352 material Form 8-K filings that 310 companies we cover made with the SEC in August 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).
MasTec reported second-quarter 2024 revenue of $2.96 billion, up 3% from $2.87 billion a year earlier, and GAAP net income of $43.8 million, up from $16.8 million. The company also issued full-year 2024 guidance, including adjusted EBITDA of $975 million and adjusted diluted EPS of $3.03, plus third-quarter guidance. Revenue, net income and EPS all improved, and backlog rose to $13.3 billion, which the filing ties to future work.
Q2 2024 revenue of $2.96 billion, up 3% from $2.87 billion in Q2 2023
GAAP net income of $43.8 million, or $0.43 per diluted share, vs. $16.8 million, or $0.20, in Q2 2023
Full-year 2024 guidance: revenue of about $12.4 billion, adjusted EBITDA of $975 million, adjusted diluted EPS of $3.03
Q3 2024 guidance: revenue of about $3.45 billion and adjusted diluted EPS of $1.24; 18-month backlog of $13.3 billion at June 30, 2024, up $501 million sequentially
Cavco Industries reported fiscal first quarter 2025 results for the period ended June 29, 2024. Net revenue edged up 0.4% to $478 million, but net income attributable to common stockholders fell 25.7% to $34 million, and diluted EPS dropped to $4.11 from $5.29, as high insurance claims in the financial services segment and lower factory-built housing gross margin weighed on profit.
Net revenue was $477.6 million, up $1.7 million or 0.4% from $475.9 million a year earlier, driven by higher home sales volume.
Diluted net income per share was $4.11 compared with $5.29 in the prior year quarter, down 22.3%.
Financial services posted a pretax net loss of $5.2 million, which the company said reduced diluted EPS by about $0.49, due to weather-related insurance claims in Texas and wildfires in New Mexico.
Backlog reached $232 million at quarter end, up 21.4% from $191 million three months earlier, and stock repurchases were about $29 million in the quarter.
National Presto Industries reported second-quarter 2024 net sales of $85.1 million and net earnings of $6.1 million, or $0.85 per share, compared with $78.9 million, $5.5 million and $0.77 a year earlier. For the six months, net earnings fell to $12.6 million, or $1.78 per share, from $14.4 million, or $2.03 per share, although six-month net sales rose to $161.7 million from $159.4 million.
Q2 2024 net sales were $85,060,000 versus $78,946,000 in Q2 2023; net earnings were $6,077,000 versus $5,503,000.
Defense segment sales rose $6.4 million or 10.8%, while Housewares/Small Appliance segment sales fell $269 thousand or 1.4%.
Six-month net earnings were $12,645,000 ($1.78 per share) versus $14,381,000 ($2.03 per share) a year earlier.
Ventas reported second-quarter 2024 results on August 1, 2024. Attributable net income fell to $0.05 per share from $0.26 a year earlier, while normalized FFO rose 7% to $0.80 per share and total revenues rose to $1.2 billion from $1.1 billion. The company raised its full-year 2024 normalized FFO per share guidance midpoint to $3.15 from $3.14 and its attributable net income per share midpoint to $0.10 from $0.07.
Q2 2024 attributable net income of $0.05 per share, down 81% from $0.26 in Q2 2023
Q2 2024 normalized FFO of $0.80 per share, up 7% from $0.75; Nareit FFO fell 25% to $0.77
Full-year 2024 normalized FFO per share guidance midpoint raised to $3.15 from $3.14
Year-to-date investments of about $350 million in senior housing, funded by about $500 million of equity issuance
Mettler-Toledo reported second-quarter 2024 sales of $946.8 million, down 4% from a year earlier, and adjusted EPS of $9.65, down 5%. Reported diluted EPS rose to $10.37 from $9.69, helped by a one-time non-cash tax benefit of $1.07 per share. The company raised its full-year 2024 adjusted EPS forecast to $40.20 to $40.50, but sales weakness in Asia/Rest of World and China remains a concern for shareholders.
Reported sales fell 4% to $946.8 million; local currency sales decreased 2% in the quarter.
Adjusted EPS was $9.65, down from $10.19; reported diluted EPS was $10.37, up from $9.69.
Full-year 2024 adjusted EPS forecast raised to $40.20 to $40.50 from $39.90 to $40.40; local currency sales growth forecast unchanged at about 2%.
Third-quarter 2024 adjusted EPS is forecast at $9.90 to $10.05.
Xenia Hotels & Resorts reported second quarter 2024 net income attributable to common stockholders of $15.3 million, up 11.2% from a year earlier, while Adjusted EBITDAre fell 8.4% to $68.4 million. The company moderately lowered the midpoint of its full-year 2024 Adjusted EBITDAre guidance, citing softer leisure demand and continued expense pressure, which matters to shareholders because it signals lower expected earnings for the year.
Q2 2024 Adjusted EBITDAre was $68.4 million, down 8.4% from Q2 2023; net income attributable to common stockholders was $15.3 million, or $0.15 per share, up 11.2%
Full-year 2024 Adjusted EBITDAre guidance is $243 million to $255 million, a variance of $3 million lower at the low end and $7 million lower at the high end versus prior guidance
Same-Property RevPAR rose 1.8% to $185.69 in Q2 2024; excluding Hyatt Regency Scottsdale, RevPAR rose 5.0%
Company sold the 107-room Lorien Hotel & Spa for $30 million and declared a $0.12 per share quarterly dividend, with a record date of June 28, 2024
RingCentral reported second-quarter 2024 total revenue of $593 million, up 10% year over year, and non-GAAP diluted EPS of $0.91 versus $0.83 a year earlier. It raised its full-year 2024 total revenue outlook to $2.393 billion to $2.399 billion and its non-GAAP EPS range to $3.62 to $3.67, while GAAP net loss per share narrowed to $0.16 from $0.23.
Q2 2024 GAAP net loss per share was $0.16, compared with $0.23 a year earlier.
Net cash provided by operating activities was $127 million in Q2 2024; free cash flow was $109 million, versus $73 million in Q2 2023.
The company repurchased $82 million of shares in Q2 2024 and has about $326 million remaining on its total authorization.
Full-year 2024 free cash flow guidance was raised to $395 million to $400 million from $385 million to $390 million.
GoDaddy reported second-quarter 2024 revenue of $1.1 billion, up 7.3% from a year earlier, and net income of $146.3 million, up 76%. The company raised its full-year 2024 revenue expectation to $4.525 billion to $4.565 billion and its free cash flow target to at least $1.3 billion, which signals improved financial results for shareholders.
Q2 2024 total revenue was $1,124.5 million, up 7.3% from $1,048.1 million; the company said this exceeded the high end of its guided range.
Q2 2024 net income was $146.3 million, or $1.01 diluted earnings per share, versus $83.1 million and $0.54 a year earlier.
Full-year 2024 revenue outlook was raised to $4.525 billion to $4.565 billion; unlevered free cash flow target is at least $1.45 billion and free cash flow target is at least $1.3 billion.
Third-quarter 2024 revenue is expected to be $1.13 billion to $1.15 billion, and the company repurchased 4.1 million shares for $520.8 million year-to-date through July 30, 2024.
American Homes 4 Rent reported second quarter 2024 results on August 1, 2024. Rents and other single-family property revenues rose 7.1% to $423.5 million and Core FFO per share rose 8.5% to $0.45, but net income attributable to common shareholders fell to $92.1 million, or $0.25 per diluted share, from $0.27 a year earlier, mainly due to lower net gains on property sales. The company raised its full year 2024 Core FFO guidance to $1.74-$1.78 per share from $1.70-$1.76, which it attributed in part to higher rental rates and cost control.
Rents and other single-family property revenues rose 7.1% to $423.5 million for Q2 2024, up from $395.5 million a year earlier.
Net income attributable to common shareholders was $92.1 million, or $0.25 per diluted share, versus $98.0 million, or $0.27, in Q2 2023.
Full year 2024 Core FFO per share guidance raised to $1.74-$1.78 from $1.70-$1.76; midpoint up $0.03 to $1.76.
Issued $500.0 million of 5.500% unsecured senior notes due 2034, with net proceeds of $494.0 million.
Bright Horizons Family Solutions reported second-quarter 2024 revenue of $670 million, up 11% from a year earlier, and net income of $39 million, up 90%. The company said it is increasing its full-year 2024 outlook for both revenue and adjusted earnings per share, to a revenue range of $2.65 billion to $2.7 billion and adjusted diluted EPS of $3.30 to $3.40.
Q2 2024 diluted EPS was $0.67 versus $0.35 a year earlier; diluted adjusted EPS was $0.88 versus $0.64, up 38%.
Income from operations rose 52% to $69 million, helped by enrollment growth and back-up care utilization, partly offset by a $9.3 million decline in pandemic-related government funding.
2024 revenue guidance is $2.65 billion to $2.7 billion; adjusted diluted EPS guidance is $3.30 to $3.40.
Cash from operations for the first half of 2024 was $225.8 million, versus $180.0 million a year earlier.
Omega Healthcare Investors reported second-quarter 2024 net income of $117 million, or $0.45 per diluted share, up from $62 million, or $0.25, a year earlier, and raised its full-year 2024 Adjusted FFO guidance to $2.78 to $2.84 per share from $2.70 to $2.80. Quarterly Adjusted FFO per share was $0.71, down from $0.74 in the second quarter of 2023.
Q2 2024 net income was $117 million ($0.45 diluted per share), versus $62 million ($0.25) in Q2 2023.
Q2 2024 Adjusted FFO was $185 million ($0.71 per share), versus $183 million ($0.74) in Q2 2023.
Total revenues were $252.7 million, up from $250.2 million in Q2 2023.
The company completed $648 million in new investments through July 31, 2024, and LaVie Care Centers filed for Chapter 11 bankruptcy protection in June 2024.
Floor & Decor reported second-quarter fiscal 2024 results for the period ended June 27, 2024, with net sales of $1,133.1 million, down 0.2%, and comparable store sales down 9.0%. Diluted earnings per share fell to $0.52 from $0.66, and the company issued an updated outlook for fiscal 2024 with diluted EPS of approximately $1.55 to $1.75, which shareholders will weigh against the weaker quarter.
Net sales of $1,133.1 million were down 0.2% from $1,135.9 million a year earlier; comparable store sales fell 9.0%.
Net income of $56.7 million was down 20.7%, and diluted EPS of $0.52 was down 21.2% from $0.66.
Updated fiscal 2024 outlook: diluted EPS of approximately $1.55 to $1.75 and comparable store sales of approximately (8.5)% to (6.5)%.
The company opened five warehouse stores in the quarter, plans 30 openings in 2024, and expects about 25 in 2025.
Saul Centers reported second quarter 2024 results, with total revenue of $66.9 million, up from $63.7 million a year earlier. Net income available to common stockholders rose to $11.6 million, or $0.48 per share, from $10.4 million, or $0.43 per share, supported by higher lease termination fees and rent.
Total revenue for the quarter ended June 30, 2024 was $66.9 million, up from $63.7 million for the same quarter of 2023.
Net income available to common stockholders was $11.6 million, or $0.48 per basic and diluted share, compared with $0.43 a year earlier.
FFO available to common stockholders and noncontrolling interests was $28.5 million, or $0.83 per basic and diluted share, versus $0.79 basic and $0.78 diluted in the 2023 quarter.
As of June 30, 2024, 95.8% of the commercial portfolio was leased, up from 94.0% a year earlier.
Roku reported second-quarter 2024 results, with total net revenue of $968 million, up 14% year over year, and a net loss of $34 million, compared with $108 million a year earlier. The company also gave third-quarter estimates of $1.010 billion in total net revenue and $45 million in Adjusted EBITDA, and said it expects Platform revenue growth to accelerate in the fourth quarter.
Total net revenue was $968 million in Q2 2024, up 14% year over year; Platform revenue was $824 million, up 11%
Net loss was $34 million, or $0.24 per share, versus a net loss of $108 million, or $0.76 per share, in Q2 2023
Adjusted EBITDA was $43.6 million in Q2 2024, compared with a loss of $17.8 million a year earlier
Q3 2024 outlook: total net revenue of $1.010 billion, total gross profit of $440 million, Adjusted EBITDA of $45 million, and a net loss of $50 million
DiamondRock reported second quarter 2024 total revenues of $309.3 million, up 6.2% from a year earlier, but net income fell 37.1% to $24.6 million, or $0.10 per diluted share, after $20.4 million of severance costs. The company raised the midpoint of its full-year 2024 Adjusted FFO per share guidance to $0.95 to $1.00 and its Adjusted EBITDA guidance to $278 million to $290 million.
Total revenues $309.3 million vs $291.2 million a year earlier; net income $24.6 million vs $39.1 million
Severance costs of $20.4 million in the quarter; corporate expenses $28.5 million vs $8.3 million
Adjusted FFO per diluted share $0.34 vs $0.32; full-year 2024 Adjusted FFO per share guidance midpoint raised by $0.02
Full-year 2024 Adjusted EBITDA guidance now $278 million to $290 million, up $4.0 million at the midpoint
Matson reported second-quarter 2024 net income of $113.2 million, or $3.31 per diluted share, up from $80.8 million, or $2.26 per share, a year earlier. The company said it is raising its full-year 2024 consolidated operating income outlook, and it expects third-quarter and fourth-quarter 2024 consolidated operating income to be higher than the same quarters of 2023.
Q2 2024 consolidated revenue was $847.4 million, up from $773.4 million in Q2 2023, and consolidated operating income was $124.6 million, up from $96.7 million.
Ocean Transportation operating income rose $26.6 million, or 32.3 percent, mainly on significantly higher freight rates in China.
Matson expects Q3 2024 consolidated operating income to be meaningfully higher than $132.1 million and Q4 2024 to be moderately higher than $75.3 million.
Matson repurchased about 0.6 million shares for $72.2 million in Q2 2024 and declared a $0.34 per share dividend payable September 5, 2024.
Nextracker reported first-quarter fiscal 2025 revenue of $720 million, up from $480 million a year earlier, and GAAP diluted EPS of $0.84, up from $0.43. The company reaffirmed its full-year outlook, though it trimmed the GAAP EPS range by $0.04 to reflect amortization from recent acquisitions, and it disclosed a $48 million foundations business acquisition completed on July 31, 2024.
Q1 FY25 revenue was $720 million versus $480 million in Q1 FY24; GAAP net income was $125 million versus $64 million
GAAP diluted EPS was $0.84 versus $0.43 a year earlier; adjusted diluted EPS was $0.93 versus $0.48
Q1 results include approximately $47 million of IRA 45X tax credit vendor rebates
FY25 revenue outlook of $2.8 billion to $2.9 billion was reaffirmed; GAAP diluted EPS range lowered to $2.37 to $2.57 from $2.41 to $2.61
Twilio reported second-quarter 2024 revenue of $1.08 billion, up 4% year-over-year, and its GAAP loss from operations narrowed to $19.0 million from $141.8 million a year earlier. The company raised its full-year 2024 non-GAAP income from operations guidance to $650 million-$675 million, up from $585 million-$635 million, which benefits shareholders through a higher earnings outlook.
Q2 2024 revenue of $1.08 billion, up 4% year-over-year; organic revenue growth of 7%
GAAP loss from operations of $19.0 million vs. $141.8 million in Q2 2023
Non-GAAP net income per diluted share of $0.87 vs. $0.54 in Q2 2023
Full-year 2024 non-GAAP income from operations guidance raised to $650 million-$675 million; Q3 2024 revenue guidance $1,085 million-$1,095 million
SPX Technologies reported second quarter 2024 revenue of $501.3 million, up 18.4% from a year earlier, and net income of $44.2 million, up 22.8%. The company raised its full-year 2024 adjusted EPS guidance to $5.45-$5.60 from $5.15-$5.40, which matters to shareholders because it reflects higher expected earnings for the year.
Q2 2024 revenue was $501.3 million, compared with $423.3 million in Q2 2023.
Q2 2024 GAAP diluted EPS from continuing operations was $0.96, compared with $0.82; it included an $8.4 million charge for a settlement with the seller of ULC Robotics.
Adjusted EPS was $1.42, compared with $1.06 in Q2 2023.
Full-year 2024 adjusted EPS guidance is $5.45-$5.60, up from $5.15-$5.40; adjusted EBITDA guidance is $410-$430 million, up from $390-$420 million.
The 8-K attaches a press release from Fresh Del Monte Produce Inc. (NYSE: FDP), not the DEL MONTE CORP (DMC) named in the request, reporting second-quarter 2024 results for the quarter ended June 28, 2024. Net sales and operating income declined from the prior-year quarter, while net income attributable to the company and diluted earnings per share rose, driven by other income and lower income taxes. The filing gives no new full-year guidance figures, and the board declared a $0.25 quarterly dividend.
Net sales were $1,139.7 million versus $1,180.5 million a year earlier, mainly due to lower banana net sales.
Operating income was $68.2 million versus $72.1 million; diluted EPS was $1.12 versus $0.99.
Fresh and value-added products gross margin was 11.2% versus 9.2%, while banana gross margin was 7.6% versus 11.3%.
Long-term debt was $285.0 million versus $400.5 million a year earlier; the $0.25 dividend is payable September 6, 2024.
Tandem Diabetes Care reported second-quarter 2024 GAAP sales up 13% to $221.9 million and a narrower GAAP net loss of $30.8 million, compared with $35.8 million a year earlier. The company also raised its full-year 2024 non-GAAP sales estimate to approximately $885 million to $892 million, which it attributes to recent product launches and customer retention. The company still reported a loss, and its Tandem Choice program adds accounting complexity to GAAP comparisons.
Q2 2024 GAAP sales were $221.9 million, up 13% from $195.9 million in Q2 2023; non-GAAP sales were $221.8 million, up 12%.
GAAP net loss was $30.8 million, or $0.47 per share, versus $35.8 million, or $0.55 per share, in Q2 2023.
Full-year 2024 non-GAAP sales are now estimated at approximately $885 million to $892 million, with third-quarter sales of $222 million to $225 million.
Non-GAAP gross margin is estimated at approximately 51% for the full year, and Adjusted EBITDA margin at breakeven.
MP Materials reported a second-quarter 2024 net loss of $34.1 million, or $(0.21) per diluted share, compared with net income of $7.4 million a year earlier, as revenue fell 51% to $31.3 million. The company said it more than doubled NdPr production from the prior quarter and expects NdPr output to rise 50% in the third quarter.
Revenue was $31.3 million versus $64.0 million a year earlier, driven by a 43% drop in rare earth oxide sales volume and a 33% drop in realized price.
Net loss was $34.1 million, or $(0.21) per diluted share, versus net income of $7.4 million, or $0.04 per share, in the prior-year quarter.
Adjusted EBITDA was $(27.1) million versus $27.0 million, including an $11.8 million inventory reserve recorded in the quarter.
NdPr production reached 272 metric tons, and the company expects a 50% increase in NdPr output in the third quarter of 2024.
Paylocity reported fiscal 2024 results for the year ended June 30, 2024, with total revenue of $1,402.5 million, up 19%, and GAAP net income of $206.8 million, up 47%. It also issued fiscal 2025 total revenue guidance of $1.512 billion to $1.527 billion, about 8.3% growth, and announced that co-CEO Steven Beauchamp will become Executive Chairman on August 5, 2024, leaving Toby Williams as sole CEO.
Q4 fiscal 2024 total revenue was $357.3 million, up 16% year over year, with GAAP net income of $48.8 million, or $0.86 per diluted share, versus $0.66 a year earlier.
Fiscal 2024 GAAP diluted EPS was $3.63, up from $2.49 in fiscal 2023.
Fiscal 2025 total revenue is guided to $1.512 billion to $1.527 billion, about 8.3% growth over fiscal 2024.
Beauchamp's base salary will be $322,903 as Executive Chairman, a 40% decrease, effective August 5, 2024; Steve Sarowitz steps down as Chairman but remains a director.
DoorDash reported second-quarter 2024 results on August 1, 2024, with revenue up 23% year over year to $2.6 billion and GAAP net loss narrowing to $158 million from $172 million a year earlier. The company also gave third-quarter guidance of $19.4 billion to $19.8 billion in Marketplace GOV and $470 million to $540 million in Adjusted EBITDA, while recording $85 million in litigation reserves and $83 million in office lease impairment expenses in the quarter.
Revenue rose 23% year over year to $2.6 billion; Net Revenue Margin was 13.3%, up from 13.0% a year earlier.
Adjusted EBITDA was $430 million, up from $279 million in Q2 2023; GAAP net loss was $158 million versus $172 million.
Q2 results included $85 million in litigation reserves and $83 million in office lease impairment expenses; the company expects legal expenses to decline meaningfully in Q3 2024.
Q3 2024 outlook: Marketplace GOV of $19.4 billion to $19.8 billion and Adjusted EBITDA of $470 million to $540 million.
Corsair Gaming reported second-quarter 2024 net revenue of $261.3 million, down 19.7% from $325.4 million a year earlier, and a net loss of $29.6 million, or $0.28 per diluted share, compared with net income of $0.01 per diluted share in the prior-year quarter. The company also set a full-year 2024 outlook of $1.25 billion to $1.35 billion in net revenue and $60 million to $75 million in adjusted EBITDA, which shareholders will weigh against the weaker quarter.
Q2 2024 net revenue was $261.3 million, down 19.7% year over year; Gaming Components and Systems fell to $167.1 million from $246.7 million, while Gamer and Creator Peripherals rose to $94.2 million from $78.8 million.
Q2 2024 adjusted EBITDA was a loss of $1.2 million, compared with adjusted EBITDA of $17.8 million in Q2 2023.
Full-year 2024 outlook: net revenue of $1.25 billion to $1.35 billion, adjusted operating income of $48 million to $63 million, and adjusted EBITDA of $60 million to $75 million.
In July 2024 the company reduced approximately 100 employees as part of cost savings.
Warrior Met Coal reported second quarter 2024 net income of $70.7 million, or $1.35 per diluted share, down from $82.1 million, or $1.58 per diluted share, a year earlier. Total revenues rose to $396.5 million from $379.7 million as sales volume grew 18%, while the average net selling price fell 11%. The company re-affirmed its 2024 guidance, so shareholders see weaker profit alongside higher sales and unchanged full-year targets.
Net income $70.7 million ($1.35 per diluted share) vs. $82.1 million ($1.58) in Q2 2023
Total revenues $396.5 million vs. $379.7 million; sales volume 2.1 million short tons, up 18%
Average net selling price fell 11% to $186.09 per short ton from $208.56
Cash flow from operations $147.0 million vs. $124.5 million; 2024 guidance re-affirmed
Monolithic Power Systems reported second-quarter 2024 revenue of $507.4 million, up 15.0% from a year earlier, and GAAP diluted earnings of $2.05 per share versus $2.04. It gave third-quarter revenue guidance of $590.0 million to $610.0 million. Separately, the board said it will move to declassify, phasing out its classified board structure over six years after a majority advisory stockholder vote.
Q2 2024 revenue was $507.4 million, up 15.0% from $441.1 million in Q2 2023.
GAAP diluted EPS was $2.05 versus $2.04 a year earlier; GAAP operating income was $116.5 million versus $112.3 million.
Q3 2024 revenue outlook is $590.0 million to $610.0 million.
Board intends to propose declassification at the 2025 annual meeting, with all directors elected annually from the 2030 annual meeting.
Kirby reported second-quarter 2024 net earnings attributable to Kirby of $83.9 million, or $1.43 per diluted share, up from $57.4 million, or $0.95 per share, a year earlier, on revenue of $824.4 million versus $777.2 million. The company said it expects 2024 growth at the higher end of its previously guided range, which supports earnings expectations for shareholders. The filing also reports the appointment of Amy D. Husted as general counsel, with a one-time equity grant.
Q2 2024 net earnings attributable to Kirby of $83.9 million, $1.43 per diluted share, versus $57.4 million, $0.95 per share, in Q2 2023
Consolidated revenue of $824.4 million versus $777.2 million; marine transportation operating margin 19.6% versus 15.0%
Company expects 2024 net cash from operating activities of $600 million to $700 million and growth at the higher end of its previously guided range
Amy D. Husted appointed Executive Vice President, General Counsel and Secretary on July 29, 2024, with a $100,000 target-value RSU grant on August 5, 2024
International Bancshares Corporation reported net income of $194.3 million, or $3.12 diluted earnings per share, for the six months ended June 30, 2024, down 3.9% in net income and 4.0% in diluted EPS from the same period in 2023. Net income for the second quarter was $97.0 million, or $1.56 per diluted share, down from $100.5 million, or $1.62, a year earlier, and the company cited a higher provision for credit losses as a drag on results.
Six-month net income was $194.3 million, or $3.12 diluted EPS, versus $202.1 million, or $3.25, in the first half of 2023.
Three-month net income was $97.0 million, or $1.56 diluted EPS, versus $100.5 million, or $1.62, in the second quarter of 2023.
The higher provision for credit losses was primarily driven by a charge-down of an impaired credit after a bankruptcy-related foreclosure.
Total assets were $15.5 billion and deposits were $12.0 billion at June 30, 2024.
AMETEK reported second quarter 2024 sales of $1.73 billion, up 5%, and operating income of $447.5 million, up 7%. The company also adjusted its 2024 sales and earnings guidance, citing ongoing inventory normalization at OEM customers and more cautious customers delaying project spending, and expects third quarter adjusted earnings per share to fall 1% to 2%.
Q2 2024 GAAP diluted EPS was $1.45 versus $1.40 a year earlier; adjusted EPS was $1.66, up 6%
Full-year 2024 sales are now expected to be up 5% to 7% versus 2023, with adjusted EPS of $6.70 to $6.80
Third quarter 2024 adjusted EPS is expected at $1.60 to $1.62, down 1% to 2% from the third quarter of 2023
Electromechanical Group sales rose 14% to a record $581.2 million, while its operating margin was 21.2%
Standard Motor Products reported second-quarter 2024 net sales of $389.8 million, up from $353.1 million a year earlier, and said full-year 2024 sales growth is now expected in the low- to mid-single digits, up from prior projections. GAAP diluted earnings from continuing operations were $0.81 per share versus $0.83 a year earlier, while adjusted diluted EPS rose to $0.98 from $0.84. Shareholders also get a 29-cent quarterly dividend, and the company is pursuing the $388 million Nissens acquisition, which is pending regulatory approval.
Q2 2024 net sales $389.8 million vs. $353.1 million in Q2 2023; Temperature Control sales up 28.2%
GAAP diluted EPS from continuing operations $0.81 vs. $0.83; non-GAAP diluted EPS $0.98 vs. $0.84
Full-year 2024 sales growth now expected in low- to mid-single digits, up from prior projections; Adjusted EBITDA margin range of 9.0-9.5% unchanged
Quarterly dividend of 29 cents per share payable September 3, 2024; pending Nissens acquisition for approximately $388 million (€360 million)
Trinity Industries reported second-quarter 2024 revenue of $841.4 million, up from $722.4 million a year earlier, and GAAP diluted earnings from continuing operations of $0.67 per share, compared with $0.23. The company raised its full-year 2024 EPS guidance to $1.55 to $1.75, which it says reflects its operating results to date and expected margins for the rest of the year.
Revenue was $841.4 million for the quarter ended June 30, 2024, versus $722.4 million a year earlier.
Diluted EPS from continuing operations was $0.67 (GAAP) and $0.66 (adjusted), versus $0.23 in the prior-year quarter.
Full-year 2024 EPS guidance was raised to a range of $1.55 to $1.75.
Net cash from continuing operations for the six months was $299.7 million, versus $140.3 million a year earlier.
ACI Worldwide reported second-quarter 2024 revenue of $373 million, up 16% from a year earlier, and net income of $31 million, compared with a net loss of $7 million in Q2 2023. The company raised its full-year 2024 revenue and adjusted EBITDA guidance and authorized a $400 million share repurchase program, which matters to shareholders because it reflects higher profitability and a larger capital return plan.
Q2 2024 revenue was $373 million, up 16%; net income was $31 million versus a net loss of $7 million in Q2 2023.
Adjusted EBITDA was $93 million, up 62%; operating cash flow was $55 million, up 215%.
Full-year 2024 revenue guidance raised to $1.557 billion to $1.591 billion, from $1.547 billion to $1.581 billion; adjusted EBITDA guidance raised to $423 million to $438 million, from $418 million to $433 million.
The board authorized a $400 million share repurchase; the company bought 1.7 million shares for about $57 million in Q2 and had about $380 million remaining at quarter end.
California Water Service Group reported second-quarter 2024 net income attributable to the company of $40.6 million, up from $9.6 million a year earlier, and diluted EPS of $0.70 versus $0.17. Operating revenue rose 25.9% to $244.3 million, which management linked in part to the 2021 California general rate case decision. The company also filed its 2024 rate case on July 8, 2024, proposing more than $1.6 billion of investment for 2025-2027, a review the filing says will take about 18 months.
Diluted EPS was $0.70 in Q2 2024 versus $0.17 in Q2 2023; net income attributable to the company was $40.6 million versus $9.6 million.
Operating revenue was $244.3 million, up $50.3 million from $194.0 million; rate mechanisms from the 2021 California GRC added $16.7 million.
Operating expenses were $196.1 million versus $178.1 million; six-month diluted EPS was $1.90 versus a loss of $0.23 a year earlier.
On July 8, 2024, Cal Water filed its 2024 GRC proposing more than $1.6 billion of investment in 2025-2027 and rate increases of $140.6 million for 2026.
InterDigital reported second-quarter 2024 revenue of $223.5 million, up 120% from $101.6 million a year earlier, and GAAP diluted EPS of $3.93 versus $0.79. The company raised its full-year 2024 revenue guidance to $690 million to $740 million from $620 million to $670 million, though second-quarter revenue included $127.6 million of catch-up revenue while recurring revenue fell 3%.
Q2 2024 net income attributable to InterDigital was $109.7 million; diluted EPS was $3.93 versus $0.79, and non-GAAP EPS was $4.57 versus $1.30
Full-year 2024 revenue guidance raised to $690 million to $740 million from $620 million to $670 million; non-GAAP EPS guidance raised to $9.70 to $10.95 from $7.45 to $8.76
Q2 recurring revenue was $95.9 million, down 3%, while catch-up revenue was $127.6 million
Third-quarter 2024 revenue outlook is $94 million to $98 million, based on existing licenses only
Grainger reported second-quarter 2024 net sales of $4.3 billion, up 3.1%, and reported diluted EPS of $9.51, up 2.5%. The company narrowed its 2024 outlook, lowering the top of its net sales range to $17.0 to $17.3 billion from $17.2 to $17.7 billion and the top of its adjusted diluted EPS range to $39.50 from $40.50.
Q2 2024 reported operating margin was 15.1%, down 70 basis points; adjusted diluted EPS was $9.76, up 5.2%.
Updated 2024 adjusted diluted EPS guidance is $38.00 to $39.50, versus the prior $38.00 to $40.50.
Updated 2024 net sales guidance is $17.0 to $17.3 billion, versus the prior $17.2 to $17.7 billion.
Q2 operating cash flow was $411 million; the company returned $345 million to shareholders through dividends and share repurchases.
Insperity reported second-quarter 2024 revenue up 1% to $1.6 billion and net income of $18 million, up from $12 million a year earlier, and issued updated 2024 guidance. The outlook calls for full-year adjusted EPS of $3.33 to $3.88 (down 30% to 40% year over year) and Q3 adjusted EPS of $0.21 to $0.45 (down 69% to 86%), so quarterly gains are offset by a much weaker expected earnings trend for the rest of the year.
Q2 2024 gross profit rose 16% to $260 million; net income was $18 million versus $12 million, and diluted EPS was $0.48 versus $0.33
Average paid worksite employees fell 1% to 306,958 in Q2 2024, with client retention at 99%
Full-year 2024 guidance: adjusted EPS of $3.33 to $3.88 and adjusted EBITDA of $261 million to $290 million
Year-to-date net income fell 9% to $97 million; the company cited a $19 million Workday partnership cost in operating expenses
Southern Company reported second-quarter 2024 net income of $1.2 billion, or $1.10 per share, up from $838 million, or 77 cents per share, in the same quarter of 2023. Operating revenues rose 12.4% to $6.5 billion, and higher utility revenues were the main driver of the adjusted gain. The filing does not include updated earnings guidance.
Q2 2024 net income was $1.2 billion ($1.10 per share) versus $838 million (77 cents) in Q2 2023.
Excluding items, Q2 2024 earnings per share were $1.10, compared with 79 cents in Q2 2023.
Q2 2024 operating revenues were $6.5 billion, up from $5.7 billion, an increase of 12.4%.
For the six months ended June 30, 2024, earnings were $2.3 billion ($2.13 per share), compared with $1.7 billion ($1.56 per share).
Vericel reported second-quarter 2024 total revenue of $52.7 million, up 15% from $45.9 million a year earlier, and a net loss of $4.7 million, or $0.10 per share, versus $5.0 million, or $0.11 per share, in the prior-year quarter. The company reaffirmed its 2024 total net revenue guidance of $238 million to $242 million and raised its full-year gross margin guidance to 71% and adjusted EBITDA margin guidance to 21%.
Q2 2024 total net revenue was $52.7 million, up 15%; MACI net revenue rose 21% to $44.1 million
Net loss narrowed to $4.7 million, or $0.10 per diluted share, from $5.0 million, or $0.11, a year earlier
Non-GAAP adjusted EBITDA rose 42% to $6.3 million, a 12% margin
2024 guidance: total net revenue reaffirmed at $238 million to $242 million; gross margin raised to 71% and adjusted EBITDA margin to 21% from 70% and 20%
Cummins reported record second-quarter revenue of $8.8 billion, up 2% from a year earlier, and diluted EPS of $5.26, up from $5.05. The company raised its full-year 2024 revenue and EBITDA margin guidance and increased its quarterly dividend to $1.82 per share from $1.68, but still expects slowing demand in the North America heavy-duty truck market in the second half.
Q2 net income attributable to Cummins was $726 million, versus $720 million a year earlier; diluted EPS was $5.26 versus $5.05.
Full-year 2024 revenue is now expected to be down 3% to flat; EBITDA is expected at 15.0% to 15.5% of sales, up from a prior range of 14.5% to 15.5%.
Quarterly common stock dividend raised from $1.68 to $1.82 per share, the 15th consecutive year of increases.
Power Systems segment EBITDA rose to $301 million from $201 million, or 18.9% of sales versus 13.8%.
Belden reported second quarter 2024 revenue of $604 million, down 13% from a year earlier, with GAAP diluted EPS of $1.19 (down 26%) and adjusted EPS of $1.51 (down 21%). The company gave third quarter guidance of $635 million to $650 million in revenue and adjusted EPS of $1.55 to $1.65, and said it closed its acquisition of Precision Optical Technologies, Inc. during the quarter.
Q2 revenue was $604 million versus $692 million a year earlier; organic revenue fell 13%.
GAAP diluted EPS was $1.19 versus $1.60; adjusted EPS was $1.51 versus $1.91.
Adjusted EBITDA was $99 million, with a 16.5% margin, down 130 basis points.
Q3 2024 guidance: revenue of $635 million to $650 million and adjusted EPS of $1.55 to $1.65.
APi Group reported second-quarter 2024 net revenues of $1.7 billion, down 2.3% from a year earlier, with organic revenue down 3.1%. Net income rose 43.8% to $69 million and diluted EPS was $0.22, up from $0.12, as gross margin increased 340 basis points. The company reaffirmed its full-year net revenue guidance of $7.15 billion to $7.35 billion, narrowed its full-year adjusted EBITDA range to $885 million to $915 million, and issued third-quarter guidance for net revenues of $1.86 billion to $1.91 billion.
Q2 net revenues $1.73 billion, down 2.3%; organic decline of 3.1%, driven by Specialty Services down 18.4%
Q2 net income $69 million (up 43.8%); diluted EPS $0.22 vs. $0.12; adjusted diluted EPS $0.49 vs. $0.41
Q2 adjusted EBITDA $231 million, up 13.8%; adjusted EBITDA margin 13.4%, up 190 basis points
Full-year 2024 adjusted EBITDA narrowed to $885 million to $915 million; Q3 adjusted EBITDA guided to $240 million to $250 million
BrightSphere Investment Group (NYSE: BSIG), whose sole operating business is Acadian Asset Management, reported second-quarter 2024 total revenue of $109.0 million, up 13.2% from a year earlier, and U.S. GAAP diluted EPS of $0.29 versus $0.27. Net income attributable to controlling interests fell 3.5% to $11.0 million, while ENI earnings per share rose to $0.45 from $0.28, which shareholders should weigh alongside the GAAP figures.
Total revenue of $109.0 million for Q2 2024, up from $96.3 million in Q2 2023
U.S. GAAP diluted EPS of $0.29 versus $0.27; net income attributable to controlling interests of $11.0 million versus $11.4 million
ENI EPS of $0.45 versus $0.28; AUM of $112.6 billion at June 30, 2024
Repurchased 4.4 million shares for $94.9 million year to date; $0.01 quarterly dividend payable September 27, 2024
Installed Building Products reported second-quarter 2024 net revenue of $737.6 million, up 6.6%, and net income of $65.2 million, up 5.8%, both reported as second-quarter records. The company declared a $0.35 per share quarterly dividend and said it repurchased $46 million of stock in the quarter. Results include a $4.9 million asset impairment from winding down one commercial branch, and management said its 2024 outlook remains positive without giving new figures.
Net revenue rose 6.6% to $737.6 million; net income rose 5.8% to $65.2 million, or $2.30 per diluted share.
Adjusted EBITDA rose 6.3% to $129.8 million, a second-quarter record.
Quarterly dividend of $0.35 per share is payable September 30, 2024, to holders of record on September 15, 2024.
Repurchased about 215 thousand shares for $46 million; a $4.9 million asset impairment tied to closing one branch was recorded.
MACOM reported fiscal third-quarter 2024 results for the period ended June 28, 2024, with revenue of $190.5 million, up 28.3% from a year earlier and 5.1% from the prior quarter. GAAP net income was $19.9 million, or $0.27 per diluted share, compared with $0.17 a year earlier. The company also expects fiscal fourth-quarter revenue of $197 million to $203 million and adjusted earnings of $0.70 to $0.76 per diluted share.
Revenue was $190.5 million, up 28.3% from $148.5 million a year earlier and up 5.1% from $181.2 million in the prior quarter.
GAAP gross margin was 53.2%, down from 58.0% a year earlier and up from 52.5% in the prior quarter.
GAAP net income was $19.9 million, or $0.27 per diluted share; adjusted net income was $48.9 million, or $0.66 per diluted share.
For the quarter ending September 27, 2024, MACOM expects revenue of $197 million to $203 million and adjusted diluted EPS of $0.70 to $0.76.
Intercontinental Exchange reported second quarter 2024 results, with revenues less transaction-based expenses of $2.3 billion, up 23% from a year earlier, and record operating income of $1.1 billion. GAAP diluted EPS fell to $1.10 from $1.42, while adjusted diluted EPS rose 6% to $1.52, so GAAP profit declined even as revenue grew. The company also updated its full-year and third-quarter 2024 expense guidance.
Second quarter net income attributable to ICE was $632 million, versus $799 million a year earlier.
Adjusted diluted EPS was $1.52, up 6% from $1.43; GAAP diluted EPS was $1.10, down 23%.
Updated 2024 guidance: full-year GAAP operating expenses of $4.90 billion to $4.93 billion; third-quarter GAAP operating expenses of $1.22 billion to $1.23 billion.
Operating cash flow through the second quarter was $2.2 billion; the third-quarter earnings call is scheduled for October 31, 2024.
HII reported record second quarter 2024 revenue of $3.0 billion, up 6.8% from a year earlier, with net earnings of $173 million, or $4.38 per diluted share, compared with $3.27 in the second quarter of 2023. The company raised its Mission Technologies revenue guidance range and reaffirmed its shipbuilding guidance, but free cash flow was negative $99 million in the quarter.
Revenue of $3.0 billion, up 6.8%; operating income of $189 million, up 21.2%
Net earnings of $173 million, up 33.1%; diluted EPS of $4.38 versus $3.27
Free cash flow was negative $99 million, compared with positive $14 million in the second quarter of 2023
Raised Mission Technologies revenue guidance range and reaffirmed FY24 shipbuilding guidance
Laureate Education reported second-quarter 2024 revenue of $499.2 million, up 8% on a reported basis and 7% on an organic constant currency basis, with net income of $128.4 million versus $56.3 million a year earlier. The company said the net income increase was mainly driven by foreign currency effects on intercompany balances, and it adjusted its as-reported full-year 2024 revenue and Adjusted EBITDA ranges for recent Mexican peso volatility while maintaining its constant currency outlook.
Q2 2024 revenue $499.2 million, up 8% reported and 7% organic constant currency; operating income $166.6 million versus $154.5 million
Net income $128.4 million versus $56.3 million; basic and diluted EPS $0.83 versus $0.35, mainly driven by foreign currency changes on intercompany balances
Q2 Adjusted EBITDA $186.9 million versus $175.4 million
Full-year 2024 revenue now expected at $1,551 million to $1,566 million and Adjusted EBITDA at $441 million to $451 million on an as-reported basis
Crocs reported second-quarter 2024 revenues of $1,112 million, up 3.6% from a year earlier, and GAAP diluted earnings per share of $3.77, up 11.2%. The company raised its full-year adjusted diluted EPS outlook to $12.45 to $12.90 from $12.25 to $12.73 and kept its 3% to 5% revenue growth guidance, although HEYDUDE revenue fell 17.5%.
Q2 revenues $1,112 million, up 3.6%; Crocs Brand up 9.7% to $914 million, HEYDUDE Brand down 17.5% to $198 million
GAAP diluted EPS $3.77 vs. $3.39 a year earlier; adjusted diluted EPS $4.01 vs. $3.59
Full-year 2024 adjusted diluted EPS outlook raised to $12.45 to $12.90 from $12.25 to $12.73; adjusted operating margin outlook raised to more than 25% from approximately 25%
Repurchased about 1.2 million shares for $175 million in the quarter; $700 million of repurchase authorization remained at June 30, 2024
XPO reported second quarter 2024 revenue of $2.08 billion, up 8.5% from $1.92 billion a year earlier, and operating income of $197 million, up from $107 million. Diluted EPS from continuing operations was $1.25 versus $0.27, though that figure includes a one-time $41 million tax benefit; adjusted diluted EPS was $1.12 versus $0.71. Shareholders see higher revenue and profit in the quarter, with the North American LTL segment driving most of the gain.
Revenue $2.08 billion vs $1.92 billion; North American LTL revenue up 12.0% to $1.27 billion
Net income from continuing operations $150 million vs $31 million, including a one-time $41 million tax benefit from European legal entity reorganization
Adjusted diluted EPS $1.12 vs $0.71; adjusted EBITDA $343 million vs $244 million
North American LTL adjusted operating ratio improved 440 basis points to 83.2%
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