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).
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.
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.
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%.
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
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.
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
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
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
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.
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
Option Care Health reported third-quarter 2024 net revenue of $1,278.5 million, up 17.0%, but net income of $53.9 million was down 4.3% and diluted EPS was flat at $0.31. The company said a supply disruption tied to Hurricane Helene will negatively affect fourth-quarter results, and it updated its full-year 2024 guidance to reflect this.
Net revenue of $1,278.5 million, up 17.0% from $1,093.0 million in Q3 2023
Net income of $53.9 million, or $0.31 diluted EPS, versus $56.3 million, or $0.31, a year earlier; adjusted diluted EPS was $0.41 versus $0.40
Updated 2024 guidance: net revenue of $4.9 billion to $4.95 billion and adjusted EBITDA of $438 million to $443 million, with the Q4 hit from supply disruption for intravenous solution bags
Cash flow from operations was $160.4 million versus $61.0 million in Q3 2023; the company repurchased about $41.9 million of stock in the quarter
TE Connectivity reported fourth-quarter fiscal 2024 net sales of $4.1 billion, up 1% year over year, and adjusted EPS of a record $1.95, up 10%. GAAP EPS fell 49% to $0.90 because of a one-time tax-related impact of $0.78, and full-year net sales were $15.8 billion. The board also raised the share repurchase authorization by $2.5 billion, and the company expects first-quarter fiscal 2025 sales and adjusted EPS to rise year over year.
Q4 adjusted EPS was a record $1.95, up 10%; GAAP diluted EPS from continuing operations was $0.90, down 49%, including a $0.78 one-time tax-related impact.
Full-year GAAP EPS was a record $10.34 and adjusted EPS was $7.56, up 12%; full-year net sales were $15.8 billion.
Board authorized a $2.5 billion increase in the share repurchase program.
First-quarter fiscal 2025 outlook: net sales of approximately $3.9 billion and adjusted EPS of $1.88; GAAP EPS of $1.64.
Essex Property Trust reported third quarter 2024 net income of $1.84 per diluted share, up from $1.36 a year earlier, and Core FFO of $3.91 per diluted share, up 3.4%. The company raised its full-year 2024 Core FFO and net income guidance midpoints but lowered its Total FFO midpoint, so shareholders see higher core earnings and a mixed picture on the FFO guidance.
Q3 2024 net income per diluted share was $1.84 versus $1.36 in Q3 2023, largely due to gains on remeasurement of co-investments.
Core FFO per diluted share was $3.91 in Q3 2024, $0.04 above the midpoint of guidance and up 3.4% from $3.78.
Full-year 2024 Core FFO guidance midpoint rose $0.06 to $15.56; the Total FFO midpoint fell $0.13 to $15.92.
Same-property revenue grew 3.5% and same-property NOI grew 2.6% versus Q3 2023.
NexPoint Residential Trust reported a third-quarter 2024 net loss of $8.9 million, or $(0.35) per diluted share, compared with net income of $33.7 million, or $1.28 per share, a year earlier, as total revenues fell to $64.1 million from $69.8 million. The company raised its full-year 2024 Core FFO per diluted share guidance midpoint to $2.78 from $2.72 and its earnings per share guidance midpoint to $0.03 from $(1.15), and its board approved a 10.3% dividend increase and a $100 million buyback.
Q3 2024 net loss of $8.9 million, or $(0.35) per diluted share, versus net income of $33.7 million, or $1.28 per share, in Q3 2023; the change primarily reflects a $43.1 million decrease in gain on sales of real estate
Total revenues of $64.1 million in Q3 2024, down from $69.8 million; Q3 Same Store NOI decreased 2.4% to $37.5 million
Full-year 2024 Core FFO per diluted share guidance midpoint raised to $2.78 from $2.72; earnings per diluted share guidance midpoint raised to $0.03 from $(1.15)
On October 28, 2024, the board approved a quarterly dividend of $0.51 per share, a 10.3% increase, and authorized repurchase of up to $100 million of common stock through October 28, 2026
ATI reported third quarter 2024 sales of $1.05 billion, up 2% from a year earlier, but diluted earnings per share fell 8% to $0.57 and net income attributable to ATI fell 8% to $82.7 million. The company lowered its full-year 2024 adjusted EBITDA and adjusted EPS guidance, citing customer uncertainty and delayed aerospace shipments, which weighs on shareholder expectations for the year.
Q3 2024 sales were $1.05 billion versus $1,025.6 million in Q3 2023; diluted EPS was $0.57 versus $0.62.
Full-year 2024 adjusted EBITDA guidance was cut to $700 million-$710 million from $720 million-$750 million.
Full-year 2024 adjusted EPS guidance was lowered to $2.24-$2.30 from $2.40-$2.60.
The board authorized a $700 million share repurchase; $660 million remained as of September 29, 2024.
Corning reported third-quarter 2024 GAAP net sales of $3.39 billion and a GAAP net loss attributable to Corning of $117 million, or $(0.14) per share, compared with net income of $164 million a year earlier. Core sales rose 8% to $3.73 billion and core EPS rose 20% to $0.54, led by Optical Communications, and management expects fourth-quarter core sales of about $3.75 billion and core EPS of $0.53 to $0.57.
Q3 2024 GAAP net loss attributable to Corning was $117 million, or $(0.14) per share, versus $164 million, or $0.19 per share, a year earlier
Core sales were $3.73 billion, up 8% year over year; core EPS was $0.54, up 20%
Optical Communications sales rose 36% to $1.2 billion, with Enterprise sales up 55%
Fourth-quarter 2024 outlook: core sales of about $3.75 billion and core EPS of $0.53 to $0.57
Centerspace reported a net loss of $0.40 per diluted share for the third quarter of 2024, compared with net income of $0.41 per diluted share a year earlier, while third-quarter Core FFO per diluted share was $1.18 versus $1.20. The company narrowed its 2024 Core FFO per diluted share outlook to $4.82 to $4.90 from $4.78 to $4.92, and nine-month Core FFO per diluted share rose 3.4% to $3.68.
Q3 2024 net loss of $0.40 per diluted share, versus net income of $0.41 in Q3 2023
Q3 2024 Core FFO of $1.18 per diluted share, versus $1.20 in Q3 2023; nine-month Core FFO of $3.68 versus $3.56
2024 Core FFO per diluted share outlook narrowed to $4.82 to $4.90, from $4.78 to $4.92 previously
Q3 same-store revenues rose 3.0% year over year; $235.5 million of total liquidity at September 30, 2024
SBA Communications reported third-quarter 2024 results, with net income of $255.9 million, or $2.40 per diluted share, up from $85.4 million, or $0.80, a year earlier. Total revenues fell 2.2% to $667.6 million and adjusted EBITDA fell 2.0% to $472.6 million, while the company raised its full-year 2024 outlook across its key metrics and agreed to buy over 7,000 Central American sites from Millicom for about $975.0 million.
Q3 2024 net income was $255.9 million, or $2.40 per diluted share, including a $16.2 million after-tax currency remeasurement gain; total revenues were $667.6 million, down 2.2%.
Adjusted EBITDA was $472.6 million, down 2.0%, and AFFO per share was $3.32, down 0.6% from $3.34.
Full-year 2024 total revenue outlook is $2.66 billion to $2.68 billion, and AFFO per share outlook is $13.20 to $13.45, both raised from the July 29, 2024 outlook.
The Millicom site purchase for about $975.0 million in cash is expected to close some time in 2025; the quarterly dividend is $0.98 per share, payable December 12, 2024.
VF Corporation reported second quarter fiscal 2025 revenue of $2.8 billion, down 6% from a year earlier, with GAAP diluted EPS of $0.52 versus a loss of $1.16 a year earlier. Adjusted EPS was $0.60, down from $0.63, and the company cut its full-year free cash flow outlook to about $425 million from $600 million, citing the Supreme sale and added reinvestment spending.
Revenue $2.8 billion, down 6% year over year; The North Face down 3% and Vans down 11%
Net income $52.2 million, compared with a net loss of $450.7 million a year earlier
Adjusted EPS $0.60 versus $0.63; adjusted operating margin 11.4%, down 60 basis points
FY25 free cash flow outlook about $425 million versus original $600 million; quarterly dividend $0.09 payable December 18, 2024
Agilysys reported fiscal 2025 second-quarter results on October 28, 2024, with total net revenue up 16.5% to $68.3 million. The company raised its full-year fiscal 2025 revenue guidance to $280 million to $285 million, but GAAP net income fell to $1.4 million from $4.1 million a year earlier.
Total net revenue was $68.3 million, up from $58.6 million in the prior-year quarter.
Net income attributable to common shareholders was $1.4 million, or $0.05 per diluted share, versus $4.1 million, or $0.16 per diluted share, a year earlier.
Adjusted diluted EPS (non-GAAP) was $0.34, up from $0.25; full-year Adjusted EBITDA is now expected at 18% of revenue, versus a prior 16%.
Cash paid for the Book4Time acquisition, net of cash acquired, was $144.9 million; ending cash was $54.9 million.
NOV reported third-quarter 2024 revenue of $2.19 billion, roughly flat year over year, and net income of $130 million, or $0.33 per share, up $16 million from a year earlier. For the fourth quarter, management expects consolidated revenue to fall 3% to 5% year over year, with Adjusted EBITDA of $280 million to $300 million, and full-year Adjusted EBITDA near the lower end of its prior $1.10 billion to $1.18 billion range.
Q3 2024 revenue was $2.19 billion, up $6 million from Q3 2023; Adjusted EBITDA rose 7% to $286 million.
Q3 net income was $130 million, or $0.33 per share, up $16 million, or $0.04 per share, year over year.
Q4 2024 guidance: consolidated revenue down 3% to 5% year over year and Adjusted EBITDA of $280 million to $300 million.
Q3 free cash flow was $277 million; NOV repurchased 4.6 million shares for $80 million and returned $109 million to shareholders in total.
Minerals Technologies reported third-quarter 2024 diluted EPS of $1.45, compared with a loss of $0.59 a year earlier, on net sales of $525 million, down 4% as reported. Excluding special items, EPS was $1.51, a third-quarter record for the company. Shareholders also get a new $200 million share repurchase program and a 10% dividend increase, while sales declined.
Diluted EPS of $1.45 versus a loss of $0.59 in Q3 2023; $1.51 excluding special items, a third-quarter record
Net sales of $525 million, down 4% as reported and 2% on an underlying basis; reported operating income of $77 million versus a loss of $7.9 million a year earlier
New $200 million share repurchase program announced; previous $75 million program completed
Quarterly dividend raised 10% to $0.11 per share, payable December 5, 2024, to holders of record on October 31, 2024
Eastern Bankshares reported a third-quarter 2024 net loss of $6.2 million, compared with net income of $26.3 million in the second quarter, after a $40.9 million initial provision on non-PCD loans acquired from Cambridge and $30.5 million of merger-related charges. Operating net income rose to $49.7 million, or $0.25 per diluted share, from $0.22, and the Board raised the quarterly cash dividend 9% to $0.12 per share, which matters to shareholders because it reflects both the GAAP loss and the higher core earnings and payout.
Net loss of $6.2 million, or $0.03 per diluted share, versus net income of $26.3 million, or $0.16 per diluted share, in the prior quarter.
Operating net income of $49.7 million, or $0.25 per diluted share, versus $36.5 million, or $0.22, in the prior quarter.
Total revenue of $203.4 million versus $154.0 million, following the Cambridge Bancorp merger completed July 12, 2024.
Quarterly cash dividend of $0.12 per share, up $0.01, payable December 16, 2024 to shareholders of record on December 3, 2024.
Cousins Properties reported third quarter 2024 results. Funds from operations (FFO) rose to $102.3 million, or $0.67 per share, from $99.0 million, or $0.65, a year earlier, and the company raised its full-year 2024 FFO guidance. GAAP net income available to common stockholders fell to $11.2 million, or $0.07 per share, from $19.4 million, or $0.13, mainly because of higher depreciation expense, and the company lowered its full-year net income guidance.
Q3 2024 FFO was $102.3 million, or $0.67 per share, versus $99.0 million, or $0.65, in Q3 2023.
Q3 2024 net income available to common stockholders was $11.2 million, or $0.07 per share, versus $19.4 million, or $0.13, in Q3 2023.
Full-year 2024 FFO guidance was raised to $2.66 to $2.70 per share from $2.63 to $2.68.
Full-year 2024 net income guidance was lowered to $0.26 to $0.30 per share from $0.31 to $0.36.
Applied Industrial Technologies reported fiscal 2025 first-quarter net sales of $1.1 billion, up 0.3% year over year, and net income of $92.1 million, or $2.36 per share, down 1.0%. The company raised its fiscal 2025 EPS guidance to $9.25 to $10.00 from $9.20 to $9.95, mainly on updated interest and other income assumptions, while keeping its sales and EBITDA margin guidance unchanged.
Net sales rose 0.3% to $1.1 billion, but fell 3.0% on an organic daily basis
Net income of $92.1 million ($2.36 per share) and EBITDA of $129.0 million both declined from the prior year
Fiscal 2025 EPS guidance raised to $9.25 to $10.00; sales guidance of down 2.5% to up 2.5% maintained
Quarterly dividend of $0.37 per share declared, payable November 29, 2024 to holders of record on November 15, 2024
Tractor Supply reported third-quarter 2024 net sales up 1.6% to $3.47 billion, but comparable store sales fell 0.2% and diluted EPS fell 3.9% to $2.24. The company raised the lower end of its fiscal 2024 sales and earnings guidance and reached a definitive agreement to acquire online pet pharmacy Allivet.
Q3 net sales rose 1.6% to $3.47 billion; net income fell 5.3% to $241.5 million
Diluted EPS was $2.24 versus $2.33 a year earlier; SG&A rose to 27.8% of net sales from 26.7%
Fiscal 2024 EPS guidance is now $10.10 to $10.40, up from $10.00 to $10.40 at the low end; comparable store sales guidance is now 0.0% to +1.0%
Definitive agreement reached to acquire Allivet, a leading online pet pharmacy
Textron reported third-quarter 2024 revenue of $3.43 billion, up from $3.34 billion a year earlier, but adjusted earnings per share fell to $1.40 from $1.49 after a four-week strike at Textron Aviation. The company cut its full-year 2024 adjusted EPS outlook to $5.40-$5.60 from $6.20-$6.40 and lowered its manufacturing cash flow outlook, which matters to shareholders because it reduces expected earnings for the year.
GAAP EPS from continuing operations was $1.18 versus $1.35 a year earlier; adjusted EPS was $1.40 versus $1.49
Textron Aviation revenue and segment profit were hit by the IAM strike, which ended with a new five-year contract ratified on October 20
2024 manufacturing cash flow before pension contributions is now expected at $650 million to $750 million, down from $0.9 billion to $1.0 billion
Textron returned $215 million to shareholders through share repurchases in the third quarter and $890 million year to date
Wyndham Hotels & Resorts reported third-quarter 2024 results on October 23, 2024. Diluted EPS rose 7% to $1.29, and the company raised its full-year 2024 adjusted diluted EPS outlook to $4.22-$4.34 from $4.20-$4.32, while net income and fee-related revenues both fell slightly from the prior-year quarter.
Diluted EPS was $1.29 versus $1.21 a year earlier; net income was $102 million versus $103 million.
Fee-related and other revenues were $394 million versus $400 million, which included $18 million of pass-through revenue in the 2023 quarter.
Full-year 2024 adjusted diluted EPS outlook raised to $4.22-$4.34 from $4.20-$4.32; other outlook items unchanged.
Company returned $126 million to shareholders in the quarter, including $97 million of share repurchases.
Align Technology reported third-quarter 2024 revenue of $977.9 million, up 1.8% year-over-year but down 4.9% from the second quarter, and GAAP diluted EPS of $1.55 versus $1.58 a year earlier. The company also announced a restructuring plan with about $30 million in Q4 severance charges and expects to repurchase up to $275.0 million of stock beginning in Q4 2024, while guiding Q4 revenue to $995 million to $1,015 million.
Q3 2024 revenue $977.9 million, up 1.8% year-over-year; Clear Aligner revenue down 1.0% year-over-year; Imaging Systems and CAD/CAM Services up 15.6%
GAAP diluted EPS $1.55 vs $1.58 in Q3 2023; non-GAAP diluted EPS $2.35 vs $2.14
Restructuring charges of about $30 million expected in Q4 2024, roughly 3 points of operating margin; Raj Pudipeddi to leave in Q4 2024
Q4 2024 revenue outlook $995 million to $1,015 million; GAAP operating margin expected slightly lower than 14.0%
PROG Holdings reported third-quarter 2024 revenue of $606.1 million, up 4.0% from a year earlier, and net earnings of $84.0 million versus $35.0 million, though the gain was driven mainly by a $53.6 million non-cash tax benefit. Adjusted EBITDA fell to $63.5 million from $71.7 million, and non-GAAP diluted EPS fell to $0.77 from $0.90. The company raised its full-year 2024 revenue and net earnings outlook.
Q3 2024 revenue $606.1 million (up 4.0%); GAAP diluted EPS $1.94 vs. $0.76; non-GAAP diluted EPS $0.77 vs. $0.90
Net earnings included a $53.6 million non-cash, net tax benefit from reversing an uncertain tax position
Full-year 2024 revenue outlook raised to $2.44 billion-$2.46 billion from $2.40 billion-$2.45 billion; net earnings outlook raised to $165.5 million-$170.5 million from $110.5 million-$116.0 million
Renasant reported third-quarter 2024 net income of $72.5 million, or $1.18 diluted EPS, up from $38.8 million and $0.69 in the second quarter, helped by a $38.95 million after-tax gain on the sale of its insurance agency. Adjusted diluted EPS was $0.70, down from $0.74 a year earlier, and the filing also reports that shareholders of Renasant and The First Bancshares approved their merger, with completion expected in the first half of 2025.
Net income $72.5 million in Q3 2024 vs. $38.8 million in Q2 2024 and $41.8 million in Q3 2023
Diluted EPS $1.18 (GAAP) and $0.70 (adjusted, non-GAAP) vs. $0.74 adjusted a year earlier
Shareholders approved the merger with The First Bancshares, Inc.; Renasant expects completion in the first half of 2025
Board approved a new $100.0 million stock repurchase program on October 22, 2024; no buybacks occurred in Q3 2024
Pentair reported third-quarter 2024 sales of $993 million, down 2% from a year earlier, while GAAP diluted EPS rose 6% to $0.84 and adjusted EPS rose 16% to $1.09. The company raised its full-year 2024 adjusted EPS guidance to approximately $4.27 and set fourth-quarter adjusted EPS guidance of approximately $1.02, but revenue declined and full-year sales guidance was maintained at roughly flat to down 1%.
Q3 2024 sales of $993 million, down 2%; core sales declined 1%
GAAP diluted EPS of $0.84, up 6%; adjusted diluted EPS of $1.09, up 16%
Full-year 2024 adjusted EPS guidance raised to approximately $4.27; GAAP EPS guidance updated to approximately $3.70
Fourth-quarter 2024 sales expected at $965 million to $975 million, down 1% to 2%
Banc of California reported a third-quarter 2024 net loss available to common stockholders of $1.2 million, or $0.01 per diluted share, compared with net earnings of $20.4 million, or $0.12 per diluted share, in the second quarter. The result includes a $60 million pre-tax loss from repositioning $742 million of securities, while adjusted net earnings were $41.4 million, or $0.25 per diluted share, and net interest margin rose to 2.93%.
GAAP net loss available to common stockholders of $1.2 million, or $0.01 per diluted share, for Q3 2024, versus $20.4 million, or $0.12, in Q2 2024
Adjusted net earnings of $41.4 million, or $0.25 per diluted share, include a $60 million pre-tax loss on the securities repositioning
Net interest margin increased 13 basis points to 2.93%; total revenue was $216.7 million versus $259.3 million in Q2
Nonperforming assets rose to $177.0 million, or 0.53% of total assets, from $130.4 million at June 30, 2024
Simpson Manufacturing reported third-quarter 2024 net sales of $587.2 million, up 1.2% year over year, but income from operations fell 11.0% to $124.9 million and diluted earnings per share fell to $2.21 from $2.43. The company revised its full-year 2024 outlook, citing reduced housing start expectations, and now expects an operating margin of 19.0% to 19.5%. Management said overall profitability is below its expectations and it is working to align costs with market conditions.
Q3 net sales $587.2 million, up 1.2%; operating margin 21.3% versus 24.2% a year earlier
Net income $93.5 million, down 10.1%; diluted EPS $2.21 versus $2.43
2024 outlook: operating margin 19.0% to 19.5%; capital expenditures $175.0 million to $185.0 million
Management expects U.S. housing starts down in the low single-digit range in 2024
ServisFirst Bancshares reported third-quarter 2024 net income of $59.9 million, up 14.9% from the second quarter and 12.3% from a year earlier, with diluted earnings per share of $1.10. The company also said CFO Kirk Pressley will resign effective October 31, 2024, and Controller Ed Woodie will become interim CFO on that date, a leadership change shareholders will want to monitor.
Q3 2024 net income $59.9 million, up from $52.1 million in Q2 2024 and $53.3 million in Q3 2023
Diluted EPS $1.10, compared with $0.95 in Q2 2024 and $0.98 in Q3 2023
Net interest margin 2.84%, up from 2.79% in Q2 2024
Kirk Pressley resigns as CFO and EVP effective October 31, 2024; Ed Woodie, 57, named interim CFO
KeyCorp reported a third-quarter 2024 net loss from continuing operations attributable to common shareholders of $447 million, or $0.47 per diluted share, after $737 million in after-tax charges tied to a securities portfolio repositioning. Excluding those charges, adjusted net income was $290 million, or $0.30 per diluted share, up from $237 million, or $0.25, in the second quarter, though total revenue fell to $695 million from $1.5 billion. The company received an initial $821 million tranche of its Scotiabank strategic investment, and expects the final tranche in the first quarter of 2025, subject to Federal Reserve approval.
Net loss of $447 million, or $0.47 per diluted share, versus net income of $266 million in the third quarter of 2023
Adjusted net income of $290 million, or $0.30 per diluted share, excluding $737 million in after-tax charges
Net interest income rose 7% quarter-over-quarter to $964 million; total revenue (TE) was $695 million versus $1,526 million in the second quarter
Received initial $821 million Scotiabank investment tranche; Common Equity Tier 1 ratio was 10.8%
Elevance Health reported third quarter 2024 operating revenue of $44.7 billion, up 5.3% from a year earlier, but GAAP diluted EPS fell 20.0% to $4.36 and the operating gain fell 19.8% to $1.4 billion. The company cited a timing mismatch between Medicaid rates and the higher acuity of its members, which pushed the benefit expense ratio up 270 basis points to 89.5%. It now expects 2024 GAAP EPS of approximately $26.50 and adjusted EPS of approximately $33.00, and on October 15, 2024 it authorized an $8.0 billion increase to its share repurchase program.
Q3 2024 operating revenue $44.7 billion, up $2.2 billion from the prior year quarter, driven by higher premium yields and CarelonRx product revenue
Q3 2024 GAAP diluted EPS $4.36 versus $5.45 a year earlier; adjusted diluted EPS $8.37 versus $8.99
Medical membership fell 3.3% year over year to 45,760 thousand, with Medicaid down 19.0% to 8,926 thousand
Board authorized an $8.0 billion increase to the share repurchase program on October 15, 2024; quarterly dividend of $1.63 per share declared
Kinder Morgan reported third-quarter 2024 EPS of $0.28, up 17% from a year earlier, and net income attributable to KMI of $625 million, up from $532 million. The company lowered its 2024 outlook: it now expects Adjusted EBITDA about 2% and Adjusted EPS about 4% below budget, though it still expects both to rise versus 2023, which matters to shareholders because the budget was the prior benchmark.
Q3 2024 EPS of $0.28, up 17%; Adjusted EPS of $0.25, flat versus Q3 2023
Q3 Adjusted EBITDA of $1,880 million, up 2% from $1,835 million
2024 outlook: Adjusted EBITDA about 2% below budget and Adjusted EPS about 4% below budget, but up 5% and 9% versus 2023
Quarterly dividend of $0.2875 per share, a 2% increase over Q3 2023, payable November 15, 2024
United Airlines reported third-quarter 2024 results, with total operating revenue up 2.5% to $14.8 billion but net income down 15.1% to $965 million and diluted EPS down to $2.90 from $3.42. Adjusted diluted EPS of $3.33 beat the company's $2.75 to $3.25 guidance range, and the board authorized a share repurchase of up to $1.5 billion, the first since the program was suspended in 2020. Forward outlook is furnished separately in an Investor Update (Exhibit 99.2), which the filing excerpt does not detail.
Total operating revenue of $14.8 billion, up 2.5% from third-quarter 2023; net income of $965 million, down 15.1%.
Diluted EPS of $2.90 versus $3.42 a year earlier; adjusted diluted EPS of $3.33, above the $2.75 to $3.25 guidance given at the start of the quarter.
New share repurchase program of up to $1.5 billion, subject to a $500 million limit through year-end 2024.
Year-to-date operating cash flow of $7.2 billion and free cash flow of $3.4 billion; net leverage of 2.7x, with a target below 2x in the next few years.
Alpha Metallurgical Resources released preliminary third-quarter 2024 sales volumes and realizations, reporting Met segment coal revenues of $669.8 million on 4.1 million tons sold. The CEO said revenues and shipments were lower than in the first and second quarters, and the company raised or lowered several 2024 guidance items, including net cash interest income and tax rate, while shipments are now expected toward the higher end of the shipment range. Full third-quarter results are due November 1, 2024.
Met segment coal revenues were $669.8 million, or $550.7 million excluding freight and handling, for the quarter ended September 30, 2024.
Met segment realization was $132.76 per ton on 4.1 million tons sold.
Net cash interest income guidance was raised to $10 million to $14 million, and the 2024 tax rate guidance was lowered to 5% to 10%.
Definitive third-quarter results and 2025 commentary are scheduled for November 1, 2024, with a conference call at 10:00 a.m. Eastern time.
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