044 million in Q2 2023.
Full-year 2024 subscription revenue guidance set at $10,575 million to $10,585 million.
CJ Desai resigned effective July 24, 2024; Chris Bedi named interim Chief Product Officer.
Align Technology reported second-quarter 2024 revenue of $1,028.5 million, up 2.6% from a year earlier, while GAAP net income fell 13.6% to $96.6 million, or $1.28 per diluted share. The company also revised its fiscal 2024 revenue outlook to 4% to 6% growth, citing a delayed launch of the iTero Lumina with restorative capabilities to the first quarter of 2025, which affects expectations for shareholders.
Q2 2024 revenue was $1,028.5 million, up 2.6% year-over-year; GAAP diluted EPS was $1.28 versus $1.46 a year earlier.
Non-GAAP diluted EPS was $2.41, compared with $2.22 in Q2 2023.
Q3 2024 worldwide revenue is expected in the range of $980 million to $1,000 million; fiscal 2024 revenue growth is expected to be 4% to 6%.
Align agreed in principle to settle legal matters for $31.1 million, primarily related to the Misty Snow Antitrust Class Action.
PROG Holdings reported second quarter 2024 revenue of $592.2 million, flat with the prior year, and diluted EPS of $0.77 versus $0.79 a year earlier. The company raised its full-year 2024 revenue and diluted EPS outlook, citing 7.9% year-over-year growth in Progressive Leasing GMV, though net earnings declined.
Q2 net earnings were $33.8 million versus $37.2 million; diluted EPS was $0.77 versus $0.79.
Progressive Leasing GMV rose 7.9% to $454.5 million year over year.
2024 revenue outlook raised to $2.40 billion-$2.45 billion from $2.285 billion-$2.36 billion; diluted EPS outlook raised to $2.52-$2.68 from $2.18-$2.43.
Third quarter 2024 diluted EPS outlook is $0.61-$0.71.
Silicon Labs reported second-quarter 2024 results for the quarter ended June 29, 2024, with revenue of $145 million, down from $245 million a year earlier. The company posted a GAAP operating loss of $48 million and a GAAP diluted loss of $(2.56) per share, compared with diluted earnings of $0.33 per share a year earlier. It expects third-quarter revenue of $160 million to $170 million, which would be above the second-quarter level.
Q2 2024 revenue was $145 million versus $245 million in Q2 2023; Industrial & Commercial revenue was $88 million and Home & Life revenue was $57 million.
GAAP operating loss was $48 million and GAAP diluted loss per share was $(2.56), versus diluted earnings of $0.33 per share in Q2 2023.
Non-GAAP diluted loss per share was $(0.56) for the quarter.
Third-quarter 2024 outlook: revenue of $160 million to $170 million; GAAP diluted loss per share of $(0.95) to $(1.25); non-GAAP diluted loss per share of $(0.10) to $(0.30).
Healthcare Services Group reported a second-quarter net loss of $1.8 million, or $0.02 per diluted share, compared with net income of $8.3 million a year earlier, even though revenue rose to $426.3 million. The company said the loss reflects client restructuring charges, including those tied to the LaVie Care Centers Chapter 11 filing. The company raised its third- and fourth-quarter revenue estimates and reaffirmed its 2024 adjusted cash flow forecast of $40.0 million to $55.0 million.
Q2 2024 revenue was $426.3 million, up from $418.9 million in Q2 2023 and in line with the company's expectation of $420.0 million to $430.0 million.
Net loss of $1.8 million, or $0.02 per diluted share, versus net income of $8.3 million, or $0.11 per diluted share, in Q2 2023; results include a $0.22 per share impact from client restructuring bad debt expense.
Q3 2024 revenue estimate raised to $425.0 million to $435.0 million; Q4 2024 estimate raised to $430.0 million to $440.0 million.
2024 adjusted cash flow from operations forecast of $40.0 million to $55.0 million reaffirmed; Q2 adjusted cash flow used in operations was $2.4 million.
Blackstone Mortgage Trust reported a second quarter 2024 net loss attributable to the company of $61 million, or ($0.35) per share, compared with net income of $101.7 million in the same quarter of 2023. The company also declared a third quarter dividend of $0.47 per share, down from the $0.62 per share paid for the second quarter, and authorized a share repurchase program of up to $150.0 million.
Q2 2024 net loss attributable to the company of $61 million, or ($0.35) per share, versus net income of $101.7 million in Q2 2023
Distributable EPS of $0.49 for Q2 2024, up from $0.33 in Q1 2024; Distributable EPS prior to charge-offs was $0.56
Q3 2024 dividend of $0.47 per share, payable October 15, 2024, to stockholders of record as of September 30, 2024
Board authorized a share repurchase program of up to $150.0 million of class A common stock
Otis reported second quarter 2024 net sales of $3.6 billion, down 3.2% from a year earlier, while GAAP EPS rose 13.3% to $1.02 and adjusted EPS rose 15.2% to $1.06. The company raised its full-year adjusted EPS outlook to $3.85 to $3.90, up 9% to 10%, though organic sales for the full year are now expected to rise only 1% to 3%.
Q2 2024 net sales were $3.6 billion, down 3.2%; organic sales fell 1.2%, with New Equipment sales down 11.4% and Service sales up 3.0%.
GAAP EPS was $1.02 (up 13.3%) and adjusted EPS was $1.06 (up 15.2%); GAAP operating profit was $570 million.
Full-year 2024 outlook: net sales of $14.3 billion to $14.5 billion and adjusted EPS of $3.85 to $3.90.
Otis repurchased $300 million of shares in the second quarter and $600 million in the first half of 2024.
Trustmark reported second quarter 2024 net income of $73.8 million, or $1.20 per diluted share, up from $41.5 million and $0.68 in the first quarter. The result was driven by a $171.2 million after-tax gain on the sale of Fisher Brown Bottrell Insurance, which is reported in discontinued operations, while the loss from continuing operations was $100.6 million after a $182.8 million pre-tax loss on securities restructuring. Excluding these non-routine items, adjusted continuing operations net income was $40.5 million, or $0.66 per diluted share.
Net income of $73.8 million, or $1.20 per diluted share, versus $41.5 million, or $0.68 per diluted share, in the first quarter of 2024
Loss from continuing operations of $100.6 million, including a $182.8 million pre-tax loss on the securities portfolio restructuring
Adjusted continuing operations net income of $40.5 million, or $0.66 per diluted share
Board declared a quarterly cash dividend of $0.23 per share, payable September 15, 2024
Quest Diagnostics reported second-quarter 2024 net revenues of $2.40 billion, up 2.5% from a year earlier, and raised its full-year 2024 revenue and adjusted diluted EPS guidance. Reported diluted EPS fell 1.0% to $2.03, while adjusted diluted EPS rose 2.2% to $2.35, so shareholders see higher sales and adjusted earnings alongside lower reported profit. The updated guidance excludes the pending LifeLabs acquisition.
Q2 2024 net revenues $2.40 billion, up 2.5%; net income attributable to Quest Diagnostics $229 million, down 2.4%
Q2 reported diluted EPS $2.03, down 1.0%; adjusted diluted EPS $2.35, up 2.2%
Full-year 2024 net revenues now expected at $9.50 billion to $9.58 billion, up from $9.40 billion to $9.48 billion
Full-year adjusted diluted EPS now expected at $8.80 to $9.00, up from $8.72 to $8.97; reported diluted EPS range $7.57 to $7.77, high end down from $7.82
Corsair Gaming said preliminary unaudited second-quarter 2024 revenue was approximately $261 million and that results in its Gaming Components and Systems segment were disappointing for revenue and margins. The company said its Gamer and Creator Peripherals segment grew 20% year over year, but it did not update its financial outlook and will report full results on August 1, 2024.
Preliminary unaudited revenue for the quarter ended June 30, 2024 is approximately $261 million.
CEO Andy Paul said Gaming Components and Systems results were disappointing for revenue and margins, with recovery expected in the second half of 2024 and 2025.
Gamer and Creator Peripherals segment revenue grew 20% year over year, the third consecutive quarter of growth.
Full second-quarter results and outlook will be released after the Nasdaq close on August 1, 2024.
Primerica's board decided to exit its senior health business by abandoning its indirect ownership of e-TeleQuote Insurance, Inc. (ETQ) no later than September 30, 2024, without receiving consideration. The company will record a net non-cash after-tax charge of $229.6 million in the second quarter of 2024, and says it expects further restructuring charges in the third quarter, which matters to shareholders because it reduces reported results.
Net non-cash after-tax charge of $229.6 million in Q2 2024, including a $253.6 million write-off of goodwill and intangibles, partly offset by a $24.0 million net tax impact.
ETQ's ownership will be abandoned by no later than September 30, 2024, with no consideration received.
ETQ plans to sell newly issued shares of up to 19% of its common stock to a new minority investor; bids are due by 5:00 pm EST on July 31, 2024.
$50.0 million in insurance proceeds will be recognized in Q2 2024 and excluded from adjusted operating results.
UiPath's board approved restructuring actions on July 8, 2024, to manage operating expenses, including an overall reduction of about 10% of its global workforce of approximately 4,200 as of July 1, 2024. The company expects the company's costs to total about $17 million to $25 million, mostly in cash, to be incurred by the first quarter of fiscal year 2026, and says actual amounts may differ materially.
Workforce reduction of about 10% from approximately 4,200 employees as of July 1, 2024, mostly completed by the end of the first quarter of fiscal year 2026
Estimated costs of $15 million to $20 million for employee termination benefits and $2 million to $5 million for lease exit and other contractual costs
Total anticipated restructuring costs of about $17 million to $25 million, predominantly cash expenditures
Cuts focus on operational and corporate functions, with more investment in artificial intelligence research and development
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