528 material Form 8-K filings that 462 companies we cover made with the SEC in January 2025, 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).
Cincinnati Financial Corporation's board declared a regular quarterly dividend of 87 cents per share, up from 81 cents, and the company announced several executive promotions. The company's CEO also said California wildfire losses will have a material effect on first-quarter 2025 earnings, though no loss estimate has been provided yet.
Quarterly dividend of 87 cents per share, up 7% from 81 cents, payable April 15, 2025 to shareholders of record as of March 24, 2025.
CEO Stephen M. Spray said California wildfire losses will have a material effect on first-quarter 2025 earnings; the company has not yet provided a loss estimate.
On January 31, 2025, Sean M. Givler and Will Van Den Heuvel were promoted to executive vice president.
Dawn S. Chapel, Scott A. Schuler and Chet H. Swisher were promoted to senior vice president and named executive officers.
Xylem said its fourth-quarter and full-year 2024 results will be largely in line with or above its prior guidance, and that management committed on January 28, 2025 to a restructuring plan with workforce reductions across all businesses and functions. The company expects pre-tax charges of $95 million to $115 million, mostly in 2025, which will weigh on reported profit while the cuts aim to streamline the organization.
Q4 and full-year 2024 results expected to be largely in line with or above guidance given October 31, 2024
Restructuring committed January 28, 2025, with workforce reductions across all businesses and functions
Pre-tax charges of approximately $95 million to $115 million, primarily in 2025, including about $19 million in Q4 2024
Most workforce reductions expected in fiscal 2025, with some in 2026, subject to local laws
National Fuel Gas reported fiscal first-quarter 2025 results for the quarter ended December 31, 2024. GAAP net income fell to $45.0 million ($0.49 per share) from $133.0 million ($1.44 per share) after $104.6 million in after-tax impairment charges in its Exploration & Production segment, while adjusted operating results rose 14% to $151.9 million ($1.66 per share). The company raised its fiscal 2025 adjusted EPS guidance to $6.50 to $7.00 from $5.50 to $6.00, citing higher forecasted natural gas prices.
GAAP net income of $45.0 million, or $0.49 per share, versus $133.0 million, or $1.44 per share, a year earlier
Impairment charges of $104.6 million after tax, mainly a full cost ceiling test write-down at Seneca
Adjusted operating results of $151.9 million, or $1.66 per share, up 14% from the prior year
Fiscal 2025 adjusted EPS guidance raised to $6.50 to $7.00 from $5.50 to $6.00; NYMEX gas price assumption raised to $3.50 per MMBtu from $2.80
Cardinal Health reported fiscal second-quarter 2025 revenue of $55.3 billion, down 4% from a year earlier, though revenue rose 16% excluding a previously communicated large customer contract expiration. Non-GAAP diluted EPS rose 2% to $1.93, and the company raised its fiscal 2025 non-GAAP EPS guidance to $7.85 to $8.00 while completing its majority acquisition of GI Alliance.
Q2 revenue $55.3 billion, down 4%; GAAP diluted EPS $1.65, up 10%; non-GAAP diluted EPS $1.93, up 2%
Fiscal 2025 non-GAAP EPS guidance raised to $7.85 to $8.00, from $7.75 to $7.90
Interest and other expense outlook raised to $200 million to $230 million, from $140 million to $170 million
GMPD segment profit guidance lowered to $130 million to $150 million, from $140 million to $175 million, due to a WaveMark receivables write-off
Dow approved targeted cost actions, including a global workforce reduction of about 1,500 roles, to offset ongoing macroeconomic weakness. The company expects $250 million to $325 million in severance and related charges in the first quarter of 2025, plus $20 million to $30 million in implementation costs, with most of the $1 billion in targeted savings achieved on an annual run-rate basis.
Workforce reduction of approximately 1,500 roles globally, approved by the Board on January 27, 2025
Severance and related charges of $250 million to $325 million to be recorded in Q1 2025, with cash payments mostly over the next two years
Implementation costs of $20 million to $30 million, expensed as incurred
Targets $500 million to $700 million reduction in direct costs, mainly purchased services and third-party contract labor
The Cigna Group reported fourth quarter and full-year 2024 results on January 30, 2025. Full-year revenue rose 27% to $247.1 billion and adjusted income rose 4% to $7.7 billion, but fourth-quarter adjusted income fell 8% on higher stop loss medical costs at Cigna Healthcare, and GAAP net income fell to $3.4 billion from $5.2 billion after a $2.7 billion VillageMD impairment. The company projects 2025 adjusted income of at least $7.9 billion, or $29.50 per share, and raised its quarterly dividend 8% to $1.51 per share.
Q4 2024 shareholders' net income was $1.4 billion ($5.13 per share), versus $1.0 billion ($3.49 per share) in Q4 2023; Q4 adjusted income was $1.8 billion ($6.64 per share), versus $2.0 billion ($6.79 per share).
Full-year 2024 shareholders' net income of $3.4 billion ($12.12 per share) included a non-cash after-tax loss of $2.7 billion ($9.53 per share) tied to the VillageMD impairment.
2025 adjusted income from operations is projected at least $7.9 billion, or at least $29.50 per share.
Quarterly dividend raised 8% to $1.51 per share, payable March 20, 2025; total share repurchase authorization is $10.3 billion after a $6.0 billion increase.
UPS reported fourth-quarter 2024 revenue of $25.3 billion, up 1.5% from a year earlier, and diluted EPS of $2.01 on a GAAP basis, compared with $1.87 a year earlier. The company also forecast 2025 consolidated revenue of about $89.0 billion, below its $91.1 billion for 2024, and an operating margin of about 10.8%, after announcing an agreement in principle to cut volume from its largest customer by more than 50% by the second half of 2026.
Q4 2024 consolidated revenue was $25.3 billion, up 1.5%; operating profit was $2.9 billion, up 18.1%
GAAP diluted EPS was $2.01 versus $1.87 a year earlier; non-GAAP adjusted diluted EPS was $2.75 versus $2.47
2025 outlook: revenue of about $89.0 billion and operating margin of about 10.8%, versus full-year 2024 revenue of $91.1 billion
Efficiency Reimagined and network reconfiguration target about $1.0 billion in annualized savings; Q4 charges totaled $639 million, or $0.74 per diluted share
Tetra Tech reported first-quarter fiscal 2025 results, with revenue up 16% year over year to $1.42 billion and net revenue up 18% to $1.20 billion. GAAP EPS fell to $0.00 from $0.28 because of a $115 million legal contingency charge, while adjusted EPS rose 25% to $0.35. The company raised the high end of its fiscal 2025 adjusted EPS guidance and reaffirmed the midpoint, while noting it has paused some U.S. federal government work, particularly with USAID.
Q1 revenue $1.42 billion, up 16% year over year; net revenue $1.20 billion, up 18%
GAAP EPS $0.00 versus $0.28 a year earlier, including a $115 million legal contingency charge; adjusted EPS $0.35, up 25%
Fiscal 2025 adjusted EPS guidance of $1.37 to $1.52, with the high end raised and the midpoint reaffirmed
Quarterly dividend of $0.058 per share payable February 26, 2025, to holders of record on February 12, 2025
Western Digital reported fiscal second quarter 2025 revenue of $4.29 billion, up 5% from the prior quarter and 41% from a year earlier, with GAAP diluted earnings per share of $1.63 compared with a loss of $0.93 a year earlier. The company guided fiscal third quarter revenue to $3.75 billion to $3.95 billion and non-GAAP EPS to $0.90 to $1.20, below the second quarter's $1.77 non-GAAP EPS, which matters to shareholders because the outlook points to lower results ahead while the company finalizes the separation of its HDD and Flash businesses.
Q2 revenue was $4.29 billion, up 5% sequentially and 41% year over year; Cloud revenue was $2.3 billion, up 6% sequentially.
Q2 GAAP diluted EPS was $1.63 and non-GAAP EPS was $1.77; GAAP gross margin fell to 35.4% from 37.9% in Q1.
Q3 fiscal 2025 guidance: revenue of $3.75 billion to $3.95 billion and non-GAAP diluted EPS of $0.90 to $1.20.
Operating cash inflow was $403 million, and the company ended the quarter with $2.29 billion in cash and cash equivalents.
ServiceNow reported fourth-quarter 2024 total revenues of $2,957 million, up 21% year over year, and full-year 2025 subscription revenue guidance of $12,635 million to $12,675 million, growth of 18.5% to 19%. The board also authorized an additional $3.0 billion in share repurchases, which the company says is aimed at managing dilution.
Q4 2024 GAAP net income was $384 million, or $1.86 per basic share and $1.83 per diluted share.
FY 2025 GAAP subscription revenue guidance is 18.5% to 19% year-over-year growth, compared with 23% GAAP subscription revenue growth in 2024.
Board authorized $3.0 billion in additional repurchases; about $266 million remained under the original $1.5 billion program as of December 31, 2024.
Q1 2025 GAAP subscription revenue guidance is $2,995 million to $3,000 million.
First Bancorp reported fourth-quarter 2024 net income of $3.6 million, or $0.08 diluted EPS, down from $18.7 million ($0.45) in the prior quarter and $29.7 million ($0.72) a year earlier. The results include a $36.8 million loss from a securities loss-earnback transaction, and the company also reported adjusted diluted EPS of $0.76 for the quarter. For shareholders, reported profit fell sharply, while the company's adjusted measures and net interest income rose.
Q4 2024 net income was $3.6 million, or $0.08 diluted EPS, versus $18.7 million ($0.45) in Q3 2024 and $29.7 million ($0.72) in Q4 2023.
A $36.8 million loss on securities from a loss-earnback transaction reduced noninterest income to negative $23.2 million for the quarter.
Adjusted diluted EPS was $0.76 for Q4 2024, up from $0.70 in Q3 2024, according to the company's non-GAAP reconciliation.
Full-year 2024 net income was $76.2 million, or $1.84 diluted EPS, compared with $104.1 million, or $2.53, in 2023.
VF Corp reported third-quarter fiscal 2025 revenue of $2.83 billion, up 2% from a year earlier, and swung to diluted earnings of $0.43 per share from a loss of $0.24. The company guided fourth-quarter revenue down 4% to 6% and an adjusted operating loss of $(30) million to $0, while raising its fiscal 2025 free cash flow guidance to $440 million.
Q3 fiscal 2025 revenue was $2.83 billion, up 2% from $2.78 billion in Q3 fiscal 2024.
Q3 operating income was $226 million, compared with a loss of $91 million a year earlier; diluted EPS was $0.43 versus $(0.24).
Q4 fiscal 2025 guidance: revenue down 4% to 6% versus last year and an adjusted operating loss of $(30) million to $0 million.
Fiscal 2025 free cash flow guidance raised to $440 million from $425 million; quarterly dividend of $0.09 per share payable March 20, 2025.
RenaissanceRe reported a fourth-quarter 2024 net loss attributable to common shareholders of $198.5 million, or $(3.95) per diluted share, compared with net income of $1.58 billion in the fourth quarter of 2023. For full-year 2024, net income attributable to common shareholders was $1.8 billion ($35.21 per diluted share), down from $2.5 billion in 2023, while operating income rose to $2.2 billion. The company also estimated a pre-tax net negative impact of approximately $750 million from the California wildfires in the first quarter of 2025.
Q4 2024 net loss of $198.5 million, or $(3.95) per diluted share, versus net income of $1.58 billion in Q4 2023
Full-year 2024 net income of $1.8 billion ($35.21 per diluted share) versus $2.5 billion in 2023; operating income of $2.2 billion ($42.99 per diluted share) versus $1.8 billion
Hurricane Milton had a net negative impact of $270.5 million on Q4 2024 net income
Estimated pre-tax net negative impact of approximately $750 million from the California wildfires in Q1 2025, based on a $50 billion aggregate industry insured loss
BXP, Inc. reported a fourth-quarter 2024 net loss attributable to BXP of $230.0 million, or $1.45 per diluted share, compared with net income of $83.6 million, or $0.53 per share, in the prior quarter. The loss reflects impairment charges of about $341.3 million on investments in three unconsolidated joint ventures, while diluted FFO per share declined slightly to $1.79 from $1.81. Shareholders should note the impairment-driven loss and the 2025 guidance of $6.77 to $6.95 in diluted FFO per share.
Q4 2024 net loss attributable to BXP, Inc. of $230.0 million, or $1.45 per diluted share, versus $0.53 per share in Q3 2024
Impairment charges of about $341.3 million related to three unconsolidated joint ventures
Q4 2024 total revenue of $858.6 million versus $859.2 million in Q3 2024; diluted FFO per share of $1.79 versus $1.81
2025 guidance: full-year diluted FFO per share of $6.77 to $6.95 and first-quarter 2025 diluted FFO per share of $1.63 to $1.65
Nextracker reported fiscal third-quarter 2025 results for the period ended December 31, 2024. Revenue fell year over year to $679 million and GAAP diluted EPS fell to $0.79 from $0.87, while adjusted diluted EPS rose to $1.03 from $0.96; the company raised its FY25 profit outlook and reaffirmed its revenue outlook of $2.8 billion to $2.9 billion.
Q3 FY25 revenue was $679 million, compared with $710 million in Q3 FY24 and $636 million in Q2 FY25.
GAAP diluted EPS was $0.79 versus $0.87 a year earlier; adjusted diluted EPS was $1.03 versus $0.96.
FY25 GAAP diluted EPS outlook was raised to $3.11 to $3.31 from $2.50 to $2.70; adjusted diluted EPS outlook to $3.75 to $3.95 from $3.10 to $3.30.
Q3 FY25 results included about $52 million of IRA 45X vendor rebates, which Q3 FY24 did not include.
Manhattan Associates reported fourth-quarter and full-year 2024 results that showed higher revenue and higher adjusted earnings per share than in 2023, while GAAP diluted EPS for the fourth quarter slipped to $0.77 from $0.78. The company's 2025 guidance projects GAAP EPS of $3.05 to $3.15 and adjusted EPS of $4.45 to $4.55, which the filing states are declines of 10% to 13% and 4% to 6%, respectively, from 2024.
Q4 2024 revenue was $255.8 million, up from $238.3 million in Q4 2023; Q4 GAAP diluted EPS was $0.77 versus $0.78, and adjusted diluted EPS was $1.17 versus $1.03.
Full-year 2024 revenue was $1,042.4 million, up from $928.7 million; GAAP diluted EPS was $3.51 versus $2.82.
2025 guidance: total revenue of $1,060 million to $1,070 million and adjusted EPS of $4.45 to $4.55.
In January 2025 the company eliminated about 100 positions and raised its share repurchase authority to $100.0 million.
General Motors reported a fourth-quarter 2024 net loss attributable to shareholders of $3.0 billion, reduced by more than $5 billion in special charges, including $4 billion of non-cash restructuring and China joint venture impairment charges and $0.5 billion tied to ending funding for the Cruise robotaxi business. Fourth-quarter revenue rose 11.0%, and full-year 2024 net income fell 40.7% to $6.0 billion, while 2025 net income guidance is $11.2 billion to $12.5 billion. For shareholders, strong operating measures are offset by large one-time charges and lower full-year GAAP profit.
Q4 2024 net loss attributable to stockholders of $3.0 billion; EPS-diluted was $(1.64) versus $1.59 a year earlier
Q4 2024 revenue rose 11.0% to $47.7 billion; EBIT-adjusted rose 42.8% to $2.5 billion
Full-year 2024 net income fell 40.7% to $6.0 billion; EBIT-adjusted rose 20.9% to $14.9 billion
2025 guidance: net income attributable to stockholders of $11.2 billion to $12.5 billion; EPS-diluted-adjusted of $11.00 to $12.00
Moog reported fiscal first quarter 2025 net sales of $910 million, up 6% from $857 million a year earlier, and diluted EPS of $1.64, up 11% from $1.48. The company lowered its fiscal 2025 diluted EPS forecast to $8.06 from $8.20 while keeping its net sales outlook at $3.7 billion, and free cash flow was a use of $165 million in the quarter. The company also declared a 4% higher quarterly dividend of $0.29 per share, payable February 25, 2025.
Q1 2025 net sales rose 6% to $910 million, and diluted EPS rose 11% to $1.64; adjusted diluted EPS was $1.78, including $0.18 of out-of-period warranty expense.
FY 2025 diluted EPS guidance was cut to $8.06 from $8.20; net sales guidance of $3.7 billion and adjusted diluted EPS guidance of $8.20 were unchanged.
Free cash flow was a use of $165 million, compared with a use of $2 million a year earlier, driven by working capital requirements.
Board declared a quarterly dividend of $0.29 per share, payable February 25, 2025, to holders of record as of February 7, 2025.
Associated Banc-Corp reported a fourth-quarter 2024 net loss available to common equity of $164 million, or $1.03 per diluted share, compared with earnings of $85 million in the prior quarter. Full-year 2024 earnings were $112 million, or $0.72 per share, down from $171 million, or $1.13 per share, in 2023, as nonrecurring losses tied to a balance sheet repositioning weighed on results; excluding those items, adjusted full-year earnings were $367 million, or $2.38 per share.
Q4 2024 loss included a $130 million loss on a mortgage portfolio sale, a $148 million net loss on a sale of investments, and a $14 million loss on prepayments of FHLB advances
Adjusted Q4 2024 earnings were $91 million, or $0.57 per common share (non-GAAP)
2025 outlook: total net interest income growth of 12% to 13%, period end total loan growth of 5% to 6%, and noninterest expense growth of 3% to 4% (adjusted for the $14 million FHLB prepayment loss)
Period end deposits were $34.6 billion at December 31, 2024, up $1.2 billion from a year earlier; CET1 capital ratio was 10.00%
Dime Community Bancshares reported a net loss available to common stockholders of $22.2 million, or $(0.54) per diluted share, for the quarter ended December 31, 2024, compared with net income of $11.5 million, or $0.29 per share, in the prior quarter. The loss reflected a $42.8 million pre-tax loss on the sale of securities and $9.1 million of income tax expense tied to the surrender of legacy BOLI assets, even as net interest income rose to $91.1 million. For full-year 2024, net income available to common stockholders was $21.8 million, or $0.55 per diluted share, down from $88.8 million, or $2.29, in 2023.
Q4 2024 net loss available to common stockholders was $22.2 million, or $(0.54) per diluted share, versus net income of $11.5 million, or $0.29, in Q3 2024.
Net interest income rose to $91.1 million from $79.9 million in Q3 2024; net interest margin was 2.79%, up from 2.50%.
Q4 2024 included a $42.8 million pre-tax loss on sale of securities and $9.1 million of income tax expense related to the BOLI surrender.
Full-year 2024 net income available to common stockholders was $21.8 million, or $0.55 per diluted share, compared with $88.8 million, or $2.29, in 2023.
Texas Capital Bancshares reported fourth quarter 2024 net income available to common stockholders of $66.7 million, or $1.43 per diluted share, compared with a net loss of $65.6 million in the third quarter, which included a $179.6 million loss on securities sales. For full year 2024, net income available to common stockholders fell to $60.3 million, or $1.28 per diluted share, from $171.9 million, or $3.54, in 2023. The board also authorized a share repurchase of up to $200.0 million through January 31, 2026.
Q4 2024 net income available to common stockholders was $66.7 million, or $1.43 per diluted share, versus a $65.6 million loss, or $1.41 per share, in Q3 2024 and $15.8 million, or $0.33, in Q4 2023.
Full year 2024 diluted EPS was $1.28 versus $3.54 in 2023; the company's adjusted full year EPS was $4.43 versus $3.85, a non-GAAP measure.
Q4 2024 net interest margin was 2.93%, down 23 basis points from Q3 2024.
On January 22, 2025, the board authorized a new buyback of up to $200.0 million through January 31, 2026, ending the remaining authorization under the January 17, 2024 program.
Ally Financial reported fourth-quarter 2024 net income of $108 million, or $0.26 per share, up from $62 million a year earlier, but full-year 2024 net income fell to $668 million, or $1.80 per share, from $957 million, or $2.77, in 2023. The company also said it agreed to sell its Credit Card business, will stop new mortgage loan applications on January 31, and expects a workforce reduction to save over $60 million a year, which shareholders will weigh against the lower annual earnings.
Fourth-quarter 2024 net income $108 million, EPS $0.26, versus $62 million and $0.11 in fourth-quarter 2023
Full-year 2024 net income $668 million, EPS $1.80, versus $957 million and $2.77 in 2023
Agreement to sell Credit Card business, with a $118 million partial goodwill impairment excluded from adjusted metrics
Workforce reduction expected to save over $60 million annually, with a $22 million restructuring cost
Textron reported fourth-quarter 2024 income from continuing operations of $0.76 per share, down from $1.01 a year earlier, and adjusted EPS of $1.34 versus $1.60. For full-year 2025, it forecast GAAP EPS of $5.19 to $5.39 and adjusted EPS of $6.00 to $6.20, compared with full-year 2024 adjusted EPS of $5.48. Shareholders face weaker recent results, including a $53 million special charge and a $38 million inventory charge tied to the powersports pause, alongside a higher outlook.
Q4 2024 revenue was $3.613 billion, down from $3.892 billion; Textron Aviation revenue fell $242 million on the strike-related production disruption
Full-year 2024 GAAP EPS was $4.34, down from $4.57; adjusted EPS was $5.48, down from $5.59
2025 revenue is forecast at approximately $14.7 billion, up from $13.7 billion in 2024
Textron repurchased $1.1 billion of stock in 2024 and expects 2025 manufacturing cash flow before pension contributions of $800 million to $900 million
Progress Software reported fiscal fourth-quarter 2024 revenue of $215 million, up 21% from a year earlier, while GAAP diluted earnings per share fell to $0.03 from $0.34, a 91% decline; non-GAAP diluted EPS rose 30% to $1.33. The company guided fiscal 2025 revenue to $958 million to $970 million and GAAP diluted EPS to $1.08 to $1.23, versus $1.54 in fiscal 2024, and suspended its quarterly dividend to redirect capital toward debt repayment after completing the ShareFile acquisition on October 31, 2024.
Q4 2024 revenue $215 million, up 21% year-over-year; Annualized Recurring Revenue $842 million, up 46% on a constant currency basis
Q4 2024 GAAP diluted EPS $0.03 vs. $0.34 a year earlier; non-GAAP diluted EPS $1.33 vs. $1.02
FY 2025 revenue guidance $958 million to $970 million vs. $753 million in FY 2024; GAAP diluted EPS guidance $1.08 to $1.23 vs. $1.54
Board suspended quarterly dividend in Q4 2024 in connection with the ShareFile acquisition; cash payments for acquisitions were $852.7 million in the quarter
Agilysys reported fiscal 2025 third-quarter total net revenue of $69.6 million, up 14.9% from $60.6 million a year earlier, and adjusted diluted EPS of $0.38 versus $0.35. The company cut its full-year fiscal 2025 total revenue guidance to approximately $273 million, citing weaker one-time product revenue, while keeping subscription revenue growth guidance of at least 38%.
Q3 total net revenue rose 14.9% to $69.6 million; subscription and maintenance revenue rose 45.1% year over year.
GAAP net income was $3.8 million, or $0.14 per diluted share, versus $2.85 a year earlier, when results included discrete tax events.
Adjusted diluted EPS was $0.38 versus $0.35; free cash flow was $19.7 million versus $11.3 million.
Full-year fiscal 2025 total revenue guidance was revised to approximately $273 million; at least 38% subscription growth was maintained.
KeyCorp reported a fourth-quarter 2024 net loss from continuing operations attributable to common shareholders of $279 million, or $(.28) per diluted share, compared with net income of $30 million, or $.03 per share, a year earlier. Results were weighed down by after-tax charges of $657 million tied to the loss on the sale of securities; excluding selected items, adjusted net income was $378 million, or $.38 per diluted share.
Q4 2024 net loss of $279 million, or $(.28) per diluted share, versus net income of $30 million, or $.03, in Q4 2023
Adjusted net income of $378 million, or $.38 per diluted share; the securities-related charges totaled $657 million after tax
Total revenue of $865 million, up from $695 million in Q3 2024 but down 43.8% from $1,538 million in Q4 2023
Common Equity Tier 1 ratio was an estimated 12.0% at December 31, 2024, up from 10.8% at September 30, 2024
H.B. Fuller reported a fourth-quarter 2024 net loss of $7 million, or $0.13 per diluted share, compared with net income of $45 million a year earlier, after a $38 million after-tax non-cash charge tied to the Flooring divestiture. For fiscal 2025 it expects net revenue to fall 2% to 4% but adjusted EBITDA of $600 million to $625 million and adjusted EPS of $3.90 to $4.20, and it is finalizing a plan to cut manufacturing facilities and warehouses for about $75 million in annualized savings by fiscal 2030.
Q4 2024 net revenue rose 2.3% to $923 million, but adjusted EBITDA fell 14% to $148 million and adjusted diluted EPS was $0.92, versus $1.32 a year earlier.
Fiscal 2024 net revenue was $3.57 billion, up 1.6%, while net income was $130 million, versus $145 million in fiscal 2023.
Fiscal 2025 guidance calls for net revenue down 2% to 4% and adjusted EPS of $3.90 to $4.20, up 2% to 9% from $3.84.
The manufacturing footprint plan would reduce facilities from 82 to 55 and North American warehouses from 55 to about 10 by the end of 2027, with about $150 million in incremental capital over five years.
Brown-Forman's board approved a plan on January 13, 2025 to reduce its structural cost base and redirect resources toward growth, including cutting worldwide headcount by about 12% and closing its Louisville, Kentucky cooperage facility. The company expects $70 to $80 million in annualized cost savings and aggregate charges of $60 to $70 million, mostly cash, with most charges recognized in fiscal 2025, which affects shareholders through near-term costs and expected savings.
Plan approved by the Board on January 13, 2025 to reduce cost base and fund its Make It A Double growth ambition
Expected annualized cost savings of approximately $70 to $80 million; a portion will be reinvested in the business
Aggregate one-time charges of approximately $60 to $70 million, including $27 to $32 million for severance and benefits and $22 to $27 million for the cooperage closure
Headcount reduction of about 12%; plan substantially implemented in fiscal 2025 with the remainder by end of fiscal 2026
United Rentals agreed on January 13, 2025, to buy H&E Equipment Services in an all-cash deal valued at a total enterprise value of about $4.8 billion, including about $1.4 billion of net debt. The deal will be done through a tender offer followed by a second-step merger, and the companies expect it to close in the first quarter of 2025. United Rentals has paused its share repurchase plan to reduce leverage after the deal, which the filing says the company expects to bring pro forma net leverage to about 2.3x at closing.
Purchase price is $92 per H&E share in cash, with a total enterprise value of about $4.8 billion.
H&E has a 35-day go-shop period ending 11:59 p.m. Eastern Time on February 17, 2025, during which it may seek alternative proposals.
United Rentals expects about $130 million of annualized cost synergies within 24 months of closing and about $120 million of annual revenue cross-sell synergies by year three.
The filing sets a termination fee of $127,047,785 payable by H&E in certain circumstances, and the company has paused its share repurchase plan.
PTC Therapeutics reported preliminary, unaudited 2024 total revenue of approximately $814 million, which the company said exceeded its guidance, and gave 2025 total revenue guidance of $600 million to $800 million. The 2025 range sits below the 2024 preliminary figure, and the 2024 numbers remain subject to the year-end audit.
Unaudited 2024 total net revenue of approximately $814 million; net product revenue approximately $601 million
Translarna approximately $340 million and Emflaza approximately $207 million in unaudited 2024 net product revenue; Evrysdi royalty revenue approximately $211 million
2025 guidance: total revenue $600 million to $800 million; GAAP R&D and SG&A expense $805 million to $835 million
Results will be presented at the J.P. Morgan Healthcare Conference on January 13, 2025, after which the company enters a quiet period
Ichor Holdings said preliminary fourth quarter 2024 revenue of approximately $233 million was at the high end of its guidance, but expects gross margin and earnings per share to fall below the low end of prior guidance ranges. The company cited higher labor costs, higher-than-anticipated inventory charges and unfavorable product mix, and it now expects first quarter 2025 revenue of $235 million to $250 million and 2025 revenue above current expectations. The results are preliminary, unaudited and subject to completion of audit procedures, and the 10-K for fiscal 2024 has not been filed.
Q4 2024 revenue of approximately $233 million, at the high end of guidance and up over 10% sequentially from Q3 2024
Q4 2024 gross margin of 11% to 12% on a GAAP basis and about 12% non-GAAP; EPS below prior guidance ranges
Q1 2025 revenue outlook of $235 million to $250 million, with gross margin returning to 13% to 15%
Full Q4 and fiscal 2024 results and conference call on February 4, 2025, at 1:30 p.m. PT
On January 8, 2025, SouthState Bank agreed to sell about 170 branch properties in Alabama, Florida, Georgia, North Carolina, South Carolina and Virginia to entities affiliated with Blue Owl Real Estate Capital for about $475 million in cash, and to lease them back under 15-year triple net leases. The company expects a pre-tax gain of about $225 million, but also about $40 million in first-year GAAP rent expense, so the deal trades a one-time gain for ongoing occupancy costs, and the final numbers could change during due diligence.
Sale of about 170 branches to Blue Owl affiliates for about $475 million cash, expected to close in the first quarter of 2025, subject to Blue Owl's due diligence.
Expected pre-tax gain of about $225 million after transaction-related expenses.
First-year rent of about $36 million pretax; GAAP rent expense of about $40 million, partly offset by about $8 million less depreciation.
Lease terms: 15-year initial term, three 5-year renewal options, 2% annual rent escalation; the bank will not close any branches or exit any markets.
Moderna disclosed preliminary, unaudited 2024 product sales of $3.0-3.1 billion and year-end cash of about $9.5 billion, ahead of its January 13, 2025 J.P. Morgan presentation. It also set a 2025 revenue range of $1.5-2.5 billion, mostly in the second half, and projected 2025 cash cost reductions of $1.0 billion and year-end 2025 cash of about $6.0 billion. The 2024 figures remain subject to the ongoing audit, and the filing gives no prior-year comparison for the new 2025 range.
Unaudited 2024 product sales of $3.0-3.1 billion, including $1.7 billion in the U.S.
Year-end 2024 cash, cash equivalents and investments of about $9.5 billion (unaudited).
2025 revenue projected at $1.5-2.5 billion, mostly in the second half; 2025 cash cost reductions of $1.0 billion, with a further $0.5 billion planned for 2026.
Expected year-end 2025 cash and investments of about $6.0 billion; full results due February 14, 2025.
Goosehead's subsidiary entered a $300 million term loan and $75 million revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, replacing a 2021 credit agreement. The company's holding entity declared a $175 million distribution and the board declared a one-time special cash dividend of $5.91 per share, both payable January 31, 2025 to holders of record on January 21, 2025. Shareholders receive cash, but the company takes on new secured debt that matures in 2032 and 2030.
The $300 million term loan matures January 8, 2032, and the $75 million revolving credit facility matures January 8, 2030.
The special dividend is $5.91 per share, payable January 31, 2025 to Class A shareholders of record as of January 21, 2025.
Per the press release, $1.22 of the dividend comes from prior tax distributions and $4.69 from the Goosehead Financial, LLC distribution.
Per the press release, loan proceeds will also retire the company's existing $93 million term loan.
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