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.
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.
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.
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.
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.
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.
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%.
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.
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.
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
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
Corcept Therapeutics reported second-quarter 2024 revenue of $163.8 million, up 39% from a year earlier, and raised its full-year 2024 revenue guidance to $640 million to $670 million from $620 million to $650 million. Diluted earnings per share were $0.32, compared with $0.25 in the second quarter of 2023, though operating expenses rose to $128.2 million from $88.1 million.
Q2 2024 revenue of $163.8 million, versus $117.7 million in Q2 2023
Diluted EPS of $0.32 versus $0.25; net income of $35.5 million versus $27.5 million
2024 revenue guidance raised to $640 million to $670 million from $620 million to $650 million
Cash and investments of $492.5 million at June 30, 2024, up from $451.0 million at March 31, 2024
Colgate-Palmolive reported second quarter 2024 net sales of $5,058 million, up 4.9%, and GAAP diluted EPS of $0.89, up 48% from $0.60. The company raised its full-year 2024 organic sales growth guidance to 6% to 8% and its Base Business EPS growth guidance to 8% to 11%.
Organic sales grew 9.0% in the quarter; Base Business EPS rose 18% to $0.91
GAAP gross profit margin rose 280 basis points to 60.6%
Full-year 2024 organic sales growth guidance raised to 6% to 8% from 5% to 7%
Net sales growth guidance of 2% to 5% unchanged, including a mid-single-digit negative foreign exchange impact
Veralto reported second-quarter 2024 sales of $1,288 million, up 2.8% from a year earlier, and GAAP diluted earnings per share of $0.81, down from $0.85. The company raised its full-year 2024 adjusted diluted EPS guidance to $3.37 to $3.45 from $3.25 to $3.34, which points to higher expected profit for shareholders.
Q2 sales rose 2.8% to $1,288 million; non-GAAP core sales growth was 3.8%
GAAP net earnings were $203 million, or $0.81 per diluted share, versus $209 million, or $0.85, a year earlier
Non-GAAP adjusted diluted EPS was $0.85, versus $0.80 in the prior-year quarter
Full-year adjusted diluted EPS guidance raised to $3.37 to $3.45; Q3 guidance is $0.82 to $0.86
Healthpeak Properties reported second-quarter 2024 results on July 25, 2024, with diluted net income of $0.21 per share, up from $0.09 a year earlier, while Nareit FFO was $0.44 per share, down from $0.45. The company raised its full-year 2024 diluted earnings per share guidance to $0.27 to $0.31 from $0.16 to $0.20. For shareholders, higher earnings guidance is offset in part by a slight decline in FFO per share, a key REIT measure.
Q2 2024 diluted net income of $0.21 per share vs. $0.09 in Q2 2023; Nareit FFO $0.44 vs. $0.45; AFFO $0.39 vs. $0.40
Full-year 2024 diluted EPS guidance raised to $0.27 to $0.31 from $0.16 to $0.20; diluted Nareit FFO guidance raised to $1.59 to $1.63 from $1.56 to $1.60
Quarterly common dividend of $0.30 per share declared July 24, 2024, payable August 16, 2024, to holders of record on August 5, 2024
New $500 million share repurchase authorization effective through July 2026, replacing the existing authorization
Ensign Group reported second-quarter 2024 GAAP diluted EPS of $1.22, up 8.9% from the prior year quarter, and total revenue of $1.04 billion, up 12.5%. The company raised its full-year 2024 earnings guidance to $5.38 to $5.50 per diluted share and its revenue guidance to $4.20 billion to $4.22 billion, which is favorable for shareholders.
Q2 2024 GAAP net income was $71.0 million, up 11.0%; adjusted EPS was $1.32, up 13.8%.
Full-year 2024 EPS guidance raised to $5.38 to $5.50 per diluted share, from $5.29 to $5.47.
Full-year 2024 revenue guidance raised to $4.20 billion to $4.22 billion, from $4.13 billion to $4.17 billion.
Deckers reported first-quarter fiscal 2025 results for the quarter ended June 30, 2024, with net sales up 22.1% to $825.3 million and diluted EPS up 87% to $4.52. The company raised its full-year fiscal 2025 diluted EPS guidance to $29.75 to $30.65, and said it expects to divest the Sanuk brand in August 2024.
Q1 net sales rose 22.1% to $825.3 million; HOKA brand net sales rose 29.7% to $545.2 million.
Q1 diluted EPS was $4.52, compared with $2.41 a year earlier; operating income was $132.8 million versus $70.7 million.
Fiscal 2025 diluted EPS guidance is now $29.75 to $30.65; the company now expects gross margin of about 54%.
Stefano Caroti is set to become President and CEO next week, succeeding Dave Powers.
SPS Commerce reported second-quarter 2024 revenue of $153.6 million, up 18% from a year earlier, and net income of $18.0 million, or $0.48 per diluted share, compared with $14.7 million, or $0.39, in the second quarter of 2023. The board also authorized a new share repurchase program of up to $100 million, effective August 23, 2024, which the company intends to fund with cash on hand.
Q2 2024 net income was $18.0 million, or $0.48 per diluted share, versus $14.7 million, or $0.39, in Q2 2023.
Third quarter 2024 revenue is expected at $157.6 million to $158.6 million; fiscal 2024 revenue at $624.2 million to $626.0 million, or 16% to 17% growth.
The new program authorizes up to $100 million of repurchases through July 24, 2026, replacing a $50 million program from August 2022 that ends July 26, 2024.
Exponent reported second-quarter 2024 net income of $29.2 million, up 14% from a year earlier, and revenues before reimbursements of $132.4 million, up 2%. The company raised its full-year 2024 revenue and EBITDA margin guidance and declared a $0.28 per share quarterly dividend payable September 20, 2024. Third-quarter revenues before reimbursements are expected to be approximately flat.
Q2 2024 net income rose to $29.2 million, or $0.57 per diluted share, from $25.7 million, or $0.50, in Q2 2023
Revenues before reimbursements rose 2% to $132.4 million; total revenues were approximately flat at $140.5 million
Full-year 2024 guidance raised: revenues before reimbursements to grow in the low to mid-single digits, EBITDA margin of 27.5% to 28.0%
Quarterly dividend of $0.28 per share to be paid September 20, 2024, to holders of record as of September 6, 2024
EMCOR reported record second-quarter 2024 revenue of $3.67 billion, up 20.4%, and diluted EPS of $5.25, up 78.0% from a year earlier. The company raised its full-year 2024 revenue guidance to $14.5 billion-$15.0 billion and its diluted EPS guidance to $19.00-$20.00, which signals stronger expected profits for shareholders.
Q2 2024 net income was $247.6 million, or $5.25 per diluted share, versus $140.6 million, or $2.95, in Q2 2023.
Full-year 2024 diluted EPS guidance raised to $19.00-$20.00 from $15.50-$16.50.
Full-year 2024 revenue guidance raised to $14.5 billion-$15.0 billion from $14.0 billion-$14.5 billion.
Remaining performance obligations were $9.0 billion as of June 30, 2024, up 8.6% year-over-year.
Lear reported second-quarter 2024 sales of $6.0 billion, a modest increase from $5.999 billion a year earlier, and net income attributable to Lear of $173 million, up from $169 million. Diluted EPS was $3.02 versus $2.84, and adjusted EPS rose 8% to $3.60, which the company attributes mainly to its share repurchase program. The company also updated its full-year 2024 outlook, now showing core operating earnings of $1,030 million to $1,200 million, though the filing does not state the prior outlook for comparison.
Q2 2024 sales of $6.0 billion versus $5.999 billion in Q2 2023; core operating earnings flat at $302 million
Diluted EPS of $3.02 versus $2.84; adjusted EPS of $3.60 versus $3.33, up 8%
Full-year 2024 outlook: net sales $23,230 million to $23,670 million; core operating earnings $1,030 million to $1,200 million; free cash flow $485 million to $635 million
Repurchased $60 million of shares in Q2 2024; remaining authorization about $1.4 billion
TechnipFMC reported second-quarter 2024 revenue of $2,325.6 million, up 17.9% from $1,972.2 million a year earlier, and net income attributable to the company of $186.5 million, or $0.42 per diluted share, compared with a loss of $87.2 million a year earlier. The company raised its 2024 guidance for Subsea revenue, Subsea adjusted EBITDA margin and free cash flow, which gives shareholders a higher outlook for the year.
Revenue of $2,325.6 million, up from $2,042.0 million in the first quarter of 2024 and $1,972.2 million in the second quarter of 2023.
Diluted earnings of $0.42 per share, compared with a loss of $(0.20) per share a year earlier; adjusted diluted EPS was $0.43.
Full-year 2024 Subsea revenue guidance raised to $7.6-7.8 billion from $7.2-7.6 billion; free cash flow guidance raised to $425-575 million from $350-500 million.
Total shareholder distributions of $121.5 million in the quarter, including $100 million of share repurchases.
Northrop Grumman reported second quarter 2024 sales of $10.2 billion, up 7% from a year earlier, and diluted earnings per share of $6.36, up 19%. The company raised its 2024 sales guidance to $41.0 billion to $41.4 billion and its MTM-adjusted EPS guidance to $24.90 to $25.30, which gives shareholders a higher outlook for the year.
Q2 net earnings were $940 million, or $6.36 per diluted share, versus $812 million, or $5.34, in Q2 2023
Free cash flow rose 80% to $1.1 billion; operating cash flow was $1.4 billion
2024 sales guidance raised to $41.0 billion to $41.4 billion from $40.8 billion to $41.2 billion
Mission Systems operating income fell 10% to $361 million on a lower operating margin rate
TransUnion reported second quarter 2024 revenue of $1,041 million, up 8 percent, and net income attributable to TransUnion of $85 million, compared with $54 million a year earlier. The company said it exceeded its second quarter guidance for revenue and earnings and raised its full-year 2024 revenue growth expectation to 7 to 8 percent, which points to higher expected results for shareholders.
Q2 2024 revenue was $1,041 million, up 8 percent from the second quarter of 2023.
Diluted earnings per share were $0.44, compared with $0.28 in the second quarter of 2023.
The company now expects 2024 revenue growth of 7 to 8 percent, with $80 million of debt voluntarily prepaid during the quarter.
WTW reported second-quarter 2024 results for the period ended June 30, 2024. Revenue rose 5% to $2.3 billion, diluted EPS rose 55% to $1.36, and adjusted diluted EPS rose 24% to $2.55, while the company raised the low end of its full-year 2024 adjusted operating margin and adjusted EPS targets.
Revenue of $2,265 million, up 5% from $2,159 million; organic growth was 6%
Diluted EPS of $1.36 vs. $0.88 a year earlier; adjusted diluted EPS of $2.55 vs. $2.05
2024 adjusted diluted EPS target now $16.00-$17.00 (previously $15.40-$17.00); adjusted operating margin target now 23.0%-23.5% (previously 22.5%-23.5%)
WTW repurchased $200 million of its outstanding shares during the quarter
Chemed reported second-quarter 2024 revenue of $595.9 million, up 7.6%, and GAAP diluted EPS of $4.65, up 32.5%. The company raised its full-year 2024 adjusted EPS estimate to $23.55-$23.80 from the prior $23.30-$23.70, a higher outlook for shareholders.
Q2 2024 revenue rose 7.6% to $595.9 million; adjusted diluted EPS was $5.47, up 34.1%
VITAS revenue rose 16.7% to $374.6 million, while Roto-Rooter revenue fell 5.0% to $221.3 million
2024 adjusted EPS guidance raised to $23.55-$23.80 from $23.30-$23.70
As of June 30, 2024, cash and cash equivalents were $222.9 million with no current or long-term debt
Tyler Technologies reported second-quarter 2024 revenue of $541.0 million, up 7.3%, and GAAP diluted earnings of $1.57 per share, up from $1.15 a year earlier. The company revised its full-year 2024 guidance, with total revenue now expected at $2.120 billion to $2.150 billion, and said its outlook for the rest of the year is positive.
Q2 2024 GAAP net income was $67.7 million, or $1.57 per diluted share, versus $1.15 in Q2 2023; non-GAAP EPS was $2.40, up 20.9%.
SaaS revenues grew 23.2% to $156.0 million; SaaS arrangements made up about 97% of new software contract value.
Full-year 2024 guidance: total revenue of $2.120 billion to $2.150 billion; GAAP diluted EPS of $5.76 to $5.96; non-GAAP diluted EPS of $9.25 to $9.45.
Free cash flow was $48.6 million in Q2 2024, compared with negative $33.2 million a year earlier.
Moelis & Company reported second-quarter 2024 results, with GAAP revenue up 47% to $264.6 million and GAAP net income attributable to the company of $13.2 million, compared with a loss a year earlier. The firm also declared a $0.60 per share quarterly dividend and reported $191.3 million in cash and liquid investments with no funded debt. The company notes that revenue and net income can fluctuate materially with the number, size and timing of completed transactions.
Second-quarter GAAP revenue was $264.6 million, compared with $179.9 million a year earlier; adjusted revenue rose 45%.
GAAP diluted earnings were $0.17 per share, compared with a loss of $0.17 per share in Q2 2023; adjusted diluted earnings were $0.18 per share.
Quarterly dividend of $0.60 per share, payable September 26, 2024, to holders of record on August 5, 2024.
Cash and short-term investments of $191.3 million as of June 30, 2024, with no debt or goodwill.
Century Communities reported second-quarter 2024 net income of $83.7 million, or $2.61 per diluted share, up 63% from a year earlier, on total revenues of $1.0 billion, up 23%. The company raised its full-year 2024 guidance for home deliveries and home sales revenues, and its board approved a new repurchase authorization of up to an additional 4.5 million shares.
Q2 2024 net income of $83.7 million, or $2.61 per diluted share, versus $51.4 million in Q2 2023
Full-year 2024 guidance raised to 10,700 to 11,300 home deliveries and $4.2 billion to $4.4 billion in home sales revenues
Board authorized up to an additional 4.5 million shares for repurchase; total authorization is 5,078,143 shares as of July 24, 2024
J. Scott Dixon appointed non-interim Chief Financial Officer effective immediately; base salary raised to $650,000
Republic Services reported second-quarter 2024 revenue of $4.048 billion, up 8.6% from a year earlier, and diluted earnings per share of $1.62, up from $1.35. The company raised its full-year 2024 adjusted diluted earnings per share guidance to $6.15 to $6.20 and increased its quarterly dividend by 4.5 cents to $0.580 per share, which shareholders may find meaningful.
Q2 2024 net income attributable to Republic Services was $511.5 million, or $1.62 per diluted share, versus $1.35 in Q2 2023
Q2 2024 adjusted diluted earnings per share was $1.61, versus $1.41 a year earlier
Full-year 2024 adjusted diluted EPS guidance raised to $6.15 to $6.20; adjusted free cash flow guidance $2.150 billion to $2.170 billion
Quarterly dividend increased to $0.58 per share, payable October 15, 2024, to holders of record on October 2, 2024
Wabtec reported second quarter 2024 sales of $2.64 billion, up 9.8% from a year earlier, and GAAP diluted earnings per share of $1.64, up 54.7%. The company raised and tightened its 2024 adjusted diluted EPS guidance to $7.20 to $7.50, while leaving its revenue guidance unchanged at $10.25 billion to $10.55 billion, which indicates higher expected profit for shareholders.
Q2 2024 sales of $2.64 billion, up 9.8%; Freight segment sales up 13.1%
GAAP diluted EPS of $1.64, up 54.7%; adjusted diluted EPS of $1.96, up 39.0%
2024 adjusted diluted EPS guidance raised and tightened to $7.20 to $7.50; revenue guidance unchanged at $10.25 billion to $10.55 billion
Returned $235 million to shareholders through share repurchases and dividends in the quarter
Roper Technologies reported second-quarter 2024 revenue up 12% to $1.72 billion and adjusted DEPS up 9% to $4.48, while GAAP DEPS fell 7% to $3.12. The company raised the low end of its full-year 2024 adjusted DEPS guidance to $18.10-$18.25, from $18.05-$18.25, and continues to expect about 12% total revenue growth.
Q2 2024 revenue $1.72 billion, up 12%; organic revenue up 4%
GAAP DEPS $3.12, down 7% from $3.36; adjusted DEPS $4.48, up 9%
FY 2024 adjusted DEPS guidance $18.10-$18.25 vs. prior $18.05-$18.25
Lennox reported second-quarter 2024 revenue of $1.45 billion, up 3% (8% for core operations), and GAAP diluted EPS of $6.87 versus $6.10 a year earlier. The company raised its full-year 2024 EPS guidance to $19.50-$20.25 from $19.00-$20.00, which points to higher expected profit for shareholders.
Q2 revenue $1.45 billion, up 3%; core revenue up 8%
Adjusted diluted EPS $6.83, up 11%; GAAP diluted EPS $6.87 versus $6.10
2024 EPS guidance raised to $19.50-$20.25 from $19.00-$20.00
Business Climate Solutions segment margin fell 100 basis points to 24.3% due to new factory ramp-up costs
Allegion reported second-quarter 2024 revenue of $965.6 million, up 5.8%, and net earnings of $1.77 per diluted share, up 9.9% from $1.61. The company raised its full-year 2024 reported revenue growth and adjusted EPS outlook, which benefits shareholders by signaling stronger expected earnings for the year.
Q2 adjusted EPS of $1.96, up 11.4% from $1.76; adjusted operating margin of 23.7%, up 150 basis points
Full-year 2024 adjusted EPS outlook raised to $7.15 to $7.30; reported revenue growth raised to 2.5% to 3.5%
Available cash flow outlook affirmed at approximately $540 million to $570 million
Weatherford reported second-quarter 2024 revenue of $1.405 billion, up 10% from a year earlier, with net income of $125 million and diluted earnings of $1.66 per share, compared with $1.12 a year earlier. The company also declared its first quarterly dividend of $0.25 per share, authorized a $500 million share repurchase program running through June 2027, and appointed Steven Beringhause to its board. Management reaffirmed expectations for adjusted free cash flow of over $500 million for the full year.
Revenue of $1,405 million, up 10% year over year and 3.5% sequentially; diluted EPS of $1.66 versus $1.12 in Q2 2023
Adjusted EBITDA of $365 million, a 26.0% margin; adjusted free cash flow of $96 million
Quarterly dividend of $0.25 per share payable September 12, 2024, to holders of record August 13, 2024
Steven Beringhause appointed to the board, increasing its size to six directors
EastGroup reported second-quarter 2024 diluted EPS of $1.14, up from $0.97 a year earlier, and FFO of $2.09 per share, up 9.4%. The company also revised its 2024 FFO guidance to $8.28-$8.38 per share from $8.17-$8.37 in April, a higher range for shareholders.
Q2 2024 diluted EPS was $1.14 versus $0.97 in Q2 2023; FFO excluding gains was $2.05 per share, up 8.5%
Same PNOI excluding lease termination income rose 5.3% on both straight-line and cash bases for the quarter
2024 FFO per share guidance revised to $8.28-$8.38; 2024 EPS guidance set at $4.63-$4.73
Operating portfolio was 97.4% leased as of June 30, 2024, with average occupancy of 97.0% for the quarter versus 98.1% a year earlier
Agree Realty reported second quarter 2024 results on July 23, 2024, with net income per share up 25.6% to $0.52 and AFFO per share up 6.4% to $1.04. The company raised its full-year 2024 AFFO per share guidance to $4.11 to $4.14 from $4.10 to $4.13 and lifted its acquisition volume outlook to approximately $700 million from approximately $600 million.
Q2 2024 net income per share rose 25.6% to $0.52; Core FFO per share rose 5.7% to $1.03
2024 AFFO per share guidance raised to $4.11 to $4.14 from $4.10 to $4.13
2024 acquisition volume guidance raised to approximately $700 million from approximately $600 million
Commitments received to expand the credit facility to $1.25 billion from $1.0 billion, with maturity extended to August 2029
Manhattan Associates reported second-quarter 2024 revenue of $265.3 million, up from $231.0 million a year earlier, and GAAP diluted earnings per share of $0.85 versus $0.63. The company also raised its full-year 2024 guidance, now projecting total revenue of $1,036 million to $1,044 million and GAAP diluted EPS of $3.08 to $3.16, with adjusted EPS of $4.22 to $4.30.
Q2 2024 total revenue was $265.3 million, compared with $231.0 million in Q2 2023.
Q2 2024 GAAP diluted EPS was $0.85, compared with $0.63; adjusted diluted EPS was $1.18, compared with $0.88.
2024 full-year guidance: total revenue $1,036 million to $1,044 million (12% growth) and GAAP EPS $3.08 to $3.16.
Cash flow from operations was $73.3 million in Q2 2024, compared with $40.6 million in Q2 2023; cash totaled $202.7 million at June 30, 2024.
Equity LifeStyle Properties reported second-quarter 2024 results on July 22, with net income per share of $0.42, up from $0.34, and normalized FFO per share of $0.66, up 2.9%. The accompanying release also increased the company's 2024 earnings guidance, with full-year normalized FFO per share now projected at $2.86 to $2.96. The filing also discloses a July 18 amendment extending the maturity of its $500 million line of credit to July 18, 2028, with other material terms, including interest rate terms, unchanged.
Q2 2024 net income per share was $0.42 versus $0.34 in Q2 2023; normalized FFO per share was $0.66 versus $0.64.
Full-year 2024 normalized FFO per share guidance is $2.86 to $2.96; third-quarter guidance is $0.69 to $0.75.
On July 18, 2024, the $500 million credit line maturity was extended to July 18, 2028, and the $300 million term loan gained an option to extend to April 16, 2027.
Northern Trust reported second-quarter 2024 net income of $896.1 million, or $4.34 per diluted share, up from $214.7 million in the first quarter and $331.8 million a year earlier. The results were driven mainly by a $878.4 million net gain from the Visa transaction, while $196.3 million of restructuring charges and other notable items partly offset it. Shareholders should note that the gain is one-time in nature and that trust fees, which rose 6% from the prior-year quarter, are the company's largest recurring revenue source.
Net income was $896.1 million, versus $214.7 million in Q1 2024 and $331.8 million in Q2 2023.
Diluted EPS was $4.34, compared with $0.96 in Q1 2024 and $1.56 in Q2 2023.
Visa-related net gain of $878.4 million; restructuring and other notable items totaled $196.3 million, including $85.2 million of severance-related charges and a $70.0 million charitable commitment to the Northern Trust Foundation.
Trust, investment and other servicing fees were $1,166.1 million, up 6% from Q2 2023. The company returned $405.1 million to common shareholders through dividends and buybacks.
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