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).
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
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.
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.
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.
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.
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.
Dorian LPG reported results for the quarter ended September 30, 2024, with revenues of $82.4 million, down 43.0% from a year earlier, and net income of $9.4 million, or $0.22 per diluted share, versus $76.5 million, or $1.89, a year earlier. The company attributed the decline mainly to lower average time charter equivalent rates, which fell to $37,010 per available day from $62,846, and it declared an irregular dividend of $42.8 million payable November 25, 2024.
Revenues were $82.4 million, down $62.3 million or 43.0% from $144.7 million in the prior-year quarter.
Net income was $9.4 million, or $0.22 per diluted share, versus $76.5 million, or $1.89, a year earlier; adjusted EPS was $0.35 versus $1.85.
TCE rate per available day was $37,010, a 41.1% decrease from $62,846.
An irregular dividend totaling $42.8 million is payable on or about November 25, 2024 to shareholders of record as of November 5, 2024.
Antero Resources reported third quarter 2024 results with a net loss attributable to the company of $20 million, compared with net income of $17.8 million a year earlier. Total revenue fell to $1.06 billion from $1.13 billion, and Adjusted EBITDAX declined to $187 million from $271 million. The company also lowered its 2024 drilling and completion capital budget, while keeping its 2024 production guidance unchanged.
Q3 2024 net loss attributable to Antero of $20 million, versus net income of $17.8 million in Q3 2023
Total revenue of $1.06 billion, versus $1.13 billion a year earlier; Adjusted EBITDAX of $187 million, versus $271 million
2024 drilling and completion capital budget cut to $640 million to $660 million from $650 million to $700 million
Net production averaged 3.4 Bcfe/d, a 2% decrease from the year-ago period; 2024 production guidance maintained
Murphy USA reported third-quarter 2024 net income of $149.2 million, or $7.20 per diluted share, down from $167.7 million, or $7.69, a year earlier, as lower total fuel contribution and higher store operating expenses outweighed higher retail fuel volumes and merchandise contribution. The company raised its full-year capital expenditure range and lowered its SG&A expense range, and it declared a higher quarterly dividend, which shareholders will receive on December 2, 2024.
Q3 2024 net income was $149.2 million, or $7.20 per diluted share, versus $167.7 million, or $7.69, in Q3 2023.
Adjusted EBITDA was $285.6 million, down from $306.0 million; total fuel contribution fell to 32.6 cpg from 34.5 cpg.
Full-year capital expenditure guidance was raised to $500 million-$525 million from $400 million-$450 million; SG&A guidance was cut to $240 million-$250 million from $255 million-$265 million.
Quarterly dividend increased to $0.48 per share from $0.45, payable December 2, 2024, to holders of record as of November 4, 2024.
Comstock Resources reported a third-quarter 2024 net loss of $25.7 million, or $0.09 per share, compared with net income of $14.7 million, or $0.05 per share, a year earlier. Total revenues fell to $304.5 million from $376.7 million, and the company said weak natural gas prices weighed heavily on results, which matters to shareholders because lower revenue and a loss reduce earnings available to shareholders.
Realized natural gas price averaged $1.90 per Mcf before hedging, versus $2.33 a year earlier.
Adjusted net loss was $48.5 million, or $0.17 per share, compared with adjusted net income of $11.7 million, or $0.04 per share, in the third quarter of 2023.
Natural gas and oil sales including hedging gains were $305.0 million, down from $315.8 million; the bank group reaffirmed the $2.0 billion borrowing base.
Envista reported third-quarter 2024 sales of $601.0 million, down from $631.3 million a year earlier, with core sales down 5.3%. GAAP net income fell to $8.2 million, or $0.05 per diluted share, from $21.5 million, and adjusted diluted EPS fell to $0.12 from $0.43. The company kept its full-year 2024 outlook of core sales growth of -1% to -4% and adjusted EBITDA margins of 10% to 12%, but nine-month GAAP results include a $1.15 billion goodwill and intangible asset impairment.
Q3 2024 sales $601.0 million vs. $631.3 million in Q3 2023; core sales declined 5.3%.
Q3 GAAP net income $8.2 million ($0.05 per diluted share) vs. $21.5 million ($0.12) a year earlier.
Adjusted EBITDA $54.9 million vs. $123.5 million; adjusted diluted EPS $0.12 vs. $0.43.
2024 guidance unchanged: core sales growth of -1% to -4% and adjusted EBITDA margins of 10% to 12%; company expects a return to growth in Q4.
EPR Properties reported third quarter 2024 total revenue of $180.5 million, down from $189.4 million a year earlier, and diluted net income per share of $0.53 versus $0.66. The company narrowed its 2024 FFOAA per share guidance to $4.80 to $4.92 from $4.76 to $4.96, but lowered its net income per share guidance to $2.40 to $2.52 from $2.58 to $2.78, and recorded $12.1 million in joint venture impairment charges tied to hurricane damage.
Q3 2024 total revenue $180.5 million vs $189.4 million in Q3 2023; diluted net income per share $0.53 vs $0.66
Q3 2024 FFOAA per diluted share $1.30 vs $1.47; AFFO per diluted share $1.29 vs $1.47
2024 net income per diluted share guidance cut to $2.40 to $2.52 from $2.58 to $2.78
Impairment charges of $12.1 million on two St. Pete Beach lodging joint ventures damaged by Hurricanes Helene and Milton
Columbia Sportswear reported third quarter 2024 net sales down 5% to $931.8 million and diluted EPS of $1.56, versus $1.70 a year earlier. The company cut its full-year 2024 net sales and operating cash flow outlook, while narrowing its diluted EPS range to $3.70 to $4.05 from $3.65 to $4.05. Its board also authorized up to an additional $600 million in share repurchases and declared a $0.30 quarterly dividend.
Q3 net sales fell 5% to $931.8 million; operating income was $112.5 million, or 12.1% of net sales, versus $134.6 million a year earlier.
Full-year 2024 net sales outlook lowered to $3.31 billion to $3.38 billion from $3.35 billion to $3.42 billion.
Operating cash flow outlook lowered to at least $300 million from $350 million; diluted EPS outlook is $3.70 to $4.05 versus $3.65 to $4.05.
Board authorized up to an additional $600 million in share repurchases; $0.30 quarterly dividend payable December 4, 2024 to holders of record on November 20, 2024.
Warrior Met Coal reported third quarter 2024 net income of $41.8 million, or $0.80 per diluted share, down from $85.4 million, or $1.64 per share, a year earlier. Total revenues fell to $327.7 million from $423.5 million as the average net selling price of steelmaking coal dropped 6.9%, and the company reaffirmed its full-year 2024 guidance. For shareholders, the filing shows weaker earnings and negative free cash flow during the Blue Creek project build-out.
Total revenues were $327.7 million versus $423.5 million in Q3 2023; average net selling price fell 6.9% to $171.92 per short ton.
Adjusted EBITDA was $78.5 million versus $145.8 million in Q3 2023.
Operating cash flow was $62.2 million; free cash flow was negative $60.6 million versus $26.2 million a year earlier.
Full-year 2024 guidance was re-affirmed; a regular quarterly dividend of $0.08 per share is payable November 12, 2024.
MYR Group reported third-quarter 2024 revenue of $888.0 million, down 5.5% from a year earlier, and net income of $10.6 million, or $0.65 per diluted share, versus $1.28 in the third quarter of 2023. For the first nine months, revenue was $2.53 billion, down 4.1%, and net income was $14.3 million, or $0.86 per diluted share, compared with $3.98 a year earlier, so shareholders saw lower revenue and sharply lower earnings.
Q3 gross margin fell to 8.7% from 9.8%, which the company attributed mainly to clean energy projects in T&D and an unfavorable C&I project
Q3 EBITDA was $37.2 million, compared with $47.0 million in the third quarter of 2023
Backlog was $2.60 billion at September 30, 2024, up from $2.54 billion at June 30, 2024 but down $19.7 million from a year earlier
A conference call to discuss the results is scheduled for October 31, 2024 at 8:00 a.m. Mountain time
Avnet reported first-quarter fiscal 2025 results with sales down 11.6% year over year and diluted EPS of $0.66, versus $2.25 a year earlier. Adjusted diluted EPS was $0.92, down from $1.61, and management said sales and earnings exceeded the upper end of its guidance range. Second-quarter guidance of $0.80 to $0.90 adjusted EPS sits below the first-quarter adjusted result.
Sales were $5.6 billion, down from $6.3 billion, with Farnell operating margin at 0.5% versus 4.2% a year earlier.
GAAP diluted EPS was $0.66 versus $2.25; adjusted diluted EPS was $0.92 versus $1.61.
Q2 fiscal 2025 guidance (ending December 28, 2024) calls for sales of $5.40 billion to $5.70 billion and adjusted diluted EPS of $0.80 to $0.90.
Gibraltar reported third-quarter 2024 net sales of $361.2 million, down 7.6% from a year earlier, and GAAP diluted EPS of $1.11, down from $1.28. The company confirmed its updated 2024 outlook, with GAAP EPS of $3.57 to $3.71 and adjusted EPS of $4.11 to $4.25. The filing also reports the appointment of James S. Metcalf to the Board of Directors effective October 25, 2024.
Q3 2024 net sales $361.2 million, down 7.6%; GAAP net income $34.0 million, down 13.5%
Diluted EPS $1.11 GAAP and $1.27 adjusted, versus $1.28 and $1.37 in Q3 2023
2024 outlook confirmed: net sales $1.31 billion to $1.33 billion; GAAP EPS $3.57 to $3.71
James S. Metcalf appointed to the Board effective October 25, 2024
Vulcan Materials reported third-quarter 2024 revenue of $2.0 billion, down from $2.2 billion a year earlier, and diluted earnings per share from continuing operations of $1.57 versus $2.09. Results were hurt by weather that cut aggregates shipments, plus an $87 million pretax goodwill write-off on concrete assets in Northern California, while the company said pricing remained positive and expects full-year Adjusted EBITDA of approximately $2 billion.
Third-quarter total revenues were $2,004 million versus $2,186 million in the prior-year quarter.
Diluted EPS from continuing operations was $1.57 versus $2.09; adjusted diluted EPS was $2.22 versus $2.29.
A pretax charge of $87 million ($84 million after-tax) was recorded for goodwill write-off on Northern California concrete assets.
Full-year 2024 Adjusted EBITDA is now expected at approximately $2 billion, and the Wake Stone Corporation acquisition is expected to close in the fourth quarter.
First Commonwealth Financial reported third quarter 2024 net income of $32.1 million, or $0.31 per diluted share, down from $37.1 million, or $0.36 per share, in the second quarter and $39.2 million, or $0.38 per share, a year earlier. The company also declared a quarterly dividend of $0.13 per share, payable November 22, 2024, to holders of record on November 8, 2024. Higher credit provision and noninterest expense weighed on results, which lowers per-share earnings for shareholders.
Net income of $32.1 million and diluted EPS of $0.31, versus $0.36 in the second quarter of 2024 and $0.38 in the third quarter of 2023
Provision for credit losses of $10.6 million, up from $7.8 million in the second quarter; nonperforming loans rose to $74.7 million
Noninterest expense of $70.1 million, up from $65.8 million in the second quarter of 2024
Quarterly dividend of $0.13 per share, up from $0.125 a year earlier, payable November 22, 2024
Caesars Entertainment reported third quarter 2024 results on October 29, 2024, with net revenues of $2.9 billion, down from $3.0 billion a year earlier, and a net loss attributable to Caesars of $9 million, compared with net income of $74 million. Adjusted EBITDA fell to $1,001 million from $1,043 million, and management cited new competition, construction disruption and tougher comparisons in its Regional segment, while Caesars Digital posted a record quarterly Adjusted EBITDA of $52 million.
Net revenues were $2,874 million versus $2,994 million; net loss attributable to Caesars was $9 million versus net income of $74 million.
Adjusted EBITDA was $1,001 million versus $1,043 million, a 4.0% decline.
Regional segment Adjusted EBITDA was $498 million versus $575 million; Caesars Digital was $52 million versus $2 million.
As of September 30, 2024, the company had $802 million in cash and cash equivalents and $12.7 billion in aggregate debt outstanding.
First Solar reported third quarter 2024 net sales of $887.7 million, down from $1.01 billion in the prior quarter, and diluted earnings of $2.91 per share, down from $3.25. The company cut several 2024 guidance ranges, including net sales to $4.10 billion to $4.25 billion from $4.4 billion to $4.6 billion, and lowered its volume sold outlook, which matters to shareholders because it reduces expected 2024 revenue and profit.
Q3 2024 net sales were $887.7 million versus $1.01 billion in Q2 2024; the release cites lower volume sold and a $50 million product warranty reserve charge.
Diluted EPS was $2.91 for Q3 2024, compared with $3.25 in Q2 2024 and $2.50 in Q3 2023.
2024 guidance now calls for operating income of $1.48 billion to $1.54 billion (prior $1.5 billion to $1.6 billion) and volume sold of 14.2 GW to 14.6 GW (prior 15.6 GW to 16.3 GW).
Cash, cash equivalents and marketable securities, less debt, fell to $0.7 billion from $1.2 billion in Q2, mainly due to capital expenditures for new U.S. factories in Alabama and Louisiana.
Standex reported fiscal first-quarter 2025 results for the quarter ended September 30, 2024, with net sales down 7.7% to $170.5 million and GAAP diluted EPS down 3.2% to $1.53. On October 28, 2024, it also completed the acquisition of Amran Instrument Transformers and Narayan Powertech Pvt. Ltd. for a combined enterprise value of approximately $462 million, funded partly by a $250 million 364-day term loan, and the company describes it as its largest acquisition in its history.
Net sales were $170.5 million, down 7.7% from $184.8 million a year earlier; Electronics and Engraving revenue declined.
GAAP diluted EPS was $1.53 versus $1.58; adjusted diluted EPS was $1.71 versus $1.74.
Amran and Narayan acquisitions have a combined enterprise value of approximately $462 million, with cash financed by cash-on-hand, credit facilities and a $250 million term loan.
For fiscal second quarter 2025, the company expects moderately to significantly higher revenue sequentially, driven by the acquisition.
UFP Industries reported third quarter 2024 net sales of $1.65 billion, down 10% from a year earlier, and net earnings attributable to controlling interest of $100 million, down 26%. The company cited softer demand and broad-based pricing pressure, and lowered its fourth-quarter Construction demand outlook to a low-single-digit decrease, which may weigh on shareholders' near-term earnings.
Net sales of $1.65 billion fell 10%, with selling prices down 7% and organic unit sales down 3%.
Diluted earnings per share were $1.64, compared with $2.10 in the third quarter of 2023.
Adjusted EBITDA of $165 million fell 21%, and adjusted EBITDA margin declined 140 basis points to 10.0%.
The board approved a quarterly dividend of $0.33 per share on October 23, 2024, up 10% from $0.30, payable December 16, 2024.
Merchants Bancorp reported third quarter 2024 net income of $61.3 million, or $1.17 per diluted share, down 25% and 30% respectively from a year earlier. The decline was driven mainly by unfavorable fair market value adjustments to derivatives and servicing rights and higher specific reserves on loans, which the filing says lowered results by about $0.24 per diluted share.
Diluted EPS was $1.17, down from $1.68 in Q3 2023 and $1.49 in Q2 2024
Unfavorable fair value adjustments to derivatives and servicing rights hurt results by about $0.24 per diluted share
Non-performing loans rose to $210.9 million, or 2.04% of gross loans, from $143.5 million at June 30, 2024
Total assets reached $18.7 billion, while total deposits fell 14% from June 30, 2024 to $12.9 billion
Hope Bancorp reported third-quarter 2024 net income of $24.2 million, or $0.20 per diluted share, down from $25.3 million, or $0.21, in the second quarter and $30.0 million, or $0.25, a year earlier. The company also declared a quarterly cash dividend of $0.14 per common share, and said its pending merger with Territorial Bancorp remains subject to regulatory and shareholder approvals.
Net income $24.2 million, or $0.20 per diluted share, versus $25.3 million, or $0.21, in Q2 2024 and $30.0 million, or $0.25, in Q3 2023
Net interest margin was 2.55%, down from 2.62% in Q2 2024
Quarterly cash dividend of $0.14 per share, payable on or about November 21, 2024, to holders of record on November 7, 2024
Nonperforming assets rose to $103.8 million, or 0.60% of total assets, from $67.3 million at June 30, 2024
AutoNation reported third-quarter 2024 results for the quarter ended September 30, 2024, with revenue of $6.6 billion, down 4% from a year earlier, and diluted EPS of $4.61 versus $5.54. The company said residual effects of the July CDK outage reduced EPS by an estimated $0.21, and adjusted EPS of $4.02 excluded $0.59 of net favorable items, mainly gains on dispositions.
Diluted EPS $4.61 vs. $5.54 a year earlier; adjusted EPS $4.02 vs. $5.54
Revenue $6.6 billion, down $307 million; net income $185.8 million, down 24%
Company estimated the July CDK outage's residual effects reduced EPS by $0.21
$156 million net divestiture proceeds and $53.9 million pre-tax gain; $965 million left on buyback program
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.
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.
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.
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
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
Brunswick reported third-quarter 2024 net sales of $1,273.3 million, down 20.1% from $1,593.6 million a year earlier, as dealers and boat makers ordered less and discounting rose. GAAP diluted EPS fell to $0.71 from $1.63, and adjusted diluted EPS was $1.17 versus $2.42. The company updated full-year 2024 guidance to adjusted diluted EPS of approximately $4.50 and net sales of $5.1 to $5.2 billion.
Q3 2024 net sales $1,273.3 million, down 20.1%; GAAP operating margin 7.7% vs. 12.3% a year earlier
Diluted EPS $0.71 GAAP and $1.17 as adjusted, versus $1.63 and $2.42 in Q3 2023
2024 guidance: net sales $5.1 to $5.2 billion, adjusted diluted EPS about $4.50, free cash flow about $250 million, share repurchases about $200 million
ASGN Incorporated reported third-quarter 2024 revenue of $1.031 billion, down from $1.12 billion a year earlier, and net income of $47.5 million, or $1.06 per diluted share, versus $59.4 million, or $1.23 per share, in the third quarter of 2023. Its fourth-quarter 2024 estimates of $990.0 million to $1.01 billion in revenue and $0.88 to $0.94 in diluted EPS are both below third-quarter results. Note: the request named Everforth Inc (EFOR), but this filing is from ASGN Incorporated (NYSE: ASGN).
Q3 2024 revenue was $1.031 billion versus $1.12 billion in Q3 2023; Commercial Segment revenue was $718.8 million versus $782.4 million
Net income was $47.5 million ($1.06 per diluted share) versus $59.4 million ($1.23) a year earlier
Q4 2024 estimates: revenue $990.0 million to $1,010.0 million; diluted EPS $0.88 to $0.94
In Q3 2024 the company repurchased 1.0 million shares for $95.6 million; $572.9 million remained under its repurchase plan
St. Joe reported third-quarter 2024 total revenue of $99.0 million, down 2% from $101.4 million, and net income attributable to the company of $16.8 million, down 13% from $19.4 million. Real estate revenue fell 32%, while hospitality and leasing revenue rose 17% and 19%. Chairman Bruce R. Berkowitz retired from the board effective October 23, 2024, and CEO Jorge L. Gonzalez became chairman.
Q3 2024 total revenue was $99.0 million versus $101.4 million; net income was $16.8 million, or $0.29 per share, versus $19.4 million, or $0.33 per share.
Real estate revenue fell 32% to $28.0 million, while hospitality revenue rose 17% to $55.4 million and leasing revenue rose 19% to $15.6 million.
Bruce R. Berkowitz retired as chairman effective October 23, 2024; Jorge L. Gonzalez was named chairman and Howard S. Frank was named Independent Lead Director.
The board declared a quarterly cash dividend of $0.14 per share, payable December 6, 2024, to shareholders of record on November 7, 2024.
Pegasystems reported third-quarter 2024 revenue of $325.1 million, down 3% from $334.6 million a year earlier, and a GAAP net loss of $14.4 million, or $0.17 per diluted share, compared with a $7.3 million loss, or $0.09 per share, a year earlier. Non-GAAP diluted earnings per share fell 11% to $0.39, and shareholders are seeing lower revenue and profit even as annual contract value grew 16%.
Q3 2024 total revenue was $325.1 million, down 3% from $334.6 million in Q3 2023.
GAAP diluted loss per share was $0.17 versus $0.09 a year earlier; non-GAAP diluted EPS was $0.39 versus $0.44.
Annual contract value (ACV) reached $1.36 billion at September 30, 2024, up 16% year over year (14% in constant currency).
Pega Cloud ACV grew 30% year over year, and free cash flow was $246 million for the first nine months of 2024.
MaxLinear reported third-quarter 2024 net revenue of $81.1 million, down 12% from the prior quarter and down 40% from a year earlier, and a GAAP net loss of $75.8 million, or $0.90 per diluted share. The company also gave fourth-quarter 2024 net revenue guidance of approximately $80 million to $100 million, and the weaker revenue and larger loss matter to shareholders.
Q3 2024 GAAP net loss was $75.8 million, or $0.90 per diluted share, compared with $0.47 in the prior quarter and $0.49 a year earlier
Non-GAAP diluted loss per share was $0.36, compared with a loss of $0.25 in the prior quarter
Q4 2024 net revenue is expected to be approximately $80 million to $100 million, with GAAP gross margin of about 54.0% to 57.0%
GAAP restructuring charges were $26.8 million in Q3 2024, versus $865,000 in the prior quarter
First Bancorp reported third-quarter 2024 net income of $18.7 million, or $0.45 per diluted share, down from $28.7 million, or $0.70, in the prior quarter and $29.9 million, or $0.73, a year earlier. The results include $13.4 million in pre-tax Hurricane Helene impacts, mainly a $13.0 million provision for potential credit losses, and excluding these items adjusted net income was $29.0 million, or $0.70 per share. For shareholders, the reported decline reflects the storm-related provision, while capital ratios rose during the quarter.
Q3 2024 net income $18.7 million, $0.45 per diluted share, versus $28.7 million ($0.70) in Q2 2024 and $29.9 million ($0.73) in Q3 2023
Hurricane Helene impacts totaled $13.4 million pre-tax ($10.3 million after taxes); provision for credit losses was $14.2 million
Adjusted net income was $29.0 million, or $0.70 per diluted share, for Q3 2024; nine-month net income was $72.7 million, or $1.76 per share, versus $74.5 million, or $1.81, a year earlier
Total common equity tier 1 ratio rose to 14.34% (estimated) at September 30, 2024, from 13.99% at June 30, 2024
Winnebago Industries reported fourth-quarter and full-year fiscal 2024 results on October 23, 2024. Fourth-quarter revenue fell 6.5% to $720.9 million and the company posted a net loss of $29.1 million, which included a $30.3 million goodwill impairment tied to Chris-Craft. The company also issued fiscal 2025 guidance of $2.9 billion to $3.2 billion in revenue and reported EPS of $2.40 to $3.90, which shareholders will weigh against the weaker fiscal 2024 results.
Q4 fiscal 2024 net loss of $29.1 million, or $1.01 per diluted share, compared with net income of $43.8 million, or $1.28 per diluted share, a year earlier
Full-year fiscal 2024 revenue of $2,973.5 million, down 14.8%, and reported diluted EPS of $0.44 versus $6.23 in fiscal 2023
Fiscal 2025 guidance: revenue of $2.9 billion to $3.2 billion, reported EPS of $2.40 to $3.90, and adjusted EPS of $3.00 to $4.50
Chris West named President of the Winnebago branded Motorhome and Specialty Vehicles business; Don Clark promoted to Group President
Blackstone Mortgage Trust reported a third-quarter 2024 net loss attributable to the company of $56 million, compared with net income of $30 million in the same quarter of 2023. The loss reflects a $132 million increase in credit loss reserves, while Distributable EPS fell to $0.39 from $0.49 in the prior quarter. For shareholders, the results show weaker earnings, though management cited accelerating loan repayments and $1.5 billion of quarter-end liquidity.
Q3 2024 GAAP net loss attributable to the company was $56 million, or $0.32 per basic share, versus net income of $29.5 million a year earlier
Total net revenues were $112 million for Q3 2024, down from $170 million in Q3 2023
Book value per share was $22.17 at September 30, 2024, down from $22.90 at June 30, 2024
Dividends paid were $0.47 per share for the quarter
Robert Half reported third-quarter 2024 results: net income of $65 million, or $0.64 per share, on revenues of $1.465 billion, down from $96 million, or $0.90 per share, on $1.564 billion a year earlier. Management said results exceeded its expectations, driven by Protiviti, but client budgets remain constrained, and the filing gives no updated guidance.
Q3 2024 net income $65 million ($0.64 per share) vs. $96 million ($0.90 per share) in Q3 2023
Q3 2024 revenues $1.465 billion vs. $1.564 billion in Q3 2023
Nine-month net income $197 million ($1.91 per share) vs. $324 million ($3.04 per share) a year earlier
Protiviti revenues were $511.3 million in Q3 2024 vs. $480.8 million in Q3 2023
PACCAR reported third quarter 2024 net income of $972.1 million ($1.85 per diluted share), down from $1.23 billion ($2.34 per diluted share) a year earlier, on revenue of $8.24 billion versus $8.70 billion. Lower truck and financial services pretax income drove the decline, while parts pretax income was roughly flat. For shareholders, the quarter's earnings and revenue both fell year over year, though nine-month net income rose because the 2023 period included a $446.4 million after-tax European litigation charge.
Q3 2024 net income of $972.1 million ($1.85 per diluted share) vs. $1.23 billion ($2.34) in Q3 2023
Q3 2024 revenue of $8.24 billion vs. $8.70 billion in Q3 2023
Truck pretax income of $630.8 million vs. $960.9 million; PACCAR Parts $406.7 million vs. $412.3 million
Nine-month 2024 net income of $3.29 billion ($6.25 per diluted share) vs. $3.18 billion ($6.07) in 2023
A. O. Smith reported third-quarter 2024 net sales of $902.6 million, down 4% from a year earlier, and diluted EPS of $0.82, down 9%. The company reaffirmed its revised 2024 EPS outlook of $3.70 to $3.85, after lowering its sales outlook to approximately flat versus 2023 on October 11, citing weak China demand and softer North America water heater volumes.
Q3 net sales were $902.6 million versus $937.5 million a year earlier; China third-party sales fell 17% in local currency.
Diluted EPS was $0.82 versus $0.90, and net earnings were $120 million, down 11%.
2024 EPS outlook reaffirmed at $3.70 to $3.85; sales outlook lowered to approximately flat versus 2023.
Pureit acquisition from Unilever for $120 million is on track to close by the end of 2024; dividend raised 6%.
Polaris reported third quarter 2024 sales of $1,722.4 million, down 23% from a year earlier, and reported diluted EPS of $0.49, down 81%. The company lowered its full-year 2024 sales and adjusted earnings outlook, now expecting sales down about 20% and adjusted diluted EPS down about 65% versus 2023, which is a weaker outlook for shareholders.
Q3 sales were $1,722.4 million, down 23%; North America sales fell 26% to $1,473 million.
Reported diluted EPS was $0.49, down 81%; adjusted diluted EPS was $0.73, down 73%.
2024 sales outlook is now down about 20% versus 2023, from down 17 to 20%; adjusted EPS outlook is now down about 65%, from down 56 to 62%.
Gross profit margin was 20.6%, down 204 basis points; CEO Mike Speetzen said dealer inventory is targeted to fall 15 to 20% by year-end.
Nucor reported third-quarter 2024 net earnings attributable to stockholders of $249.9 million, or $1.05 per diluted share, down from $1.14 billion, or $4.57 per share, a year earlier, on net sales of $7.44 billion, down 15%. The company expects fourth-quarter 2024 earnings to decrease from the $1.05 per share reported for the third quarter, citing lower average selling prices and decreased volumes at the steel mills.
Q3 2024 net earnings attributable to Nucor stockholders were $249.9 million, or $1.05 per diluted share, versus $645.2 million, or $2.68 per share, in Q2 2024 and $4.57 per share in Q3 2023.
Excluding non-cash impairment charges of $123.0 million, adjusted earnings were $353.0 million, or $1.49 per diluted share.
Q3 2024 net sales were $7.44 billion, down 8% from Q2 2024 and down 15% from Q3 2023.
Management expects Q4 2024 earnings to decrease from the $1.05 per diluted share reported for Q3 2024.
WaFd, Inc. reported fiscal 2024 net income of $200 million, or $2.50 per diluted share, down from $257 million, or $3.72, in fiscal 2023. The results include $26.3 million of acquisition-related expenses and the February 29, 2024 Luther Burbank Corporation acquisition, which the company says makes year-over-year comparisons not directly comparable. For shareholders, the headline earnings measures declined for the year, and the company's non-GAAP adjusted EPS of $3.02 excludes those costs.
Fiscal 2024 net income was $200 million, or $2.50 per diluted share, versus $257 million, or $3.72, in fiscal 2023.
Fourth-quarter net income was $61.1 million, or $0.71 per diluted share, versus $50.2 million, or $0.72, a year earlier.
Acquisition-related expenses were $26.3 million; non-GAAP adjusted EPS for the year was $3.02.
Net interest income was $660.8 million, down 4.3% from the prior year, and total assets were $28.1 billion as of September 30, 2024.
Marten Transport reported third-quarter 2024 operating revenue of $237.4 million, down 15.1% from $279.5 million a year earlier. Net income fell to $3.8 million, or 5 cents per diluted share, from $13.6 million, or 17 cents, in the third quarter of 2023. The company blamed a prolonged freight market recession, oversupply, weak demand, inflationary operating costs and freight rate reductions, which lowered profit for shareholders.
Q3 2024 operating revenue of $237.4 million vs. $279.5 million in Q3 2023
Q3 2024 net income of $3.8 million, or 5 cents per diluted share, vs. $13.6 million, or 17 cents
Consolidated operating ratio of 98.2% vs. 93.8% a year earlier; nine-month net income of $21.3 million, or 26 cents per share, vs. $58.0 million, or 71 cents
Dividend of $0.06 per common share declared in the quarter, unchanged from the prior year
Westamerica Bancorporation reported third quarter 2024 net income of $35.1 million, or $1.31 diluted earnings per share, down from $41.6 million and $1.56 a year earlier and slightly below the second quarter's $35.5 million and $1.33. Net interest income on a fully taxable equivalent basis fell 13.4% year over year to $62.5 million, and the filing shows the cost of funding rose. Shareholders received a $0.44 per share dividend, unchanged from a year earlier.
Net income of $35.1 million and diluted EPS of $1.31, versus $41.6 million and $1.56 in third quarter 2023
Net interest income (FTE) of $62.5 million, down 13.4% from $72.1 million a year earlier
Gains from life insurance and sales of other assets added $0.04 to EPS; no provision for credit losses was recognized
Dividend of $0.44 per common share paid in the third quarter 2024, unchanged from third quarter 2023
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