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.
Progress Software closed its purchase of substantially all assets of ShareFile, a document-centric collaboration software unit of Cloud Software Group, on October 31, 2024. The purchase price was $875 million in cash, subject to a $25 million working capital credit, funded from cash on hand and an existing revolving credit facility. The company says ShareFile is expected to add more than $240 million in annual revenue and more than 86,000 customers.
Closing date: October 31, 2024, under an asset purchase agreement dated September 9, 2024
Purchase price: $875 million in cash, subject to a $25 million working capital credit
Funding: cash on hand and an existing revolving credit facility
Expected to add more than $240 million in annual revenue and more than 86,000 customers; Progress will file financial statements and pro forma information by amendment to this 8-K
Phibro Animal Health completed its acquisition of Zoetis's medicated feed additive product portfolio and certain water-soluble products on October 31, 2024, for $350 million in cash, subject to adjustments. The company funded the purchase by borrowing $350 million under its July 3, 2024 Credit Agreement. The company expects the portfolio to boost profitability and EBITDA margin and to be accretive to Adjusted EPS, but the filing gives no specific figures and says more financial details will come at the Q1 earnings call on November 7.
Purchase price of $350 million in cash, subject to adjustments set out in the Purchase Agreement
Funded by $350 million of borrowings: $189 million of Delayed Draw Term A-1 Loans and $161 million of Delayed Draw Term A-2 Loans
Portfolio includes more than 37 product lines sold in about 80 countries, six manufacturing sites and more than 300 employees
Company expects accretion to Adjusted EPS; further financial details due on the Q1 earnings call on November 7
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.
Sabra Health Care REIT reported third-quarter 2024 net income of $29.8 million, or $0.13 per diluted share, compared with a net loss of $15.1 million, or $0.07 per share, a year earlier. Total revenues rose to $178.0 million from $161.6 million. The company raised the low and high ends of its 2024 normalized FFO guidance and raised the midpoint of its normalized AFFO guidance, but lowered the top end of its net income guidance.
Q3 2024 normalized FFO was $0.35 per diluted share, versus $0.33 in Q3 2023; normalized AFFO was $0.37, versus $0.34.
2024 normalized FFO guidance raised to $1.39-$1.40 from $1.36-$1.39; normalized AFFO guidance raised to $1.43-$1.44 from $1.41-$1.44.
2024 net income guidance is $0.48-$0.49, down from the prior top end of $0.51.
Board declared a quarterly dividend of $0.30 per share, payable November 29, 2024, to holders of record on November 15, 2024.
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
LeMaitre Vascular reported preliminary, unaudited results for the quarter ended September 30, 2024, with net sales of $54.8 million, up 16% from a year earlier, and diluted earnings per share of $0.49, up from $0.33. The company also raised its full-year 2024 guidance, which for sales is $219.0 million to $221.0 million and for EPS is $1.91 to $1.96, giving shareholders a higher outlook for growth and profit.
Q3 2024 net sales were $54.8 million, up from $47.4 million in Q3 2023.
Q3 operating income was $13.1 million, up from $9.2 million, and diluted EPS was $0.49 versus $0.33.
Full-year 2024 sales guidance is $219.0 million to $221.0 million, and EPS guidance is $1.91 to $1.96.
The Board approved a $0.16 per share quarterly dividend, payable December 5, 2024, to holders of record on November 21, 2024.
EMCOR Group reported record third-quarter 2024 revenues of $3.70 billion, up 15.3%, and diluted EPS of $5.80, up from $3.57 a year earlier. The company raised its full-year 2024 diluted EPS guidance to $20.50-$21.00 from $19.00-$20.00, while narrowing its revenue guidance to at least $14.5 billion from $14.5-$15.0 billion, which lowers the top end of the prior range.
Q3 2024 revenue of $3.70 billion, up 15.3%; net income of $270.3 million, or $5.80 per diluted share
Full-year 2024 diluted EPS guidance raised to $20.50-$21.00 from $19.00-$20.00
Full-year 2024 revenue guidance adjusted to at least $14.5 billion from $14.5-$15.0 billion
Record remaining performance obligations of $9.79 billion, up 13.4% year-over-year
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.
First Advantage completed its acquisition of Sterling Check Corp. on October 31, 2024, valued at $2.2 billion including Sterling's assumed debt. The deal was funded with $2,185 million of borrowings under an amended credit agreement, which also extends the term loan maturity to October 31, 2031 and upsizes the revolving credit facility to $250 million, so shareholders will carry a larger debt load.
Acquisition of Sterling Check Corp. completed October 31, 2024; valued at $2.2 billion including assumed debt
Sterling holders could elect $16.73 cash or 0.979 First Advantage shares per share, with proration of about 71% cash and 29% stock
Borrower drew $2,185 million under Credit Agreement Amendment No. 4; term loans mature October 31, 2031 and revolver is $250 million
Company expects $50 million to $70 million in run-rate synergies; Q3 2024 earnings call scheduled November 12, 2024 at 8:30 a.m. ET
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
Itron reported third quarter 2024 revenue of $615 million, up 10%, and GAAP diluted EPS of $1.70 versus $0.87 a year earlier, aided in part by a favorable foreign tax audit resolution worth about $0.30 per share. The company raised its full-year 2024 revenue and non-GAAP diluted EPS guidance, which gives shareholders a higher stated outlook for the year.
Q3 2024 revenue of $615 million, up 10%; GAAP diluted EPS of $1.70 versus $0.87; non-GAAP diluted EPS of $1.84 versus $0.98
Full-year 2024 revenue guidance raised to $2.428 to $2.438 billion from $2.385 to $2.415 billion
Full-year 2024 non-GAAP diluted EPS guidance raised to $5.28 to $5.38 from $4.45 to $4.65
Q4 2024 outlook: revenue of $600 to $610 million and non-GAAP diluted EPS of $1.00 to $1.10
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.
Arrow Electronics reported third-quarter 2024 sales of $6.8 billion, down 15% from a year earlier, and GAAP diluted earnings per share of $1.88 versus $3.53. The company also announced a multi-year Operating Expense Efficiency Plan with pre-tax restructuring charges of approximately $185 million, which it expects to substantially complete by the end of fiscal 2026.
Q3 2024 consolidated sales were $6.82 billion, down from $8.01 billion; net income attributable to shareholders was $101 million, versus $199 million
Q4 2024 outlook: consolidated sales of $6.67 billion to $7.27 billion and GAAP diluted EPS of $1.35 to $1.55
Restructuring plan charges of about $185 million, including about $110 million in employee severance and other personnel cash costs
The company expects to reduce annual operating expenses by approximately $90 million to $100 million by the end of 2026
IDACORP reported third-quarter 2024 net income of $113.6 million, or $2.12 per diluted share, up from $2.07 a year earlier, driven mainly by higher net income at Idaho Power. It raised the lower end of its full-year 2024 earnings guidance to $5.35 to $5.45 per diluted share, though the new range's upper end is unchanged from the prior $5.45 figure. Shareholders also get a look at the company's plans to add battery and wind resources to meet customer growth.
Q3 2024 net income attributable to IDACORP was $113.6 million, or $2.12 per diluted share, versus $105.3 million, or $2.07, in Q3 2023.
Nine-month 2024 net income was $251.3 million, or $4.82 per diluted share, versus $229.9 million, or $4.53, a year earlier.
2024 earnings guidance now $5.35 to $5.45 per diluted share, up from $5.30 to $5.45 previously, as of October 31, 2024.
Idaho Power's expected additional tax credit (ADITC) benefit for 2024 is $25 million to $35 million, versus $35 million to $50 million previously.
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
Curtiss-Wright reported third quarter 2024 sales of $799 million, up 10%, and diluted EPS of $2.89, with adjusted diluted EPS of $2.97, up 17%. The company raised its full-year 2024 adjusted guidance for sales, operating income, diluted EPS and free cash flow, which is a positive signal for shareholders.
Q3 2024 reported sales of $799 million, up 10%; diluted EPS $2.89 versus $2.51 a year earlier
Full-year 2024 adjusted diluted EPS guidance raised to $10.55 to $10.75, from $10.40 to $10.65
Full-year 2024 sales guidance raised to $3,050 million to $3,095 million; free cash flow guidance raised to $430 million to $450 million
Company completed a $100 million expansion of its 2024 share repurchase program during the quarter
HII reported third quarter 2024 revenue of $2.7 billion, down 2.4%, and net earnings of $101 million, or $2.56 per diluted share, versus $148 million and $3.70 a year earlier. The company cut its fiscal 2024 shipbuilding operating margin outlook to 5.0% to 6.0% from 7.6% to 7.8% and its fiscal 2024 free cash flow outlook to $0 to $100 million from $600 million to $700 million, and withdrew its five-year free cash flow outlook, which weighs on shareholder expectations for cash generation.
Q3 2024 revenue $2.7 billion, down 2.4%; net earnings $101 million vs. $148 million a year earlier
Newport News Shipbuilding included a net unfavorable cumulative adjustment of $78 million; segment operating margin 1.1%
FY24 free cash flow outlook cut to $0-$100 million from $600-$700 million; five-year (2024-2028) outlook withdrawn
Total backlog approximately $49.4 billion as of September 30, 2024
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
On October 28, 2024, Standex completed its acquisition of Amran, LLC for $180.6 million, paid in $153.5 million cash and 152,299 Standex shares, and acquired 90.1% of Narayan Powertech for $253.97 million in cash. A $250 million term loan from Citizens Bank funded part of the deals, and the filing describes the 9.9% Narayan stake to be acquired later in a share swap subject to Reserve Bank of India approval. The filing does not report earnings or guidance effects, so its impact on shareholders is not quantified here.
Amran acquired for $180,600,000 total: $153,510,000 cash plus 152,299 shares of Standex common stock issued to Bolt Founders, Inc.
Narayan Powertech: 90.10% acquired on October 28, 2024 for $253,973,880 cash; remaining 9.90% to follow via share swap subject to RBI approval
Citizens Bank, N.A. term loan of $250,000,000 matures October 27, 2025, and was used to fund part of both transactions
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.
Generac reported third-quarter 2024 net income of $114 million, or $1.89 per diluted share, up from $60 million, or $0.97 per share, a year earlier, on net sales of $1.17 billion. The company raised its full-year 2024 net sales growth guidance to 5% to 9% from 4% to 8%, and its adjusted EBITDA margin guidance to 17.5% to 18.5% from 17.0% to 18.0%, citing higher power outage activity including Hurricane Helene and Hurricane Milton.
Net sales were $1.17 billion, up about 10% from $1.07 billion; residential product sales rose about 28% to $723 million while commercial & industrial sales fell about 15% to $328 million.
Adjusted net income was $136 million, or $2.25 per share, compared with $102 million, or $1.64 per share, in the third quarter of 2023.
Full-year 2024 net sales growth guidance was raised to 5% to 9% from 4% to 8%, and adjusted EBITDA margin guidance was raised to 17.5% to 18.5% from 17.0% to 18.0%.
The company repurchased 690,711 shares for approximately $102 million in the quarter, with about $347 million remaining under its repurchase program as of September 30, 2024.
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.
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