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).
Abercrombie & Fitch reported second-quarter fiscal 2024 results for the period ended August 3, 2024, with net sales of $1.1 billion, up 21% from a year earlier, and diluted earnings per share of $2.50 versus $1.10. The company raised its full-year outlook, now expecting net sales growth of 12% to 13% and an operating margin of 14% to 15%, compared with prior guidance of around 10% sales growth and a margin of around 14%.
Q2 operating income was $176 million, up from $90 million a year earlier, and operating margin was 15.5% versus 9.6%.
Comparable sales rose 18%, with Americas net sales up 23% and Abercrombie brands up 26%.
Fiscal 2024 outlook: net sales growth of 12% to 13% and operating margin of 14% to 15%, up from around 10% and around 14%.
Redeemed all $214 million of 8.75% senior secured notes in Q2; liquidity was approximately $1.2 billion as of August 3, 2024.
American Eagle reported second-quarter fiscal 2024 revenue of $1.3 billion, up 8%, and operating income of $101 million, up 55%, with diluted earnings per share of $0.39 versus $0.25 a year earlier. The company now expects full-year operating income of $455 million to $465 million, the high end of its prior range, which matters to shareholders because it signals profit guidance at the top of the previous expectations.
Total net revenue of $1.3 billion rose 8%, including an approximately $55 million positive impact from the retail calendar shift.
Operating income of $101 million rose 55%, with operating margin up 240 basis points to 7.8%; the calendar shift contributed about $20 million.
Third-quarter operating income is expected to be $120 million to $125 million, with comparable sales up 3% to 4%.
Full-year operating income outlook was updated to $455 million to $465 million, the high end of prior guidance.
Ollie's Bargain Outlet reported second-quarter fiscal 2024 net sales up 12.4% to $578.4 million and diluted earnings per share up to $0.79 from $0.68, with comparable store sales up 5.8%. The company raised its fiscal 2024 net sales and earnings outlook, which matters to shareholders because it signals higher expected sales and profit for the year, though gross margin declined 30 basis points.
Net sales rose 12.4% to $578.4 million; comparable store sales rose 5.8% versus a 7.9% prior-year increase.
Diluted EPS was $0.79 versus $0.68 a year earlier; adjusted diluted EPS was $0.78 versus $0.67.
Fiscal 2024 net sales outlook raised to $2.276 to $2.291 billion from $2.257 to $2.277 billion.
Fiscal 2024 adjusted EPS outlook raised to $3.22 to $3.30 from $3.18 to $3.28; gross margin was 37.9%, down from 38.2%.
CooperCompanies reported fiscal third-quarter 2024 results for the quarter ended July 31, 2024, with revenue up 8% year over year and GAAP diluted EPS up 22%. The company also raised its fiscal 2024 financial guidance, including non-GAAP diluted EPS of $3.64 to $3.67, which gives shareholders a higher outlook for the year.
Quarterly revenue of $1,002.8 million, up 8% year over year; CooperVision rose 7% to $675.6 million and CooperSurgical rose 9% to $327.2 million.
GAAP diluted EPS of $0.52, up $0.09 or 22%; non-GAAP diluted EPS of $0.96, up 14%.
Fiscal 2024 guidance raised: total revenue of $3,892 to $3,913 million and non-GAAP diluted EPS of $3.64 to $3.67.
GAAP operating margin of 19% versus 16% a year earlier; free cash flow of $118.5 million.
Fabrinet reported fourth-quarter fiscal 2024 revenue of $753.3 million and GAAP diluted earnings per share of $2.22, both up from a year earlier and described by the company as above its guidance ranges. The board also raised its share repurchase authorization by up to $139.5 million, and the compensation committee set fiscal 2025 pay, including an 8.0% base salary increase for CEO Seamus Grady.
Q4 fiscal 2024 revenue was $753.3 million, up from $655.9 million; GAAP net income was $81.1 million, up from $60.8 million.
Fiscal 2024 revenue was $2.88 billion, up from $2.65 billion; GAAP diluted EPS was $8.10, up from $6.73.
The board authorized up to an additional $139.5 million in share repurchases, bringing the total authorization to $434.3 million with $200.0 million remaining.
First-quarter fiscal 2025 guidance: revenue of $760 million to $780 million and GAAP diluted EPS of $2.10 to $2.17.
Brinker International reported fourth-quarter fiscal 2024 results on August 14, 2024, with company sales of $1,196.5 million, up from $1,064.8 million a year earlier, and comparable restaurant sales up 13.5%. The company also issued fiscal 2025 guidance, including non-GAAP diluted net income per share of $4.35 to $4.75, compared with $4.10 for fiscal 2024.
Q4 fiscal 2024 diluted net income per share was $1.24, versus $1.19 a year earlier; excluding special items, it was $1.61, versus $1.39.
Q4 operating income was $73.1 million, versus $59.3 million; Chili's comparable restaurant sales rose 14.8%.
Fiscal 2025 guidance: total revenues of $4.55 billion to $4.62 billion, compared with $4.415 billion in fiscal 2024; capital expenditures of $195 million to $215 million.
The company ended fiscal 2024 with no borrowings on its $900.0 million revolving credit facility and $64.6 million of cash.
QuinStreet reported fiscal fourth-quarter revenue of $198.3 million, up 52% year-over-year, and a GAAP net loss of $2.2 million, or $0.04 per share, compared with a loss of $55.9 million a year earlier. The company also gave initial fiscal 2025 guidance of $800 million to $850 million in revenue and $50 million to $60 million in adjusted EBITDA, which shareholders will watch against future results.
Q4 revenue was $198.3 million, up 52% year-over-year; Auto Insurance revenue grew over 200%.
Q4 GAAP net loss was $2.2 million ($0.04 per diluted share); adjusted net income was $6.5 million ($0.11 per diluted share).
Full fiscal 2024 revenue was $613.5 million, up 6%, with a GAAP net loss of $31.3 million ($0.57 per share).
Guidance: September quarter revenue of $220 million to $230 million and adjusted EBITDA of $14 million to $16 million; fiscal 2025 revenue of $800 million to $850 million and adjusted EBITDA of $50 million to $60 million.
ADMA Biologics reported second quarter 2024 total revenue of $107.2 million, up 78% from $60.1 million a year earlier, and GAAP net income of $32.1 million, compared with a net loss of $6.4 million in the second quarter of 2023. The company raised its full-year 2024 revenue guidance to more than $400 million from more than $355 million and its net income guidance to more than $105 million from $85 million. Revenue included a non-recurring $12.6 million increase tied to a change in estimate for U.S. Medicaid rebates.
Q2 2024 revenue of $107.2 million, up $47.1 million (about 78%) year over year, with the increase primarily from higher ASCENIV sales
Q2 2024 GAAP net income of $32.1 million, or $0.13 per diluted share, versus a net loss of $6.4 million in Q2 2023
FY 2024 revenue guidance raised to more than $400 million from more than $355 million; net income guidance raised to more than $105 million from $85 million
Corporate gross margin of 53.6% in Q2 2024, compared with 27.8% in Q2 2023; cash and cash equivalents of $88.2 million at June 30, 2024
DigitalOcean reported second-quarter 2024 revenue of $192 million, up 13% year over year, and GAAP net income of $19 million, compared with $665,000 a year earlier. The company also updated its full-year 2024 revenue guidance to $770 million to $775 million and gave third-quarter revenue guidance of $196 million to $197 million.
Q2 2024 revenue of $192 million, up 13% year over year; diluted EPS of $0.20 versus $0.01 a year earlier
Full-year 2024 total revenue guidance updated to $770 million to $775 million
Third-quarter 2024 total revenue guidance of $196 million to $197 million
Adjusted free cash flow was $37 million, down from $45 million in Q2 2023
Alarm.com reported second-quarter 2024 results on August 8, 2024, with total revenue up 4.4% to $233.8 million and GAAP net income attributable to common stockholders up 112.1% to $33.5 million, or $0.62 per diluted share. The company raised its full-year 2024 guidance for total revenue, non-GAAP adjusted EBITDA and non-GAAP adjusted net income attributable to common stockholders, which points to higher expected results for shareholders.
Total revenue rose 4.4% to $233.8 million; SaaS and license revenue rose 11.0% to $155.9 million.
GAAP net income attributable to common stockholders rose to $33.5 million, or $0.62 per diluted share, from $15.8 million, or $0.30, a year earlier.
Full-year 2024 total revenue guidance is $920.8 million to $931.2 million; non-GAAP adjusted EBITDA guidance is $165.0 million to $167.0 million.
Third-quarter 2024 SaaS and license revenue is expected to be $157.3 million to $157.5 million.
Curtiss-Wright reported second quarter 2024 sales of $785 million, up 11% from the prior year, and reported diluted EPS of $2.58. The company raised its full-year 2024 adjusted guidance for sales, operating income, diluted EPS and free cash flow, citing strong first-half results and its outlook for the rest of the year.
Q2 2024 adjusted diluted EPS was $2.67, up 24%; reported diluted EPS was $2.58.
Full-year 2024 adjusted diluted EPS guidance was raised to $10.40 to $10.65, from $10.10 to $10.40.
Full-year 2024 adjusted sales growth guidance was raised to 6% to 8%, from 5% to 7%.
Restructuring actions are expected to cost about $15 million in 2024.
Warby Parker reported second-quarter 2024 net revenue of $188.2 million, up 13.3% from the prior year, and a GAAP net loss of $6.8 million, down from $15.9 million a year earlier. The company raised its full-year 2024 net revenue guidance to $757 million to $762 million, which matters to shareholders because it signals faster expected growth while the company still reports a GAAP net loss.
Q2 net revenue of $188.2 million, up 13.3% from $166.1 million in the prior year period
GAAP net loss of $6.8 million, compared with $15.9 million in the prior year period
Full-year 2024 net revenue guidance raised to $757 million to $762 million, growth of about 13% to 14%
Adjusted EBITDA of $19.6 million, with Adjusted EBITDA Margin of 10.4%
Texas Pacific Land reported second-quarter 2024 net income of $114.6 million, or $4.98 per diluted share, and consolidated revenues of $172.3 million, with the water services and operations segment posting record results. The company also set a target cash balance of about $700 million and said it will direct most free cash flow above that level to share repurchases and dividends, which bears directly on how shareholders receive cash.
Q2 2024 net income was $114.6 million ($4.98 diluted per share), compared with $114.4 million in Q1 2024.
Consolidated revenues were $172.3 million, down from $174.1 million in Q1 2024.
Water segment: water sales of $40.7 million, produced water royalties of $25.3 million, and segment net income of $34.5 million.
Target cash balance of about $700 million; a $10.00 special dividend was declared and paid on July 15, 2024.
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.
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.
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
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
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%.
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
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.
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
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
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.
AECOM reported third quarter fiscal 2024 results for the quarter ended June 30, 2024, with revenue up 13% to $4.2 billion and net income attributable to AECOM from continuing operations of $129 million, compared with a loss a year earlier. The company raised its fiscal 2024 earnings guidance, including adjusted EPS of $4.45 to $4.55, and said it has returned $407 million to shareholders so far this fiscal year.
Q3 revenue rose 13% to $4.2 billion; operating income was $227 million versus a loss of $105 million a year earlier.
Diluted EPS from continuing operations was $0.95, versus a loss of $0.90 in the prior-year quarter; adjusted EPS rose 23%.
Fiscal 2024 guidance raised to adjusted EBITDA of $1,075 million to $1,105 million and adjusted EPS of $4.45 to $4.55.
Company repurchased $150 million of stock since the quarter ended and has more than $700 million remaining under its repurchase authorization.
Carlyle reported second-quarter 2024 results that show a sharp year-over-year improvement. Net income attributable to common stockholders was $148 million, or $0.40 per diluted share, compared with a loss of $98 million in the second quarter of 2023. The company also declared a quarterly dividend of $0.35 per share, payable August 26, 2024, to holders of record on August 16, 2024.
Total revenues were $1,069.7 million in Q2 2024, up from $462.1 million in Q2 2023.
Fee Related Earnings were $273 million, up 32% from $207 million, with an FRE margin of 46%.
Distributable Earnings were $343 million, or $0.78 per common share after tax, versus $389 million in Q2 2023.
Carlyle repurchased or withheld 4.1 million shares for $178 million in Q2 2024, leaving $1.1 billion of repurchase capacity.
Moog reported fiscal third quarter 2024 net sales of $905 million, up 6%, and diluted earnings per share of $1.74, up 32% from the prior year. The company raised its fiscal 2024 net sales guidance to $3,575 million from $3,550 million and its adjusted diluted earnings per share guidance to $7.40 from $7.25, while lowering its GAAP diluted earnings per share guidance slightly to $6.85 from $6.87. The company also declared a $0.28 per share quarterly dividend payable August 29, 2024.
Q3 fiscal 2024 net sales of $905 million rose 6%, and diluted EPS of $1.74 rose 32% from $1.32
Adjusted diluted EPS was $1.91, up 39% from $1.37, and adjusted operating margin rose 210 basis points to 12.3%
FY2024 guidance: net sales raised to $3,575 million from $3,550 million; adjusted diluted EPS raised to $7.40 from $7.25; GAAP diluted EPS lowered to $6.85 from $6.87
Quarterly dividend of $0.28 per share payable August 29, 2024 to holders of record as of August 16, 2024
Church & Dwight reported second-quarter 2024 net sales of $1,511.2 million, up 3.9%, and reported EPS of $0.99, up from $0.89, with adjusted EPS of $0.93 above its $0.83 outlook. The company raised its full-year adjusted gross margin expansion and cash flow from operations outlook, but tightened its organic sales growth outlook to about 4% and expects lower adjusted EPS in the third quarter.
Q2 net sales were $1,511.2 million, up 3.9% from $1,454.2 million a year earlier; organic sales rose 4.7%.
Reported EPS was $0.99 and adjusted EPS was $0.93, which includes a one-time tariff ruling gain of $26.1 million in gross profit.
Full-year cash from operations outlook was raised to about $1.08 billion from $1.05 billion; adjusted gross margin expansion outlook raised to 100 to 110 basis points.
Full-year organic sales growth outlook was lowered to about 4% from 4-5%; Q3 adjusted EPS is expected at $0.67, down about 10% from last year.
Atmus Filtration Technologies reported second-quarter 2024 results on August 2, 2024, with net sales of $433 million, up about 4.6% from $414 million, and net income of $56 million, or $0.67 per diluted share, compared with $0.55 a year earlier. The company also updated its 2024 guidance and, on July 18, 2024, declared its first quarterly cash dividend of $0.05 per share and authorized a $150 million share repurchase program, which returns capital to shareholders. Cash provided by operating activities fell to $23 million from $46 million, which the company attributed to higher working capital needs.
Net sales of $433 million vs. $414 million a year earlier; gross margin of 30.5% vs. 27.7%
Diluted EPS of $0.67 vs. $0.55; adjusted EPS of $0.71 vs. $0.63
2024 guidance: revenue of $1,625 million to $1,675 million; adjusted EPS of $2.15 to $2.40
July 18, 2024: first quarterly dividend of $0.05 per share and a $150 million share repurchase program
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.
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.
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.
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.
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.
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.
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.
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
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%.
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
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
Axalta reported second-quarter 2024 net sales up 4.4% year over year to $1.35 billion, net income up $52 million to $113 million, and diluted EPS of $0.51 versus $0.27 a year earlier. The company raised its full-year 2024 Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow guidance, which matters to shareholders because it signals the company expects stronger earnings and cash flow for the year.
Q2 net sales of $1.35 billion, up 4.4%; Adjusted EBITDA of $291 million, a quarterly record, with a 21.5% margin
Diluted EPS of $0.51 versus $0.27; Adjusted Diluted EPS of $0.57, up 63%
Full-year 2024 Adjusted EBITDA projected at about $1,090 million to $1,100 million; Adjusted Diluted EPS about $2.05
Q2 operating cash flow of $114 million; $185 million revolver draw to fund the CoverFlexx acquisition; $50 million of shares repurchased
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