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).
Ziff Davis reported unaudited second-quarter 2024 revenue of $320.8 million, down 1.6% from a year earlier, and adjusted diluted EPS of $1.18, down 7.1%. GAAP net income rose to $36.9 million, but income from operations fell 26.5%, and the company reaffirmed its fiscal 2024 guidance. The board also raised the share repurchase authorization by 5 million shares to 15 million, which may support per-share results if used.
Q2 2024 revenue $320.8 million, down 1.6% from $326.0 million; income from operations $28.6 million, down 26.5%
Adjusted diluted EPS $1.18, down 7.1% from $1.27; GAAP net income $36.9 million vs. $16.7 million
2024 guidance reaffirmed: revenue $1,411.0 million to $1,471.0 million; adjusted EBITDA $500.0 million to $521.0 million
Board authorized up to 5 million more shares for repurchase on August 2, 2024, for a total of up to 15 million; 8,241,308 shares remained and the program now expires August 2, 2029
Tennant Company entered a Second Amended and Restated Credit Agreement with JPMorgan Chase Bank as administrative agent, providing a senior secured revolving facility of up to $650 million through August 7, 2029. The facility can be expanded by up to $325 million and is secured by substantially all of the company's personal property and pledged subsidiary stock, which adds lender-related obligations and covenants that shareholders should note.
Revolving facility up to $650 million, maturing August 7, 2029, with an option to expand by up to $325 million
Borrowings in U.S. dollars priced off prime rate, NYFRB Rate or Adjusted Term SOFR, with spreads depending on leverage ratio
Covenants include a maximum indebtedness to EBITDA ratio of 3.75 to 1.00 and a minimum EBITDA to interest expense ratio of 3.00 to 1
Dividends and stock repurchases are limited when leverage exceeds 2.50 to 1, capped at the greater of 10% of consolidated total assets and $100 million per fiscal year
Chord Energy reported second quarter 2024 results that include Enerplus from May 31, 2024, when the combination closed. Total revenue rose to $1.26 billion from $912.1 million a year earlier, but net income was $213.4 million, versus $216.1 million, and diluted EPS was $4.25, versus $4.96. The company also declared a $2.52 per share base-plus-variable dividend and updated its FY24 outlook.
Total revenues were $1,260.7 million in 2Q24, versus $912.1 million in 2Q23; net income was $213.4 million, versus $216.1 million, and diluted EPS was $4.25, versus $4.96.
Adjusted EBITDA was $567.9 million and Adjusted diluted EPS was $4.69, versus $3.65 in 2Q23.
Declared a $2.52 per share dividend ($1.25 base, $1.27 variable), payable September 5, 2024 to holders of record as of August 21, 2024.
FY24 pro forma outlook is about $2.9 billion of Adjusted EBITDA and $1.2 billion of Adjusted Free Cash Flow; the company said it remains on target with its 2024 plan.
Primerica reported second-quarter 2024 GAAP net income of $1.2 million, or $0.03 per diluted share, down from $144.5 million a year earlier. The drop reflects $253.6 million in goodwill and other long-lived asset impairments tied to the company's exit from the Senior Health business, and the company says it excluded these items from its adjusted results, where adjusted operating earnings per diluted share rose 18% to $4.71.
GAAP diluted EPS was $0.03 versus $3.97 a year earlier; net income was $1.2 million versus $144.5 million.
Total revenues rose 17% to $803.4 million, including $50 million in insurance claim proceeds; adjusted operating revenues rose 9% to $753.3 million.
Adjusted operating EPS was $4.71, up from $3.99; adjusted net operating income rose 12% to $162.7 million.
The Board approved a 20% dividend increase to $0.90 per share, payable September 12, 2024; the company repurchased $142.7 million of common stock in the quarter.
Watts Water Technologies reported second-quarter 2024 sales of $597 million, up 12% on a reported basis but flat organically, and reported EPS of $2.44, up 8%. The company kept its full-year 2024 outlook and extended its revolving credit facility to July 12, 2029.
Reported sales of $597.3 million rose 12% from $532.8 million a year earlier; organic sales were flat, and acquisitions added $65 million
Reported EPS was $2.44, up from $2.26; adjusted EPS was $2.46, up 5% from $2.34
Reported operating margin was 18.7%, down 10 basis points; Europe sales fell 16% and its operating margin fell 580 basis points
Full-year 2024 outlook maintained: reported sales growth of 7% to 12% and adjusted operating margin of 17.1% to 17.7%
On August 2, 2024, Abercrombie & Fitch entered into a Second Amendment to its asset-based revolving credit agreement, increasing total commitments from $400 million to $500 million and extending maturity to August 2, 2029. The amendment also adds a $100 million sub-facility for its Netherlands and UK subsidiaries, and raises the interest rate margin on borrowings.
Aggregate commitments increase from $400 million to $500 million under the ABL facility
New $100 million sub-facility for Abfico Netherlands Distribution B.V. and AFH Stores UK Limited, secured by their assets
Maturity extended from April 29, 2026 to August 2, 2029
Interest rate margin rises to 1.50% or 1.75%, depending on average availability
Monster Beverage reported second-quarter 2024 net sales of $1.90 billion, up 2.5% from a year earlier, and diluted earnings per share of $0.41, up 5.0%. Net income rose 2.8% to $425.4 million, while unfavorable foreign currency changes reduced net sales by $67.7 million.
Q2 net sales rose 2.5% to $1.90 billion; net sales excluding the Alcohol Brands segment, adjusted for currency, rose 7.4%.
Gross profit as a percentage of net sales was 53.6%, compared with 52.5% a year earlier.
Operating expenses rose to $492.3 million from $450.4 million, and Q2 operating income was $527.2 million versus $523.8 million.
Alcohol Brands segment net sales fell 31.9% to $41.6 million; a conference call is scheduled for August 7, 2024 at 2:00 p.m. Pacific Time.
Brighthouse Financial reported second quarter 2024 net income available to shareholders of $9 million, or $0.12 per diluted share, compared with a net loss of $200 million a year earlier. Adjusted earnings rose to $346 million, or $5.57 per diluted share, from $271 million, but the CEO said the statutory capital ratio ended the quarter at or modestly below the low end of its target range.
Q2 2024 net income $9 million ($0.12 per diluted share) vs. net loss of $200 million in Q2 2023
Q2 2024 adjusted earnings $346 million ($5.57 per diluted share) vs. $271 million in Q2 2023
Estimated combined RBC ratio between 380% and 400% as of June 30, 2024; holding company liquid assets $1.2 billion
Repurchased approximately $64 million of common stock in Q2 2024 and about $151 million year-to-date through August 2, 2024
Crane NXT reported second quarter 2024 sales of $370.6 million, up 5.2% from a year earlier, driven mainly by the acquired OpSec Security business. GAAP earnings per diluted share fell to $0.72 from $0.75, and Adjusted EPS fell to $1.06 from $1.12, while the company narrowed its full year Adjusted EPS guidance to $4.20 to $4.35 from $4.10 to $4.35.
Q2 2024 net sales of $370.6 million, up $18.2 million or 5.2%; OpSec added $20.5 million (5.8%) and core sales grew 0.8%
GAAP operating profit margin was 18.2%, down from 19.5%; Adjusted operating profit margin was 24.1%, down from 26.5%
Full year Adjusted EPS guidance narrowed to $4.20 to $4.35 from $4.10 to $4.35
Quarterly dividend of $0.16 per share declared, payable September 11, 2024 to holders of record as of August 30, 2024
Envista reported second-quarter 2024 sales of $633.1 million, down from $662.4 million a year earlier, and a net loss of $1,151.6 million, or $6.69 per share, driven by a $1,153.8 million non-cash goodwill and intangible asset impairment. Adjusted EPS fell to $0.11 from $0.43, and the company guided to a 1% to 4% core sales decline for full-year 2024, with a further decline expected in the third quarter.
Q2 sales were $633.1 million, down from $662.4 million; core sales declined 3.2%.
Net loss was $1,151.6 million, or $6.69 per share, including a $1,153.8 million non-cash impairment charge.
Adjusted EPS was $0.11 versus $0.43; adjusted EBITDA was $63.0 million versus $126.2 million.
For 2024, the company expects core sales to decline 1% to 4% and adjusted EBITDA margins of 10% to 12%.
ICU Medical reported second quarter 2024 revenue of $596.5 million, up from $549.3 million a year earlier, but its GAAP net loss widened to $21.4 million, or $0.88 per share, from $9.9 million, or $0.41 per share. The company also narrowed its full-year 2024 guidance, raising the low end of its adjusted diluted EPS range to $4.95 from $4.40, which shareholders will weigh against lower second quarter adjusted EPS of $1.56 versus $1.88.
Second quarter revenue was $596.5 million versus $549.3 million; GAAP gross margin was 35% in both periods.
Adjusted diluted EPS was $1.56 versus $1.88, and adjusted EBITDA was $91.3 million versus $98.1 million.
FY2024 adjusted EBITDA guidance narrowed to $345 million to $365 million from $330 million to $370 million.
FY2024 adjusted diluted EPS guidance updated to $4.95 to $5.35 from $4.40 to $5.10; GAAP net loss guidance narrowed to $(118) million to $(108) million.
Maximus reported fiscal third-quarter 2024 revenue of $1.31 billion, up 10.6% from a year earlier, and diluted earnings per share of $1.46 versus $0.50. The company raised its fiscal 2024 guidance for a third consecutive time, with adjusted diluted EPS now expected at $6.00 to $6.20, which points to stronger earnings for shareholders.
Q3 FY2024 revenue rose 10.6% to $1.31 billion; diluted EPS was $1.46 versus $0.50 a year earlier
Adjusted diluted EPS was $1.74 versus $0.78 in the prior-year quarter
FY2024 guidance: revenue $5.25 billion to $5.35 billion; adjusted diluted EPS $6.00 to $6.20; free cash flow $350 million to $380 million
Quarterly dividend of $0.30 per share is payable August 31, 2024
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.
Dolby reported fiscal third-quarter 2024 revenue of $288.8 million, down from $298.4 million a year earlier, while GAAP net income rose to $38.4 million, or $0.40 per diluted share, from $16.4 million, or $0.17. The company also declared a $0.30 per share dividend and raised its stock repurchase authorization by $350 million to about $422 million, and gave full-year fiscal 2024 revenue guidance of $1.27 billion to $1.29 billion.
Total revenue was $288.8 million, versus $298.4 million in the third quarter of fiscal 2023.
GAAP net income was $38.4 million, or $0.40 per diluted share; non-GAAP net income was $68.8 million, or $0.71 per diluted share.
Full-year fiscal 2024 revenue is expected to range from $1.27 billion to $1.29 billion, with GAAP diluted EPS of $2.40 to $2.55.
Dividend of $0.30 per share is payable August 27, 2024, to holders of record on August 19, 2024.
HubSpot reported second-quarter 2024 revenue of $637.2 million, up 20% from a year earlier, and a GAAP net loss of $14.4 million, or $0.28 per share, compared with a $111.8 million loss in Q2 2023. It also issued third-quarter and full-year 2024 guidance, including full-year revenue of $2.567 billion to $2.573 billion and non-GAAP net income per share of $7.64 to $7.70.
Q2 2024 total revenue was $637.2 million, up 20% from Q2 2023; subscription revenue was $623.8 million.
GAAP net loss was $14.4 million, or $0.28 per share, versus a $111.8 million loss, or $2.25 per share, in Q2 2023.
Non-GAAP net income was $103.5 million, or $1.94 per diluted share, versus $71.8 million, or $1.38, a year earlier.
Q3 2024 revenue is expected at $646.0 million to $647.0 million; full-year 2024 non-GAAP operating income is expected at $437.0 million to $441.0 million.
Assured Guaranty reported second quarter 2024 results. GAAP net income attributable to the company was $78 million, or $1.41 per diluted share, down from $125 million, or $2.06, a year earlier. Adjusted operating income rose to $80 million, or $1.44 per share, from $36 million, or $0.60, and the company returned $169 million to shareholders in the quarter.
GAAP net income attributable to Assured Guaranty Ltd. was $78 million, or $1.41 per diluted share, in Q2 2024, versus $125 million, or $2.06, in Q2 2023.
Adjusted operating income was $80 million, or $1.44 per share, in Q2 2024, versus $36 million, or $0.60, in Q2 2023.
Capital returned to shareholders in Q2 2024 totaled $169 million, including $152 million of share repurchases and $17 million of dividends.
A $300 million stock redemption by Assured Guaranty Inc. was completed on August 5, 2024, after the AGM merger into AG on August 1.
Dutch Bros reported second-quarter 2024 results on August 7, 2024, with total revenue up 30.0% year over year and net income rising to $22.2 million from $9.7 million. The company raised its 2024 revenue and Adjusted EBITDA guidance and lowered its capital expenditure range, which indicates higher expected operating results for shareholders.
Total revenues were $324.9 million, up 30.0% from $249.9 million a year earlier.
Net income was $22.2 million, or $0.12 per diluted share, versus $9.7 million, or $0.05, in Q2 2023.
2024 total revenue guidance was raised to $1.215 billion to $1.230 billion, from $1.20 billion to $1.215 billion.
2024 Adjusted EBITDA guidance was raised to $200 million to $210 million, from $195 million to $205 million.
Digi International reported fiscal third-quarter 2024 results for the period ended June 30, 2024, with revenue down 6% to $105 million while net income rose to $10 million from $7 million. Management said it expects fiscal 2024 revenue to fall about 5% and Adjusted EBITDA to rise about 1%, in line with prior guidance, and that Annualized Recurring Revenue (ARR) growth for the year now exceeds 5%.
Q3 revenue was $105 million, down 6%; diluted EPS was $0.26 versus $0.18 a year earlier
Adjusted net income per diluted share was $0.50, flat year over year
ARR reached $113 million at quarter end, up 9%; Q4 revenue is estimated at $102 million to $106 million
Net debt was $152 million at quarter end after revolver payments; interest expense fell to $3.2 million from $6.6 million
Safety Insurance Group reported second quarter 2024 net income of $16.6 million, or $1.13 per diluted share, down slightly from $17.0 million, or $1.15 per share, a year earlier. Net earned premiums rose 22.1% to $246.9 million, while the combined ratio improved to 99.9% from 101.9%, helped by a $9.7 million favorable effect from the Massachusetts FAIR Plan restructuring. The board also declared a $0.90 quarterly dividend.
Q2 2024 net income was $16.6 million, or $1.13 per diluted share, versus $17.0 million, or $1.15, in Q2 2023
Non-GAAP operating income per diluted share was $1.18, compared with $0.80 a year earlier
Losses and loss adjustment expenses rose 20.4% to $172.7 million; the combined ratio was 99.9% versus 101.9%
Quarterly dividend of $0.90 per share is payable September 13, 2024, to holders of record on September 3, 2024
Boot Barn reported first-quarter fiscal 2025 net sales up 10.3% to $423.4 million and diluted EPS of $1.26, up from $1.13 a year earlier. The company also replaced its prior fiscal 2025 guidance, raising the expected diluted EPS range to $5.05 to $5.35 from a prior high end of $4.85, which signals higher expected profit for shareholders.
Q1 net sales rose 10.3% to $423.4 million; consolidated same store sales rose 1.4%, with e-commerce up 6.7%.
Q1 net income was $38.9 million, or $1.26 per diluted share, versus $34.3 million, or $1.13, a year earlier, including a benefit of about $0.06 per share from share-based compensation tax accounting.
Fiscal 2025 net sales guidance is $1.816 billion to $1.850 billion, versus a prior high end of $1.800 billion; income from operations guidance is $207.0 million to $219.4 million.
Second-quarter guidance calls for total sales of $405 million to $412 million and diluted EPS of $0.81 to $0.87.
SiTime reported second-quarter 2024 net revenue of $43.9 million, up 33% from the prior quarter and 58% from a year earlier, and said results exceeded its outlook. GAAP net loss was $26.8 million, or $1.16 per diluted share, compared with $28.7 million in the first quarter, and non-GAAP net income was $2.8 million, or $0.12 per diluted share.
Q2 2024 net revenue of $43.9 million, up 33% from $33.0 million in Q1 2024 and up 58% year over year
GAAP net loss of $26.8 million, or $1.16 per diluted share, versus a $28.7 million loss in Q1 2024
Non-GAAP net income of $2.8 million, or $0.12 per diluted share, versus a non-GAAP net loss of $1.9 million in Q1 2024
Cash, cash equivalents and short-term investments were $452.5 million on June 30, 2024, after a $68.6 million payment related to the Aura transaction
Sabra Health Care REIT reported second-quarter 2024 net income of $0.10 per diluted share, up from $0.09 a year earlier, and raised its 2024 earnings guidance ranges. The company also declared a quarterly dividend of $0.30 per share, which matters to shareholders because it reflects both higher reported earnings and the updated outlook.
Q2 2024 net income was $0.10 per diluted share versus $0.09 in Q2 2023; FFO was $0.35 versus $0.32
2024 guidance raised: net income $0.48-$0.51, Normalized FFO $1.36-$1.39, Normalized AFFO $1.41-$1.44 per diluted share
Quarterly dividend of $0.30 per share declared August 7, 2024, payable August 30, 2024 to holders of record on August 19, 2024
Net Debt to Adjusted EBITDA was 5.45x as of June 30, 2024; liquidity was approximately $906.0 million
Kratos Defense & Security Solutions reported second quarter 2024 revenue of $300.1 million, up 16.8% from $256.9 million a year earlier, and GAAP net income attributable to Kratos of $7.9 million, or $0.05 per share, compared with a net loss of $2.7 million, or $0.02 per share, in the second quarter of 2023. The company affirmed its full year 2024 revenue guidance of $1,125 million to $1,150 million and gave initial third quarter revenue guidance of $265 million to $280 million.
Q2 2024 revenue $300.1 million, up from $256.9 million; Unmanned Systems revenue $85.8 million, up 64.7%
Q2 2024 Adjusted EBITDA $29.9 million, compared with $21.6 million in Q2 2023
Full year 2024 revenue guidance of $1,125 million to $1,150 million affirmed; Q3 2024 revenue guidance $265 million to $280 million
Q2 2024 operating cash flow was negative $2.7 million; consolidated backlog was $1.303 billion at June 30, 2024
Kulicke & Soffa reported fiscal third-quarter 2024 net revenue of $181.7 million, down 4.9% from a year earlier, and GAAP net income of $12.3 million, or $0.22 per diluted share, compared with $4.2 million a year earlier. For the nine months, the company posted a GAAP net loss of $81.1 million, which includes $44.5 million in impairment charges, and it guided fourth-quarter net revenue to about $180 million, plus or minus $10 million.
Q3 net revenue $181.7 million, down 4.9% from $190.9 million in fiscal Q3 2023 and up 5.6% from fiscal Q2 2024
GAAP net income $12.3 million, or $0.22 per diluted share, versus $4.2 million, or $0.07, a year earlier; non-GAAP net income $19.3 million, or $0.35 per share, down 39.4%
Nine-month GAAP net loss of $81.1 million, including $44.5 million in impairment charges
Q4 fiscal 2024 outlook: net revenue about $180 million plus or minus $10 million; GAAP diluted EPS about $0.22 plus or minus 10%; the company repurchased 0.9 million shares for $44.0 million in the quarter
Duolingo reported second-quarter 2024 results on August 7, 2024, with revenue of $178.3 million, up 41% from the prior year quarter, and net income of $24.4 million, compared with $3.7 million a year earlier. The company also issued third-quarter 2024 guidance of $186.7 million to $189.7 million in revenue and updated its full-year 2024 revenue outlook to $731.3 million to $738.3 million, which shareholders can use to gauge expected growth.
Q2 2024 total revenues were $178.3 million, up 41%, and total bookings were $190.1 million, up 38%.
Net income was $24.4 million versus $3.7 million in Q2 2023; Adjusted EBITDA was $48.1 million, a 27.0% margin.
Paid subscribers reached 8.0 million at quarter end, up 52%, and monthly active users reached 103.6 million, up 40%.
Q3 2024 revenue guidance is $186.7 million to $189.7 million; full-year 2024 revenue guidance is $731.3 million to $738.3 million.
Ralph Lauren reported first quarter fiscal 2025 results for the quarter ended June 29, 2024, with diluted earnings per share of $2.61, up 33% from $1.96 a year earlier, and revenue up 1% to $1.5 billion. The company reaffirmed its full-year fiscal 2025 outlook of low-single-digit constant-currency revenue growth and 100 to 120 basis points of adjusted operating margin expansion, and it said first quarter results exceeded its expectations.
Diluted EPS was $2.61 versus $1.96 a year earlier, up 33%; adjusted EPS was $2.70, up 15%.
Revenue rose 1% to $1.5 billion (3% in constant currency); Europe grew 6%, Asia 4%, and North America fell 4%.
Full-year fiscal 2025 outlook reaffirmed: low-single-digit constant-currency revenue growth and 100 to 120 basis points of operating margin expansion.
Cash and short-term investments were $1.8 billion; the company repurchased approximately $176 million of Class A common stock in the quarter.
American Financial Group reported second quarter 2024 net earnings of $209 million, or $2.49 per diluted share, up from $200 million, or $2.34 per share, a year earlier. Core net operating earnings rose to $215 million ($2.56 per share) from $202 million ($2.38 per share), and the Specialty P&C combined ratio improved to 90.5% from 91.9%, which points to stronger underwriting results for shareholders.
Net earnings of $209 million ($2.49 per diluted share) vs. $200 million ($2.34) in Q2 2023
Core net operating earnings of $215 million ($2.56 per share), 8% higher than the $2.38 reported a year earlier
Specialty P&C combined ratio of 90.5%, an improvement of 1.4 points from 91.9% in Q2 2023
Earnings release dated August 6, 2024 furnished as Exhibit 99.1; conference call set for 11:30 a.m. ET on August 7, 2024
Sunstone Hotel Investors reported second quarter 2024 net income of $26.1 million, down from $43.1 million a year earlier, and income per diluted share of $0.11 versus $0.19. The company cut its full-year 2024 net income guidance to $55 million to $65 million from $56 million to $77 million, citing a slower recovery in Maui, which lowers the revenue and earnings outlook for shareholders.
Q2 2024 net income was $26.1 million versus $43.1 million; comparable RevPAR fell 2.0% to $232.59.
Full-year 2024 net income guidance is now $55 million to $65 million, down from $56 million to $77 million; total portfolio RevPAR growth guidance is now -0.25% to +1.75%, down from +2.25% to +5.25%.
Adjusted FFO per diluted share was $0.28 in Q2 2024, down 15.2%; full-year guidance is $0.85 to $0.90 versus $0.84 to $0.94 previously.
Through August 6, 2024, the company repurchased 698,043 shares at an average $9.90; $447.8 million remains under its repurchase authorization.
Griffon reported fiscal third-quarter 2024 revenue of $647.8 million, down 5% from the prior year, and diluted earnings per share of $0.84 versus $0.90. Adjusted EBITDA fell 9% to $125.5 million, and the company said it still expects to meet its previously provided full-year 2024 guidance.
Revenue of $647.8 million versus $683.4 million a year earlier, a 5% decrease
Net income of $41.1 million, or $0.84 per share, versus $49.2 million, or $0.90 per share; adjusted EPS was $1.24 versus $1.29
Adjusted EBITDA of $125.5 million, down 9% from $138.6 million; restructuring charges were $18.7 million in the quarter
Full-year 2024 outlook unchanged: revenue of $2.65 billion and Adjusted EBITDA of $555 million
Payoneer reported second-quarter 2024 revenue of $239.5 million, up 16% year-over-year, and raised its 2024 guidance. Net income fell 29% to $32.4 million, which shareholders should weigh against the revenue and adjusted EBITDA gains. The company also acquired Skuad on August 5 for $61 million in cash, plus up to $20 million in contingent payments.
Q2 2024 revenue was $239.5 million, up 16% from $206.7 million a year earlier
Net income was $32.4 million, down 29% from $45.5 million; adjusted EBITDA was $72.8 million, up 30%
2024 revenue guidance is $920 million to $930 million; adjusted EBITDA guidance is $225 million to $235 million
Skuad was acquired on August 5 for $61 million cash, subject to adjustments, plus up to $20 million in contingent payments
Vishay Intertechnology reported fiscal second-quarter 2024 revenue of $741.2 million, roughly flat from the prior quarter but down from $892.1 million a year earlier, and diluted EPS of $0.17 versus $0.68 a year earlier. Management said the industry recovery is taking longer than expected and guided third-quarter revenue to $745 million plus or minus $20 million, with gross margin of 21.0% plus or minus 50 basis points.
Q2 2024 revenue $741.2 million, versus $746.3 million in Q1 2024 and $892.1 million in Q2 2023; gross margin 22.0%, versus 28.9% a year earlier
Q2 2024 EPS $0.17, versus $0.22 in Q1 2024 and $0.68 in Q2 2023; quarterly free cash was negative $86.8 million
Q3 2024 outlook: revenue $745 million plus or minus $20 million; gross margin 21.0% plus or minus 50 basis points, including a 175 to 200 basis point drag from Newport
Itzehoe, Germany expansion timetable moved beyond 2024; 2024 capex now planned at $360 million to $390 million
Extreme Networks reported fourth-quarter fiscal 2024 revenue of $256.7 million, down 29% from a year earlier, and a GAAP loss of $0.42 per share, compared with GAAP diluted earnings of $0.19 a year earlier. The company recorded a $46.5 million provision for excess and obsolete inventory and loss on supplier commitments in the quarter, and guided fiscal first-quarter 2025 revenue to $255.0 million to $265.0 million.
Fiscal Q4 2024 revenue $256.7 million, down 29% year over year; GAAP gross margin 44.7%, compared with 58.9% a year earlier
Fiscal year 2024 revenue $1,117.2 million, down 15%; GAAP loss of $0.65 per share versus diluted EPS of $0.58 in fiscal 2023
Excess and obsolete inventory and supplier commitment charge of $46.5 million in Q4 and $64.5 million for fiscal 2024; non-GAAP diluted EPS for fiscal 2024 was $0.32
Fiscal Q1 2025 guidance: revenue $255.0 million to $265.0 million; full fiscal 2025 revenue guidance $1,110.0 million to $1,135.0 million
Diebold Nixdorf reported second-quarter 2024 revenue of $939.7 million, up 1.9% from a year earlier, and GAAP operating profit of $70.7 million, compared with a loss of $3.9 million in the prior-year quarter. The company raised its full-year adjusted EBITDA guidance to $435 million-$450 million from $410 million-$435 million, but cut its full-year revenue outlook to flat from low single-digit growth, so shareholders get a mixed picture.
Q2 2024 GAAP net income was $14.8 million, versus a net loss of $677.3 million a year earlier, which included reorganization items.
Q2 2024 adjusted EBITDA was $118.8 million, up 40.9% from $84.3 million in the prior-year quarter.
Full-year 2024 revenue outlook was changed to flat, from low single-digit growth, citing retail product market headwinds and a modest unfavorable currency impact.
Free cash flow conversion outlook was unchanged at +25%.
DNOW Inc. reported second-quarter 2024 results for the quarter ended June 30, 2024. Revenue rose from $594 million a year earlier, but GAAP net income attributable to DNOW fell from $34 million to $24 million, and diluted EPS fell from $0.31 to $0.21, while non-GAAP diluted EPS held at $0.25.
Q2 2024 revenue was $633 million, compared with $594 million in Q2 2023.
GAAP diluted EPS was $0.21, compared with $0.31 in Q2 2023; non-GAAP diluted EPS excluding other costs was $0.25, unchanged from the prior year.
EBITDA excluding other costs was $50 million, or 7.9% of revenue, compared with $47 million in Q2 2023.
Cash and cash equivalents were $197 million with zero long-term debt at June 30, 2024; the company repurchased $10 million of stock in the quarter and expects to complete its $80 million buyback program this year.
Rockwell Automation reported fiscal third-quarter 2024 sales of $2.05 billion, down 8.4% from a year earlier, and diluted EPS of $2.02, down from $3.45. The company lowered its fiscal 2024 guidance, citing customer project delays tied to weaker consumer demand, high interest rates, and policy uncertainty.
Q3 sales were $2,051 million, down 8.4% from $2,239 million; organic sales also fell 8.4%.
Diluted EPS was $2.02 versus $3.45, and adjusted EPS was $2.71, down 10.0%; diluted EPS includes a $0.46 restructuring charge.
Fiscal 2024 diluted EPS guidance was cut to about $8.32 from $8.80-$9.80; adjusted EPS guidance is now about $9.60 versus $10.00-$11.00.
Reported sales growth guidance was cut to about (8.5)% from (6.0)%-(4.0)%; total ARR rose 17%.
The New York Times Company reported second-quarter 2024 revenue of $625.1 million, up 5.8%, with operating profit up 42.4% to $79.4 million and diluted earnings per share of $0.40, versus $0.28 a year earlier. Digital-only subscribers rose by 300,000 in the quarter to 10.21 million, and the company guided to third-quarter digital-only subscription revenue growth of 12% to 15%, alongside adjusted operating cost growth of 5% to 6%.
Total revenues were $625.1 million, up 5.8% from $590.9 million in Q2 2023
Operating profit was $79.4 million, versus $55.8 million; diluted EPS was $0.40, versus $0.28
Digital-only subscribers reached 10.21 million, a net addition of 300,000 during the quarter
Q3 2024 guidance: digital-only subscription revenues up 12% to 15%; adjusted operating costs up 5% to 6%
Reynolds Consumer Products reported second-quarter 2024 net revenues of $930 million, down from $940 million a year earlier, while net income rose to $97 million from $66 million and EPS reached $0.46 versus $0.32. The company raised its full-year 2024 net revenue, net income, Adjusted EBITDA and EPS guidance and issued third-quarter 2024 guidance, which points to higher expected profit despite slightly lower sales.
Q2 2024 net revenues were $930 million versus $940 million in Q2 2023, with retail net revenues up 1% to $892 million.
Q2 2024 net income was $97 million versus $66 million, and Adjusted EBITDA was $172 million versus $150 million.
Full-year 2024 Adjusted EBITDA guidance was raised to $670 million to $685 million from $660 million to $680 million, and EPS guidance to $1.65 to $1.71 from $1.62 to $1.70.
The board approved a quarterly dividend of $0.23 per share, payable August 30, 2024, and a $50 million term loan prepayment was made after quarter end.
Dynatrace reported fiscal first-quarter 2025 results for the quarter ended June 30, 2024, with total revenue of $399 million, up 20% year over year, and non-GAAP diluted EPS of $0.33, up from $0.27. GAAP diluted EPS was $0.13, unchanged from a year earlier. The company issued second-quarter revenue guidance of $404 million to $407 million and kept its full-year fiscal 2025 guidance unchanged, which shareholders may watch for signs of how growth is tracking.
Total revenue $399 million, up 20%; annual recurring revenue (ARR) $1.54 billion, up 19%
GAAP net income $38.6 million vs. $38.2 million a year earlier; GAAP diluted EPS $0.13 in both periods
Non-GAAP diluted EPS $0.33 vs. $0.27; GAAP income from operations $42 million vs. $34 million
Q2 fiscal 2025 revenue guidance $404 million to $407 million; full-year revenue guidance $1,644 million to $1,658 million, unchanged
Wolverine World Wide reported second-quarter 2024 revenue of $425.2 million, down 27.8% from $589.1 million a year earlier, and diluted earnings per share of $0.17 versus $0.30. The company raised parts of its full-year 2024 outlook, including diluted EPS of $0.53 to $0.63 (previously $0.43 to $0.63) and ongoing revenue of $1.71 billion to $1.73 billion, while the year-over-year declines reflect divestitures and lower sales.
Q2 2024 diluted EPS was $0.17 versus $0.30 a year earlier, down 43.3%; adjusted diluted EPS was $0.15 versus $0.19.
Ongoing revenue for the quarter was $424.8 million, down 18.4% from $520.8 million; the company cited divestitures of Keds, Wolverine Leathers and Sperry.
Full-year 2024 diluted EPS guidance is $0.53 to $0.63, and ongoing revenue guidance is $1.71 billion to $1.73 billion.
Inventory at quarter end was $297.1 million, down 54.1% from the prior year, and net debt was $666 million.
NiSource reported second quarter 2024 results, with GAAP net income available to common shareholders of $85.8 million, or $0.19 per diluted share, up from $39.9 million, or $0.09, a year earlier. Adjusted EPS was $0.21 versus $0.11, and the company reaffirmed its 2024 adjusted EPS guidance of $1.70-1.74 and its 6-8% annual adjusted EPS growth target for 2023-2028.
Q2 2024 GAAP net income available to common shareholders: $85.8 million, $0.19 per diluted share, versus $39.9 million, $0.09, in Q2 2023
Q2 2024 adjusted net income available to common shareholders: $94.7 million, $0.21 adjusted EPS, versus $50.3 million, $0.11, in Q2 2023
2024 adjusted EPS guidance of $1.70-1.74 reaffirmed; 2024-2028 base capital expenditure plan is $16.4 billion
Six months ended June 30, 2024 GAAP EPS was $0.95, versus $0.80 a year earlier
Bio-Techne reported fourth-quarter fiscal 2024 net sales up 2% to $306.1 million, with organic revenue up 1%, while GAAP earnings per share fell to $0.25 from $0.47 a year earlier. Full-year net sales rose 2% to $1.2 billion, but full-year GAAP EPS fell to $1.05 from $1.76, and the company also announced a cash dividend in a separate press release.
Q4 GAAP operating income fell 52% to $45.8 million; adjusted operating income fell 9% to $101.8 million
Q4 adjusted EPS was $0.49 versus $0.55 a year earlier; full-year adjusted EPS was $1.77 versus $1.99
Diagnostics and Genomics segment Q4 net sales rose 15% to $90.7 million, while Protein Sciences Q4 net sales fell 4% to $214.0 million
Full-year cash flow from operations rose 18% to $299.0 million; the filing does not state the dividend amount
Innospec reported second-quarter 2024 net sales of $435.0 million, down 9% from $480.4 million a year earlier, while net income rose to $31.2 million, or $1.24 per diluted share, from $28.9 million, or $1.16. Management said Oilfield Services sales were hit by lower production chemical activity and expects lower sales there to continue through the second half of 2024, while Performance Chemicals and Fuel Specialties improved.
Net sales were $435.0 million versus $480.4 million; net income was $31.2 million, or $1.24 per diluted share, versus $28.9 million, or $1.16.
Oilfield Services operating income fell to $7.3 million from $28.0 million, while Performance Chemicals operating income rose to $21.2 million from $9.2 million.
Adjusted non-GAAP EPS was $1.39 per diluted share, compared with $1.28 a year earlier.
As of June 30, 2024, the company had $240.2 million in cash and cash equivalents and no debt.
National Vision reported second-quarter 2024 net revenue from continuing operations of $451.7 million, up 4.6%, but swung to a net loss from continuing operations of $(1.0) million, compared with income of $3.6 million a year earlier. The company revised its fiscal 2024 outlook downward, with CEO Reade Fahs saying sales needed a greater inflection to deliver the originally expected results. For shareholders, the lower guidance and new transformation actions signal that the company expects slower progress than previously planned.
Q2 2024 net revenue from continuing operations rose 4.6% to $451.7 million; diluted EPS from continuing operations was $(0.01), versus $0.05 a year earlier
Q2 2024 Adjusted Operating Income rose 13.8% to $14.1 million; Adjusted Diluted EPS was $0.15 versus $0.12
Updated fiscal 2024 outlook (as of August 7, 2024) lowers net revenue to $1.820 billion to $1.840 billion and Adjusted Operating Income to $57 million to $62 million, versus prior continuing-operations ranges of $1.825 billion to $1.865 bil
Company is reviewing all stores to optimize its fleet; Alex Wilkes to become President effective August 19, 2024
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