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).
Ares Management reported third quarter 2024 results on November 1, 2024, with GAAP net income attributable to the company of $118.5 million, up from $61.8 million a year earlier. Total revenues were $1.13 billion versus $671 million, and fee related earnings rose 24% to $339.3 million, which signals stronger results for shareholders. The company also declared a quarterly common dividend of $0.93 per share and said it expects 2024 to be a record fundraising year.
GAAP net income attributable to Ares was $118.5 million, or $0.55 per share, versus $61.8 million, or $0.30 per share, in the third quarter of 2023
Fee related earnings were $339.3 million, up from $274.2 million; after-tax realized income was $0.95 per Class A share, up from $0.83
Quarterly common dividend of $0.93 per share, payable December 31, 2024 to holders of record on December 17, 2024
Management expects 2024 gross fundraising commitments in the mid-$80 billion range after $64 billion raised year-to-date
MasTec reported third-quarter 2024 revenue of $3.3 billion, flat from a year earlier, while GAAP net income rose to $105.4 million, or $1.21 per diluted share, from $15.3 million, or $0.18, in the third quarter of 2023. The company also updated full-year 2024 guidance, now expecting revenue of approximately $12.225 billion, GAAP diluted EPS of $1.98 and adjusted EBITDA of $990 million.
Q3 2024 adjusted diluted EPS was $1.63, compared with $0.95 in Q3 2023.
Q3 2024 adjusted EBITDA was $305.9 million, up 13% from $271.1 million a year earlier.
Full-year 2024 guidance: revenue of approximately $12.225 billion, GAAP diluted EPS of $1.98 and adjusted diluted EPS of $3.75.
Q4 2024 guidance: revenue of approximately $3.325 billion and GAAP diluted EPS of $0.86; management will discuss results on November 1, 2024 at 9:00 a.m. Eastern Time.
Ingersoll Rand reported third-quarter 2024 revenue of $1,861 million, up 7%, and adjusted diluted EPS of $0.84, up from $0.77 a year earlier. The company lowered its full-year 2024 revenue growth guidance to 5% to 7% from 6% to 8% and narrowed its adjusted EBITDA range, so stronger quarterly profit comes alongside a weaker sales outlook for shareholders.
Q3 revenue of $1,861 million, up 7%, but organic revenue declined 2.4%; acquisitions added 8.9 points
Adjusted diluted EPS of $0.84 vs. $0.77 a year earlier; GAAP diluted EPS of $0.54 vs. $0.51
Full-year revenue growth guidance cut to 5% to 7% from 6% to 8%; adjusted EBITDA guidance narrowed to $2,010 million to $2,040 million from $2,010 million to $2,060 million
Net debt to adjusted EBITDA rose to 1.7x, up 0.8x, driven mainly by the ILC Dover acquisition; $71 million returned to shareholders in Q3
Tennant Company reported third quarter 2024 net sales of $315.8 million, up 3.6% from a year earlier, and adjusted diluted EPS of $1.39, up 3.7%. GAAP net income fell 9.2% to $20.8 million and GAAP diluted EPS fell 9.9% to $1.09, while the company affirmed its 2024 guidance, so shareholders see higher sales and adjusted earnings alongside lower reported profit.
Net sales were $315.8 million, up 3.6%, or 2.7% organically; Americas organic sales rose 4.6% while EMEA fell 0.8% and APAC fell 4.3%.
GAAP diluted EPS was $1.09 versus $1.21 a year earlier; adjusted diluted EPS was $1.39 versus $1.34.
Adjusted EBITDA was $47.9 million, up 4.4%, and operating cash flow was $30.7 million, down $23.7 million from the prior-year period.
The company affirmed 2024 guidance, including net sales of $1,280 million to $1,305 million and adjusted diluted EPS of $6.15 to $6.55.
CNO Financial Group reported third-quarter 2024 net income of $9.3 million, or $0.09 per diluted share, down from $167.3 million, or $1.46 per diluted share, a year earlier. The company said non-economic accounting impacts from market volatility reduced 2024 net income, and that net operating income, which excludes those impacts, rose to $119.2 million, or $1.11 per diluted share, from $101.3 million, or $0.88. The company also raised its full-year guidance for earnings and cash flow.
Net income was $9.3 million ($0.09 per diluted share) in 3Q24, compared with $167.3 million ($1.46) in 3Q23; changes in fair value of embedded derivative liabilities and market risk benefits reduced 3Q24 non-operating results by $127.1 mill
Net operating income rose to $119.2 million ($1.11 per diluted share) from $101.3 million ($0.88), up 26% per share.
Full-year guidance was raised for earnings and cash flow.
Annuity collected premiums rose 25%, and the company returned $106.8 million to shareholders in the quarter.
Erie Indemnity reported third-quarter 2024 net income of $159.8 million, or $3.06 per diluted share, up from $131.0 million, or $2.51, a year earlier. Total operating revenue rose to $999.9 million from $858.9 million, and nine-month net income reached $448.3 million, or $8.57 per diluted share, compared with $335.1 million, or $6.41, in the same period of 2023. The results show higher profit on both a quarterly and year-to-date basis.
Q3 2024 net income was $159.8 million, or $3.06 per diluted share, versus $131.0 million, or $2.51, in Q3 2023.
Q3 2024 operating income before taxes rose $31.7 million, or 21.3 percent, year over year.
Management fee revenue from policy issuance and renewal services increased $120.1 million, or 18.5 percent, in Q3 2024.
The company will hold a pre-recorded audio webcast at 10:00 a.m. ET on November 1, 2024.
Eastman reported third quarter 2024 sales of $2.46 billion, up 9% from $2.27 billion a year earlier, with GAAP diluted EPS of $1.53 versus $1.49 and adjusted diluted EPS of $2.26 versus $1.47. The company kept the midpoint of its full-year adjusted EPS guidance unchanged and expects 2024 EPS of $7.50 to $7.70, while saying the Kingsport methanolysis facility has taken longer than expected to reach consistent production rates.
Third quarter sales were $2,464 million versus $2,267 million, driven by an 8% increase in sales volume/mix.
GAAP diluted EPS was $1.53 versus $1.49; adjusted diluted EPS was $2.26 versus $1.47.
The company expects 2024 EPS of $7.50 to $7.70 and cash from operations of approximately $1.3 billion, with the adjusted EPS guidance midpoint unchanged.
Eastman made an investment decision to build a second methanolysis facility in Longview, Texas, and returned $195 million to shareholders in the quarter, including $100 million of share repurchases.
Fox Factory reported third-quarter fiscal 2024 net sales of $359.1 million, up 8.5% from a year earlier, but net income fell to $4.8 million from $35.3 million and diluted EPS dropped to $0.11 from $0.83. The company said revenue and EPS landed at the low end of its guidance range and updated its full-year fiscal 2024 outlook, which now calls for net sales of $1.341 billion to $1.381 billion and adjusted EPS of $1.27 to $1.42.
Q3 net sales were $359.1 million, up from $331.1 million; the Marucci acquisition contributed $49.6 million.
Q3 diluted EPS was $0.11 versus $0.83 a year earlier; adjusted diluted EPS was $0.35 versus $1.05.
For Q4 fiscal 2024, the company expects net sales of $300 million to $340 million and adjusted EPS of $0.25 to $0.40.
Cohu reported fiscal third-quarter 2024 net sales of $95.3 million and a GAAP net loss of $18.1 million, or $0.39 per share, compared with net income of $3.9 million a year earlier. Its non-GAAP loss was $3.8 million, or $0.08 per share, and it guided fourth-quarter 2024 sales to $95 million plus or minus $7 million, which shareholders will weigh against the continued losses.
Q3 2024 net sales were $95.3 million, versus $104.7 million in Q2 2024 and $150.8 million in Q3 2023.
GAAP net loss was $18.1 million ($0.39 per share) for Q3 2024; non-GAAP net loss was $3.8 million ($0.08 per share).
Nine-month 2024 GAAP net loss was $48.5 million ($1.03 per share) on net sales of $307.7 million.
Cohu expects fourth-quarter 2024 sales of $95 million +/- $7 million and repurchased 315,000 shares for about $8.1 million in Q3.
VIAVI reported preliminary first-quarter fiscal 2025 results for the quarter ended September 28, 2024, with net revenue down 3.9% year-over-year to $238.2 million and a GAAP net loss of $1.8 million, compared with net income of $9.8 million a year earlier. Non-GAAP diluted EPS was $0.06, down 33.3%, and the company guided second-quarter net revenue to $255 million to $265 million and non-GAAP EPS to $0.09 to $0.11. The results are preliminary because the Form 10-Q has not yet been filed.
Net revenue of $238.2 million, down $9.7 million or 3.9% year-over-year; Network Enablement fell 5.6% to $141.6 million
GAAP net loss of $1.8 million, or $(0.01) per share, versus net income of $9.8 million in the prior-year quarter
Non-GAAP diluted EPS of $0.06, down 33.3% year-over-year
Second-quarter fiscal 2025 guidance: net revenue of $255 million to $265 million and non-GAAP EPS of $0.09 to $0.11
Cavco reported fiscal second-quarter results for the period ended September 28, 2024, with net revenue up 12.3% to $507 million and diluted earnings per share up 10.9% to $5.28, driven mainly by higher home sales volume. The Board also approved a new $100 million stock repurchase program on October 29, 2024, which the company expects to fund from existing cash.
Net revenue was $507 million, up $55 million or 12.3% from $452 million a year earlier; homes sold rose 15.7% to 4,913.
Diluted EPS was $5.28 versus $4.76; six-month diluted EPS was $9.38 versus $10.05, down 6.7%.
Financial services gross profit margin fell to 21.8% from 35.9%, hurt by Hurricane Beryl and other weather-related insurance claims.
The $100 million repurchase program has no obligation to buy any set amount and may be suspended or discontinued at any time.
Middlesex Water reported third quarter 2024 results on October 31, 2024, with diluted earnings per share of $0.80 versus $0.56 a year earlier and revenue of $55.1 million, up $8.4 million. The company also raised its quarterly dividend 4.62% to $0.34 per share, lifting the annual rate to $1.36 from $1.30.
Q3 2024 net income was $14.3 million, up $4.3 million from the same period in 2023.
Nine-month diluted EPS was $1.98 versus $1.44, helped in part by a one-time recovery of $6.8 million in prior period costs at the Park Avenue Wellfield.
Quarterly dividend of $0.34 per share is payable December 2, 2024, to holders of record as of November 15, 2024.
Operations and maintenance expenses for the quarter rose $2.8 million, driven by legal, financial and regulatory matter costs among other factors.
Dorman Products reported third-quarter 2024 net sales of $503.8 million, up 3.2%, and diluted EPS of $1.80, up 41% from $1.28. The company raised its full-year 2024 diluted EPS guidance to $6.15 to $6.25 from $5.32 to $5.52 and announced a new share repurchase program of up to $500 million, effective January 1, 2025 and running through December 31, 2027.
Q3 2024 net sales were $503.8 million, up 3.2% from $488.2 million in Q3 2023
Diluted EPS was $1.80 versus $1.28; adjusted diluted EPS was $1.96 versus $1.40
2024 diluted EPS guidance raised to $6.15 to $6.25 from $5.32 to $5.52; net sales growth guidance narrowed to 3.5% to 4.5%
New share repurchase program of up to $500 million runs January 1, 2025 to December 31, 2027; prior program expires December 31, 2024
SkyWest reported third quarter 2024 net income of $90 million, or $2.16 per diluted share, compared with $23 million, or $0.55 per diluted share, a year earlier. Revenue rose 19% to $913 million, and the company said it reached an agreement with United Airlines to place 40 CRJ550 aircraft under a multi-year contract.
Q3 2024 revenue was $913 million, up $147 million, or 19%, from $766 million in Q3 2023.
Q3 2024 net income was $90 million, or $2.16 per diluted share, versus $23 million, or $0.55 per diluted share, in Q3 2023.
SkyWest agreed with United Airlines to place 40 CRJ550s under a multi-year contract, including 11 used CRJ550s to be acquired.
SkyWest repurchased 217,000 shares for $16.3 million in Q3 2024 and had $53 million of remaining repurchase availability as of September 30, 2024.
AMETEK reported third quarter 2024 sales of $1.71 billion, up 5%, and adjusted diluted earnings of $1.66 per share, up 1%. The company raised its 2024 adjusted diluted EPS guidance to $6.77 to $6.82 from $6.70 to $6.80 and said it acquired Virtek Vision International, which has annual sales of about $40 million.
Q3 sales were $1.71 billion, up 5%; operating income rose 2% to $445.9 million.
GAAP diluted EPS was $1.47, flat year over year; adjusted diluted EPS was $1.66, up 1% from $1.64.
2024 adjusted diluted EPS guidance raised to $6.77 to $6.82; full-year sales growth outlook of 5% to 7% unchanged.
Virtek Vision, with annual sales of about $40 million, will join the Electronic Instruments Group.
Cullen/Frost Bankers reported third quarter 2024 net income available to common shareholders of $144.8 million, down from $154.0 million a year earlier, with diluted EPS of $2.24 versus $2.38. Nine-month net income fell 13.8 percent, and non-interest expense rose 10.3 percent, while loans grew and the board declared a $0.95 quarterly common dividend.
Q3 2024 net income available to common shareholders was $144.8 million, versus $154.0 million in Q3 2023; diluted EPS was $2.24 versus $2.38.
Nine-month 2024 net income available to common shareholders was $422.7 million, down 13.8 percent; diluted EPS was $6.51 versus $7.54.
Average loans rose 11.8 percent year over year to $20.1 billion; average deposits fell 0.2 percent to $40.7 billion.
Non-interest expense was $323.4 million, up 10.3 percent; the board declared a $0.95 common dividend payable December 13, 2024.
Lincoln Electric reported third quarter 2024 net sales of $983.8 million, down 4.8% from a year earlier, with organic sales down 7.7%. Diluted EPS was $1.77 versus $2.22, and adjusted EPS, which excludes special items, was $2.14 versus $2.40, so both measures fell for shareholders. The Board also declared a quarterly dividend of $0.75 per share, a 5.6% increase.
Q3 2024 net sales were $983.8 million, down 4.8%; organic sales fell 7.7% and acquisitions added 3.0%.
Diluted EPS was $1.77 versus $2.22; adjusted EPS was $2.14 versus $2.40 in the prior year period.
Operating income margin was 14.8% versus 16.6%; adjusted operating margin was 17.3% versus 17.7%.
Board declared a $0.75 quarterly dividend, a 5.6% increase, payable January 15, 2025 to holders of record as of December 31, 2024.
Trinity Industries reported third-quarter 2024 results on October 31, 2024. Revenue fell to $798.8 million from $821.3 million a year earlier, but GAAP diluted EPS rose to $0.44 from $0.29 and operating profit rose to $122.4 million from $100.2 million. The company raised its full-year 2024 EPS guidance to $1.70 to $1.80.
Q3 2024 revenues were $798.8 million, compared with $821.3 million in Q3 2023.
Q3 diluted EPS was $0.44 GAAP and $0.43 adjusted, compared with $0.29 and $0.26 a year earlier.
Operating profit was $122.4 million, up from $100.2 million; Railcar Leasing and Services operating profit was $115.2 million.
Full-year 2024 EPS guidance was raised to $1.70 to $1.80; year-to-date cash flow from continuing operations was $383.5 million.
California Water Service Group reported third-quarter 2024 results on October 31, 2024. Net income attributable to the company was $60.7 million, up from $34.4 million, and operating revenue rose to $299.6 million from $255.0 million, with management citing the 2021 California General Rate Case decision as a continuing benefit. Because both profit and revenue improved, the results point in a positive direction for shareholders, though the release gives no forward guidance figures.
Q3 2024 diluted EPS was $1.03 versus $0.60 in Q3 2023; nine-month diluted EPS was $2.93 versus $0.38.
Operating revenue was $299.6 million versus $255.0 million; operating expenses were $232.8 million versus $211.5 million.
The company invested a record $332.2 million in infrastructure in the first nine months of 2024, up 21% year over year.
The board declared a quarterly dividend of $0.28 per common share, the 319th consecutive quarterly dividend.
Alaska Air Group reported third-quarter 2024 GAAP net income of $236 million, or $1.84 per diluted share, up from $139 million, or $1.08, a year earlier. Excluding special items and fuel hedge adjustments, adjusted EPS was $2.25, above the company's revised guidance range and at the high end of that range. Results include only 13 days of Hawaiian Airlines following the September 18, 2024 acquisition close, and the company expects full-year 2024 EPS above the midpoint of its previous $3.50 to $4.50 guidance range.
Q3 GAAP net income $236 million ($1.84 per share) vs. $139 million ($1.08) in Q3 2023; adjusted EPS $2.25 vs. $1.83
Q4 2024 guidance: adjusted EPS of $0.20 to $0.40 and unit revenue (RASM) up mid-single digits versus 2023
Subsequent to quarter end, the company completed $2 billion in financing backed by its Mileage Plan loyalty program; about $1.4 billion was used to refinance Hawaiian debt
Total liquidity of $3.4 billion at quarter end; the company will hold an Investor Day on December 10 and will not host a Q3 earnings call
InterDigital reported third quarter 2024 results, with revenue of $128.7 million, down 8% from a year earlier, and net income of $34.2 million, down 29%. The company raised the midpoint of its full-year 2024 revenue guidance by $145 million to $860 million, with a range of $855 million to $865 million, and said the outlook covers existing agreements only.
Q3 2024 revenue was $128.7 million versus $140.1 million in Q3 2023; the company said it exceeded the top end of its guidance.
Diluted EPS was $1.14 versus $1.72 a year earlier; non-GAAP EPS was $1.63 versus $2.13.
Full-year 2024 revenue guidance is now $855 million to $865 million, up from $690 million to $740 million previously.
Q4 2024 revenue guidance is $239 million to $249 million, and the company cited a new OPPO Group license agreement and a binding arbitration agreement with Lenovo.
BorgWarner reported third quarter 2024 net sales of $3,449 million, down about 5% from a year earlier, while GAAP earnings rose to $1.08 per diluted share from $0.37. The company raised its full-year 2024 adjusted EPS guidance to $4.15 to $4.30 but cut its full-year net sales guidance to $14.0 billion to $14.2 billion, and it completed $400 million of share repurchases in 2024.
Q3 2024 net sales were $3,449 million, down about 5% from $3,622 million in Q3 2023, with organic sales down 5.1%.
Q3 2024 GAAP EPS was $1.08 versus $0.37 a year earlier; adjusted EPS was $1.09 versus $0.98.
Full-year 2024 adjusted EPS guidance rose to $4.15 to $4.30 from $3.95 to $4.15; net sales guidance was cut to $14.0 billion to $14.2 billion from $14.1 billion to $14.4 billion.
BorgWarner repurchased $300 million of shares in Q3 and $400 million in 2024 to date.
NNN REIT reported third-quarter 2024 revenue of $218.6 million, up from $205.1 million a year earlier, while net earnings fell to $97.9 million, or $0.53 per share, from $106.8 million, or $0.59 per share. Core FFO per share rose to $0.84 from $0.81, and the company narrowed its 2024 Core FFO per share guidance to $3.28 to $3.32 from $3.27 to $3.33, which keeps the midpoint unchanged at $3.30.
Q3 2024 revenue was $218.6 million versus $205.1 million in Q3 2023.
Q3 2024 net earnings were $97.9 million ($0.53 per share) versus $106.8 million ($0.59 per share), with gains on sales of real estate at $7.8 million versus $20.0 million.
Core FFO per share was $0.84 versus $0.81; AFFO per share was $0.84 versus $0.82.
2024 Core FFO per share guidance was narrowed to $3.28 to $3.32 from $3.27 to $3.33.
Patrick Industries reported third-quarter 2024 net sales up 6% to $919 million, driven by a 13% rise in Housing revenue and the Sportech acquisition, which offset a 21% decline in Marine revenue. Net income rose 3% to $41 million, but diluted earnings per share were $1.80 versus $1.81 a year earlier, and the company's Q3 operating margin slipped 10 basis points to 8.1%. The company also issued $500 million of 6.375% Senior Notes due 2032 after quarter end.
Net sales rose 6% to $919 million; Housing revenue up 13%, Marine revenue down 21%
Net income rose 3% to $41 million; diluted EPS was $1.80 versus $1.81 a year earlier
Operating margin was 8.1%, down 10 basis points; first nine months adjusted diluted EPS rose 13% to $5.75
After quarter end, issued $500 million of 6.375% Senior Notes due 2032 and expanded credit facility to $1.0 billion
Grainger reported third-quarter 2024 sales of $4.4 billion, up 4.3%, and diluted EPS of $9.87, up 4.7% from a year earlier. The company narrowed its 2024 guidance, setting adjusted diluted EPS at $38.65 to $39.35, compared with the prior range of $38.00 to $39.50 given as of August 1, 2024. Operating margin fell 30 basis points to 15.6%.
Q3 2024 net sales were $4,388 million, up 4.3%; daily, organic constant currency sales rose 4.0%
Q3 2024 operating margin was 15.6%, down 30 basis points from 15.9% in Q3 2023
Adjusted diluted EPS guidance for 2024 narrowed to $38.65 to $39.35 as of October 31, 2024
Q3 operating cash flow was $611 million and the company returned $328 million to shareholders through dividends and buybacks
Insperity reported third-quarter 2024 revenue up 1% to $1.6 billion, but net income fell to $3 million, or $0.07 per diluted share, from $45 million, or $1.16, a year earlier. The company also issued updated 2024 guidance, which projects full-year adjusted EPS of $3.42 to $3.66 and adjusted EBITDA of $262 million to $274 million, with the full-year adjusted EPS range down 34% to 38% from 2023.
Q3 2024 revenue rose 1% to $1.6 billion on a 3% increase in revenue per worksite employee, offset by a 2% decline in paid WSEEs.
Q3 adjusted EPS was $0.39 versus $1.46 a year earlier; gross profit fell 11% to $229 million.
Operating expenses rose 15%, largely tied to the Workday strategic partnership.
Year-to-date net income was $100 million, down 34%, and the company repurchased 551,000 shares for $52 million in the first nine months.
MarineMax reported fiscal fourth-quarter revenue of $563.1 million, down 5% from a year earlier, and net income of $4.0 million, or $0.17 per diluted share, versus $15.1 million, or $0.67, in the prior-year quarter. The company linked the sales decline to Hurricane Helene and issued fiscal 2025 guidance of $1.80 to $2.80 in adjusted diluted EPS and $150 million to $180 million in adjusted EBITDA. For shareholders, the sharp drop in quarterly profit and the wide guidance range point to a weaker period, although full-year same-store sales rose 1%.
Q4 revenue was $563.1 million, down 5% from $594.6 million; same-store sales fell 5%, which the company attributed to Hurricane Helene.
Q4 net income was $4.0 million, or $0.17 per diluted share, versus $15.1 million, or $0.67, a year earlier; adjusted diluted EPS was $0.24 versus $0.69.
Full-year fiscal 2024 revenue was $2.43 billion and net income was $38.1 million, or $1.65 per diluted share, versus $4.87 in fiscal 2023.
Fiscal 2025 guidance: adjusted diluted EPS of $1.80 to $2.80 and adjusted EBITDA of $150 million to $180 million.
Southern Company reported third-quarter 2024 GAAP earnings of $1.5 billion, or $1.40 per share, up from $1.30 a year earlier, on operating revenues of $7.3 billion, up 4.2%. Excluding certain items, earnings were $1.43 per share versus $1.42 in the third quarter of 2023, and nine-month EPS was $3.53 versus $2.86 on a GAAP basis.
Q3 2024 GAAP EPS $1.40 vs. $1.30 in Q3 2023; net income $1.5 billion vs. $1.4 billion
Q3 EPS excluding items $1.43 vs. $1.42 a year earlier
Operating revenues $7.3 billion in Q3, up 4.2%; nine-month revenues $20.4 billion, up 6.1%
Filing cites a $36 million pre-tax impairment at Alabama Power tied to a discontinued commercial facility project
Insight Enterprises reported third-quarter 2024 results on October 31, 2024. Net sales fell 8% to $2.1 billion and diluted earnings per share fell 6% to $1.52, while gross profit rose 6% to $432.1 million. The company now expects full-year 2024 adjusted diluted earnings per share of $9.40 to $9.70, and CEO Joyce Mullen said the third quarter did not meet the company's expectations.
Total net sales were $2.1 billion, down 8% year over year; product net sales fell 11% and services rose 10%.
Gross profit rose 6% to $432.1 million, with gross margin up 270 basis points to 20.7%.
Diluted EPS was $1.52, down 6%; adjusted diluted EPS was $2.19, down 8%.
For full-year 2024, adjusted diluted EPS is now expected to be between $9.40 and $9.70.
BGC Group reported third-quarter 2024 revenues of $561.1 million, up 16.2% from a year earlier, with growth across asset classes and regions. GAAP income before income taxes fell 17.4% to $19.7 million and GAAP net income for fully diluted shares fell 11.2% to $14.2 million, while post-tax Adjusted Earnings per share rose 36.8% to $0.26. The company also guided fourth-quarter 2024 revenues to $545 million to $595 million and declared a quarterly dividend of $0.02 per share.
Q3 2024 revenues were $561.1 million, up 16.2% from $482.7 million in Q3 2023
GAAP income before income taxes was $19.7 million, down 17.4%; GAAP fully diluted EPS was $0.03, unchanged from a year earlier
Post-tax Adjusted Earnings per share was $0.26, up 36.8%
Q4 2024 revenue guidance is $545 million to $595 million; dividend of $0.02 per share is payable December 4, 2024 to holders of record November 21, 2024
Estée Lauder reported a fiscal first-quarter net loss of $156 million, compared with net earnings of $31 million a year earlier, after net sales fell 4% to $3.36 billion. The company withdrew its full-year fiscal 2025 outlook, issued only a second-quarter outlook, and said it is reducing its dividend, citing weaker sales in mainland China and Asia travel retail and a leadership transition.
Net loss of $156 million, or $.43 per diluted share, versus net earnings of $.09 per share a year earlier, mainly due to $159 million in talcum litigation settlement charges and $106 million in restructuring and other charges.
Net sales fell 4% to $3.36 billion; organic net sales fell 5%, with Asia/Pacific sales down 11%.
Full-year fiscal 2025 outlook withdrawn; second-quarter outlook calls for reported diluted EPS of $.02 to $.19.
Quarterly dividend declared at $.35 per share, payable December 16, 2024, as the company reduces its dividend; Stéphane Bianchi to become President and CEO on January 1, 2025.
Organon reported third-quarter 2024 revenue of $1.582 billion, up 4% as reported, and GAAP diluted earnings per share of $1.38, compared with $0.23 a year earlier. Non-GAAP adjusted diluted EPS was flat at $0.87, and the company narrowed its full-year revenue guidance while lowering its adjusted EBITDA margin guidance, which shareholders will weigh against the higher reported profit.
Q3 2024 revenue was $1.582 billion, up 4% as reported and up 5% excluding foreign currency; GAAP net income was $359 million, helped by a $210 million release of a valuation allowance against a Swiss tax asset.
Non-GAAP adjusted diluted EPS was $0.87, flat year over year, after $51 million of acquired IPR&D and milestone expense, or $0.16 per share.
Full-year 2024 revenue guidance narrowed to $6.375 billion to $6.425 billion, with the midpoint raised by $50 million.
Adjusted EBITDA margin guidance was revised to 30.0% to 31.0%, down from 31.0% to 33.0%, and the board declared a quarterly dividend of $0.28 per share payable December 12, 2024.
Belden reported fiscal third quarter 2024 revenue of $655 million, up 4% year over year but down 2% organically, with growth driven mainly by the Precision Optical Technologies acquisition. GAAP earnings per diluted share fell 24% to $1.30, and adjusted EPS fell 4% to $1.70, while the company gave fourth quarter revenue guidance of $645 million to $660 million.
Revenue of $655 million, up 4% year over year and down 2% organically; Automation Solutions down 3% and Smart Infrastructure Solutions down 1% organically.
GAAP EPS of $1.30 versus $1.70 a year earlier; adjusted EPS of $1.70 versus $1.78. The prior-year quarter included a $12 million one-time pre-tax gain from an asset sale.
Fourth quarter 2024 guidance: revenue of $645 million to $660 million, GAAP EPS of $1.05 to $1.15, and adjusted EPS of $1.62 to $1.72.
Share repurchases of $20 million in the quarter and $115 million year to date through October 29, 2024.
APi Group reported third-quarter 2024 net revenues of $1.8 billion, up 2.4% reported but down 0.2% organically, and net income of $69 million, up 27.8%. The company lowered its 2024 net revenue guidance to approximately $7,000 million from $7,150 to $7,350 million, while narrowing adjusted EBITDA guidance to $890 to $900 million and raising its free cash flow conversion target to at or above 75%, so shareholders face a lower revenue outlook even as profit measures improved.
Q3 net revenues $1,826 million, up 2.4%; organic net revenue change was down 0.2%.
Q3 net income $69 million and diluted EPS $0.23, versus $54 million and $0.15 a year earlier; adjusted diluted EPS $0.51 versus $0.48.
2024 net revenue guidance cut to approximately $7,000 million from $7,150 to $7,350 million; adjusted EBITDA guidance set at $890 to $900 million, down from $885 to $915 million.
Specialty Services net revenues fell 13.4% to $493 million, with organic revenue down 7.7%.
BrightSphere Investment Group, parent of Acadian Asset Management, reported third-quarter 2024 results on October 31, 2024. Revenue rose 14.7%, but U.S. GAAP net income attributable to controlling interests fell 13.8%, while non-GAAP ENI earnings per share rose to $0.59 from $0.45. The filing names BrightSphere, not Acadian Asset Management Inc. or ticker AAMI, and lists the stock as NYSE: BSIG.
Total revenue of $123.1 million, up 14.7% from $107.3 million in Q3 2023
U.S. GAAP net income attributable to controlling interests of $16.9 million, down from $19.6 million; diluted EPS $0.45 vs. $0.46
ENI diluted EPS of $0.59 vs. $0.45 in Q3 2023; assets under management of $120.3 billion at September 30, 2024
Board approved a $0.01 per share interim dividend, payable December 27, 2024 to holders of record on December 13, 2024
Upbound Group reported third-quarter 2024 revenue of $1,068.9 million, up 9.2% from a year earlier, and GAAP net earnings of $30.9 million, compared with $4.4 million in the prior-year quarter. The company also narrowed its full-year 2024 guidance ranges, keeping the midpoints of its revenue, adjusted EBITDA and non-GAAP EPS ranges unchanged from the prior ranges.
Q3 2024 consolidated revenue was $1,068.9 million, up 9.2% year over year; GAAP diluted EPS was $0.55 versus $0.08, and non-GAAP diluted EPS was $0.95 versus $0.79.
Full-year 2024 revenue guidance is $4.20 billion to $4.30 billion, up from $4.10 billion to $4.30 billion at the August 1, 2024 update.
Full-year non-GAAP diluted EPS guidance narrowed to $3.75 to $3.90 from $3.65 to $4.00; adjusted EBITDA excluding stock compensation is $470 million to $480 million, from $465 million to $485 million.
Q3 GAAP operating profit was $70.1 million, including $28.1 million of pre-tax special items, compared with $58.1 million a year earlier.
Parker Hannifin reported fiscal 2025 first-quarter results for the period ended September 30, 2024, with sales of $4.9 billion, up 1.2%, and diluted earnings per share of $5.34, up from $4.99 a year earlier. The company raised its fiscal 2025 EPS outlook to $22.78 to $23.48, reflecting the divestiture of its North America Businesses in the Diversified Industrial segment, which it expects to complete in the second quarter. Diversified Industrial sales fell while Aerospace Systems sales rose 17.8%, so shareholders' results depend on how the two segments perform.
Diluted EPS was $5.34 versus $4.99 a year earlier; adjusted EPS was $6.20, up 4%
Sales were $4.9 billion, up 1.2%, with organic sales growth of 1.4%
Aerospace Systems sales rose 17.8% to $1.45 billion; Diversified Industrial sales fell 4.5% on an as-reported basis
Fiscal 2025 EPS outlook raised to $22.78 to $23.48 and total sales growth guidance set at 0.5% to 3.5%
Lancaster Colony Corporation reported results for the fiscal first quarter ended September 30, 2024, in a press release furnished under Item 2.02 of this 8-K. Net sales and net income both rose, with diluted EPS at $1.62 versus $1.59, though operating income fell 1.6%. The filing names Lancaster Colony Corporation (Nasdaq: LANC), not Marzetti Co (MZTI), so the company identity should be confirmed.
Consolidated net sales rose 1.1% to a first quarter record $466.6 million; Foodservice rose 3.5% to $227.0 million while Retail fell 1.1% to $239.6 million.
Net income was $44.7 million, or $1.62 per diluted share, versus $44.0 million, or $1.59 per diluted share, a year earlier.
Consolidated operating income declined 1.6% to $55.9 million, as SG&A expenses rose to $55.0 million.
The filing reports no new guidance figures; management said it expects Retail sales to keep benefiting from licensing and new products.
PHINIA reported third-quarter 2024 results with net sales down 6.4% from a year earlier, to $839 million, as Fuel Systems sales fell in Europe and China. Net earnings were $31 million, or $0.70 per diluted share, compared with a loss of $1 million a year earlier, and the company revised its full-year 2024 guidance citing softer end vehicle markets.
Q3 net sales $839 million, down 6.4% from $896 million; adjusted sales $838 million, down 3.7%
Net earnings $31 million ($0.70 per diluted share) vs. a loss of $1 million ($0.02 per share) in Q3 2023; adjusted EPS $1.17 vs. $0.69
Full-year 2024 guidance now calls for net sales of $3.36 billion to $3.41 billion and adjusted EBITDA of $470 million to $490 million
Board raised share repurchase authorization by $250 million to $400 million; $450 million of 6.625% senior notes due 2032 issued
Intercontinental Exchange reported third quarter 2024 results on October 31, 2024, with record net revenues of $2.3 billion, up 17% year over year, and GAAP diluted EPS of $1.14, up 19%. Adjusted diluted EPS was $1.55, up 6%, and the company also updated its full-year 2024 capital expenditure outlook to $700 million to $740 million. For shareholders, the headline GAAP revenue and earnings measures both grew, though adjusted EPS growth was considerably slower.
Q3 2024 net revenues of $2.3 billion, up 17% y/y; GAAP diluted EPS of $1.14, up 19% y/y
Adjusted diluted EPS of $1.55, up 6% y/y; GAAP operating income of $1.1 billion, up 31% y/y
Mortgage Technology segment posted a Q3 operating loss of $54 million on a GAAP basis
Q4 2024 GAAP operating expenses expected at $1.23 billion to $1.24 billion; full-year 2024 capex now expected at $700 million to $740 million
Laureate Education reported third-quarter 2024 revenue of $368.6 million, up 2% on a reported basis and 9% on an organic constant currency basis, with net income of $85.3 million versus $36.0 million a year earlier. The company said it is increasing its full-year constant currency outlook and now expects 2024 revenue of $1,551 million to $1,556 million and Adjusted EBITDA of $447 million to $451 million, and the filing notes that a discrete tax benefit of about $37.9 million contributed to the profit increase.
Q3 2024 revenue $368.6 million, up 2% reported and 9% organic constant currency; operating income $72.0 million versus $58.7 million
Q3 net income $85.3 million, including a discrete tax benefit of about $37.9 million; basic and diluted EPS $0.56 versus $0.23
Full-year 2024 outlook: revenue $1,551 million to $1,556 million; Adjusted EBITDA $447 million to $451 million; total enrollments about 470,000
Board approved a new stock repurchase program of up to $100 million on September 13, 2024, after the prior $100 million program was completed in Q3
Regeneron reported third quarter 2024 revenue of $3.72 billion, up 11% from a year earlier, and GAAP diluted earnings per share of $11.54, up 30%. Non-GAAP diluted EPS rose 8% to $12.46, and the company cut the top end of its non-GAAP SG&A guidance while raising its capital expenditure guidance.
Total revenues rose 11% to $3.72 billion; GAAP net income rose 33% to $1.34 billion.
Non-GAAP diluted EPS rose 8% to $12.46, including an unfavorable $0.43 impact from acquired IPR&D charges.
Repurchased $738 million of stock in the quarter; $2.9 billion remained under the buyback program at September 30, 2024.
Full-year 2024 capital expenditure guidance was raised to $750–$820 million from $700–$740 million.
Comcast reported third-quarter 2024 results on October 31, 2024. Revenue rose 6.5% to $32.07 billion, helped by $1.9 billion of incremental Paris Olympics revenue, while net income attributable to Comcast fell 10.3% to $3.63 billion and diluted EPS fell 4.2% to $0.94. Adjusted EPS rose 3.3% to $1.12, but free cash flow fell 15.5% to $3.4 billion.
Revenue rose 6.5% to $32.07 billion; the Paris Olympics contributed $1.9 billion of incremental Media revenue.
Diluted EPS fell 4.2% to $0.94; adjusted EPS rose 3.3% to $1.12 (a non-GAAP measure).
Free cash flow fell 15.5% to $3.4 billion; the company returned $3.2 billion to shareholders, including $2.0 billion in share repurchases.
Connectivity & Platforms customer relationships fell by 29,000 to 51.7 million, including the impact of the end of the ACP program.
Xylem reported third-quarter 2024 revenue of $2.1 billion, up 1% on both reported and organic bases, with diluted EPS of $0.89, up 41%, and adjusted EPS of $1.11, up 12%. The company narrowed its full-year adjusted EPS guidance to $4.22 to $4.24 from $4.18 to $4.28, and expects full-year revenue of $8.5 billion.
Q3 revenue was $2,104 million, up from $2,076 million a year earlier; net income was $217 million versus $152 million.
Q3 diluted EPS was $0.89 versus $0.63; adjusted EPS was $1.11 versus $0.99.
Full-year 2024 adjusted EPS guidance narrowed to $4.22 to $4.24, from $4.18 to $4.28.
Q3 adjusted EBITDA margin was 21.2%, up 140 basis points year over year; orders rose 8%.
Fresh Del Monte Produce reported third-quarter 2024 results for the quarter ended September 27, 2024, with net sales of $1,019.5 million, up from $1,003.1 million a year earlier. Net income attributable to the company rose to $42.1 million, or $0.88 per diluted share, from $8.4 million, or $0.17, helped by higher fresh and value-added product sales and larger gains on asset sales. Banana segment sales fell, and the filing contains no forward guidance.
Net sales were $1,019.5 million versus $1,003.1 million in the prior-year quarter.
Net income attributable to Fresh Del Monte Produce was $42.1 million, versus $8.4 million a year earlier.
Diluted EPS was $0.88, compared with $0.17; gross margin was 9.2%, compared with 7.4%.
Banana segment net sales fell to $345.3 million from $384.7 million; the board declared a $0.25 quarterly dividend payable December 6, 2024.
DFIN reported third-quarter 2024 results on October 31, 2024. Net sales were nearly flat at $179.5 million, but net earnings fell to $8.7 million from $18.1 million, and Adjusted EBITDA dropped $6.2 million, mainly due to higher compensation-related expense and lower capital markets activity. For shareholders, the profit decline outweighed record software solutions growth of 12.3%.
Net sales of $179.5 million, down 0.3% from $180.0 million; software solutions rose 12.3% to $82.2 million, a record third quarter.
Net earnings of $8.7 million, or $0.29 per diluted share, versus $18.1 million, or $0.60 per diluted share, a year earlier.
Adjusted EBITDA of $43.2 million, down $6.2 million; Adjusted EBITDA margin of 24.1%, down about 330 basis points.
Repurchased 208,254 shares for about $13.3 million in the quarter; $108.7 million remained under the authorization as of September 30, 2024.
Aptiv reported third quarter 2024 revenue of $4.9 billion, down 5% from the prior year, and U.S. GAAP diluted earnings of $1.48 per share, down from $5.76 a year earlier, which included a large tax benefit. Adjusted earnings per share rose to $1.83 from $1.30, and the company said it revised its full-year 2024 outlook, citing customer schedule reductions and weaker automotive production volumes.
Q3 2024 revenue was $4.9 billion, down 5%; adjusted for currency and commodities, down 6%
Q3 U.S. GAAP net income was $363 million versus $1,629 million a year earlier; adjusted EPS was $1.83 versus $1.30
Full-year 2024 guidance includes U.S. GAAP diluted EPS of $6.80 to $7.10 and adjusted EPS of $6.00 to $6.30
Q3 share repurchases totaled $2.32 billion, with $2.52 billion remaining under the $5.0 billion authorization
Vontier reported third-quarter 2024 sales of $750.0 million, down 2.0% from a year earlier, mainly due to divested businesses, while core sales rose 2.8%. GAAP diluted EPS rose to $0.60 from $0.58, but adjusted diluted EPS was flat at $0.73 and operating profit fell 7.8%. The company narrowed its full-year 2024 adjusted EPS outlook to a midpoint of about $2.90 and guided to about $0.79 for the fourth quarter.
Q3 2024 sales were $750.0 million, down 2.0%; core sales increased 2.8%
GAAP diluted EPS was $0.60 versus $0.58 a year earlier; adjusted diluted EPS was $0.73, unchanged
Operating profit was $131.5 million, down 7.8%; operating margin fell about 110 basis points to 17.5%
Full-year 2024 adjusted diluted EPS narrowed to a midpoint of about $2.90; Q4 2024 guidance is about $0.79
Granite Construction reported third-quarter 2024 revenue up 14% year over year to $1.3 billion, with net income attributable to the company of $79 million, or $1.57 per diluted share, versus $1.13 a year earlier. The company kept its full-year 2024 revenue guidance of $3.9 billion to $4.0 billion, narrowed its adjusted EBITDA margin range to 10% to 11%, and raised its SG&A expense range to 8.3% to 8.5% of revenue due to increased incentive compensation.
Q3 diluted EPS was $1.57 vs $1.13 a year earlier; adjusted diluted EPS was $2.05 vs $1.72
Q3 revenue rose $159 million to $1.3 billion, with the Construction and Materials segments each up 14%
Record committed and awarded projects (CAP) reached $5.6 billion, up $44 million sequentially
2024 guidance: revenue unchanged at $3.9 billion to $4.0 billion; SG&A raised to 8.3% to 8.5% of revenue from 7.5% to 8.0%
CMS Energy reported third-quarter 2024 diluted EPS of $0.84, up from $0.60 a year earlier, and adjusted EPS of $0.84 versus $0.61. It reaffirmed 2024 adjusted EPS guidance of $3.29 to $3.35 and introduced 2025 adjusted EPS guidance of $3.52 to $3.58, which shareholders can use to compare future results.
Q3 2024 operating revenue was $1,743 million, up from $1,673 million; net income available to common stockholders was $251 million, up from $174 million.
Nine-month 2024 diluted EPS was $2.45 versus $1.96; adjusted EPS was $2.47 versus $2.06, which the company attributed largely to constructive regulatory outcomes and solid performance at NorthStar Clean Energy.
2024 adjusted EPS guidance of $3.29 to $3.35 was reaffirmed, with confidence toward the high end; long-term adjusted EPS growth of 6 to 8 percent was also reaffirmed.
The company will hold a webcast on October 31, 2024 at 9:30 a.m. ET to discuss results and its outlook.
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