588 material Form 8-K filings that 519 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).
Sunrun expanded its board from nine to ten directors and appointed John Trinta, effective October 28, 2024, as a Class I director who also joins the Audit Committee. Trinta previously held executive posts at Deloitte from June 1998 to May 2020, and the filing reports no financial results or guidance changes.
John Trinta appointed as Class I director effective October 28, 2024; board increased from nine to ten directors
Trinta also appointed to the Audit Committee of the Board
Trinta held several executive positions at Deloitte from June 1998 to May 2020, including CEO of Deloitte Financial Advisory Services
Term runs until the 2025 annual meeting of stockholders
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
Kadant reported third-quarter 2024 revenue of $271.6 million, up 11% from a year earlier, though organic revenue fell 1% excluding acquisitions. Net income attributable to Kadant rose 2% to $31.6 million, and adjusted EPS rose 6% to $2.84. The company raised its 2024 adjusted EPS guidance to $9.93 to $10.13 and narrowed its revenue guidance to $1.047 to $1.055 billion.
Q3 revenue $271.6 million, up 11%; organic revenue down 1%, with acquisitions adding 12%
Net income $31.6 million, up 2%; GAAP diluted EPS $2.68, up 2%; adjusted EPS $2.84, up 6%
2024 adjusted EPS guidance raised to $9.93 to $10.13 from $9.80 to $10.05
2024 revenue guidance narrowed to $1.047 to $1.055 billion from $1.045 to $1.065 billion
Mirion reported third-quarter 2024 revenue of $206.8 million, up 8.2% from a year earlier, while its GAAP net loss widened to $14.0 million from $12.9 million. The company raised the low end of its full-year 2024 revenue growth guidance to 6% to 7% and cut its adjusted free cash flow range top end to $75 million, while keeping adjusted EBITDA and adjusted EPS guidance unchanged. For shareholders, sales and adjusted EBITDA grew, but GAAP losses increased.
Third-quarter revenue was $206.8 million, up from $191.2 million in the same period of 2023.
GAAP net loss was $14.0 million, or $0.07 per share, compared with a net loss of $12.9 million, or $0.06 per share, a year earlier.
Adjusted EBITDA rose 17.8% to $45.7 million, with an adjusted EBITDA margin of 22.1%.
2024 revenue growth guidance is now 6% to 7%, up from 5% to 7%; adjusted free cash flow guidance is now $65 million to $75 million, down from $65 million to $85 million.
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.
The Cheesecake Factory reported third quarter fiscal 2024 revenue of $865.5 million, up from $830.2 million a year earlier, and net income of $30.0 million, or $0.61 per diluted share, compared with $17.9 million, or $0.37, in the prior-year quarter. The company also declared a $0.27 quarterly dividend and said director Laurence B. Mindel retired from the board effective immediately.
Q3 fiscal 2024 revenue was $865.5 million versus $830.2 million in Q3 fiscal 2023.
Diluted net income per share was $0.61 versus $0.37; adjusted diluted EPS was $0.58 versus $0.39, excluding impairment and acquisition-related items.
Comparable restaurant sales at The Cheesecake Factory rose 1.6% year over year.
Board declared a $0.27 per share dividend payable November 26, 2024, to holders of record on November 13, 2024; director Laurence B. Mindel retired effective immediately.
Chemed reported third-quarter 2024 revenue of $606.2 million, up 7.4%, and adjusted diluted EPS of $5.64, up 6.0%. The company said Roto-Rooter's revenue and adjusted EBITDA were softer than anticipated, and it revised full-year 2024 adjusted EPS guidance to $23.00 to $23.15, which implies a 13.3% to 14.0% increase over 2023's $20.30.
Q3 2024 revenue $606.2 million, up 7.4%; GAAP diluted EPS $5.00, up 1.4%; adjusted diluted EPS $5.64, up 6.0%
VITAS net patient revenue $391.4 million, up 17.3%; Roto-Rooter revenue $214.8 million, down 6.9%
Roto-Rooter adjusted EBITDA $56.4 million, down 15.8%; adjusted EBITDA margin 26.3%, down 275 basis points
Full-year 2024 adjusted EPS guidance $23.00 to $23.15; company repurchased 100,000 shares for $57.8 million in the quarter
Donaldson Company appointed Brad Pogalz, currently Vice President Finance – Global FP&A, EMEA Finance, as Chief Financial Officer effective November 1, 2024. He succeeds Scott Robinson, who gave notice of retirement on October 25, 2024, and will leave the CFO role after October 31, 2024 and retire December 6, 2024. The filing does not include financial results, so the change is a leadership transition rather than a change in reported performance.
Brad Pogalz, age 49, becomes CFO effective November 1, 2024; he has been with the company in finance roles since March 2015.
Pogalz's base salary will be $500,000, with a 60% annual cash incentive target as a percentage of base salary.
Scott Robinson resigns as CFO effective at the close of business on October 31, 2024, and retires December 6, 2024, keeping his $625,000 base salary during the transition.
Unum Group reported third quarter 2024 results on October 29, 2024, with net income of $645.7 million ($3.46 per diluted share), up from $202.0 million ($1.02) a year earlier. Adjusted operating income rose to $398.0 million ($2.13 per diluted share) from $381.7 million ($1.94), and management said it remains confident in its full-year 2024 outlook. Net income was lifted by a $357.4 million before-tax net reserve decrease from annual assumption updates, so shareholders may want to weigh that item alongside the adjusted measures.
Net income of $645.7 million ($3.46 per diluted share) in Q3 2024, versus $202.0 million ($1.02) in Q3 2023
Adjusted operating income of $398.0 million ($2.13 per diluted share), versus $381.7 million ($1.94) a year earlier
Before-tax net reserve decrease of $357.4 million from annual GAAP reserve assumption updates
Full-year 2024 outlook calls for after-tax adjusted operating income per share to rise 10% to 15% versus 2023
Artisan Partners reported third-quarter 2024 revenue of $279.6 million, up 12% from $248.7 million a year earlier, and GAAP net income of $72.9 million, or $1.03 per share, compared with $0.76 per share in the year-earlier quarter. The board also declared a variable quarterly dividend of $0.82 per share, which the company says represents about 80% of quarterly cash generation.
Revenue of $279.6 million for the quarter, up from $248.7 million in the September 2023 quarter and $270.8 million in the June 2024 quarter
GAAP diluted EPS of $1.03 versus $0.76 a year earlier; adjusted EPS of $0.92 versus $0.75
Ending AUM of $167.8 billion at September 30, 2024, up from $136.5 billion a year earlier
Dividend of $0.82 per share payable November 29, 2024, to holders of record as of November 15, 2024
FirstEnergy reported third quarter 2024 GAAP earnings from continuing operations of $419 million, or $0.73 per share, on revenue of $3.7 billion, and operating earnings of $0.85 per share, within its guidance range. The company narrowed its full-year 2024 operating earnings guidance to $2.61 to $2.71 per share, lowering the top of the prior $2.61 to $2.81 range, and raised its 2024 capital investment plan to $4.6 billion.
Q3 2024 GAAP earnings from continuing operations were $419 million ($0.73 per share), compared with $421 million ($0.74 basic per share) in Q3 2023.
Q3 2024 operating EPS was $0.85, down from $0.88 in Q3 2023, while revenue rose to $3.7 billion from $3.5 billion.
2024 operating EPS guidance narrowed to $2.61 to $2.71 from $2.61 to $2.81, citing mild weather, lower Ohio distribution revenues and higher storm restoration costs.
The 2024 capital investment plan increased by $300 million to $4.6 billion, and the company affirmed its targeted 6% to 8% long-term annual operating earnings growth.
BXP reported third-quarter 2024 results on October 29, 2024, with net income attributable to BXP, Inc. of $83.6 million, or $0.53 per diluted share, up from $79.6 million, or $0.51, in the prior quarter. Revenue rose to $859.2 million from $850.5 million, and diluted FFO per share rose to $1.81 from $1.77. The filing also gives full-year 2024 guidance of $2.05 to $2.07 in diluted EPS and $7.09 to $7.11 in diluted FFO per share.
Net income attributable to BXP, Inc. was $83.6 million, or $0.53 per diluted share, versus $79.6 million, or $0.51, in the quarter ended June 30, 2024.
Total revenue was $859.2 million, compared with $850.5 million in the prior quarter.
Diluted FFO per share was $1.81, compared with $1.77; funds available for distribution fell to $219.1 million from $270.6 million.
Full-year 2024 guidance: projected diluted EPS of $2.05 to $2.07 and projected diluted FFO per share of $7.09 to $7.11.
Park Hotels & Resorts reported third quarter 2024 total revenues of $649 million, down from $679 million a year earlier, and adjusted FFO attributable to stockholders of $102 million, down from $108 million. GAAP diluted EPS rose to $0.26 from $0.13, helped by gains on asset sales and derecognition, and the company said it will not update its full-year 2024 outlook until labor agreement negotiations are resolved.
Total revenues were $649 million versus $679 million, a decline of 4.4%; Comparable RevPAR rose 3.3% to $189.73.
Diluted EPS was $0.26 versus $0.13, while Adjusted FFO per diluted share was $0.49 versus $0.51.
Full-year 2024 outlook was not updated due to uncertainty over labor union negotiations at operator hotels.
The quarterly dividend remained $0.25 per share, paid October 15, 2024.
American Homes 4 Rent reported third quarter 2024 results, with rents and other single-family property revenues up 5.5% to $445.1 million and net income attributable to common shareholders of $73.8 million, or $0.20 per diluted share, flat from a year earlier. The company raised the midpoint of its full year 2024 Core FFO guidance by $0.01 per share to a range of $1.76 to $1.78, and said it acquired nearly 1,700 homes for about $480 million in October 2024.
Rents and other single-family property revenues rose 5.5% to $445.1 million, from $421.7 million a year earlier.
Net income attributable to common shareholders was $73.8 million, or $0.20 per diluted share, versus $74.1 million, or $0.20, in the third quarter of 2023; the company cited a $5.3 million loss on early debt extinguishment and $3.9 million
Core FFO per share rose 6.3% to $0.44; full year 2024 Core FFO guidance was raised to $1.76 to $1.78 from $1.74 to $1.78.
In October 2024, the company acquired nearly 1,700 single-family rental homes for about $480 million, funded with cash on hand and its undrawn revolving credit facility.
Adtalem Global Education Inc. (NYSE: ATGE) reported first-quarter fiscal 2025 results for the period ended September 30, 2024, with revenue up 13.2% and diluted EPS of $1.18 versus $0.25 a year earlier, and raised its fiscal 2025 guidance. The filing names Adtalem (ATGE), not Covista Inc. (CVSA) as stated in the request, so this summary covers Adtalem's filing.
Revenue of $417.4 million, up 13.2% year-over-year; total student enrollment of 90,140, up 11.2%
Diluted EPS $1.18 vs. $0.25 a year earlier; adjusted EPS $1.29 vs. $0.93
Fiscal 2025 guidance: revenue $1,690 million to $1,730 million; adjusted EPS $5.75 to $5.95
Repurchased $34 million of shares; $178 million remaining under $300 million authorization through January 2027
American Assets Trust reported third-quarter 2024 results, with FFO per diluted share of $0.71, up 20% from a year earlier, and net income attributable to stockholders of $16.7 million, or $0.28 per diluted share. The company raised its 2024 FFO per diluted share guidance to $2.51 to $2.55, a 1% increase at the midpoint, which is a direct benefit to shareholders if the company meets it.
Q3 2024 FFO per diluted share was $0.71, up from $0.59 in Q3 2023; nine-month FFO per diluted share was $2.03, up 10%.
Q3 2024 net income attributable to stockholders was $16.7 million ($0.28 per diluted share), versus $11.8 million ($0.20) a year earlier.
2024 FFO per diluted share guidance was raised to $2.51 to $2.55 from $2.48 to $2.54.
Q3 same-store cash NOI rose 15.8%, aided by a lease termination fee at Torrey Reserve Campus; excluding that fee, office same-store cash NOI was (3.7)%.
JBG SMITH reported third-quarter 2024 results on October 29, 2024. Core FFO fell to $19.3 million, or $0.23 per diluted share, from $41.0 million, or $0.40, a year earlier, while the net loss narrowed to $27.0 million from $58.0 million, and the nine-month net loss widened to $83.6 million from $47.4 million, so shareholders see mixed results.
Q3 2024 Core FFO was $19.3 million ($0.23 per diluted share), down from $41.0 million ($0.40) in Q3 2023.
Q3 2024 net loss was $27.0 million ($0.32 per share), versus $58.0 million ($0.58) in Q3 2023; the nine-month net loss was $83.6 million ($0.95), versus $47.4 million ($0.45).
Annualized NOI at share was $282.4 million for Q3 2024; the company declared a $0.175 quarterly dividend payable November 22, 2024.
Reddit reported third-quarter 2024 revenue of $348.4 million, up 68% from $207.5 million a year earlier, and net income of $29.9 million, compared with a net loss of $7.4 million in the prior-year quarter. The company also estimated fourth-quarter 2024 revenue of $385 million to $400 million and Adjusted EBITDA of $110 million to $125 million, which gives shareholders a first look at near-term expectations.
Q3 2024 revenue was $348.4 million, up 68% year-over-year; advertising revenue was $315.1 million, up 56%
Net income was $29.9 million, versus a net loss of $7.4 million in Q3 2023
Q4 2024 estimates: revenue of $385 million to $400 million and Adjusted EBITDA of $110 million to $125 million
Average daily active uniques reached 97.2 million, up 47% year-over-year
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.
Zurn Elkay reported third-quarter 2024 net sales of $410 million, up from $398 million a year earlier, and net income from continuing operations of $44 million, up from $35 million. The company raised its full-year adjusted EBITDA margin expansion outlook to 250 to 270 basis points and its free cash flow outlook to approximately $260 million, which points to stronger results for shareholders.
Q3 net sales of $410 million vs. $398 million a year earlier; core sales up 3%
Diluted EPS from continuing operations of $0.25 vs. $0.20; adjusted EPS of $0.34 vs. $0.29
Full-year adjusted EBITDA now expected at approximately $387 million to $389 million; free cash flow outlook raised to about $260 million
Quarterly dividend increased 13% to $0.09 per share; $50 million used to repurchase 1.6 million shares in the quarter
EXL reported third-quarter 2024 revenue of $472.1 million, up 14.9% from a year earlier, and GAAP diluted EPS of $0.33, up 24.2%. The company raised its full-year 2024 guidance for revenue to $1.825 billion to $1.835 billion and for adjusted diluted EPS to $1.61 to $1.63, which gives shareholders a higher outlook than before.
Q3 2024 revenue was $472.1 million, up 14.9% year over year and up 5.3% sequentially on a reported basis.
Q3 2024 GAAP diluted EPS was $0.33, up from $0.26 in Q3 2023; adjusted diluted EPS was $0.44, up from $0.37.
Full-year 2024 revenue guidance was raised to $1.825 billion to $1.835 billion, from $1.805 billion to $1.830 billion.
Full-year 2024 adjusted diluted EPS guidance was raised to $1.61 to $1.63, from $1.59 to $1.62.
InvenTrust reported third-quarter 2024 results on October 29, 2024, with Nareit FFO of $0.45 per diluted share and Core FFO of $0.44, both up from $0.41 a year earlier. The company raised the low end of its full-year Nareit FFO guidance to $1.74 from $1.73 and its Core FFO guidance to $1.70 to $1.73 from $1.69 to $1.73, which points to higher expected per-share operating results for shareholders.
Q3 Nareit FFO was $30.9 million, or $0.45 per diluted share, versus $0.41 in Q3 2023
Same Property NOI rose 6.5% to $45.5 million for the quarter
Full-year Core FFO guidance is now $1.70 to $1.73 per diluted share, up from $1.69 to $1.73
Net loss narrowed to $0.5 million, or $0.01 per share, from $0.8 million a year earlier
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.
DaVita reported third-quarter 2024 results. Revenue rose to $3.264 billion from $3.121 billion a year earlier and operating income rose to $535 million, but diluted EPS fell to $2.50 from $2.62 and net income attributable to DaVita fell to $215 million from $247 million. The company kept its 2024 adjusted guidance, which now includes center closure costs, and reported $406 million of share repurchases in the quarter.
Total revenues were $3.264 billion for the quarter ended September 30, 2024, versus $3.121 billion in the same quarter of 2023.
Diluted EPS was $2.50 versus $2.62 a year earlier; adjusted diluted EPS was $2.59.
2024 guidance: adjusted operating income of $1.91 billion to $2.01 billion, adjusted diluted EPS of $9.25 to $10.05, and free cash flow of $950 million to $1.2 billion.
The company repurchased 2.7 million shares for $406 million in the third quarter.
Exelixis reported third-quarter 2024 total revenues of $539.5 million, up from $471.9 million a year earlier, and GAAP diluted earnings of $0.40 per share, up from $0.00. The company raised its 2024 total revenue and net product revenue guidance, and its quarter included a $51.7 million non-cash impairment charge on leased facilities not in use.
Q3 2024 total revenues were $539.5 million versus $471.9 million in Q3 2023; net product revenues were $478.1 million.
GAAP diluted EPS was $0.40 versus $0.00 a year earlier; non-GAAP diluted EPS was $0.47 versus $0.10.
2024 total revenue guidance was raised to $2.150 billion-$2.200 billion from $1.975 billion-$2.075 billion.
Mondelez reported third-quarter 2024 net revenues of $9.2 billion, up 1.9%, and diluted EPS of $0.63, down 12.5%, while adjusted EPS rose 28.6% on a constant currency basis to $0.99. The company reaffirmed its 2024 outlook and said it agreed to acquire a majority stake in Evirth, a Chinese cakes and pastries maker, though the filing does not state the deal terms.
Net revenues rose 1.9% to $9.2 billion; organic net revenue grew 5.4%.
Diluted EPS fell 12.5% to $0.63; adjusted EPS rose 28.6% on a constant currency basis to $0.99.
Operating income fell 16.4% to $1,153 million, with operating income margin at 12.5%.
2024 outlook reaffirmed, including Free Cash Flow of $3.5 billion or more.
STAG Industrial reported third quarter 2024 results on October 29, 2024. Total revenue rose to $190.7 million and Core FFO per diluted share edged up to $0.60, but net income attributable to common stockholders fell to $41.8 million from $50.0 million, and net income per share dropped to $0.23 from $0.28. Interest expense rose to $28.7 million from $23.8 million, and the mixed results matter to shareholders because the per-share earnings decline is the GAAP measure while Core FFO is a non-GAAP measure the company emphasizes.
Net income attributable to common stockholders was $41.8 million in Q3 2024, versus $50.0 million in Q3 2023.
Total revenue was $190.7 million, up from $179.3 million a year earlier.
Core FFO per diluted share was $0.60, up from $0.59; nine-month Core FFO per share was $1.79 versus $1.71.
The company acquired six buildings for $113.0 million and sold one building for $22.6 million in the quarter.
Republic Services reported third-quarter 2024 net income of $565.7 million, or $1.80 per diluted share, up from $1.52 a year earlier, and revenue rose 6.5% to $4,076.2 million. The company also said full-year revenue is expected to be near the low end of its updated $16.075 billion to $16.125 billion guidance range, while it expects adjusted EBITDA at the high end of its range.
Q3 2024 diluted EPS was $1.80 versus $1.52 in Q3 2023; adjusted EPS was $1.81 versus $1.54
Q3 2024 revenue was $4,076.2 million versus $3,825.9 million, growth of 6.5%
Full-year 2024 revenue expected near the low end of the $16.075 billion to $16.125 billion range
Quarterly dividend of $0.58 per share, payable January 15, 2025, to holders of record on January 2, 2025
Mercury General reported third-quarter 2024 net income of $230.9 million, or $4.17 per diluted share, compared with a net loss of $8.2 million, or $0.15 per share, a year earlier. Net premiums earned rose 21.1% to $1.32 billion, and the combined ratio improved to 93.6% from 98.6%. The company also declared a quarterly dividend of $0.3175 per share, and it expects Hurricane Milton losses of $5 million or less in the fourth quarter.
Net income of $230.9 million ($4.17 per diluted share) versus a net loss of $8.2 million ($0.15 per share) in Q3 2023
Operating income of $140.4 million ($2.54 per diluted share) versus $62.9 million ($1.14 per share) in Q3 2023
Net premiums earned up 21.1% to $1.32 billion; combined ratio 93.6% versus 98.6%
Quarterly dividend of $0.3175 per share, payable December 26, 2024 to holders of record December 12, 2024
Edison International reported third-quarter 2024 GAAP net income of $516 million, or $1.33 per share, up from $155 million, or $0.40 per share, a year earlier. Core EPS was $1.51 versus $1.38, and the company narrowed its 2024 core EPS guidance to $4.80-$5.00 from $4.75-$5.05, while reiterating its long-term growth targets.
Q3 2024 operating revenue was $5,201 million, up from $4,702 million in Q3 2023.
Q3 2024 core EPS was $1.51, compared with $1.38 a year earlier; GAAP EPS was $1.33.
2024 core EPS guidance narrowed to $4.80-$5.00, from $4.75-$5.05 as of July 25, 2024.
Company reiterated 5%-7% long-term core EPS growth targets for 2021-2025 and 2025-2028.
Visa reported fiscal fourth-quarter 2024 net revenue of $9.6 billion, up 12%, and GAAP earnings per share of $2.65, up 17%. The board also raised the quarterly dividend 13% to $0.590 per share, and the filing discloses a Justice Department antitrust lawsuit against the company.
Fiscal Q4 GAAP net income $5.3 billion, up 14%; non-GAAP EPS $2.71, up 16%
Full-year net revenue $35.9 billion, up 10%; full-year GAAP EPS $9.73, up 17%
Quarterly dividend raised 13% to $0.590 per share, payable December 2, 2024, to holders of record as of November 12, 2024
U.S. Department of Justice sued Visa on September 24, 2024 over alleged Sherman Act violations; Visa says the suit is meritless
Allison Transmission reported record third-quarter 2024 net sales of $824 million, up 12% year over year, with net income of $200 million, up 27%, and diluted EPS of $2.27, up 29%. The company raised its full-year 2024 revenue, earnings and cash flow guidance, citing strength in North America On-Highway demand.
Q3 net sales $824 million, up 12% from $736 million; North America On-Highway up $81 million
Q3 net income $200 million, up 27%; diluted EPS $2.27, a quarterly record, up 29%
2024 guidance: net sales $3,135 to $3,215 million; net income $675 to $725 million; adjusted free cash flow $605 to $655 million
Results released October 29, 2024; earnings call at 5:00 p.m. EDT the same day
UMB Financial reported third-quarter 2024 GAAP net income of $109.6 million, or $2.23 per diluted share, up from $101.3 million in the second quarter and $96.6 million a year earlier. It also declared a quarterly dividend of $0.40 per share, a 2.6% increase, payable January 2, 2025, and reiterated that its pending Heartland Financial acquisition is expected to close in the first quarter of 2025.
Q3 2024 GAAP net income $109.6 million, or $2.23 per diluted share, versus $2.07 in Q2 2024 and $1.98 in Q3 2023
Net operating income (non-GAAP) $110.4 million, or $2.25 per diluted share
Quarterly dividend raised to $0.40 per share, payable January 2, 2025, to holders of record on December 10, 2024
Net interest margin fell to 2.46% from 2.51% in the linked quarter; average loans rose to $24.4 billion
Alignment Healthcare reported third-quarter 2024 results, with total revenue of $692.4 million, up 51.6% from a year earlier, and a net loss of $26.4 million, narrowed from $35.1 million. The company raised its full-year 2024 revenue and membership guidance and narrowed its adjusted gross profit and adjusted EBITDA guidance.
Q3 total revenue was $692.4 million, up from $456.7 million in the year-earlier quarter.
Net loss was $26.4 million, or $(0.14) per share, versus a net loss of $35.1 million, or $(0.19) per share, a year earlier.
Health plan membership was about 182,300 at quarter end, up 57.7% year over year.
Full-year 2024 revenue guidance is $2.665 billion to $2.680 billion; full-year adjusted EBITDA guidance is a loss of $10 million to income of $5 million.
Hancock Whitney's boards voted on October 24, 2024 to expand each board from 14 to 15 directors and appoint Moses Feagin as an independent director, effective November 15, 2024. Feagin is currently Executive Vice President, Treasurer, and Chief Financial Officer of Alabama Power, a subsidiary of Southern Company, and the company says his utility financial reporting background will add financial expertise to the boards and the Audit Committee.
Boards increase from 14 to 15 directors; Feagin appointed effective November 15, 2024
Feagin joins the Audit Committee, Board Risk Committee, and Credit Risk Management Sub-Committee
Receives 100 shares of common stock, fully vested on issuance, to meet Mississippi bank holding company director ownership rules
Will stand for election at the 2025 annual shareholder meeting
D.R. Horton reported fourth-quarter fiscal 2024 diluted earnings of $3.92 per share, down from $4.45 a year earlier, on revenue of $10.0 billion, down 5% from $10.5 billion. For the full fiscal year, diluted EPS rose 4% to $14.34 on revenue of $36.8 billion, up 4%, and the company raised its quarterly dividend 33% to $0.40 per share and gave initial fiscal 2025 revenue guidance of $36.0 billion to $37.5 billion.
Q4 net income was $1.3 billion versus $1.5 billion a year earlier; Q4 revenue was $10.0 billion versus $10.5 billion.
Q4 net sales orders rose 1% to 19,035 homes; the cancellation rate was 21%, unchanged from the prior year quarter.
The quarterly dividend was increased to $0.40 per share, payable November 19, 2024 to holders of record on November 12, 2024.
Fiscal 2025 guidance includes 90,000 to 92,000 homes closed and share repurchases of approximately $2.4 billion.
Penske Automotive Group reported third quarter 2024 revenue up 2% to $7.6 billion, but net income attributable to common stockholders fell 14.2% to $226.1 million and earnings per share fell to $3.39 from $3.92. The board also approved a quarterly dividend of $1.19 per share, an 11% increase, and the company agreed to acquire a third Porsche dealership in Melbourne, Australia.
Revenue rose 2% to $7.6 billion; retail automotive service and parts revenue hit a record $778.0 million, up 14%
Net income attributable to common stockholders was $226.1 million versus $263.4 million a year earlier
Quarterly dividend raised to $1.19 per share, payable December 3, 2024, to holders of record on November 15, 2024
October 2024 agreement to buy a Porsche dealership expected to add $130 million in estimated annualized revenue
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
CTS reported third-quarter 2024 sales of $132 million, down 2% from a year earlier, while net income rose to $19 million from $14 million and diluted EPS reached $0.61 versus $0.44. The company lowered its full-year 2024 sales guidance to $515 million-$525 million from $525 million-$540 million, but kept its adjusted diluted EPS guidance of $2.05-$2.25, so shareholders face weaker revenue expectations even as profitability improved.
Q3 2024 sales were $132 million, down 2% year over year, and net income was $19 million, or 14% of sales.
Diluted EPS was $0.61 versus $0.44 a year earlier; adjusted diluted EPS was $0.63 versus $0.54.
Full-year 2024 sales guidance was cut to $515 million-$525 million from $525 million-$540 million.
Adjusted diluted EPS guidance of $2.05-$2.25 was reiterated; operating cash flow rose to $35 million from $22 million.
Commvault reported fiscal second-quarter 2025 results for the period ended September 30, 2024, with total revenue of $233.3 million, up 16% year over year, and GAAP diluted earnings of $0.35 per share versus $0.29 a year earlier. The company raised its full-year fiscal 2025 revenue guidance to $952 million to $957 million, and the outlook includes the acquisition of Clumio, Inc., which closed on October 1, 2024.
Total revenue was $233.3 million, up 16% year over year; subscription revenue was $134.0 million, up 37%
GAAP net income was $15.6 million, or $0.35 per diluted share, versus $0.29 a year earlier; GAAP operating margin was 6.4%
Full-year fiscal 2025 total revenue guidance is $952 million to $957 million; free cash flow is expected to be at least $200 million
Second-quarter share repurchases totaled $51.9 million, or approximately 363,000 shares
Zebra Technologies reported third-quarter 2024 net sales of $1.255 billion, up 31.3% from $956 million a year earlier, and net income of $137 million, or $2.64 per diluted share, compared with a net loss of $15 million a year earlier. The company also said it increased its full-year outlook and expects fourth-quarter sales growth of 28% to 31%, which gives shareholders updated near-term guidance.
Q3 net sales were $1.255 billion versus $956 million, with organic net sales growth of 30.6%.
GAAP diluted EPS was $2.64 versus a loss of $0.28; non-GAAP diluted EPS was $3.49 versus $0.87.
Fourth-quarter outlook calls for sales growth of 28% to 31% and non-GAAP diluted EPS of $3.80 to $4.00.
Full-year free cash flow is expected to be at least $850 million; nine-month free cash flow was $666 million.
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.
Northwest Bancshares reported third-quarter 2024 net income of $34 million, or $0.26 per diluted share, down from $39 million, or $0.31, a year earlier but up from $5 million, or $0.04, in the second quarter, which included a $39 million loss on sale of investments. The company said its net interest margin widened to 3.33% and declared a $0.20 quarterly dividend. Higher credit loss provisions and a rise in classified loans to $320 million are items shareholders may watch.
Q3 2024 net income $34 million, $0.26 diluted EPS, versus $39 million, $0.31 in Q3 2023 and $5 million, $0.04 in Q2 2024
Net interest margin rose to 3.33% from 3.23% a year earlier; net interest income was $111.3 million
Quarterly dividend of $0.20 per share, payable November 18, 2024, to holders of record as of November 8, 2024; 120th consecutive quarterly dividend
Provision for credit losses was $4.9 million; classified loans rose to $320 million, or 2.83% of total loans
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.
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
Hayward Holdings reported third-quarter fiscal 2024 results with net sales up 3% to $227.6 million, net income up 40% to $16.5 million, and diluted EPS of $0.07. The company raised the low end of its full-year 2024 net sales and Adjusted EBITDA guidance, which signals modestly improved expectations for shareholders.
Q3 net sales rose 3% year over year to $227.6 million; net income rose 40% to $16.5 million
Adjusted EBITDA rose 8% to $51.1 million; adjusted diluted EPS rose 22% to $0.11
Full-year 2024 net sales guidance is now $1.020 billion to $1.040 billion, up from $1.010 billion to $1.040 billion
Full-year 2024 Adjusted EBITDA guidance is now $260 million to $270 million, up from $255 million to $270 million
Crocs reported third-quarter 2024 revenue of $1,062 million, up 1.6%, and GAAP diluted earnings per share of $3.36, up 17.1%. The company lowered its full-year HEYDUDE revenue outlook to a decline of about 14.5%, from a prior range of down 8% to 10%, and now expects overall 2024 revenue growth at the lower end of its 3% to 5% range, which weighs on the outlook for shareholders.
Q3 revenue $1,062 million, up 1.6%; GAAP diluted EPS $3.36, up 17.1%; adjusted diluted EPS $3.60, up 10.8%
HEYDUDE Brand Q3 revenue fell 17.4% to $204 million; full-year 2024 HEYDUDE revenue now expected to fall about 14.5%
Full-year 2024 adjusted diluted EPS guidance of $12.82 to $12.90, at the high end of the prior $12.45 to $12.90 range
Q4 2024 adjusted diluted EPS expected at $2.20 to $2.28; the company repaid $110 million of debt in the quarter
JetBlue reported third-quarter 2024 GAAP net loss of $60 million, or $0.17 per share, versus $153 million, or $0.46 per share, a year earlier, on operating revenue of $2.4 billion, up 0.5%. The company also guided to fourth-quarter 2024 revenue down 3.0% to 7.0% year over year and full-year 2024 revenue down 4.0% to 5.0%, so shareholders face a narrower loss alongside weaker revenue expectations for the rest of the year.
Q3 2024 operating loss of $38 million, versus $156 million in Q3 2023; operating margin of (1.6)%
Q3 2024 operating revenue of $2.365 billion, up 0.5%; fuel expense fell 16.8% to $584 million
Q4 2024 revenue guided to (7.0)% to (3.0)% year over year; full-year 2024 revenue guided to (5.0)% to (4.0)%
Company cites $2.6 billion in cash and cash equivalents at September 30, 2024, up from $1.2 billion at December 31, 2023
PJT Partners reported third-quarter 2024 results in a press release furnished as Exhibit 99.1 to a Form 8-K. Revenue rose 17% from a year earlier to $326 million, and GAAP diluted EPS rose 16% to $0.79, with the company describing these as record third-quarter results. The company also declared a quarterly dividend of $0.25 per share and reported $477 million in cash and short-term investments with no funded debt.
Q3 2024 total revenues were $326.3 million, up 17% from $278.4 million a year earlier
GAAP diluted EPS was $0.79 versus $0.68; Adjusted EPS was $0.93 versus $0.78
GAAP pretax income was $49.4 million, up 16% from a year earlier
Quarterly dividend of $0.25 per Class A share is payable December 18, 2024 to holders of record on December 4, 2024
Rithm Capital reported third quarter 2024 results on October 29, 2024. GAAP net income attributable to common stockholders fell to $97.0 million, or $0.20 per diluted share, from $213.2 million, or $0.43, in the second quarter, while non-GAAP earnings available for distribution rose to $270.3 million, or $0.54 per share. The company also added two independent directors, William Addas and Ranjit Kripalani, effective November 1, 2024.
GAAP net income attributable to common stockholders was $97.0 million, or $0.20 per diluted share, versus $213.2 million, or $0.43, in Q2 2024.
Total revenues were $619.5 million, compared with $1.23 billion in Q2 2024.
Earnings available for distribution, a non-GAAP measure, was $270.3 million, or $0.54 per diluted share, versus $0.47 in Q2 2024.
The quarterly common dividend was $0.25 per share, unchanged from Q2 2024; directors Addas and Kripalani take office November 1, 2024.
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