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).
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
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.
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.
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.
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
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.
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.
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.
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.
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.
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%.
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%
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
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
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
Lincoln National Corporation reported a third quarter 2024 net loss available to common stockholders of $562 million, or $3.29 per diluted share, compared with net income of $819 million a year earlier. Adjusted operating income rose to $358 million, or $2.06 per diluted share, from $50 million, or $0.29, in the prior-year quarter, but the GAAP loss reflects a $446 million pre-tax charge tied to the Fortitude Re reinsurance transaction and a $381 million pre-tax charge from market risk benefits.
GAAP net loss available to common stockholders was $(562) million, or $(3.29) per diluted share, versus $819 million, or $4.79 per diluted share, in Q3 2023.
Adjusted operating income available to common stockholders was $358 million, or $2.06 per diluted share, versus $50 million, or $0.29, a year earlier.
A $(446) million pre-tax net loss, or $(2.61) per diluted share, was primarily driven by a change in the fair value of an embedded derivative related to the Fortitude Re reinsurance transaction.
Estimated RBC ratio was in excess of 420% at quarter-end, compared with 375-385% at September 30, 2023.
WTW reported third-quarter 2024 revenue up 6% to $2.29 billion and adjusted diluted EPS up 31% to $2.93. The company also posted a net loss of $1.67 billion, or $16.44 per diluted share, driven by over $1.0 billion of non-cash losses and impairment charges tied to the pending sale of TRANZACT. Full-year 2024 targets were restated as previously provided, so guidance was not changed.
Revenue rose 6% to $2.29 billion for the quarter, with organic growth of 6%.
Net loss of $1.67 billion, or $16.44 per diluted share, includes pre-tax non-cash losses and impairment charges of over $1.0 billion each tied to the pending TRANZACT sale.
Adjusted diluted EPS was $2.93, up 31%, and adjusted operating margin was 18.1%, up 190 basis points.
Full-year 2024 targets include adjusted diluted EPS of $16.00 to $17.00 and revenue of $9.9 billion or greater; WTW will hold an Investor Day on December 3, 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.
Service Corporation International reported third quarter 2024 revenue of $1,014.0 million, up $12.1 million from a year earlier, while operating income fell to $212.4 million from $223.0 million. The company narrowed its full-year 2024 adjusted EPS outlook to $3.47 to $3.57 from a prior expectation in the lower half of $3.50 to $3.80, and raised the midpoint of its operating cash flow guidance.
Q3 2024 diluted EPS was $0.81 vs $0.80; adjusted EPS was $0.79 vs $0.78 in Q3 2023
Net income attributable to common stockholders was $117.8 million vs $122.0 million a year earlier
2024 adjusted EPS outlook is $3.47 to $3.57; Q4 2024 adjusted EPS outlook is $1.00 to $1.10
Full-year adjusted operating cash flow guidance raised to $940 million to $960 million from $900 million to $960 million
Rush Street Interactive reported third-quarter 2024 revenue of $232.1 million, up 37% from a year earlier, and net income of $3.2 million compared with a net loss of $13.4 million in the same quarter of 2023. The company raised its full-year 2024 revenue and adjusted EBITDA guidance and authorized a share repurchase of up to $50 million, which may be used over time at management's discretion.
Q3 2024 revenue was $232.1 million, up 37% from $169.9 million in Q3 2023.
Q3 2024 net income was $3.2 million, versus a net loss of $13.4 million a year earlier.
2024 revenue guidance is $900 million to $920 million; adjusted EBITDA guidance is $82 million to $86 million, with the midpoint raised by $16 million.
On October 24, 2024, the Board authorized repurchases of up to $50 million of Class A common stock.
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.
Watts Water Technologies reported third-quarter 2024 reported sales of $544 million, up 8%, but organic sales fell 4%, and adjusted EPS of $2.03 was slightly below $2.04 a year earlier. The company raised the midpoint of its full-year operating margin outlook and narrowed its sales guidance. Chief Financial Officer Shashank Patel plans to retire on March 15, 2025, and the company has started a search for a successor.
Reported sales were $543.6 million, up 8%; organic sales declined 4%, and acquisitions added $59 million in the Americas.
Reported diluted EPS was $2.06, up 5%; adjusted EPS was $2.03, compared with $2.04 a year earlier.
Full-year 2024 outlook: reported sales growth of 9% to 10%, organic sales down 1% to 2%, and reported operating margin of 17.2% to 17.4%, with the midpoint raised by 20 basis points.
CFO Shashank Patel will retire March 15, 2025, and remain CFO until a successor is named.
Casella Waste Systems reported third-quarter 2024 revenue of $411.6 million, up 16.7% from a year earlier, driven by acquisitions and pricing. Net income fell to $5.8 million, or $0.10 per diluted share, as an $8.5 million Southbridge Landfill charge and higher acquisition expenses weighed on results. The company lowered its fiscal 2024 net income guidance to $10 million to $20 million while reaffirming its revenue, Adjusted EBITDA and cash flow ranges.
Q3 revenue was $411.6 million, up $58.9 million, or 16.7%, from the same period in 2023
Q3 net income was $5.8 million, or $0.10 per diluted share, down from $18.2 million, or $0.31, a year earlier
Q3 Adjusted EBITDA was $102.9 million, up 14.9%; an $8.5 million Southbridge Landfill charge was recorded in the quarter
Fiscal 2024 net income guidance was lowered to $10 million to $20 million from $15 million to $25 million; revenue guidance of $1.520 billion to $1.550 billion was reaffirmed
Omega Healthcare Investors reported third quarter 2024 results, with revenue of $276.0 million, up $34.0 million from a year earlier, and net income of $114.9 million, or $0.42 per diluted share, compared with $0.37 in the third quarter of 2023. The company raised its full-year 2024 Adjusted FFO guidance to $2.84 to $2.86 per diluted share from $2.78 to $2.84.
Q3 2024 net income $114.9 million, or $0.42 per diluted share, versus $93.9 million, or $0.37, in Q3 2023
Q3 2024 revenue $276.0 million, up $34.0 million year over year
Q3 2024 Adjusted FFO $203.1 million, or $0.74 per common share, versus $182.2 million, or $0.71, in Q3 2023
2024 Adjusted FFO guidance raised to $2.84 to $2.86 per diluted share from $2.78 to $2.84; quarterly dividend of $0.67 per share payable November 15, 2024
Arcosa reported third quarter 2024 revenue of $640.4 million, up 8%, and Adjusted EBITDA of $114.0 million, up 28%. GAAP net income fell 53% to $16.6 million, or $0.34 per diluted share, while adjusted diluted EPS rose 25% to $0.91. The company raised its full-year Adjusted EBITDA guidance to $435 million to $450 million but narrowed its revenue range to $2.56 billion to $2.63 billion, reflecting the steel components divestiture and the $1.2 billion Stavola acquisition that closed October 1.
Q3 revenue $640.4 million vs. $591.7 million a year earlier; net income $16.6 million vs. $35.5 million
Adjusted diluted EPS $0.91 vs. $0.73; Adjusted EBITDA $114.0 million vs. $89.4 million, with margin of 17.8% vs. 15.1%
Full-year 2024 Adjusted EBITDA guidance raised to $435 million to $450 million from $420 million to $440 million
Full-year revenue guidance changed to $2.56 billion to $2.63 billion from $2.60 billion to $2.72 billion
Aflac reported a third-quarter net loss of $93 million, or $0.17 per diluted share, versus earnings of $1.6 billion a year earlier, mainly due to foreign exchange-related losses as the yen strengthened 12.9% during the quarter. Adjusted earnings per diluted share rose 17.4% to $2.16, and the company said Virgil R. Miller will become President effective January 1, 2025, while Daniel P. Amos steps down from that title but stays Chairman and CEO.
Q3 net loss of $93 million ($0.17 per diluted share) vs. earnings of $1.6 billion ($2.64 per share) a year ago; net investment losses of $1.4 billion
Q3 adjusted earnings of $1.2 billion, up 10.6%; adjusted EPS $2.16, up 17.4%
Virgil R. Miller appointed President effective January 1, 2025, with base salary of $825,000 and target bonus of 150% of salary
Board declared fourth quarter dividend of $0.50 per share; $500 million spent on share repurchases in Q3
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
Clorox reported first-quarter fiscal 2025 results for the period ended September 30, 2024, with net sales up 27% to $1.76 billion and diluted EPS of $0.80, compared with $0.17 a year earlier. The company raised its fiscal 2025 gross margin and adjusted EPS outlook while keeping its net sales outlook of flat to down 2%, and the results include a one-time after-tax charge of $118 million from the sale of its Better Health VMS business.
Net sales rose 27% to $1.76 billion, driven largely by higher volume as the company lapped the August 2023 cyberattack; organic sales rose 31%.
Diluted EPS was $0.80 versus $0.17 a year earlier, including a 94 cent charge from the Better Health VMS sale; adjusted EPS was $1.86 versus $0.49.
Fiscal 2025 adjusted EPS outlook was raised to $6.65 to $6.90 from $6.55 to $6.80, and gross margin is now expected to rise about 100 to 150 basis points.
Year-to-date net cash provided by operations was $221 million, compared with $20 million a year earlier.
Twilio reported third-quarter 2024 revenue of $1.134 billion, up 10% year-over-year, and GAAP loss from operations narrowed to $5 million from $109 million a year earlier. The company raised its full-year 2024 non-GAAP income from operations guidance to $700 million-$710 million, up from $650 million-$675 million, which signals improved expected profitability for shareholders.
Q3 2024 revenue of $1.134 billion, up 10% year-over-year; GAAP net loss per share of $0.06 versus $0.78 a year earlier
Non-GAAP income from operations of $182.4 million, compared with $136.4 million in Q3 2023
Full-year 2024 non-GAAP income from operations guidance raised to $700 million-$710 million; organic revenue growth guidance raised to 7.5%-8%
Q4 2024 revenue guidance of $1.150 billion-$1.160 billion; company has completed over $2.7 billion of share repurchases in aggregate
Carvana reported third-quarter 2024 results, with revenue up 32% to $3.655 billion and retail units sold up 34% to 108,651. Net income was $148 million, a 4.0% margin, down from a year earlier because Q3 2023 included a roughly $878 million one-time debt extinguishment gain, while operating income rose to $337 million. The company expects Q4 2024 adjusted EBITDA significantly above the high end of its previously communicated $1.0 to $1.2 billion full-year range, if the environment remains stable.
Q3 2024 revenue was $3.655 billion, up 32% year over year, and retail units sold were 108,651, up 34%.
Adjusted EBITDA was $429 million, an 11.7% margin, and GAAP operating income was $337 million, up $289 million.
Net income was $148 million, down from a 26.7% margin in Q3 2023, which included an approximately $878 million debt extinguishment gain.
Outlook: Q4 2024 adjusted EBITDA expected significantly above the high end of the $1.0 to $1.2 billion full-year 2024 range.
GoDaddy reported third-quarter 2024 revenue of $1.15 billion, up 7% year over year, with net income of $190.5 million, up 45%. The company raised its full-year 2024 revenue, NEBITDA margin and free cash flow targets, which gives shareholders a higher outlook for the year.
Q3 net income was $190.5 million, up 45% year over year, and diluted EPS was $1.32 versus $0.89 a year earlier.
Q3 NEBITDA was $366.5 million, up 24%, at a 31.9% margin.
Full-year 2024 revenue expectation was raised to $4.545 billion to $4.565 billion.
Year-to-date through October 28, 2024, GoDaddy repurchased 5.2 million shares for $668.1 million.
Matson reported third quarter 2024 net income of $199.1 million, or $5.89 per diluted share, up from $119.9 million, or $3.40 per share, a year earlier. Revenue rose to $962.0 million from $827.5 million, driven mainly by significantly higher China freight rates, and the company raised its full-year 2024 consolidated operating income outlook. For shareholders, the filing shows a sharp year-over-year profit increase and a higher outlook, though the company said freight rates are expected to moderate with normal seasonality.
Q3 2024 operating income was $242.3 million versus $132.1 million in Q3 2023, and EBITDA was $289.4 million versus $175.1 million.
Management expects Q4 2024 consolidated operating income to be meaningfully higher than the $75.3 million achieved in Q4 2023.
The company repurchased approximately 0.4 million shares for $48.1 million in Q3 2024 and declared a $0.34 per share dividend payable December 5, 2024.
Corcept reported third-quarter 2024 revenue of $182.5 million, up 48% from a year earlier, and net income of $47.2 million. The company raised its full-year 2024 revenue guidance to $675 million-$700 million, from $640 million-$670 million, and said Phase 3 GRADIENT trial results support its planned new drug application for relacorilant in Cushing's syndrome.
Q3 2024 revenue $182.5 million vs. $123.6 million in Q3 2023
Diluted net income per share $0.41 vs. $0.28 a year earlier
2024 revenue guidance raised to $675 million-$700 million from $640 million-$670 million
Relacorilant NDA submission for Cushing's syndrome expected this quarter; cash and investments $547.6 million at September 30, 2024
Nextracker reported fiscal second-quarter 2025 results for the period ended September 27, 2024, with revenue of $636 million, up from $573 million a year earlier. It reaffirmed its FY25 revenue outlook of $2.8 to $2.9 billion and raised its FY25 profit outlook, which signals higher expected earnings for the year for shareholders.
Q2 FY25 revenue was $636 million versus $573 million in Q2 FY24; Q1 FY25 revenue was $720 million.
GAAP net income was $117 million, and GAAP diluted EPS was $0.79, compared with $0.55 a year earlier.
FY25 adjusted EBITDA outlook raised to $625 to $665 million from $600 to $650 million; adjusted diluted EPS outlook raised to $3.10 to $3.30 from $2.89 to $3.09.
Q2 results include about $51 million of IRA 45X tax credit vendor rebates, which were not in the prior-year quarter.
Independence Realty Trust reported third quarter 2024 net income available to common shares of $12.4 million, up from $3.9 million a year earlier, with diluted EPS of $0.05 versus $0.02. Core FFO per share (CFFO) fell to $0.29 from $0.30, which the company attributed to asset sales, and it lowered the midpoint of its 2024 EPS guidance by $0.07 to $0.30 while raising its CFFO per share guidance by $0.01, so shareholders face a mixed picture.
Q3 2024 net income available to common shares was $12.4 million versus $3.9 million in Q3 2023; diluted EPS was $0.05 versus $0.02.
Q3 2024 CFFO was $66.8 million ($0.29 per share) versus $69.0 million ($0.30); Adjusted EBITDA was $87.5 million versus $94.4 million.
S&P Global Ratings assigned a 'BBB' issuer credit rating with a stable outlook, announced October 30, 2024.
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.
IDEX reported third-quarter 2024 sales of $798 million, up 1% but flat on an organic basis, while reported diluted EPS fell 43% to $1.57 after a prior-year gain on the Micropump sale. The company lowered its full-year 2024 GAAP diluted EPS guidance to $6.65-$6.70 from $6.85-$6.95, and raised its adjusted diluted EPS guidance to $7.85-$7.90 from $7.80-$7.90, which matters to shareholders because the two measures moved in opposite directions.
Q3 2024 net sales of $798.2 million, up 1% reported and flat organically; adjusted diluted EPS of $1.90, down 10%
Reported diluted EPS of $1.57, down from $2.75, mainly due to the absence of the prior-year Micropump divestiture gain
Full-year 2024 GAAP diluted EPS guidance cut to $6.65-$6.70 from $6.85-$6.95; adjusted diluted EPS guidance raised to $7.85-$7.90 from $7.80-$7.90
Mott Corporation acquisition completed September 5, 2024, for cash consideration of $986.2 million, net of cash acquired
ITW reported third quarter 2024 revenue of $4.0 billion, down 1.6%, while GAAP diluted EPS rose to $3.91 from $2.55, helped by a $1.26 gain on the sale of its Wilsonart stake. Excluding the gain, EPS was $2.65, up 4%, and the company raised its full-year 2024 GAAP EPS guidance by $1.33 to $11.63 to $11.73 per share, mainly reflecting the gain and a lower projected tax rate.
Q3 2024 revenue of $3,966 million, down 1.6%; organic growth declined 1.4%
GAAP diluted EPS of $3.91 includes a $1.26 gain from the Wilsonart sale; excluding it, EPS was $2.65, up 4%
2024 GAAP EPS guidance raised to $11.63 to $11.73 from $10.30 to $10.40; revenue guidance of approximately flat maintained
Company repurchased $375 million of its shares in the quarter and plans about $1.5 billion of repurchases for 2024
Graham Holdings reported third-quarter 2024 revenue of $1.2 billion, up 9% from a year earlier, and net income attributable to common shareholders of $72.5 million ($16.42 per diluted share), compared with a loss of $23.0 million in the third quarter of 2023 that included impairment charges. The company also said it expects a one-time pre-tax pension settlement gain of approximately $700 million in the fourth quarter of 2024, after buying an annuity to transfer certain pension obligations.
Q3 2024 revenue was $1,207.2 million, up 9% from $1,111.5 million; education, television broadcasting, healthcare and automotive increased while manufacturing declined.
Q3 2024 operating income was $81.6 million, compared with an operating loss of $57.1 million in Q3 2023, which included goodwill and long-lived asset impairment charges.
Adjusted net income (non-GAAP) was $76.1 million ($17.25 per share) for Q3 2024, versus $48.9 million ($10.45 per share) a year earlier.
In October 2024 the company bought a group annuity for $461.3 million to settle $457.9 million of pension obligations, with an estimated fourth-quarter pre-tax gain of approximately $700 million.
Clean Harbors reported third-quarter 2024 revenue up 12% to $1.53 billion, net income up 26% to $115.2 million, and diluted EPS of $2.12 versus $1.68 a year earlier. The company also revised its full-year 2024 Adjusted EBITDA and adjusted free cash flow guidance, now projecting Adjusted EBITDA of $1.10 billion to $1.12 billion, though the filing does not state the prior range.
Q3 revenue grew 12% to $1.53 billion; income from operations rose 25% to $192.3 million
Q3 net income was $115.2 million, or $2.12 per diluted share, versus $91.3 million, or $1.68, in Q3 2023
Full-year 2024 Adjusted EBITDA guidance is $1.10 billion to $1.12 billion; adjusted free cash flow guidance is $280 million to $320 million
Safety-Kleen Sustainability Solutions segment faced weaker base oil demand and pricing; its Adjusted EBITDA rose 32% to $41.2 million in Q3
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.
Brinker International reported first-quarter fiscal 2025 total revenues of $1,139.0 million, up from $1,012.5 million a year earlier, and net income of $38.5 million, up from $7.2 million. The company raised its full-year fiscal 2025 total revenue guidance to $4.70 billion to $4.75 billion and its EPS guidance excluding special items to $5.20 to $5.50, which signals stronger expected results for shareholders.
Total revenues were $1,139.0 million versus $1,012.5 million; comparable restaurant sales rose 13.0%, with Chili's up 14.1%.
Diluted EPS was $0.84 versus $0.16; EPS excluding special items was $0.95 versus $0.28.
Fiscal 2025 total revenue guidance was raised to $4.70 billion to $4.75 billion.
Fiscal 2025 EPS guidance excluding special items was updated to $5.20 to $5.50; weighted average shares and capital expenditure guidance were reiterated.
Wingstop reported fiscal third-quarter 2024 results on October 30, 2024, with total revenue up 38.8% to $162.5 million and net income up 31.9% to $25.7 million, or $0.88 per diluted share. The company reiterated its guidance of about 20% domestic same store sales growth for 2024, raised its 2024 net new unit outlook, and raised its SG&A and stock-based compensation expense guidance, which will increase costs for shareholders. The board also declared a $0.27 quarterly dividend.
Total revenue increased to $162.5 million from $117.1 million a year earlier; domestic same store sales rose 20.9%.
Diluted EPS was $0.88, up from $0.65; net income was $25.7 million, up from $19.5 million.
2024 guidance for global net new units was raised to 320 to 330 from 285 to 300, and SG&A expense guidance was raised to $117.5 million to $118.5 million from $114 million to $116 million.
The board declared a quarterly cash dividend of $0.27 per share, payable December 6, 2024, to holders of record as of November 15, 2024.
Garmin reported fiscal third-quarter 2024 revenue of $1.59 billion, up 24% from a year earlier, with GAAP diluted EPS of $2.07 and pro forma diluted EPS of $1.99, up 41%. The company raised its full-year 2024 outlook to approximately $6.12 billion in revenue and $6.85 in pro forma EPS, which matters to shareholders because it signals stronger expected earnings for the year.
Third-quarter operating income was $437 million, up 62% from the prior year quarter
Full-year 2024 guidance: revenue of approximately $6.12 billion and pro forma EPS of $6.85
Next dividend of $0.75 per share has a record date of December 13, 2024 and a payment date of December 27, 2024
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