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).
Marcus & Millichap reported second-quarter 2024 results, with total revenue down 2.8% to $158.4 million while its net loss narrowed to $5.5 million from $8.7 million a year earlier. The company said these results are preliminary until it files its Form 10-Q, and it declared a semi-annual dividend of $0.25 per share, or about $10.2 million.
Q2 2024 total revenue was $158.4 million, down from $162.9 million, a decrease of 2.8%.
Net loss was $5.5 million, or $0.14 per diluted share, versus $8.7 million, or $0.23 per diluted share, a year earlier.
Real estate brokerage commissions fell 3.5% to $135.4 million, as total sales volume decreased 4.9%.
The Board declared a $0.25 per share dividend on August 1, 2024, payable October 4, 2024, with about $71.0 million left under the repurchase program.
Avista Corp. reported second-quarter 2024 net income of $22.9 million, or $0.29 per diluted share, up from $17.5 million, or $0.23, a year earlier. Year-to-date net income rose to $94.4 million, or $1.20 per diluted share, from $72.3 million, or $0.96. The company confirmed its 2024 consolidated earnings guidance of $2.36 to $2.56 per diluted share and said a large new electric customer added August 1 is expected to substantially offset higher power supply costs in 2024.
Q2 2024 net income was $22.9 million ($0.29 per diluted share) versus $17.5 million ($0.23) in Q2 2023.
Year-to-date 2024 net income was $94.4 million ($1.20 per diluted share) versus $72.3 million ($0.96) in 2023.
2024 consolidated earnings guidance of $2.36 to $2.56 per diluted share was confirmed, with Avista Utilities expected at $2.23 to $2.39.
The company expects to issue approximately $70 million of common stock in 2024 and does not expect additional long-term debt in 2024.
STERIS reported fiscal 2025 first-quarter results for the period ended June 30, 2024. Revenue from continuing operations rose 8% to $1.3 billion, and reported diluted EPS from continuing operations increased to $1.41 from $1.31, while adjusted EPS rose to $2.03 from $1.84. The company reiterated its fiscal 2025 outlook, including adjusted EPS guidance of $9.05 to $9.25, but free cash flow fell to $195.7 million from $214.5 million.
Revenue from continuing operations increased 8% to $1.3 billion from $1.2 billion a year earlier; constant currency organic revenue grew 6%.
Reported diluted EPS from continuing operations was $1.41 versus $1.31; adjusted diluted EPS was $2.03 versus $1.84.
Fiscal 2025 adjusted EPS from continuing operations is expected at $9.05 to $9.25, compared with $8.20 in fiscal 2024.
Free cash flow was $195.7 million versus $214.5 million, which management attributed primarily to the timing of capital spending.
Bristow Group reported second quarter 2024 total revenues of $359.7 million and net income of $28.2 million, or $0.96 per diluted share, up from $337.1 million and $6.6 million, or $0.23 per diluted share, in the first quarter. The company raised its 2024 Adjusted EBITDA outlook to $210 million to $230 million from $190 million to $220 million, and its 2025 outlook to $230 million to $260 million from $210 million to $245 million.
Q2 2024 total revenues were $359.7 million, compared with $337.1 million in Q1 2024.
Q2 2024 net income was $28.2 million, or $0.96 per diluted share, compared with $6.6 million, or $0.23 per diluted share, in Q1 2024.
Adjusted EBITDA excluding asset dispositions and foreign exchange was $71.3 million, compared with $47.5 million in Q1 2024.
As of June 30, 2024, total liquidity was $246.4 million, including $178.6 million of unrestricted cash.
The Andersons reported second quarter 2024 results on August 6, 2024, with net income attributable to the company of $36 million, or $1.05 per diluted share, down from $55 million, or $1.61, a year earlier. Adjusted EPS was $1.15 versus $1.52, and sales and merchandising revenues fell to $2.8 billion from $4.0 billion. Shareholders face lower quarterly profit across the Renewables and Nutrient & Industrial segments, and management said it expects to update on the Skyland Grain opportunity later in the third quarter.
Net income attributable to The Andersons was $36 million ($1.05 diluted EPS) versus $55 million ($1.61) in Q2 2023.
Adjusted EPS was $1.15 versus $1.52 a year earlier; adjusted EBITDA was $98 million versus $144 million.
Sales and merchandising revenues were $2.8 billion versus $4.0 billion in Q2 2023.
Management expects to provide an update on the Skyland Grain opportunity later in the third quarter.
Ormat Technologies reported second-quarter 2024 total revenues of $213.0 million, up 9.3% from a year earlier, and operating income up 45%. GAAP net income attributable to stockholders fell 8.1% to $22.2 million, and diluted EPS dropped to $0.37 from $0.40, while adjusted EBITDA rose 25% to $126.1 million and the company raised its full-year EBITDA guidance range.
Total revenues $213.0 million vs. $194.8 million in Q2 2023; Electricity, Product and Energy Storage segments all grew.
Net income attributable to stockholders $22.2 million vs. $24.2 million; diluted EPS $0.37 vs. $0.40, including about $2.0 million in after-tax write-offs.
Adjusted EBITDA $126.1 million, up 25.0%; adjusted diluted EPS $0.40, flat year over year.
2024 guidance: total revenues $875 million to $910 million; adjusted EBITDA $520 million to $550 million. Quarterly dividend of $0.12 per share declared, payable September 3, 2024.
Veeco reported second quarter 2024 revenue of $175.9 million, up from $161.6 million a year earlier, and GAAP net income of $14.9 million ($0.25 per diluted share) against a net loss of $85.3 million in the prior-year quarter. The company also narrowed its full-year 2024 outlook, with revenue now expected at $690 million to $730 million, down from $680 million to $740 million, and non-GAAP EPS at $1.65 to $1.85, down from $1.60 to $1.90.
Q2 2024 revenue $175.9 million vs. $161.6 million in Q2 2023; non-GAAP diluted EPS $0.42 vs. $0.36
GAAP net income $14.9 million ($0.25 diluted EPS) vs. net loss of $85.3 million a year earlier
Q3 2024 guidance: revenue $170 million to $190 million; non-GAAP diluted EPS $0.39 to $0.49
Updated FY 2024 outlook: revenue $690 million to $730 million; non-GAAP EPS $1.65 to $1.85
Adtalem Global Education Inc. (NYSE: ATGE) reported higher fourth-quarter and fiscal 2024 revenue, net income and diluted earnings per share for the year ended June 30, 2024, and initiated fiscal 2025 guidance of $1.66 billion to $1.70 billion in revenue and $5.60 to $5.85 in adjusted EPS. The filing names Adtalem, not Covista Inc. (CVSA) as stated in the request, so the company identity in this report follows the filing. Shareholders get a growth update plus a forward outlook, along with $261 million of fiscal 2024 share repurchases.
Fiscal 2024 revenue $1.58 billion, up 9.2%; diluted EPS $3.39 vs $2.05; net income $136.8 million vs $93.4 million
Fourth-quarter revenue $409.9 million, up 12.4%; diluted EPS $1.28 vs $0.50 a year earlier
Fiscal 2025 guidance: revenue $1.66 billion to $1.70 billion; adjusted EPS $5.60 to $5.85
Repurchased $261 million of shares in fiscal 2024; $212 million remains under $300 million authorization through January 2027
Stride reported fiscal 2024 results for the year ended June 30, 2024, with revenue of $2,040.1 million, up 11.0%, and diluted earnings per share of $4.69, up from $2.97. Fourth-quarter revenue was $534.2 million, up 10.5%, and diluted EPS was $1.42 versus $1.01. The company said it will provide its fiscal 2025 outlook with first-quarter results, expected in October 2024.
Fiscal 2024 net income was $204.2 million, up 60.9% from $126.9 million, and income from operations was $249.6 million, up 50.8%.
Fourth-quarter net income was $62.8 million, up 44.8% from $43.4 million.
Cash and cash equivalents and marketable securities totaled $714.2 million at June 30, 2024, compared with $545.5 million a year earlier.
No fiscal 2025 guidance or enrollment counts will be given before the first-quarter release, anticipated in October 2024.
Grand Canyon Education reported second quarter 2024 service revenue of $227.5 million, up 8.0% from a year earlier, and net income of $34.9 million, up 20.4%. The company also issued Q3 and full-year 2024 guidance, including full-year diluted EPS of $7.63 to $7.81, which shareholders can compare with future results.
Service revenue was $227.5 million for the quarter ended June 30, 2024, up $16.9 million, or 8.0%, from $210.6 million.
Diluted EPS was $1.19 versus $0.96 a year earlier; operating margin was 18.8% versus 16.8%.
Included $1.1 million in severance costs tied to an executive who resigned effective June 30, 2024.
Guidance: Q3 2024 diluted EPS of $1.37 to $1.43; full-year 2024 diluted EPS of $7.63 to $7.81.
United Fire Group reported a second-quarter 2024 net loss of $2.7 million, or $0.11 per diluted share, compared with a net loss of $56.4 million, or $2.23 per share, a year earlier. Net premiums written rose 9.0% to $326.1 million, and the company recorded a $3.2 million pre-tax charge for rating errors in its core commercial business, with possible further fines or refunds not yet estimable.
Q2 2024 net loss of $2.7 million ($0.11 per diluted share) vs. $56.4 million ($2.23 per share) in Q2 2023
Net premiums written increased 9.0% to $326.1 million; total revenues were $301.2 million vs. $267.1 million
GAAP combined ratio improved to 105.6% from 133.0%; underlying combined ratio improved to 94.4% from 99.2%
$3.2 million pre-tax charge tied to umbrella and general liability rating errors; book value per share was $28.68 at June 30, 2024
DaVita reported second-quarter 2024 revenue of $3.187 billion, up from $3.000 billion a year earlier, and diluted EPS of $2.50 versus $1.91. The company raised its 2024 adjusted diluted EPS guidance to $9.25-$10.05 from $9.00-$9.80, though the filing notes that the change reflects a new presentation that no longer excludes about $60 million in center closure costs.
Q2 2024 total revenues were $3.187 billion versus $3.000 billion in Q2 2023; operating income was $506 million versus $405 million.
Diluted EPS was $2.50 versus $1.91 a year earlier; adjusted diluted EPS was $2.59 versus $2.26 in the first quarter of 2024.
Current 2024 adjusted diluted EPS guidance is $9.25 to $10.05, compared with prior guidance of $9.00 to $9.80 given as of May 2, 2024.
During Q2 2024 the company repurchased 2.7 million shares for $376 million.
Gulfport reported a second-quarter 2024 net loss of $26.2 million, compared with net income of $93.7 million a year earlier, as total revenues fell to $181.1 million from $304.7 million. The company kept its full-year capital guidance unchanged and narrowed its 2024 production forecast, but reported profit and revenue declined sharply for shareholders.
Q2 2024 net loss of $26.2 million vs. net income of $93.7 million in Q2 2023; total revenues $181.1 million vs. $304.7 million
Diluted loss of $1.51 per share vs. diluted earnings of $4.18 per share a year earlier
2024 production guidance narrowed to 1,055-1,070 MMcfe per day; capital expenditure guidance unchanged, with over $25 million in expected savings
Repurchased about $25.0 million of common stock in Q2 2024; about $188.8 million of repurchase capacity remained as of July 29, 2024
MasterBrand reported second-quarter 2024 results on August 6, 2024, with net sales down 2.7% to $676.5 million and net income down 11.5% to $45.3 million from a year earlier. The company raised its full-year 2024 outlook after closing its $520 million net cash acquisition of Supreme Cabinetry Brands, but the filing says organic net sales are expected to decline by a low single-digit percentage.
Diluted EPS was $0.35 versus $0.39 a year earlier; adjusted diluted EPS was $0.45 versus $0.44, with the adjusted measure now excluding amortization.
2024 outlook: adjusted EBITDA of $385 million to $405 million and adjusted diluted EPS of $1.50 to $1.62.
Supreme Cabinetry Brands closed after the quarter ended, for a net cash payment of $520 million.
Operating cash flow was $96.1 million for the 26 weeks ended June 30, 2024, versus $194.0 million a year earlier; free cash flow was $77.8 million.
Exelixis reported second quarter 2024 total revenues of $637.2 million, up from $469.8 million a year earlier, and GAAP diluted EPS of $0.77, up from $0.25. The Board also authorized up to $500 million in additional stock repurchases through the end of 2025, and the company updated its full-year 2024 financial guidance.
Q2 2024 total revenues $637.2 million vs. $469.8 million in Q2 2023; net product revenues $437.6 million vs. $409.6 million
GAAP diluted EPS $0.77 vs. $0.25; non-GAAP diluted EPS $0.84 vs. $0.31
Board authorized repurchase of up to $500 million of common stock through the end of 2025; the $450 million 2024 program was completed
2024 total revenues guidance of $1.975 billion to $2.075 billion; FDA accepted cabozantinib sNDA for advanced NET with PDUFA target date of April 3, 2025
Qualys reported second quarter 2024 revenue of $148.7 million, up 8% from a year earlier, and GAAP diluted EPS of $1.17 versus $0.95. The company lowered its full-year 2024 revenue guidance to $597.5 million-$601.5 million from $601.5 million-$608.5 million, while raising its full-year EPS guidance, which matters to shareholders because the revenue and profit outlooks moved in different directions.
Q2 2024 revenue was $148.7 million, up 8% from $137.2 million; GAAP net income rose 24% to $43.8 million.
Full-year 2024 revenue guidance was cut to $597.5 million-$601.5 million from $601.5 million-$608.5 million.
Full-year 2024 GAAP EPS guidance was raised to $3.85-$4.01 from $3.26-$3.50; non-GAAP EPS guidance was raised to $5.46-$5.62 from $5.06-$5.30.
Q2 operating cash flow fell 3% to $49.8 million from $51.5 million a year earlier.
Astera Labs reported second-quarter 2024 revenue of $76.9 million, up 18% from the first quarter and 619% from a year earlier. GAAP net loss narrowed to $7.5 million, or $0.05 per share, from $93.0 million in the first quarter, which included IPO-related stock-based compensation. The company expects third-quarter revenue of $95 million to $100 million, and IPO lock-up restrictions on officers, directors and major holders are expected to end at the open of trading on August 8, 2024.
Q2 revenue of $76.9 million, up 18% sequentially and 619% year over year
GAAP net loss of $7.5 million, or $0.05 per share, versus a $93.0 million net loss in Q1 2024
Non-GAAP net income of $22.2 million, or $0.13 per diluted share
Q3 2024 revenue outlook of $95 million to $100 million; lock-up restrictions expected to end August 8, 2024
Reddit reported second-quarter 2024 results for the period ended June 30, 2024, with revenue up 54% year-over-year to $281.2 million and Adjusted EBITDA of $39.5 million, compared with a $35.4 million loss a year earlier. The net loss narrowed to $10.1 million from $41.1 million, and the company estimated third-quarter revenue of $290 million to $310 million and Adjusted EBITDA of $40 million to $60 million.
Q2 2024 revenue was $281.2 million, up 54% year-over-year; advertising revenue was $253.1 million, up 41%
Net loss was $10.1 million, compared with $41.1 million in Q2 2023; the six-month net loss was $585.2 million
Adjusted EBITDA was $39.5 million, a 14.0% margin, versus $(35.4) million a year earlier
Q3 2024 estimates: revenue of $290 million to $310 million and Adjusted EBITDA of $40 million to $60 million
Universal Technical Institute reported fiscal 2024 third-quarter results for the period ended June 30, 2024, with revenue up 15.8% to $177.5 million and net income of $5.0 million, compared with a net loss of $0.5 million a year earlier. The company reiterated its full-year fiscal 2024 guidance and its initial fiscal 2025 projections, and said it expects revenue and new student starts to trend toward the higher end of its guidance ranges.
Revenue of $177.5 million, up from $153.3 million in the prior-year quarter
Net income of $5.0 million, or $0.09 per share basic and diluted, versus a loss of $(0.05) per share a year earlier
Full-year fiscal 2024 guidance reiterated; revenue and new student starts trending toward the higher end of ranges
Fiscal 2025 initial projections reiterated, including revenue of nearly $800 million
Toast reported second-quarter 2024 results, with revenue of $1,242 million versus $978 million a year earlier and GAAP net income of $14 million compared with a net loss of $(98) million in Q2 2023. The company also raised its full-year 2024 Adjusted EBITDA outlook to $285 million to $305 million from $250 million to $270 million, which matters to shareholders because it signals improved profitability expectations.
Q2 2024 total revenue was $1,242 million, up from $978 million in Q2 2023.
GAAP operating income was $5 million in Q2 2024, compared with an operating loss of $(80) million a year earlier.
Full-year 2024 Adjusted EBITDA guidance was raised to $285 million to $305 million from $250 million to $270 million.
Annualized recurring run-rate (ARR) as of June 30, 2024 was $1.5 billion, up 29% year over year.
Fortinet reported second-quarter 2024 results on August 6, 2024, with total revenue of $1.43 billion, up 10.9% from a year earlier, and GAAP diluted earnings of $0.49 per share, up from $0.33. The company raised its full-year 2024 revenue and non-GAAP operating margin guidance, though product revenue fell and total billings were flat.
Total revenue was $1.43 billion, up 10.9%; service revenue rose 19.8% to $982.4 million while product revenue fell 4.4% to $451.9 million.
GAAP diluted net income per share was $0.49 versus $0.33 a year earlier; non-GAAP diluted EPS was $0.57 versus $0.38.
Non-GAAP operating margin was 35.1%, up from 26.9%, and cash flow from operations was $342.0 million, down from $515.1 million.
For fiscal 2024, Fortinet now expects revenue of $5.800 billion to $5.900 billion and a non-GAAP operating margin of 30.0% to 31.5%.
Sunrun reported second-quarter 2024 results on August 6, 2024. Total revenue fell 11% year over year to $523.9 million, while net income attributable to common stockholders rose to $139.1 million, or $0.55 per diluted share, and the company raised its full-year 2024 storage installation guidance and introduced 2025 cash generation guidance of $350 million to $600 million. A separate filing disclosed that a July 31, 2024 accordion exercise raised commitments under its senior secured credit facility to $2.63 billion.
Total revenue was $523.9 million in Q2 2024, down $66.3 million, or 11%, from Q2 2023.
Net income attributable to common stockholders was $139.1 million, or $0.55 per diluted share, versus $55.5 million, or $0.25 per diluted share, in Q2 2023.
Full-year 2024 storage capacity installed guidance was raised to 1,030 to 1,100 megawatt hours from 800 to 1,000; 2025 cash generation guidance of $350 million to $600 million was introduced.
On July 31, 2024, a subsidiary exercised an accordion under the credit facility, bringing commitments to $2.63 billion.
Mosaic reported a net loss of $162 million, or $(0.50) per diluted share, for the quarter ended June 30, 2024, compared with net income of $369 million a year earlier. Second-quarter revenue fell 17 percent to $2.8 billion, mainly on lower selling prices, and results included notable items, mainly foreign currency transaction losses. Adjusted EPS was $0.54 versus $1.04 a year ago, so shareholders face weaker earnings this quarter, though the company cited progress on cost reductions.
Net loss of $162 million, or $(0.50) per diluted share, versus net income of $369 million, or $1.11 per share, a year earlier
Net sales of $2.8 billion, down 17 percent; gross margin rate of 14 percent versus 17 percent
Adjusted EPS of $0.54 versus $1.04; Adjusted EBITDA of $584 million versus $744 million
Third-quarter guidance: potash sales volumes of 2.1-2.3 million tonnes and phosphate sales volumes of 1.7-1.9 million tonnes; 2024 capital expenditures of $1.1-1.2 billion
Adeia reported second-quarter 2024 revenue of $87.4 million, up from $83.2 million a year earlier, and GAAP net income of $8.4 million, versus $1.4 million in the same quarter of 2024's prior year. The company kept its full-year revenue outlook of $380.0 to $420.0 million and raised its GAAP net income outlook to $71.4 to $75.6 million, citing lower operating expenses and interest expense.
Q2 2024 revenue was $87.4 million, up from $83.2 million in Q2 2023 and $83.4 million in Q1 2024.
GAAP diluted EPS was $0.07 versus $0.01 a year earlier; non-GAAP diluted EPS was $0.28 versus $0.26.
Full-year 2024 GAAP net income outlook updated to $71.4 to $75.6 million from $65.4 to $70.7 million; revenue outlook reiterated at $380.0 to $420.0 million.
Term loan repriced, lowering the interest rate by 61 basis points; the outstanding balance was $549.1 million as of June 30, 2024.
Inspire Medical Systems reported second-quarter 2024 revenue of $195.9 million, up 30% from a year earlier, and net income of $9.8 million, compared with a net loss of $12.0 million a year earlier. The company raised its full-year 2024 revenue and diluted EPS guidance and authorized its first share repurchase program, of up to $150.0 million.
Q2 2024 revenue $195.9 million, up 30% from $151.1 million; diluted EPS $0.32 vs. a $0.41 loss a year earlier
Full-year 2024 revenue guidance raised to $788 million-$798 million from $783 million-$793 million
Full-year 2024 diluted EPS guidance raised to $0.60-$0.80 from $0.10-$0.20, excluding any share repurchases
Board authorized repurchase of up to $150.0 million of common stock, the first in company history
Instacart (Maplebear Inc.) reported second-quarter 2024 results on August 6, 2024, with total revenue of $823 million, up 15% year-over-year, and adjusted EBITDA of $208 million, up 89%. GAAP net income fell $53 million to $61 million, which the company attributes mainly to higher stock-based compensation after its September 2023 IPO. The company also gave third-quarter adjusted EBITDA guidance of $205 million to $215 million and authorized a new $500 million buyback.
Total revenue of $823 million, up 15% year-over-year; GTV of $8,194 million, up 10%
GAAP net income of $61 million, down $53 million year-over-year, mainly due to higher stock-based compensation
Adjusted EBITDA of $208 million, above the $180 million to $190 million guidance range
Q3 2024 outlook: GTV of $8,100 million to $8,250 million and adjusted EBITDA of $205 million to $215 million; new $500 million buyback program
Airbnb reported second-quarter 2024 results in a shareholder letter furnished with this 8-K. Revenue rose 11% to $2.75 billion and Adjusted EBITDA rose 9% to $894 million, but net income fell from $650 million a year earlier, mainly because of higher income taxes tied to a prior valuation allowance release. The company also gave third-quarter revenue guidance of $3.67 billion to $3.73 billion and said Adjusted EBITDA would be roughly flat with the prior year on a nominal basis.
Q2 2024 revenue was $2.75 billion, up 11% from Q2 2023; net income was $555 million, down from $650 million, a 20% net income margin versus 26% a year earlier
Q2 free cash flow was $1.0 billion, up 16% year-over-year; Q2 share repurchases totaled $749 million
Q3 2024 revenue guidance is $3.67 billion to $3.73 billion, or 8% to 10% year-over-year growth, and Adjusted EBITDA is expected to approximate Q3 2023 on a nominal basis
For full-year 2024, the company expects an Adjusted EBITDA Margin of at least 35%
Cirrus Logic reported fiscal first-quarter 2025 revenue of $374.0 million, up 18% from a year earlier, above the top of its guidance range, driven by stronger-than-expected smartphone shipments. GAAP earnings per share fell to $0.76 from $0.81 in the prior quarter but rose from $0.28 a year earlier. The company guided September-quarter revenue to $490 million to $550 million, which it said is up 39% sequentially at the midpoint.
Q1 FY25 revenue was $374.0 million, up 18% year over year and up 1% from the prior quarter, as reported.
GAAP diluted EPS was $0.76 versus $0.81 in Q4 FY24 and $0.28 in Q1 FY24; non-GAAP diluted EPS was $1.12 versus $1.24 in Q4 FY24.
Q2 FY25 revenue is expected to range from $490 million to $550 million, with GAAP gross margin of 50% to 52%.
Cash and investments ended the quarter at $744.6 million, and the company repurchased $41.0 million of stock, leaving $274.1 million in its authorization.
Sempra reported second-quarter 2024 GAAP earnings of $713 million, or $1.12 per diluted share, up from $603 million, or $0.95, a year earlier. Adjusted earnings fell to $567 million, or $0.89 per diluted share, from $594 million, or $0.94, and total revenues dropped to $3,011 million from $3,335 million. The company updated its 2024 GAAP EPS guidance to $4.74 to $5.04 and affirmed its 2024 adjusted EPS guidance of $4.60 to $4.90 and its 2025 EPS guidance of $4.90 to $5.25.
Q2 2024 GAAP earnings $713 million ($1.12 per diluted share) vs. $603 million ($0.95) in Q2 2023
Q2 2024 adjusted earnings $567 million ($0.89 per diluted share) vs. $594 million ($0.94) in Q2 2023
Total revenues $3,011 million in Q2 2024 vs. $3,335 million in Q2 2023
Full-year 2024 GAAP EPS guidance updated to $4.74 to $5.04; adjusted EPS guidance of $4.60 to $4.90 and 2025 guidance of $4.90 to $5.25 affirmed
Knife River reported second-quarter 2024 revenue of $806.9 million, up 3% from $785.2 million, and net income of $77.9 million, up 37% from $56.8 million a year earlier. The company raised its full-year 2024 guidance to revenue of $2.8 billion to $3.0 billion and Adjusted EBITDA of $445 million to $485 million, which points to higher expected profit for shareholders, though revenue declined in the Central and Energy Services segments.
Q2 2024 revenue $806.9 million, up 3%; diluted net income per share $1.37 versus $1.00 a year earlier
Q2 2024 Adjusted EBITDA $154.3 million, up 22%; Adjusted EBITDA margin 19.1% versus 16.1%
2024 guidance raised: revenue $2.8 billion to $3.0 billion; Adjusted EBITDA $445 million to $485 million
At June 30, 2024, unrestricted cash was $15.5 million and gross debt was $693.5 million
Fox Corporation reported results for the quarter and fiscal year ended June 30, 2024. Fourth-quarter revenue rose 2% to $3.09 billion, but net income attributable to stockholders fell to $319 million from $375 million, while full-year revenue dropped to $13.98 billion from $14.91 billion. The company also authorized a semi-annual dividend increase, declaring $0.27 per share.
Q4 revenue $3.09 billion, up $60 million or 2% from the prior year quarter; Q4 Adjusted EBITDA $773 million, up $38 million or 5%
Q4 net income attributable to Fox stockholders $319 million ($0.68 per share) versus $375 million ($0.74 per share) a year earlier
Full-year revenue $13.98 billion versus $14.91 billion; full-year Adjusted EBITDA $2.88 billion versus $3.19 billion
Dividend of $0.27 per Class A and Class B share payable September 25, 2024, record date September 4, 2024
Vulcan Materials reported second-quarter 2024 results on August 6, 2024. Total revenues fell to $2.01 billion from $2.11 billion, while adjusted EBITDA rose to $603 million from $595 million and adjusted diluted EPS rose to $2.35 from $2.29, though GAAP diluted EPS from continuing operations was flat at $2.33. Management said weather has led to adjustments to its full-year aggregates volume and cost outlook, and it gave 2024 guidance of $0.95 to $1.07 billion in net earnings and $2.00 to $2.15 billion in adjusted EBITDA.
Aggregates shipments fell 5% to 60.1 million tons, while freight-adjusted sales price rose 12% to $21.00 per ton.
Second-quarter shareholder returns totaled $111 million, including $50 million of common stock repurchases and $61 million of dividends.
2024 outlook calls for net earnings attributable to Vulcan of $0.95 to $1.07 billion and adjusted EBITDA of $2.00 to $2.15 billion, with aggregates shipments down 4 to 7 percent.
ATI Inc. reported second quarter 2024 sales of $1.1 billion, up 5% from the first quarter and 5% from a year earlier, with net income attributable to ATI of $81.9 million, or $0.58 per share. Net income fell 9% and diluted earnings per share fell 6% from the prior-year quarter, and the company said it reaffirmed its full-year 2024 outlook. For shareholders, sequential growth was strong, but year-over-year earnings declined.
Q2 2024 sales were $1,095.3 million, up 5% from Q1 2024 and up 5% from Q2 2023.
Net income attributable to ATI was $81.9 million, or $0.58 per diluted share, versus $0.46 in Q1 2024 and $0.62 in Q2 2023.
Adjusted EPS was $0.60 and ATI adjusted EBITDA was $182.6 million, or 16.7% of sales.
Management reaffirmed its full-year 2024 outlook; cash on hand was $426 million at June 30, 2024.
RB Global reported second quarter 2024 results, with total revenue down 1% year-over-year to $1.1 billion while net income available to common stockholders rose 30% to $100.7 million. The company raised its full-year 2024 adjusted EBITDA outlook to $1,220 million to $1,270 million but lowered its GTV growth outlook to 0% to 2% from 1% to 4%. The board also declared a quarterly cash dividend of $0.29 per share, an increase of 7%.
Total revenue fell 1% year-over-year to $1.1 billion, while net income available to common stockholders rose 30% to $100.7 million.
Diluted EPS was $0.54, up 29%; diluted adjusted EPS was $0.94, up 15%.
Full-year 2024 adjusted EBITDA outlook raised to $1,220 million to $1,270 million from $1,200 million to $1,260 million; GTV growth outlook lowered to 0% to 2% from 1% to 4%.
Quarterly dividend of $0.29 per share is payable September 18, 2024, to shareholders of record on August 28, 2024.
Jones Lang LaSalle reported second-quarter 2024 revenue of $5,628.7 million, up 11% in US dollars (12% in local currency), and net income attributable to common shareholders of $84.4 million, compared with $2.5 million a year earlier. Results were lifted by growth in Work Dynamics and cost actions, while the prior-year quarter included $103.5 million of net equity losses.
Revenue of $5.6 billion, up 11% in US dollars; Work Dynamics revenue rose 17% to $3.9 billion
Diluted EPS of $1.75 vs $0.05 a year earlier; adjusted diluted EPS of $2.55 vs $2.12
An $18.0 million expense in Capital Markets tied to an August 2024 repurchase of a loan JLL originated and sold to Fannie Mae
Total net debt fell to $1,752.0 million at June 30, 2024, from $1,900.8 million at March 31, 2024
Enpro reported second-quarter 2024 net sales of $271.9 million, down 1.8% from a year earlier, while GAAP income from continuing operations swung to $26.7 million from a loss of $18.6 million. The company lowered the top end of its full-year 2024 adjusted EBITDA and adjusted EPS ranges and now expects revenue to be approximately flat, which matters to shareholders because the outlook is narrower and less optimistic than before.
Net sales of $271.9 million fell 1.8%; organic sales fell 5.0%.
GAAP diluted EPS was $1.27 versus a loss of $0.89; adjusted diluted EPS rose 13.7% to $2.08.
Full-year 2024 adjusted EBITDA guidance narrowed to $260 million to $270 million from $260 million to $280 million; adjusted EPS guidance narrowed to $7.00 to $7.60 from $7.00 to $7.80.
Advanced Surface Technologies sales fell 12.2% to $88.1 million on semiconductor market conditions.
Protagonist Therapeutics reported second-quarter 2024 results with a net loss of $30.6 million, or $0.50 per share, compared with a net loss of $38.5 million, or $0.68 per share, a year earlier. For the six months ended June 30, 2024, the company reported net income of $176.7 million, driven by $255.0 million of the $300.0 million upfront payment from its Takeda collaboration recognized in the first quarter.
Q2 2024 license and collaboration revenue was $4.2 million, compared with $0 in Q2 2023.
Q2 2024 research and development expense was $33.5 million and general and administrative expense was $9.4 million.
Cash, cash equivalents and marketable securities were $595.4 million as of June 30, 2024, which the company says provides cash runway through end of 2027.
Topline results from the Phase 3 VERIFY study of rusfertide are expected in Q1 2025.
Bentley Systems reported second-quarter 2024 results, with total revenue of $330.3 million, up 11.3% from a year earlier, and net income of $72.0 million, or $0.22 per diluted share, compared with $0.15 a year earlier. The company also said Greg Bentley moved from chief executive to executive chair and Nicholas Cumins became chief executive, effective July 1, 2024.
Q2 2024 total revenues $330.3 million, up 11.3% year over year; subscriptions revenues $297.4 million, up 14.7%
Net income per diluted share $0.22 vs $0.15; Adjusted EPS $0.31 vs $0.24
Annualized recurring revenues $1,215.9 million at June 30, 2024, up from $1,105.9 million; constant currency ARR growth 11%
Effective July 1, 2024, Nicholas Cumins became chief executive officer, succeeding Greg Bentley, who became executive chair
Energizer reported fiscal third-quarter 2024 net sales of $701.4 million, up 0.3% from $699.4 million a year earlier, and a net loss of $43.8 million, or $0.61 per diluted share, after a $110.6 million non-cash impairment of intangible assets. Adjusted diluted earnings per share were $0.79, up from $0.54, and the company said its fiscal 2024 adjusted earnings per share and adjusted EBITDA are expected at the high end of its original range.
Q3 net sales $701.4 million vs. $699.4 million; organic net sales up 1.2%
Net loss $43.8 million, or $0.61 per diluted share, including a $110.6 million non-cash impairment
Adjusted diluted EPS $0.79 vs. $0.54; fiscal 2024 adjusted EPS guidance $3.20 to $3.30 and adjusted EBITDA $610 million to $620 million
Fiscal 2024 organic revenue expected to be down roughly 2%
Hamilton Lane reported first-quarter fiscal 2025 results for the quarter ended June 30, 2024, with management and advisory fees up 33% and GAAP net income up 90% year-over-year. The company also declared a quarterly dividend of $0.49 per share, and it reported total assets under management of $129.7 billion, up 11%.
Total revenues of $196.7 million, up 57% from $125.0 million a year earlier, driven by incentive fees and management and advisory fees
Management and advisory fees of $140.0 million, up 33%; GAAP diluted EPS of $1.47 versus $0.81 a year earlier
Quarterly dividend of $0.49 per Class A share, record date September 16, 2024, payable October 4, 2024
Marathon Petroleum reported second-quarter 2024 results in a press release furnished under Item 2.02. Net income attributable to MPC was $1.5 billion, or $4.33 per diluted share, down from $2.2 billion, or $5.32 per share, a year earlier, while sales and other operating revenues rose to $37.9 billion from $36.3 billion. Lower refining margins drove the decline, which matters to shareholders because earnings per share fell even as the company bought back $2.9 billion of its shares in the quarter.
Net income attributable to MPC: $1.5 billion, or $4.33 per diluted share, versus $2.2 billion, or $5.32, in Q2 2023
Adjusted net income: $1.4 billion, or $4.12 per diluted share, after excluding a $151 million gain on sale of assets
Adjusted EBITDA: $3.4 billion, versus $4.5 billion in Q2 2023; Refining & Marketing margin was $17.37 per barrel, versus $22.10
Returned $3.2 billion to shareholders in the quarter through $2.9 billion of share repurchases and $290 million of dividends; $5.8 billion remains under repurchase authorizations
MarketAxess reported second-quarter 2024 revenue of $197.7 million, up 10%, and diluted earnings per share of $1.72, up from $1.59 a year earlier. The company also approved a new $200.0 million share repurchase program, which together with $50.0 million remaining under its existing program brings total authorization to $250.0 million, and declared a $0.74 quarterly dividend.
Total revenues $197.7 million, up 10%; net income $64.9 million vs $59.9 million in the prior-year quarter
Diluted EPS $1.72 vs $1.59; prior-year quarter included a negative $0.04 per share impact from foreign currency and investment losses
New $200.0 million repurchase authorization, plus $50.0 million remaining, for $250.0 million total as of August 6, 2024
Quarterly dividend of $0.74 per share payable September 4, 2024 to holders of record as of August 21, 2024
Acushnet Holdings reported second-quarter 2024 results in which net sales and net income both fell year over year, while Adjusted EBITDA was nearly flat at $131.0 million. The company reaffirmed its full-year 2024 outlook and declared a quarterly dividend of $0.215 per share. For shareholders, the quarter shows lower sales and profit, while the first six months show sales up 1.1% but net income down 5.2%.
Q2 net sales were $683.9 million, down 0.8% year over year and up 0.6% in constant currency.
Q2 net income attributable to Acushnet was $71.4 million, down 4.4%, primarily due to higher interest expense, net.
Full-year 2024 outlook reaffirmed: net sales of approximately $2,450 million to $2,500 million and Adjusted EBITDA of approximately $385 million to $405 million.
Quarterly dividend of $0.215 per share is payable September 20, 2024, to holders of record on September 6, 2024.
Clear Secure reported second-quarter 2024 revenue of $186.7 million, up 24.6% from a year earlier, and net income of $38.6 million, compared with $8.0 million in the second quarter of 2023. The company also guided to third-quarter 2024 revenue of $193 million to $195 million and Total Bookings of $220 million to $222 million, which gives shareholders a near-term outlook for growth.
Q2 2024 revenue of $186.7 million, up 24.6% year over year; Total Bookings of $197.0 million, up 12.5%
Net income of $38.6 million, or $0.26 per share basic and diluted, versus $8.0 million and $0.04 per share in Q2 2023
Q3 2024 guidance: revenue of $193 million to $195 million and Total Bookings of $220 million to $222 million
Net cash provided by operating activities of $114.6 million and Free Cash Flow of $110.1 million in Q2 2024
Avient reported second quarter 2024 sales of $849.7 million, up from $824.4 million a year earlier, and adjusted EPS of $0.76 versus $0.63, above its $0.71 guidance. The company raised its full-year 2024 adjusted EPS guidance to $2.55 to $2.70 from $2.50 to $2.65, and its adjusted EBITDA guidance to $515 million to $540 million from $510 million to $535 million.
Q2 sales were $849.7 million, up from $824.4 million, with organic sales up 5% excluding foreign exchange.
Q2 adjusted EPS was $0.76 versus $0.63 a year earlier and above the $0.71 guidance; GAAP EPS from continuing operations was $0.36 versus $0.24.
Full-year 2024 adjusted EPS guidance rose to $2.55 to $2.70 from $2.50 to $2.65.
Third quarter adjusted EPS is expected at $0.62, a 9% increase; Investor Day is set for December 4 in New York City.
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