590 material Form 8-K filings that 521 companies we cover made with the SEC in October 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).
Federated Hermes reported third quarter 2024 diluted EPS of $1.06, up from $0.86 a year earlier, on revenue of $408.5 million, up 1% from the prior-year quarter. Total managed assets reached a record $800.5 billion at Sept. 30, 2024, and the board declared a $0.31 per share dividend and authorized a new repurchase program of up to 5 million class B shares. Quarterly profit and revenue rose year over year, but nine-month EPS of $2.20 was down from $2.44.
Q3 2024 diluted EPS was $1.06 versus $0.86 in Q3 2023; net income was $87.5 million versus $75.0 million.
Q3 2024 revenue was $408.5 million, up 1% from $402.7 million in Q3 2023.
Total managed assets were a record $800.5 billion at Sept. 30, 2024, up 12% from a year earlier.
Board declared a $0.31 per share dividend payable Nov. 15, 2024 and authorized a new repurchase program of up to 5 million shares.
Heritage Financial reported third quarter 2024 net income of $11.4 million, or $0.33 per diluted share, down from $14.2 million, or $0.41, in the second quarter and $18.2 million, or $0.51, a year earlier. The results include a $6.9 million pre-tax loss on the sale of investment securities, which the company tied to a balance sheet repositioning. The board also declared a $0.23 quarterly dividend per share.
Net income was $11.4 million, or $0.33 per diluted share, versus $14.2 million, or $0.41, in Q2 2024 and $18.2 million, or $0.51, in Q3 2023.
A $6.9 million pre-tax loss on the sale of $78.0 million of investment securities reduced diluted earnings per share by $0.16.
Loans receivable rose $146.9 million, or 3.2%, and total deposits rose $192.8 million, or 3.5%, in the quarter.
Quarterly dividend of $0.23 per share is payable November 20, 2024 to shareholders of record on November 6, 2024.
Ameris Bancorp reported unaudited third-quarter 2024 net income of $99.2 million, or $1.44 per diluted share, up from $80.1 million, or $1.16 per share, a year earlier. Net interest income rose 3.0% year over year, but noninterest income fell 21.4% from the second quarter and the net interest margin narrowed to 3.51%. The company also authorized a $100.0 million share repurchase program on October 18, 2024.
Q3 2024 net income was $99.2 million, or $1.44 per diluted share, versus $90.8 million, or $1.32 per share, in Q2 2024
Adjusted net income was $95.2 million, or $1.38 per diluted share, excluding a $5.2 million gain on mortgage servicing rights sale and natural disaster expenses
Net interest margin was 3.51%, down from 3.58% in Q2 2024; noninterest income was $69.7 million, down from $88.7 million
Board authorized repurchases of up to $100.0 million of common stock on October 18, 2024, running through October 31, 2025
Minerals Technologies reported third-quarter 2024 diluted EPS of $1.45, compared with a loss of $0.59 a year earlier, on net sales of $525 million, down 4% as reported. Excluding special items, EPS was $1.51, a third-quarter record for the company. Shareholders also get a new $200 million share repurchase program and a 10% dividend increase, while sales declined.
Diluted EPS of $1.45 versus a loss of $0.59 in Q3 2023; $1.51 excluding special items, a third-quarter record
Net sales of $525 million, down 4% as reported and 2% on an underlying basis; reported operating income of $77 million versus a loss of $7.9 million a year earlier
New $200 million share repurchase program announced; previous $75 million program completed
Quarterly dividend raised 10% to $0.11 per share, payable December 5, 2024, to holders of record on October 31, 2024
Seacoast Banking reported third-quarter 2024 net income of $30.7 million, or $0.36 per diluted share, roughly flat from the prior quarter and down from $0.37 a year earlier. Net revenues rose 3% from the prior quarter but fell 5% from a year earlier. The company also disclosed an approximately $8.0 million pre-tax loss from an October securities sale and a possible fourth-quarter provision of $5 million to $10 million tied to Hurricane Milton, both of which could weigh on near-term earnings.
Net income $30.7 million, or $0.36 per diluted share, versus $30.2 million ($0.36) in Q2 2024 and $31.4 million ($0.37) in Q3 2023
Net revenues $130.3 million, up 3% from Q2 2024 and down 5% from Q3 2023
October sale of securities with a pre-tax loss of approximately $8.0 million, impacting fourth-quarter results; proceeds of approximately $113 million reinvested at a 5.4% average book yield
Additional fourth-quarter provision for credit losses for Hurricane Milton may be between approximately $5 million and $10 million
AptarGroup reported third quarter 2024 results for the quarter ended September 30, with reported sales up 2% to $909 million and net income up 19% to $100 million. Diluted earnings per share rose 17% to $1.48, and adjusted EPS rose 6% to $1.49, and the company expects fourth quarter 2024 adjusted EPS of $1.22 to $1.30, which would put full-year adjusted EPS at $5.34 to $5.42.
Q3 2024 reported sales rose 2% to $909 million; net income rose 19% to $100 million
Q3 adjusted EBITDA rose 8% to $208 million, a 23% margin
Q4 2024 adjusted EPS guidance is $1.22 to $1.30, versus $1.24 in Q4 2023
Board authorized $500 million in share repurchases and a $0.45 quarterly dividend payable November 14, 2024
Glacier Bancorp reported third-quarter 2024 net income of $51.1 million, up 14% from the prior quarter but down 3% from a year earlier, with diluted EPS of $0.45. Net income for the first nine months fell 24% to $128 million, which the company attributed mainly to higher funding costs and costs tied to its Wheatland and Rocky Mountain Bank acquisitions. The board declared a quarterly dividend of $0.33 per share.
Q3 diluted EPS was $0.45, up from $0.39 in Q2 but down from $0.47 a year earlier.
Net interest margin was 2.83%, up 15 basis points from 2.68% in Q2.
Nine-month net income was $128 million, down 24% from $169 million; dividends declared were $0.99 per share year to date.
Edwards Lifesciences reported third-quarter 2024 net sales of $1.35 billion, up 9% from a year earlier, with adjusted EPS of $0.67 versus $0.55. It reiterated its 2024 full-year sales growth guidance of 8% to 10% and gave fourth-quarter sales and EPS ranges. GAAP diluted EPS of $5.13 was driven mainly by a one-time gain from discontinued operations tied to the Critical Care sale.
Q3 net sales $1,354.4 million, up 8.9% from $1,243.4 million; TMTT sales up 73%, TAVR up 6%
Arthur J. Gallagher & Co. reported third-quarter 2024 results on October 24, 2024. Revenues before reimbursements were $2,766.5 million, up from $2,453.6 million a year earlier, and net earnings were $314.1 million versus $283.2 million. The company also made a CFO Commentary containing estimates for 2024 and other future results available, but the filing does not state a change to guidance.
Total revenues before reimbursements: $2,766.5 million in Q3 2024 vs. $2,453.6 million in Q3 2023.
Diluted net earnings per share: $1.39 vs. $1.28; adjusted EPS (non-GAAP): $2.26 vs. $2.00.
Nine-month net earnings: $1,212.2 million in 2024 vs. $1,005.6 million in 2023.
Supplemental Quarterly Data and CFO Commentary posted on the investor relations page; webcast held October 24, 2024 at 5:15 p.m. ET.
Eastern Bankshares reported a third-quarter 2024 net loss of $6.2 million, compared with net income of $26.3 million in the second quarter, after a $40.9 million initial provision on non-PCD loans acquired from Cambridge and $30.5 million of merger-related charges. Operating net income rose to $49.7 million, or $0.25 per diluted share, from $0.22, and the Board raised the quarterly cash dividend 9% to $0.12 per share, which matters to shareholders because it reflects both the GAAP loss and the higher core earnings and payout.
Net loss of $6.2 million, or $0.03 per diluted share, versus net income of $26.3 million, or $0.16 per diluted share, in the prior quarter.
Operating net income of $49.7 million, or $0.25 per diluted share, versus $36.5 million, or $0.22, in the prior quarter.
Total revenue of $203.4 million versus $154.0 million, following the Cambridge Bancorp merger completed July 12, 2024.
Quarterly cash dividend of $0.12 per share, up $0.01, payable December 16, 2024 to shareholders of record on December 3, 2024.
Cousins Properties reported third quarter 2024 results. Funds from operations (FFO) rose to $102.3 million, or $0.67 per share, from $99.0 million, or $0.65, a year earlier, and the company raised its full-year 2024 FFO guidance. GAAP net income available to common stockholders fell to $11.2 million, or $0.07 per share, from $19.4 million, or $0.13, mainly because of higher depreciation expense, and the company lowered its full-year net income guidance.
Q3 2024 FFO was $102.3 million, or $0.67 per share, versus $99.0 million, or $0.65, in Q3 2023.
Q3 2024 net income available to common stockholders was $11.2 million, or $0.07 per share, versus $19.4 million, or $0.13, in Q3 2023.
Full-year 2024 FFO guidance was raised to $2.66 to $2.70 per share from $2.63 to $2.68.
Full-year 2024 net income guidance was lowered to $0.26 to $0.30 per share from $0.31 to $0.36.
Principal Financial Group reported a third quarter 2024 net loss attributable to the company of $220 million, or $0.95 per diluted share, driven by a loss from exited business. Non-GAAP operating earnings were $412 million, or $1.76 per diluted share, down 2% from a year earlier, while the company returned $416 million to shareholders and raised its fourth quarter 2024 dividend to $0.73 per share.
Net loss attributable to PFG of $220 million, or $0.95 per diluted share, versus net income of $1,246.2 million in 3Q23
Non-GAAP operating earnings of $412 million, or $1.76 per diluted share, versus $419.7 million in 3Q23; excluding significant variances, $480 million, or $2.05 per diluted share
Returned $416 million to shareholders, including $251 million of share repurchases; quarterly dividend raised to $0.73 per share, payable December 18, 2024
Excess and available capital of $1.6 billion; assets under management of $741 billion
First Financial Bancorp reported third quarter 2024 net income of $52.5 million, or $0.55 per diluted share, down from $60.8 million, or $0.64, in the second quarter. The decline reflects a $17.5 million net loss on investment securities, which the company describes as a large non-recurring item; on an adjusted basis, diluted EPS was $0.67. The board approved a quarterly dividend of $0.24 per share, up from $0.23 in the prior quarter.
Q3 2024 net income $52.5 million, or $0.55 diluted EPS, vs. $60.8 million, or $0.64, in Q2 2024
Net loss on investment securities of $17.5 million in Q3, including a $9.7 million impairment on two bonds
Adjusted diluted EPS of $0.67 (non-GAAP); net interest margin of 4.05%, or 4.08% fully tax-equivalent
Quarterly dividend of $0.24 per share, payable December 16, 2024 to holders of record as of December 2, 2024
Healthpeak Properties reported third-quarter 2024 results in which AFFO rose to $0.41 per share from $0.40 a year earlier, while Nareit FFO fell to $0.44 from $0.46 and net income was flat at $0.12 per share. The company raised several full-year 2024 guidance ranges, including diluted earnings per share to $0.40 to $0.42 from $0.27 to $0.31, and declared a $0.30 quarterly dividend.
Q3 2024 AFFO of $0.41 per share versus $0.40 in Q3 2023; Nareit FFO of $0.44 versus $0.46; net income of $0.12 per share, unchanged.
2024 diluted EPS guidance raised to $0.40 to $0.42 from $0.27 to $0.31; AFFO guidance raised to $1.56 to $1.58 from $1.54 to $1.58.
Quarterly common dividend of $0.30 per share declared October 23, 2024, payable November 15, 2024 to holders of record on November 4, 2024.
Expected 2024 merger-related synergies raised to approximately $50 million from the Physicians Realty Trust merger.
Associated Banc-Corp reported third-quarter 2024 net income available to common equity of $85 million, or $0.56 per diluted share, down from $113 million and $0.74 in the second quarter but up from $80 million and $0.53 a year earlier. The second-quarter figure included a one-time $33 million tax benefit, and the company now expects 2024 net interest income growth of 0% to 1%, with period-end loan growth at the lower end of its 4% to 6% range.
Net income available to common equity of $85 million and diluted EPS of $0.56, versus $113 million and $0.74 in Q2 2024 and $80 million and $0.53 in Q3 2023
Q2 2024 included a one-time $33 million tax benefit; Q3 2024 tax expense was $20 million
Net interest income of $263 million, up $6 million from Q2 2024; net interest margin of 2.78%
Expects 2024 total net interest income growth of 0% to 1% and period-end loan growth at the lower end of 4% to 6%
SPS Commerce reported third quarter 2024 revenue of $163.7 million, up 21% from a year earlier, and diluted EPS of $0.62 versus $0.45. The company also issued fourth quarter and full-year 2024 guidance, with full-year revenue expected at $635.4 million to $636.4 million, or 18% to 19% growth. For shareholders, the headline measures of revenue and profit both improved, and the guidance points to continued growth.
Q3 2024 revenue was $163.7 million, up from $135.7 million in Q3 2023, reflecting 21% growth.
Q3 2024 net income was $23.5 million, or $0.62 per diluted share, compared with $16.8 million, or $0.45, a year earlier.
Q4 2024 revenue is expected at $168.5 million to $169.5 million, or 16% to 17% year-over-year growth.
Full-year 2024 non-GAAP income per diluted share is expected at $3.41 to $3.42.
The Bancorp reported third-quarter 2024 net income of $51.5 million, or $1.04 per diluted share, up from $50.1 million, or $0.92, a year earlier. Net interest income rose 5% to $93.7 million, while the company absorbed about $1.5 million in after-tax charges from a new credit-loss factor, interest reversals, and a transaction processing loss. The company also gave preliminary 2025 EPS guidance of $5.25 and kept its 2024 guidance at $4.35.
Q3 2024 net income $51.5 million vs. $50.1 million in Q3 2023; diluted EPS $1.04 vs. $0.92, an increase of 13%
Net interest income up 5% to $93.7 million; net interest margin 4.78% vs. 5.07% a year earlier
WSFS Financial reported third-quarter 2024 diluted EPS of $1.08, down from $1.16 in the prior quarter and $1.22 a year earlier, while total net revenue rose to $267.7 million. Net income fell to $64.4 million as noninterest expense increased to $163.7 million, and nonperforming assets rose to $91.3 million. The company repurchased $13.8 million of its stock during the quarter and the board approved a $0.15 quarterly dividend.
Net income attributable to WSFS was $64.4 million, versus $69.3 million in 2Q 2024 and $74.2 million in 3Q 2023.
Total net revenue was $267.7 million, up from $266.0 million in 2Q 2024 and $255.3 million in 3Q 2023.
Noninterest expense rose to $163.7 million from $155.8 million in 2Q 2024.
Board approved a quarterly cash dividend of $0.15 per share, payable November 22, 2024 to holders of record as of November 8, 2024.
Deckers reported second-quarter fiscal 2025 net sales of $1.311 billion, up 20.1%, and diluted earnings per share of $1.59, up from $1.14 a year earlier. The company raised its full-year fiscal 2025 revenue guidance to about $4.8 billion and its diluted EPS guidance to $5.15 to $5.25, which matters to shareholders because both headline forecasts moved higher.
Q2 fiscal 2025 net sales rose 20.1% to $1.311 billion; HOKA brand sales rose 34.7% to $570.9 million
Q2 diluted EPS was $1.59 versus $1.14, reflecting a six-for-one stock split during the quarter
Full-year fiscal 2025 guidance: net sales about $4.8 billion; diluted EPS $5.15 to $5.25
Cash and equivalents were $1.226 billion with no outstanding borrowings; $685.4 million remained under the buyback authorization
Comfort Systems USA reported third-quarter 2024 revenue of $1.81 billion, up from $1.38 billion a year earlier, and net income of $146.2 million, or $4.09 per diluted share, versus $105.1 million, or $2.93, in the same quarter of 2023. The board also declared a quarterly dividend of $0.35 per share, a $0.05 increase from the most recent dividend, payable November 25, 2024.
Q3 2024 revenue was $1.81 billion, compared with $1.38 billion in Q3 2023.
Q3 2024 net income was $146.2 million, or $4.09 per diluted share, compared with $105.1 million, or $2.93, a year earlier.
Backlog was $5.68 billion as of September 30, 2024, down from $5.77 billion on June 30, 2024 and up from $4.29 billion a year earlier.
Quarterly dividend of $0.35 per share is payable November 25, 2024 to holders of record on November 14, 2024.
ResMed reported fiscal first-quarter 2025 results, with revenue up 11% to $1.2 billion, income from operations up 34%, and diluted earnings per share of $2.11, up 42% from $1.49. The company also declared a quarterly cash dividend of $0.53 per share, with a November 7, 2024 record date and December 12, 2024 payment date.
Revenue rose 11% to $1.2 billion; gross margin improved 420 basis points to 58.6%.
Diluted EPS was $2.11 (GAAP) and $2.20 (non-GAAP), versus $1.49 and $1.64 a year earlier.
Quarterly cash dividend of $0.53 per share; ex-dividend date November 6, 2024, payable December 12, 2024.
Operating cash flow was $326 million; the company repurchased $50 million of stock during the quarter.
Knowles reported third-quarter 2024 revenue from continuing operations of $142.5 million, up 32% from $108.1 million a year earlier, driven by the Cornell acquisition and 4% organic growth. Non-GAAP diluted EPS rose to $0.26 from $0.20, but GAAP diluted EPS from continuing operations fell to $0.10 from $0.17, and the company also signed an agreement to sell its Consumer MEMS Microphones business, expected to close late in the fourth quarter.
Q3 2024 revenue from continuing operations: $142.5 million, up from $135.2 million in Q2 2024 and $108.1 million in Q3 2023
GAAP diluted EPS from continuing operations: $0.10, versus $0.17 a year earlier; non-GAAP diluted EPS: $0.26, versus $0.20
Q4 2024 guidance: revenue of $141 million to $151 million and non-GAAP diluted EPS of $0.26 to $0.30
Consumer MEMS Microphones sale agreement signed September 18, 2024; closing expected late in Q4 2024
L3Harris reported third-quarter 2024 revenue of $5.3 billion, up 8%, with GAAP diluted EPS of $2.10, up 4%, and non-GAAP diluted EPS of $3.34, up 5%. The company raised its 2024 revenue guidance to $21.1 billion to $21.3 billion and its 2024 non-GAAP diluted EPS guidance to $12.95 to $13.15, which gives shareholders an updated outlook while GAAP operating margin declined to 9.4% from 9.7%.
Third-quarter revenue of $5.3 billion, up 8%, including 5% organic growth
GAAP diluted EPS of $2.10, up 4%; non-GAAP diluted EPS of $3.34, up 5%
2024 revenue guidance raised to $21.1 billion to $21.3 billion; non-GAAP diluted EPS guidance raised to $12.95 to $13.15 from $12.85 to $13.15
GAAP operating margin of 9.4%, down 30 basis points from 9.7%
Exponent reported third-quarter 2024 net income of $26.0 million, or $0.50 per diluted share, up from $24.5 million, or $0.48, a year earlier, while revenues before reimbursements were roughly flat at $125.1 million. The company kept its full-year revenue growth outlook and raised its full-year EBITDA margin outlook to 27.9% to 28.1%, and it also declared a $0.28 quarterly dividend payable December 20, 2024.
Q3 2024 net income $26.0 million, or $0.50 per diluted share, vs. $24.5 million, or $0.48, in Q3 2023
Q3 revenues before reimbursements $125.1 million, roughly flat vs. $125.0 million a year earlier
Full-year 2024 guidance: revenues before reimbursements to grow in the low to mid-single digits; EBITDA margin raised to 27.9% to 28.1%
Quarterly dividend of $0.28 per share, payable December 20, 2024, to holders of record as of December 6, 2024
FirstCash Holdings reported record third-quarter 2024 revenue of $837.3 million, up 6% from a year earlier, and GAAP diluted earnings per share of $1.44, up 14%. Adjusted diluted EPS rose 7% to $1.67, and the board declared a $0.38 quarterly dividend payable November 27, 2024.
Q3 2024 revenue $837.3 million, up 6% in U.S. dollars from $786.3 million
GAAP diluted EPS $1.44 vs. $1.26 a year earlier (up 14%); adjusted diluted EPS $1.67 (up 7%)
Nine-month revenue $2.5 billion, up 9%; GAAP net income $175.3 million
Quarterly dividend of $0.38 per share, payable November 27, 2024 to holders of record as of November 15, 2024
Columbia Banking System reported third quarter 2024 net income of $146 million, up from $120 million in the second quarter, and diluted earnings per share of $0.70 versus $0.57. Operating earnings per share were $0.69, compared with $0.79 a year earlier, and total loans and leases fell $207 million during the quarter. Shareholders get a quarter of higher reported profit, while the filing also shows lower operating earnings than a year earlier.
Net income was $146 million in the third quarter of 2024, compared with $120 million in the second quarter.
Diluted EPS was $0.70, compared with $0.57 in the second quarter; operating diluted EPS was $0.69, compared with $0.67 in the second quarter and $0.79 in the third quarter of 2023.
Net interest margin was 3.56%, unchanged from the prior quarter; net interest income rose $3 million to $430 million.
Gross loans and leases decreased $207 million to $37.5 billion as of September 30, 2024; book value per common share rose to $25.17.
Tootsie Roll reported third-quarter 2024 net sales of $223.9 million, down 10% from a year earlier, and net earnings of $32.8 million, down from $34.4 million. Management blamed customer resistance to higher prices and the timing of sales between the third and fourth quarters, and said rising cocoa and chocolate costs are expected to keep pressuring input costs and margins in the fourth quarter of 2024 and in 2025.
Q3 2024 net sales were $223,891,000 versus $248,336,000 in Q3 2023, a decrease of 10%.
Q3 2024 net earnings per share were $0.46 versus $0.48, a decrease of $0.02 or 4%.
Nine-month 2024 net sales fell 8% to $524,174,000, while nine-month EPS rose 3% to $0.90 from $0.87.
Management expects higher cocoa and chocolate costs to continue weighing on input costs and margins in Q4 2024 and 2025.
City Holding Company reported third-quarter 2024 net income of $29.8 million and diluted earnings of $2.02 per share, up from $1.96 in the second quarter and $1.98 a year earlier. Non-interest income rose to $20.3 million from $17.4 million, while nonperforming assets increased to $16.2 million, which the company tied in part to a $2.0 million charge-off on a movie theater loan. The company also declared a quarterly dividend of $0.79 per share, which the release describes as a 10.0% increase.
Net income of $29.8 million and diluted EPS of $2.02 for the quarter ended September 30, 2024, versus $1.96 in Q2 2024 and $1.98 in Q3 2023
Non-interest income of $20.3 million versus $17.4 million a year earlier; net interest income of $55.6 million was roughly flat year over year
Nonperforming assets rose to $16.2 million (0.39% of loans and other real estate owned) from $10.2 million at June 30, 2024, and the provision for credit losses was $1.2 million
Quarterly cash dividend of $0.79 per share, payable October 31, 2024
Old Republic International reported third-quarter 2024 net income of $338.9 million, up from $52.6 million a year earlier, largely due to investment gains. Excluding investment gains and losses, net income fell 8.7% to $182.7 million, and the combined ratio rose to 95.0% from 91.9%, so shareholders see higher reported profit but weaker underlying operating results.
Diluted net income per share was $1.32, versus $0.19 in the third quarter of 2023.
Diluted net income excluding investment gains and losses was $0.71, versus $0.72 a year earlier.
Total operating revenues rose 10.1% to $2,144.0 million, and the combined ratio was 95.0%, up from 91.9%.
Capital returned to shareholders in the quarter totaled $232 million, including $165 million in share repurchases.
Berkshire Hills Bancorp reported third-quarter 2024 GAAP net income of $37.5 million, or $0.88 per share, up from $19.5 million, or $0.45 per share, a year earlier and $0.57 per share in the prior quarter. Operating earnings were $0.58 per share, up from $0.50 a year earlier, and the GAAP result includes a $16.0 million non-operating gain on a branch sale. The company said it would discuss expected future results on a conference call, but the filing does not state specific guidance figures.
GAAP net income $37.5 million, or $0.88 per share, versus $24.0 million, or $0.57 per share, in 2Q24 and $19.5 million, or $0.45 per share, in 3Q23
Operating earnings $24.8 million, or $0.58 per share, versus $0.55 per share in 2Q24 and $0.50 per share in 3Q23
$16.0 million non-operating gain on the sale of ten New York branches, or $0.30 per share after tax
Net interest margin 3.16%, down from 3.20% in 2Q24; total net revenue $125.6 million versus $107.8 million in 3Q23
Applied Industrial Technologies reported fiscal 2025 first-quarter net sales of $1.1 billion, up 0.3% year over year, and net income of $92.1 million, or $2.36 per share, down 1.0%. The company raised its fiscal 2025 EPS guidance to $9.25 to $10.00 from $9.20 to $9.95, mainly on updated interest and other income assumptions, while keeping its sales and EBITDA margin guidance unchanged.
Net sales rose 0.3% to $1.1 billion, but fell 3.0% on an organic daily basis
Net income of $92.1 million ($2.36 per share) and EBITDA of $129.0 million both declined from the prior year
Fiscal 2025 EPS guidance raised to $9.25 to $10.00; sales guidance of down 2.5% to up 2.5% maintained
Quarterly dividend of $0.37 per share declared, payable November 29, 2024 to holders of record on November 15, 2024
Sonic Automotive reported third quarter 2024 total revenues of $3.5 billion, down 4% year over year, and gross profit of $543.6 million, down 7%. Reported net income rose 8% to $74.2 million, but that figure includes a $31.0 million income tax benefit from an out-of-period adjustment, and adjusted net income fell 39% to $44.0 million. The board also approved a 17% increase in the quarterly cash dividend to $0.35 per share.
Total revenues of $3.5 billion, down 4%; gross profit of $543.6 million, down 7%
Reported net income of $74.2 million, up 8%; diluted EPS of $2.13, up 11%
Adjusted net income of $44.0 million, down 39%; adjusted diluted EPS of $1.26, down 38%
Quarterly dividend raised 17% to $0.35 per share, payable January 15, 2025 to holders of record December 13, 2024
OSI Systems reported fiscal first-quarter 2025 revenue of $344.0 million, up 23% from $279.2 million a year earlier, and GAAP net income of $17.9 million, or $1.05 per diluted share, compared with $0.75 a year earlier. The company raised its fiscal 2025 revenue and non-GAAP adjusted diluted EPS guidance, which signals improved expectations for shareholders.
Q1 revenue was $344.0 million, up 23% from $279.2 million in the same quarter of fiscal 2024.
GAAP diluted EPS was $1.05 versus $0.75; non-GAAP adjusted diluted EPS was $1.25 versus $0.91.
Fiscal 2025 revenue guidance rose to $1.670 billion-$1.695 billion from $1.620 billion-$1.650 billion.
Non-GAAP adjusted diluted EPS guidance rose to $9.00-$9.30 from $8.80-$9.15; net cash used in operations was $37.2 million and backlog was about $1.8 billion.
United Bankshares reported third-quarter 2024 net income of $95.3 million, or $0.70 per diluted share, down from $96.2 million, or $0.71 per share, a year earlier. Net income for the first nine months of 2024 was $278.6 million, or $2.06 per diluted share, compared with $286.9 million, or $2.12, in the same period of 2023. Shareholders are seeing slightly lower profit year over year even as net interest income held steady, and the pending Piedmont Bancorp merger is expected to close in late 2024 or early 2025.
Q3 2024 net income $95.3 million ($0.70 diluted) vs. $96.2 million ($0.71) in Q3 2023; Q2 2024 was $96.5 million ($0.71)
Nine-month 2024 net income $278.6 million ($2.06 diluted) vs. $286.9 million ($2.12) in 2023
Q3 2024 net interest income $230.3 million, up 2% from Q2 2024 and flat from Q3 2023
Noninterest income $31.9 million in Q3 2024, down 5% from Q3 2023; merger with Piedmont expected to close late Q4 2024 or early Q1 2025
NETSCOUT reported second-quarter fiscal 2025 revenue of $191.1 million, down from $196.8 million a year earlier, and GAAP net income of $9.0 million, or $0.13 per diluted share, versus $21.5 million, or $0.29, in the prior-year quarter. The company left its fiscal 2025 revenue and non-GAAP EPS outlook unchanged and narrowed its GAAP net loss per share range, which reflects restructuring charges under its Voluntary Separation Program.
Q2 fiscal 2025 revenue was $191.1 million, compared with $196.8 million in Q2 fiscal 2024.
GAAP net income was $9.0 million, or $0.13 per diluted share, including a $2.4 million restructuring charge; non-GAAP net income was $33.6 million, or $0.47 per diluted share.
Fiscal 2025 revenue outlook remains $800 million to $830 million and non-GAAP EPS outlook remains $2.10 to $2.30.
GAAP net loss per share outlook is now ($5.22) to ($5.01), versus ($5.28) to ($5.03) previously; the Voluntary Separation Program is expected to reduce about 145 employees.
Euronet reported third-quarter 2024 revenue of $1,099.3 million, up 9% from a year earlier, and diluted GAAP EPS of $3.21 versus $2.05. Adjusted EPS rose 11% to $3.03, and the company reaffirmed its 2024 adjusted EPS growth outlook of 10% to 15%, with 10% to 15% growth also expected in 2025, which matters to shareholders because it signals continued earnings growth.
Revenue $1,099.3 million, up 9% from $1,004.0 million; operating income $182.2 million, up 9%
Diluted GAAP EPS $3.21 versus $2.05; adjusted EPS $3.03 versus $2.72, up 11%
2024 adjusted EPS growth outlook of 10% to 15% reaffirmed; 2025 expected in the 10% to 15% range
Company repurchased 1 million shares for $101.3 million in the quarter
Nasdaq reported third-quarter 2024 net revenue of $1,146 million, up 22% from a year earlier, while GAAP diluted earnings per share fell 11% to $0.53 and non-GAAP diluted EPS rose 5% to $0.74. The company also updated its 2024 non-GAAP operating expense and tax rate guidance and declared a quarterly cash dividend, with $0.24 per share declared in the quarter compared with $0.22 a year earlier.
Net revenue (revenues less transaction-based expenses) was $1,146 million, up from $940 million; on a pro forma basis, growth was 10%.
GAAP diluted EPS was $0.53, down from $0.60; non-GAAP diluted EPS was $0.74, up from $0.71.
2024 non-GAAP operating expense guidance was updated to $2,150 million to $2,180 million, and non-GAAP tax rate guidance to 23.5% to 24.5%.
The company returned $138 million to shareholders through dividends and $88 million through share repurchases in the quarter, with $1.7 billion remaining under its buyback authorization.
Lear reported third quarter 2024 sales of $5.6 billion, down 3% from a year earlier, while adjusted earnings per share rose 1% to $2.89, helped by share repurchases. Core operating earnings fell to $257 million from $267 million, and free cash flow dropped to $51 million from $251 million. The company also updated its full year 2024 outlook, which now projects net sales of $22,950 million to $23,150 million.
Q3 2024 sales were $5.6 billion versus $5.8 billion in Q3 2023; net income attributable to Lear was $135.8 million, up 2%.
Adjusted EPS was $2.89 versus $2.87; reported EPS was $2.41 versus $2.25, primarily reflecting share repurchases.
Core operating earnings were $257 million versus $267 million; free cash flow was $51 million versus $251 million.
Full year 2024 outlook: net sales $22,950 million to $23,150 million; core operating earnings $1,040 million to $1,090 million; free cash flow $535 million to $585 million.
Tractor Supply reported third-quarter 2024 net sales up 1.6% to $3.47 billion, but comparable store sales fell 0.2% and diluted EPS fell 3.9% to $2.24. The company raised the lower end of its fiscal 2024 sales and earnings guidance and reached a definitive agreement to acquire online pet pharmacy Allivet.
Q3 net sales rose 1.6% to $3.47 billion; net income fell 5.3% to $241.5 million
Diluted EPS was $2.24 versus $2.33 a year earlier; SG&A rose to 27.8% of net sales from 26.7%
Fiscal 2024 EPS guidance is now $10.10 to $10.40, up from $10.00 to $10.40 at the low end; comparable store sales guidance is now 0.0% to +1.0%
Definitive agreement reached to acquire Allivet, a leading online pet pharmacy
Visteon reported third-quarter 2024 sales of $980 million, down from $1,014 million a year earlier, and net income attributable to the company of $39 million, down from $66 million. The company also updated its full-year 2024 guidance, projecting sales of $3.85 billion to $3.90 billion and adjusted EBITDA of $465 million to $480 million, which gives shareholders a lower near-term profit picture than the prior year's quarter.
Q3 net sales were $980 million versus $1,014 million in Q3 2023
Diluted EPS was $1.40 versus $2.32; adjusted EPS was $2.26 versus $2.35
Adjusted EBITDA was $119 million versus $128 million; restructuring expense of $28 million in the quarter
Full-year 2024 guidance: sales $3.85 billion to $3.90 billion, adjusted EBITDA $465 million to $480 million, adjusted free cash flow $165 million to $185 million; the filing does not state prior guidance
The Simply Good Foods Company reported fourth quarter and full fiscal 2024 results on October 24, 2024, with net sales up in both periods, including the June 13, 2024 OWYN acquisition. Quarterly net income and diluted EPS fell from a year earlier, while Adjusted EBITDA rose, and the company gave a fiscal 2025 outlook that anticipates gross margin compression.
Q4 net sales of $375.7 million vs $320.4 million; net income of $29.3 million vs $36.6 million; diluted EPS of $0.29 vs $0.36
Q4 Adjusted EBITDA of $77.5 million vs $67.3 million; fiscal 2024 Adjusted EBITDA of $269.1 million vs $245.6 million
Fiscal 2025 outlook: net sales expected to rise 8.5% to 10.5% and Adjusted EBITDA 4% to 6%; gross margin compression anticipated
Q4 business transaction costs of $11.8 million related to the OWYN acquisition
Teradyne reported third-quarter 2024 revenue of $737 million, up 5% from $704 million a year earlier, and non-GAAP EPS of $0.90 versus $0.80 a year earlier. GAAP EPS was $0.89, down from $1.14 in the prior quarter, which included a $57.5 million gain on the sale of a business. The company gave fourth-quarter revenue guidance of $710 million to $760 million, with non-GAAP EPS of $0.80 to $0.97.
Q3 2024 revenue $737 million vs. $704 million in Q3 2023; Q2 2024 revenue was $730 million
Non-GAAP EPS $0.90 vs. $0.80 a year earlier; GAAP EPS $0.89 vs. $0.78 a year earlier and $1.14 in Q2 2024
Q4 2024 guidance: revenue $710 million to $760 million; GAAP EPS $0.73 to $0.91; non-GAAP EPS $0.80 to $0.97
Semiconductor Test revenue was $543 million; the company cited AI-related demand as a growth driver
Dow Inc. reported third-quarter 2024 net sales of $10.9 billion, up 1% from a year earlier, and operating EBIT of $641 million, up $15 million. GAAP earnings per share fell to $0.30 from $0.42, and operating EPS was $0.47 compared with $0.48 a year earlier. The company also announced a strategic review of select European assets, primarily in its Polyurethanes business.
Net sales were $10.9 billion, up 1% year over year, and flat sequentially.
GAAP net income was $240 million, compared with $327 million a year earlier; operating EPS was $0.47, versus $0.48 a year earlier and $0.68 in the prior quarter.
Operating EBIT was $641 million, up $15 million year over year, reduced by an unplanned cracker outage in Texas.
Cash provided by operating activities from continuing operations was $800 million, down $858 million year over year.
Ryder reported third-quarter 2024 results for the three months ended September 30, with total revenue up 8% to $3.2 billion while GAAP earnings per share from continuing operations fell to $3.25 from $3.44. The company reaffirmed its full-year 2024 comparable EPS forecast of $11.90 to $12.10, citing weaker rental and used vehicle markets that offset higher earnings in its contractual businesses. For shareholders, revenue growth came with lower per-share profit, and the full-year outlook was held rather than changed.
GAAP EPS from continuing operations was $3.25 versus $3.44 a year earlier; comparable EPS was $3.44 versus $3.58.
Total revenue was $3.2 billion versus $2.9 billion; operating revenue (non-GAAP) rose 9% to $2.6 billion, reflecting recent acquisitions.
Fleet Management Solutions earnings before tax fell 22% to $132 million on weaker rental demand and lower used vehicle gains.
Full-year 2024 comparable EPS of $11.90 to $12.10 was reaffirmed; fourth-quarter comparable EPS is forecast at $3.32 to $3.52.
Bread Financial reported third-quarter 2024 net income of $2 million, or $0.05 per diluted share, down from $171 million a year earlier. The drop reflects a $96 million pre-tax charge from repurchasing $262 million of convertible notes; adjusted diluted EPS was $1.83, still well below the prior-year figure, and revenue fell 5% to $983 million. The company also declared a $0.21 quarterly dividend and left its 2024 outlook unchanged.
Q3 2024 net income was $2 million, or $0.05 per diluted share, versus $171 million in Q3 2023; adjusted diluted EPS was $1.83.
Revenue was $983 million, down $48 million or 5% from $1,031 million; average loans rose 1% to $17.8 billion.
The net loss rate rose to 7.8% from 6.9%, and the delinquency rate rose to 6.4% from 6.3%.
Quarterly dividend of $0.21 per share is payable December 13, 2024, to holders of record on November 8, 2024; the 2024 outlook is unchanged.
Reliance reported third-quarter 2024 net sales of $3.42 billion, down 5.6% from a year earlier, and diluted EPS of $3.61 versus $4.99 in Q3 2023. The company expects non-GAAP EPS of $2.65 to $2.85 for Q4 2024 and says demand will weaken temporarily, which points to lower earnings for shareholders in the near term.
Net sales $3.42 billion vs. $3.62 billion in Q3 2023; tons sold up 7.1%, while average selling price per ton fell 12.0%
Diluted EPS $3.61 vs. $4.99; non-GAAP diluted EPS $3.64 vs. $5.00
Q4 2024 guidance: non-GAAP EPS of $2.65 to $2.85; tons sold expected down 6.0% to 8.0% from Q3 2024
Board declared a $1.10 quarterly dividend payable December 6, 2024; repurchase authorization replenished to $1.5 billion
Hasbro reported third-quarter 2024 revenue of $1,281.3 million, down 15% from a year earlier, while GAAP net earnings were $223.2 million versus a loss of $171.1 million in the prior-year quarter, which included a $473 million loss on disposal of a business. Adjusted operating profit fell $14 million to $329 million, and the company kept its full-year Adjusted EBITDA guidance of $975 million to $1.025 billion.
Net revenues were $1,281.3 million, down 15%; excluding the eOne divestiture, revenue declined 9%.
Diluted EPS was $1.59 versus a loss of $1.23 a year earlier; adjusted diluted EPS was $1.73.
Adjusted operating profit was $329 million, down $14 million from the prior year, with adjusted operating margin of 25.7%.
Quarterly cash dividend of $0.70 per share is payable December 4, 2024, to holders of record on November 20, 2024.
TechnipFMC reported third-quarter 2024 revenue of $2,348.4 million, up 14.2% from a year earlier, and net income attributable to the company of $274.6 million, or $0.63 per diluted share, compared with $90.0 million a year earlier. The board also raised its share repurchase authorization by $1 billion and the company raised its 2025 Subsea revenue and margin guidance, which matters to shareholders because it signals higher capital returns and a stronger outlook.
Revenue of $2,348.4 million, up 14.2% year over year and 1.0% from the second quarter.
Net income attributable to TechnipFMC of $274.6 million ($0.63 diluted EPS), including a $60.6 million non-cash tax benefit.
Share repurchase authorization increased by $1 billion, bringing total authorized repurchases to up to $1.2 billion.
2025 Subsea revenue guidance raised to $8.3-8.7 billion from about $8 billion; adjusted EBITDA margin guidance raised to 18.5-20% from about 18%.
Northrop Grumman reported third quarter 2024 sales of $10.0 billion, up 2% from a year earlier, and diluted earnings per share of $7.00, up 13% from $6.18. The company raised its 2024 MTM-adjusted EPS guidance by 75 cents to $25.65 to $26.05, which matters to shareholders because it signals higher expected per-share profit for the year.
Q3 2024 diluted EPS was $7.00 versus $6.18 in Q3 2023; net earnings were $1.0 billion, up 9%
2024 MTM-adjusted EPS guidance raised to $25.65 to $26.05, from $24.90 to $25.30 previously
Q3 free cash flow fell 16% to $730 million, principally due to higher net federal tax payments
Textron reported third-quarter 2024 revenue of $3.43 billion, up from $3.34 billion a year earlier, but adjusted earnings per share fell to $1.40 from $1.49 after a four-week strike at Textron Aviation. The company cut its full-year 2024 adjusted EPS outlook to $5.40-$5.60 from $6.20-$6.40 and lowered its manufacturing cash flow outlook, which matters to shareholders because it reduces expected earnings for the year.
GAAP EPS from continuing operations was $1.18 versus $1.35 a year earlier; adjusted EPS was $1.40 versus $1.49
Textron Aviation revenue and segment profit were hit by the IAM strike, which ended with a new five-year contract ratified on October 20
2024 manufacturing cash flow before pension contributions is now expected at $650 million to $750 million, down from $0.9 billion to $1.0 billion
Textron returned $215 million to shareholders through share repurchases in the third quarter and $890 million year to date
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