1,062 material Form 8-K filings that 827 companies we cover made with the SEC in May 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).
EPAM reported first-quarter 2025 revenue of $1.302 billion, up 11.7% from a year earlier, but GAAP diluted EPS fell 35.0% to $1.28 and non-GAAP diluted EPS fell 2.0% to $2.41. The company raised its full-year 2025 revenue growth outlook to 11.5% to 14.5%, and CEO Arkadiy Dobkin will become Executive Chairman on September 1, 2025, with Balazs Fejes succeeding him as CEO and President. Organic constant currency revenue growth was 1.4% in the quarter, so most of the reported growth came from acquisitions and currency effects.
Q1 2025 revenue was $1.302 billion, up 11.7%; organic constant currency growth was 1.4%
Q1 GAAP diluted EPS was $1.28, down 35.0%; non-GAAP diluted EPS was $2.41, down 2.0%
Full-year 2025 revenue growth outlook raised to 11.5% to 14.5%; GAAP diluted EPS outlook is $6.78 to $7.03
Balazs Fejes becomes CEO and President effective September 1, 2025, succeeding Arkadiy Dobkin, who becomes Executive Chairman
Houlihan Lokey reported fiscal 2025 revenue of $2.39 billion, up from $1.91 billion, and GAAP diluted EPS of $5.82, up from $4.11, for the year ended March 31, 2025. Fourth-quarter revenue rose to $666 million from $520 million, and the company raised its quarterly dividend 5% to $0.60 per share. The company said current volatility makes meaningful forecasts difficult, so it gave no forward guidance.
Fiscal 2025 revenue $2.39 billion vs. $1.91 billion; Corporate Finance revenue up 38%
Fiscal 2025 GAAP diluted EPS $5.82 vs. $4.11; adjusted diluted EPS $6.29 vs. $4.49
Fourth-quarter revenue $666 million vs. $520 million; GAAP diluted EPS $1.76 vs. $1.18
Quarterly dividend raised 5% to $0.60 per share, payable June 15, 2025 to holders of record June 2, 2025
Black Hills Corp. reported first-quarter 2025 diluted earnings per share of $1.87, unchanged from a year earlier, while revenue rose to $805.2 million from $726.4 million and net income available for common stock rose to $134.3 million from $127.9 million. The company reaffirmed its 2025 earnings guidance of $4.00 to $4.20 per share, which matters to shareholders because it signals management expects to hold its earnings outlook for the year.
Diluted EPS was $1.87 in Q1 2025, the same as Q1 2024; net income available for common stock was $134.3 million versus $127.9 million.
Revenue was $805.2 million versus $726.4 million; operating income was $205.0 million versus $193.3 million.
The company reaffirmed 2025 EPS guidance of $4.00 to $4.20, based on assumptions issued Feb. 5, 2025.
The 260-mile Ready Wyoming transmission project is expected to be fully in service by year-end 2025.
Ormat Technologies reported first-quarter 2025 results, with total revenues up 2.5% to $229.8 million and net income attributable to stockholders up 4.6% to $40.4 million. The company reiterated its 2025 full-year guidance and agreed to acquire the 20 MW Blue Mountain geothermal plant for $88 million, a deal expected to close by the end of the second quarter.
Diluted EPS was $0.66 vs $0.64 a year earlier; adjusted EBITDA was a record $150.3 million, up 6.4%
Energy Storage revenues rose 119.7%, while Electricity revenues fell 5.8% due to curtailments in California and Nevada
Gross profit declined 7.5% to $72.9 million, and operating income fell 3.2% to $50.9 million
2025 guidance reiterated: total revenues of $935 million to $975 million and adjusted EBITDA of $563 million to $593 million
Carlyle reported first quarter 2025 results, with net income attributable to common stockholders of $130.0 million, or $0.35 per diluted share, up from $65.6 million, or $0.18, a year earlier. Total revenues rose to $973.1 million from $688.4 million, and Fee Related Earnings increased 17% to $311 million, which the company said was a record, while the board declared a $0.35 quarterly dividend.
Net income attributable to common stockholders was $130.0 million in Q1 2025, versus $65.6 million in Q1 2024.
Total revenues were $973.1 million in Q1 2025, versus $688.4 million in Q1 2024.
Fee Related Earnings were $311 million in Q1 2025, up 17% from $266 million, with a 48% FRE margin.
Quarterly dividend of $0.35 per common share is payable May 27, 2025, to holders of record on May 19, 2025.
Kodiak Gas Services reported first-quarter 2025 revenue of $329.6 million and net income attributable to common shareholders of $30.4 million, both up from the fourth quarter of 2024. The company raised its full-year 2025 adjusted EBITDA guidance and increased its quarterly dividend by 10%, which benefits shareholders through higher expected cash generation and capital returns. Diluted EPS of $0.33 was below the $0.39 reported a year earlier.
Total revenues were $329.6 million, up from $309.5 million in the fourth quarter of 2024 and $215.5 million in the first quarter of 2024.
Net income attributable to common shareholders was $30.4 million; diluted EPS was $0.33, versus $0.21 in the prior quarter and $0.39 a year earlier.
Full-year 2025 adjusted EBITDA guidance was raised to $695 million to $725 million, a $10 million increase to the low end of the range.
The quarterly dividend was raised 10% to $0.45 per share, and about $10 million of common stock was repurchased at an average price of $36.87.
Cleveland-Cliffs reported a first-quarter 2025 GAAP net loss of $483 million, or $1.00 per diluted share, compared with a net loss of $53 million a year earlier. The company is idling six facilities, which it expects to save over $300 million annually, and it updated full-year 2025 cost and capital spending expectations.
GAAP net loss of $483 million, or $1.00 per diluted share, vs. a net loss of $53 million in Q1 2024
Adjusted EBITDA loss of $174 million, vs. Adjusted EBITDA of $414 million in Q1 2024
Revenue of $4.6 billion, up from $4.3 billion in Q4 2024 but down from $5.2 billion in Q1 2024
Full-year 2025 steel unit cost reduction now about $50 per net ton (previously about $40); capital expenditures now about $625 million (previously $700 million)
Ellington Financial reported net income attributable to common stockholders of $31.6 million, or $0.35 per share, for the quarter ended March 31, 2025, up from $22.4 million, or $0.25 per share, in the prior quarter. Adjusted distributable earnings were $35.5 million, or $0.39 per share, and book value per common share was $13.44 as of March 31, 2025, after dividends of $0.39 per share for the quarter. The company also declared a monthly dividend of $0.13 per common share on May 7, 2025.
Net income attributable to common stockholders of $31.6 million, or $0.35 per share, versus $22.4 million, or $0.25 per share, for the quarter ended December 31, 2024
Adjusted distributable earnings of $35.5 million, or $0.39 per common share
Book value per common share of $13.44 as of March 31, 2025
Monthly dividend of $0.13 per common share declared May 7, 2025; the company will hold a conference call on May 8, 2025 at 11:00 a.m. Eastern Time
U.S. Physical Therapy reported first-quarter 2025 results for the period ended March 31, 2025. Revenue from physical therapy operations rose 16.4% to $156.4 million, and earnings per share attributable to shareholders were $0.80, compared with $0.46 a year earlier, while non-GAAP Operating Results per share fell to $0.48 from $0.51. The board also declared a $0.45 quarterly dividend.
Revenue from physical therapy operations rose $22.0 million, or 16.4%, to $156.4 million.
Net income attributable to USPH shareholders was $9.9 million, or $0.80 per share, versus $8.0 million, or $0.46 per share, a year earlier.
Non-GAAP Operating Results were $7.3 million, or $0.48 per share, versus $7.7 million, or $0.51 per share, in the prior-year quarter.
Quarterly dividend of $0.45 per share is payable June 13, 2025, to shareholders of record on May 23, 2025.
At its May 6, 2025 annual meeting, Terreno Realty stockholders approved a 2025 Equity Incentive Plan that reserves 2,000,000 shares plus unused shares from the 2019 plan, which the new plan replaces. Stockholders also elected all seven director nominees, approved the advisory vote on executive pay, and ratified Ernst & Young LLP as auditor for 2025. The filing shows each proposal passed, and the 2025 plan received 94,759,989 votes for against 3,842,315 votes against.
2025 Equity Incentive Plan approved: 94,759,989 for, 3,842,315 against, 13,869 abstain, 1,620,384 broker non-votes
2,000,000 new shares plus remaining 2019 plan shares available; the 2025 plan replaces the 2019 plan
Advisory say-on-pay approved: 94,621,881 for, 3,975,792 against; Ernst & Young ratified with 99,572,820 for and 647,740 against
103,019,200 common shares were outstanding and entitled to vote as of the record date
The Herzfeld Caribbean Basin Fund filed preliminary proxy materials for a special stockholder meeting on June 17, 2025, seeking approval to shift its strategy toward a CLO equity focus with a total return objective. The proposals would also allow the adviser to receive a fee based on managed assets plus an incentive fee, and would change fundamental investment policies, so stockholders would be asked to approve a material change to the fund's approach and fee structure.
Special meeting set for June 17, 2025, at 10:00 a.m. Eastern Time at the fund's Miami Beach, Florida offices; record date is May 5, 2025.
Proposal 1 would allow Thomas J. Herzfeld Advisors, Inc. to receive a managed assets fee and an incentive fee.
Proposal 2 would change the primary objective to maximizing risk adjusted total returns, with high current income as secondary, and focus investment on equity and junior debt tranches of CLOs.
Proposal 3 would amend fundamental policies on borrowing, senior securities, underwriting, industry concentration, real estate, commodities, and loans. Approval requires a majority of outstanding voting securities; the definitive proxy is e
Kinetik Holdings reported first quarter 2025 results, with total operating revenues of $443.3 million, up from $341.4 million a year earlier, and Adjusted EBITDA of $250.0 million, up from $233.6 million. Net income fell to $19.3 million from $35.4 million, and diluted earnings per share were $0.05 versus $0.12, while the company affirmed its 2025 Adjusted EBITDA guidance of $1.09 billion to $1.15 billion and raised its share repurchase authorization to $500 million.
Total operating revenues were $443.3 million, compared with $341.4 million in the first quarter of 2024.
Net income including noncontrolling interest was $19.3 million, versus $35.4 million; diluted EPS was $0.05, versus $0.12.
Adjusted EBITDA was $250.0 million, versus $233.6 million; the company said current commodity futures would reduce full-year Adjusted EBITDA by about $20 million.
The Board authorized an increase to the share repurchase program to $500 million and affirmed 2025 Adjusted EBITDA guidance of $1.09 billion to $1.15 billion.
Murphy Oil reported first quarter 2025 net income attributable to Murphy of $73 million, or $0.50 per diluted share, down from $90 million, or $0.59, a year earlier. Production revenue fell to $672.7 million from $794.6 million, and the company said full-year production is expected toward the lower end of its guidance range after winter storm delays, though it reaffirmed its 2025 capital expenditure and production ranges.
Net income attributable to Murphy was $73 million, or $0.50 per diluted share, versus $90 million, or $0.59, in first quarter 2024; adjusted net income was $81 million, or $0.56 per share, versus $130.8 million, or $0.85
Revenue from production was $672.7 million, compared with $794.6 million a year earlier
Full-year 2025 production guidance of 174.5 to 182.5 MBOEPD and capital expenditure guidance of $1,135 million to $1,285 million were maintained; production is now expected toward the lower end of the range
Murphy repurchased $100 million of stock, or 3.6 million shares, in the first quarter
Goodyear reported first quarter 2025 net sales of $4.3 billion, down from $4.5 billion a year earlier, and net income of $115 million (40 cents per share), helped by a $260 million estimated gain on the sale of its Off-the-Road tire business. Excluding significant items, the company posted an adjusted net loss of $11 million (a loss of 4 cents per share), compared with adjusted net income of $29 million a year earlier. On May 7, 2025, it also completed the sale of the Dunlop brand rights to Sumitomo Rubber Industries for $735 million in gross cash proceeds, which Goodyear says it intends to use to reduce leverage.
Q1 2025 net sales were $4.3 billion, compared with $4.5 billion in Q1 2024; GAAP net income was $115 million (40 cents per share) versus a net loss of $57 million (20 cents per share) a year earlier.
Adjusted net loss was $11 million (a loss of $0.04 per share), compared with adjusted net income of $29 million ($0.10 per share) in the prior year quarter.
Segment operating income was $195 million, down $52 million from a year ago, driven by higher raw material costs, with Goodyear Forward benefits of $200 million.
The Dunlop brand sale to Sumitomo Rubber Industries closed May 7, 2025, with gross cash proceeds of $735 million, including $526 million for the brand.
StoneX reported fiscal second-quarter results for the period ended March 31, 2025, with net operating revenues of $487.3 million, up 15% from a year earlier, and net income of $71.7 million, up 35%. Diluted EPS rose 29% to $1.41, with per-share figures adjusted for a three-for-two stock split effected March 21, 2025. The release also notes the pending acquisition of R.J. O'Brien, which the company expects to close in the second half of 2025.
Net operating revenues were $487.3 million, up 15% from $422.3 million in the same quarter last year.
Net income was $71.7 million, up from $53.1 million; return on equity was 15.7% versus 14.0%.
Diluted EPS was $1.41, up from $1.09, after adjustment for the March 21, 2025 three-for-two stock split.
Six-month net income was $156.8 million, up 28%, and six-month diluted EPS was $3.10, up 24%.
Tetra Tech reported second-quarter fiscal 2025 revenue of $1.322 billion, up 6% year over year, and adjusted EPS of $0.33, up 18%, and raised its full-year net revenue and adjusted EPS guidance. GAAP EPS fell to $0.02 from $0.28 after a $92.4 million non-cash goodwill impairment tied to terminated USAID contracts. The company also entered a $1.5 billion credit agreement maturing in 2030 and declared a $0.065 quarterly dividend, up 12%.
Q2 revenue $1.322 billion (up 6%); net revenue $1.104 billion (up 5%); reported operating income $39.6 million vs. $117.7 million a year earlier
FY25 net revenue guidance raised to $4.400 billion to $4.765 billion; adjusted EPS guidance raised to $1.42 to $1.52
Credit agreement dated May 5, 2025: $250 million 5-year term loan, $600 million revolver, $250 million 3-year term loan; matures 2030 (5-year) and May 5, 2028 (3-year)
Quarterly dividend of $0.065 per share payable June 5, 2025 to holders of record May 23, 2025; additional $500 million buyback approved, leaving $673 million available
Corteva reported first-quarter 2025 results, with net sales down 2% to $4.42 billion while GAAP earnings per share from continuing operations rose to $0.97 from $0.53. The company reaffirmed its full-year 2025 guidance, including net sales of $17.2 to $17.6 billion and operating EPS of $2.70 to $2.95, which matters to shareholders because profit grew faster than sales while the outlook was left unchanged.
Net sales were $4.42 billion, down 2% from $4.49 billion a year earlier; organic sales rose 3%.
GAAP EPS from continuing operations was $0.97 versus $0.53; operating EPS was $1.13, up 27%.
Full-year 2025 guidance reaffirmed: net sales $17.2 to $17.6 billion, operating EBITDA $3.6 to $3.8 billion, operating EPS $2.70 to $2.95.
The company plans to repurchase approximately $1 billion of shares during 2025.
Murphy USA reported first-quarter 2025 net income of $53.2 million, or $2.63 per diluted share, down from $66.0 million, or $3.12 per diluted share, a year earlier. Total operating revenues fell to $4,525.4 million from $4,843.7 million, and adjusted EBITDA declined to $157.4 million from $164.3 million. Management said results fell slightly short of internal expectations, citing lower supply margins, while the company repurchased $151.2 million of stock during the quarter.
Net income was $53.2 million, or $2.63 per diluted share, versus $66.0 million, or $3.12 per diluted share, in Q1 2024
Total operating revenues were $4,525.4 million versus $4,843.7 million; adjusted EBITDA was $157.4 million versus $164.3 million
Retail fuel margin rose to 23.7 cpg from 21.7 cpg, while same store sales retail fuel volume declined 4.2%
The company repurchased about 321.1 thousand shares for $151.2 million and announced a quarterly dividend of $0.50 per share, payable June 2, 2025
Watts Water Technologies reported first quarter 2025 sales of $558 million, down 2% from a year earlier, while diluted earnings per share rose 2% to $2.21. The company kept its full year 2025 organic sales and adjusted operating margin outlook and raised its quarterly dividend 21% to $0.52 per share, which matters to shareholders because it signals higher cash returns despite the lower sales.
Net sales were $558.0 million, down 2% from $570.9 million, with fewer shipping days and European destocking cited as drivers
GAAP operating income fell 9% to $87.7 million and operating margin declined 120 basis points to 15.7%; adjusted operating margin rose 80 basis points to 19.0%
Diluted EPS was $2.21 versus $2.17; adjusted diluted EPS was $2.37 versus $2.33
Quarterly dividend increases from $0.43 to $0.52 per share beginning June 2025; full year outlook maintained
Phibro reported results for the fiscal third quarter ended March 31, 2025, with net sales up 32% to $347.8 million, driven largely by the Zoetis MFA portfolio acquired October 31, 2024. The company also updated its fiscal 2025 guidance, forecasting net sales of $1.26 billion to $1.29 billion and adjusted EBITDA of $177 million to $183 million. Net income and diluted EPS both rose, while management said tariffs may affect certain inputs and sales in the next fiscal year.
Net income $20.9 million vs. $8.4 million a year earlier; diluted EPS $0.51 vs. $0.21
Adjusted EBITDA $54.9 million, up 85%; gross margin 30.1%, down 10 basis points
FY2025 guidance: net sales $1.26 billion to $1.29 billion; adjusted EBITDA $177 million to $183 million; diluted EPS $0.98 to $1.11
Webcast and conference call scheduled for Thursday, May 8, 2025 at 9:00 AM Eastern
Atmos Energy reported results for its fiscal 2025 second quarter, which ended March 31, 2025, and raised its fiscal 2025 earnings per diluted share guidance to $7.20-$7.30 from $7.05-$7.25. The board also declared a quarterly dividend of $0.87 per share, with an indicated fiscal 2025 annual dividend of $3.48, an 8.1% increase over fiscal 2024.
Fiscal year-to-date diluted EPS of $5.26 on net income of $837.4 million
Fiscal 2025 EPS guidance raised to $7.20-$7.30 from $7.05-$7.25 per diluted share
Quarterly dividend of $0.87 per share; indicated fiscal 2025 annual dividend of $3.48, up 8.1%
Fiscal 2025 capital expenditure guidance of approximately $3.7 billion; conference call May 8, 2025 at 10:00 a.m. Eastern
Axon reported first-quarter 2025 revenue of $604 million, up 31% year over year, and raised its full-year 2025 revenue outlook to $2.60 billion to $2.70 billion. The company also said on May 1, 2025, its Audit Committee concluded that its 2024 annual financial statements and the 2024 quarterly statements for March 31 and September 30 should no longer be relied upon, because $690.0 million of convertible notes were presented as long-term rather than current liabilities. Total assets, total liabilities and stockholders' equity were not affected, but the filing discloses an additional material weakness in internal control over financial reporting.
Q1 2025 revenue of $604 million, up 31% year over year; net income of $88 million, or $1.08 per diluted share
Full-year 2025 revenue outlook raised to $2.60 billion to $2.70 billion, from $2.55 billion to $2.65 billion
Audit Committee concluded on May 1, 2025 that 2024 annual and 2024 Q1 and Q3 financial statements should no longer be relied upon
The $690.0 million 2027 convertible notes are reclassified from long-term to current liabilities; an additional material weakness in internal controls was identified
Concentra reported first-quarter 2025 revenue up 7.1% to $500.8 million and raised its full-year 2025 revenue and Adjusted EBITDA guidance. Net income fell 19.2% to $40.6 million, and earnings per share were $0.30 versus $0.47, which the company attributed to higher interest expense from its IPO recapitalization. The Board also declared a $0.0625 per share cash dividend.
Q1 2025 revenue was $500.8 million, up from $467.6 million; net income was $40.6 million, down from $50.3 million
Earnings per share were $0.30 versus $0.47 a year earlier; adjusted EPS was $0.32 versus $0.49
2025 guidance now calls for revenue of $2.1 billion to $2.15 billion and Adjusted EBITDA of $415 million to $430 million
Dividend of $0.0625 per share is payable May 29, 2025, to holders of record on May 20, 2025; the $55 million Pivot Onsite Innovations acquisition is expected to close in Q2 2025
Coeur Mining reported first quarter 2025 revenue of $360 million, up from $305 million in the prior quarter and $213 million a year earlier. GAAP net income from continuing operations was $33 million, or $0.06 per share, compared with a loss of $29 million in the first quarter of 2024, and the company reaffirmed its full-year 2025 guidance. Free cash flow was $18 million and the revolving credit facility balance was cut by $85 million, though GAAP net income declined from $38 million in the fourth quarter of 2024.
Revenue of $360 million, compared with $305 million in the fourth quarter of 2024 and $213 million in the first quarter of 2024.
GAAP net income from continuing operations of $33 million, or $0.06 per share; adjusted net income of $60 million, or $0.11 per share.
Revolving credit facility balance reduced by 44%, or $85 million, to $110 million.
Full-year 2025 guidance reaffirmed, including production of 380,000 - 440,000 ounces of gold and 16.7 - 20.3 million ounces of silver.
Chesapeake Utilities reported first-quarter 2025 net income of $50.9 million, or $2.21 per diluted share, up from $46.2 million, or $2.07, a year earlier. The company said it continues to affirm its 2025 EPS guidance of $6.15 to $6.35 per share and its 2028 EPS guidance of $7.75 to $8.00 per share, which shareholders will weigh against the first-quarter gains.
Net income was $50.9 million ($2.21 per diluted share) for the first quarter of 2025, versus $46.2 million ($2.07) a year earlier.
Adjusted EPS, which excludes Florida City Gas transaction and transition costs, was $2.22 versus $2.10 in the first quarter of 2024.
Adjusted gross margin grew $17.9 million, or 10.9 percent, to $182.4 million, driven mainly by customer consumption and colder temperatures.
The company reaffirmed 2025 EPS guidance of $6.15 to $6.35 per share and 2025 capital expenditure guidance of $325 million to $375 million; a conference call is scheduled for May 8, 2025, at 8:00 a.m. Eastern Time.
At its May 6, 2025 annual meeting, Cboe Global Markets stockholders elected all 12 board nominees, approved a non-binding advisory vote on executive pay, and approved the Third Amended and Restated Long-Term Incentive Plan. Stockholders also ratified KPMG LLP as the independent auditor for 2025 and approved a stockholder proposal on political spending, which passed 45,950,093 to 35,947,178. The votes set the board and the compensation framework for the coming year.
All 12 director nominees were elected, including William M. Farrow, III and Edward J. Fitzpatrick, to constitute the entire board.
Long-term incentive plan approved with 77,813,354 votes for and 4,309,543 against.
Advisory say-on-pay proposal approved with 76,990,384 votes for and 4,832,201 against.
Political spending proposal approved with 45,950,093 votes for and 35,947,178 against.
American States Water reported first-quarter 2025 diluted earnings per share of $0.70, up from $0.62 a year earlier, with total operating revenues of $148.0 million versus $135.3 million. The gain came mainly from new rates at its regulated water and electric utilities, while contracted services earnings were flat, and the company expects that segment to contribute $0.59 to $0.63 per share for full-year 2025.
Diluted EPS was $0.70 for the quarter ended March 31, 2025, versus $0.62 in the prior-year quarter, an increase of $0.08 or 13%
Total operating revenues were $148.0 million versus $135.3 million; net income was $26.8 million versus $23.1 million
Water segment EPS was $0.52 versus $0.48, and electric segment EPS was $0.07 versus $0.05; contracted services was $0.13 in both periods
Board approved a second-quarter dividend of $0.4655 per share, payable June 3, 2025 to holders of record on May 19, 2025
MKS Instruments reported first quarter 2025 revenue of $936 million, at the high end of its guidance and up from $868 million a year earlier, with GAAP net income of $52 million ($0.77 per diluted share) versus $15 million ($0.22) in the first quarter of 2024. For the second quarter, the company guided to revenue of $925 million, plus or minus $40 million, and Non-GAAP net earnings per diluted share of $1.56, plus or minus $0.28, both below first-quarter actual results.
Q1 2025 total net revenues of $936 million, versus $935 million in Q4 2024 and $868 million in Q1 2024
Q1 2025 GAAP net income of $52 million and diluted EPS of $0.77; Non-GAAP net earnings of $116 million and $1.71 per diluted share
Q2 2025 guidance: revenue of $925 million plus or minus $40 million; GAAP net income per diluted share of $0.81 plus or minus $0.32
Free cash flow of $123 million in Q1 2025; company repurchased about 546,000 shares for about $45 million and paid a $15 million dividend
General Motors closed a $2.0 billion senior notes offering on May 7, 2025, under an underwriting agreement dated May 5, 2025. The company plans to use the net proceeds for general corporate purposes, including refinancing part of $1.25 billion of 6.125% notes maturing October 1, 2025, and funding part of a $1.8 billion term loan to Ultium Cells LLC. The filing adds new debt to GM's balance sheet, and the notes carry covenants limiting certain secured debt, sale-leaseback transactions and some mergers.
Offering totals $2.0 billion: $750.0 million of 5.350% notes due 2028, $750.0 million of 5.625% notes due 2030, and $500.0 million of 6.250% notes due 2035
Offering closed May 7, 2025; notes issued under an indenture with The Bank of New York Mellon as trustee
Proceeds earmarked to refinance part of $1.25 billion of 6.125% notes maturing October 1, 2025, and fund part of a $1.8 billion loan to Ultium Cells LLC
Notes sold under an effective Form S-3 shelf registration (File No. 333-284557)
At its May 6, 2025 annual meeting, Hubbell shareholders approved amendments to the company's charter and bylaws that change director elections in uncontested races from plurality to majority voting. They also approved the restated Hubbell Incorporated Incentive Award Plan, which adds 620,000 shares and extends the plan to 2035. All five proposals passed, and the 8-K gives vote counts for each.
Uncontested director elections move from plurality to majority voting; contested elections keep the plurality standard.
The restated incentive plan adds 620,000 shares, bringing the total available for issuance to 1,749,789, and extends the plan term to 2035.
The plan was approved with 41,926,594 affirmative votes against 2,340,787 negative votes.
PricewaterhouseCoopers LLP was ratified as independent auditor for 2025 with 41,108,452 affirmative votes against 6,850,513 negative votes.
Marriott Vacations Worldwide reported first-quarter 2025 results, with revenues excluding cost reimbursements up 3% to $827 million and GAAP diluted EPS up 20% to $1.46. Adjusted diluted EPS fell 8% to $1.66 and consolidated contract sales declined 2% to $420 million, while the company reiterated its full-year 2025 Adjusted EBITDA outlook of $750 million to $780 million. The company also said it will post a new investor presentation on its website on May 8, 2025.
Revenues excluding cost reimbursements rose 3% to $827 million; net income attributable to common stockholders was $56 million, up from $47 million.
Adjusted diluted EPS was $1.66 versus $1.80 a year earlier, down 8%; Adjusted EBITDA rose 3% to $192 million.
Consolidated contract sales fell 2% to $420 million; Exchange & Third-Party Management segment Adjusted EBITDA fell 13% to $28 million.
2025 guidance includes Adjusted EBITDA of $750 million to $780 million (reiterated) and Adjusted EPS - diluted of $6.40 to $7.10; a conference call is set for May 8, 2025 at 8:30 a.m. ET.
Primerica reported first-quarter 2025 results on May 7, 2025, with total revenues of $804.8 million, up 9%, and diluted earnings per share of $5.05, up 19% from continuing operations in the prior-year period. Growth was driven mainly by its Investment and Savings Products segment, while its Term Life segment benefited from a stable in-force policy block, and the company also repurchased $118 million of common stock.
Total revenues were $804.8 million, up 9% from the first quarter of 2024.
Net income was $169.1 million, up 14% versus continuing operations in the prior-year period; diluted EPS was $5.05, up 19%.
Diluted adjusted operating EPS was $5.02, up 20% from the first quarter of 2024.
The company repurchased $118 million of common stock and declared a dividend of $1.04 per share, payable June 13, 2025, to holders of record on May 22, 2025.
Q2 Holdings reported first-quarter 2025 revenue of $189.7 million, up 15% from a year earlier, and GAAP net income of $4.8 million, compared with a net loss of $13.8 million in the prior-year quarter. The company also issued second-quarter 2025 revenue and adjusted EBITDA guidance and updated its full-year 2025 guidance, giving shareholders new targets to track.
Q1 2025 revenue of $189.7 million, up 15% year over year and up 4% from fourth quarter 2024
GAAP net income of $4.8 million versus a $13.8 million net loss in Q1 2024; adjusted EBITDA of $40.7 million versus $25.2 million
Q2 2025 guidance: revenue of $191.0 million to $195.0 million and adjusted EBITDA of $41.0 million to $44.0 million
Updated full-year 2025 guidance: revenue of $776.0 million to $783.0 million and adjusted EBITDA of $170.0 million to $175.0 million
Sonos reported second-quarter fiscal 2025 results for the period ended March 29, 2025, with revenue of $259.8 million, up from $252.7 million a year earlier. The GAAP net loss was $70.1 million, or $0.58 per diluted share, compared with a loss of $69.7 million, or $0.56 per share, a year earlier. The company did not give guidance in the release and said it will provide it on the earnings call.
Revenue of $259.8 million vs. $252.7 million in the second quarter of fiscal 2024
GAAP net loss of $70.1 million, or $0.58 per diluted share; non-GAAP net loss of $21.7 million, or $0.18 per share
Adjusted EBITDA loss of $0.8 million vs. a loss of $33.6 million a year earlier
No guidance in the release; company will provide guidance on the May 7, 2025 earnings call
Helmerich & Payne reported fiscal second-quarter 2025 results for the quarter ended March 31, 2025, after completing its KCA Deutag acquisition on January 16, 2025. Operating revenues rose to $1.0 billion from $687.9 million a year earlier, but net income attributable to the company fell to $1.7 million, or $0.01 per diluted share, from $84.8 million, or $0.84 per diluted share. The company also expects third-quarter direct margin in each segment to be lower than the strong North America Solutions result, and it now targets $50 to $75 million in overall cost reductions.
Operating revenues were $1,016.0 million, compared with $687.9 million a year earlier and $677.3 million in the prior quarter.
Net income attributable to Helmerich & Payne was $1.7 million ($0.01 per diluted share), versus $84.8 million ($0.84 per diluted share) a year earlier; transaction and integration costs were $29.9 million.
Management expects overall cost structure reductions of $50 to $75 million, with the full impact recognized in fiscal 2026.
Third-quarter guidance includes North America Solutions direct margin of $235 million to $260 million and International Solutions direct margin of $25 million to $35 million.
Amphastar Pharmaceuticals reported first-quarter 2025 results for the three months ended March 31, 2025, with net revenues of $170.5 million, down 1% from $171.8 million a year earlier. GAAP net income fell to $25.3 million, or $0.51 per diluted share, from $43.2 million, or $0.81 per share, in the prior-year quarter. Lower glucagon and epinephrine sales and higher operating expenses offset growth in BAQSIMI, so shareholders saw lower revenue and profit compared with the prior-year quarter.
Net revenues were $170.5 million, down 1% from $171.8 million; BAQSIMI product revenue rose 177% to $38.4 million.
GAAP net income was $25.3 million, or $0.51 per diluted share, versus $43.2 million, or $0.81, a year earlier.
Adjusted non-GAAP net income was $36.9 million, or $0.74 per diluted share, versus $55.3 million, or $1.04, in the prior-year quarter.
Gross margin was 50.0% versus 52.4% a year earlier; research and development expenses rose to $20.1 million from $17.0 million.
F&G Annuities & Life reported a first-quarter 2025 net loss attributable to common shareholders of $25 million, or $0.20 per diluted share, compared with net earnings of $111 million, or $0.88 per share, a year earlier. Adjusted net earnings fell to $91 million, or $0.72 per share, from $108 million, or $0.86 per share, which shareholders may view as weaker core earnings even as assets under management reached a record $67.4 billion before flow reinsurance.
Net loss of $25 million, or $0.20 per diluted share, versus net earnings of $111 million, or $0.88 per share, in Q1 2024; the loss included $105 million of unfavorable mark-to-market effects.
Adjusted net earnings of $91 million, or $0.72 per share, versus $108 million, or $0.86 per share; the quarter included $16 million of income from a reinsurance true-up adjustment.
Gross sales of $2.9 billion, down 17% from Q1 2024, and net sales of $2.2 billion, compared with $2.3 billion.
In March 2025, F&G completed a public offering of 8 million common shares with net proceeds of nearly $269 million; book value per common share excluding AOCI was $43.31.
Global Net Lease reported a first-quarter 2025 net loss attributable to common stockholders of $200.3 million, compared with $34.7 million a year earlier, as revenue fell to $132.4 million from $147.9 million, mainly due to asset dispositions. The company said the loss was primarily caused by the timing and purchase price allocation of the partial completion of its multi-tenant portfolio sale, which produced $1.1 billion of gross proceeds. Shareholders get a reaffirmed 2025 AFFO per share guidance range of $0.90 to $0.96, and the company had repurchased $59.4 million of stock as of May 2, 2025.
Revenue from tenants was $132.4 million, down from $147.9 million in the first quarter of 2024, primarily from asset dispositions.
Net loss attributable to common stockholders was $200.3 million, or $0.87 per diluted share, versus $34.7 million, or $0.15 per share, a year earlier.
Core FFO was $35.0 million, or $0.15 per diluted share, versus $56.6 million, or $0.25; AFFO was $66.2 million, or $0.29 per share, versus $0.33.
The company reaffirmed 2025 AFFO per share guidance of $0.90 to $0.96 and Net Debt to Adjusted EBITDA of 6.5x to 7.1x.
Dutch Bros reported first quarter 2025 total revenues of $355.2 million, up 29.1% from $275.1 million a year earlier, and net income of $22.5 million versus $16.2 million. The company said 2025 total revenues, system same shop sales growth and adjusted EBITDA are trending toward the top half of the ranges it gave last quarter, which points to stronger expected results for shareholders.
Q1 2025 total revenues rose 29.1% to $355.2 million from $275.1 million
Diluted net income per share was $0.13 versus $0.08; adjusted EBITDA grew 19.7% to $62.9 million
Company-operated shops contribution margin was 29.4%, down 40 bps year over year
2025 guidance: total revenues $1.555 billion to $1.575 billion; adjusted EBITDA $265 million to $275 million, now trending toward the top half
Permian Resources reported first-quarter 2025 results showing higher oil and gas sales and net income attributable to Class A shares than a year earlier, and lowered the midpoint of its 2025 capital budget by $50 million. The company also agreed to buy APA Corporation's Northern Delaware Basin assets for $608 million, which is not included in its revised standalone guidance.
Oil and gas sales were $1.38 billion for Q1 2025, up from $1.24 billion a year earlier; net income attributable to Class A Common Stock was $329 million, up from $147 million, and diluted EPS was $0.44 versus $0.25.
Cash capital expenditure guidance was narrowed to $1.9 billion to $2.0 billion from $1.9 billion to $2.1 billion, while oil and total production guidance ranges were maintained.
The APA acquisition covers about 13,320 net acres and is expected to add about 12,000 Boe/d in the second half of 2025; it is expected to close by the end of the second quarter of 2025.
The board declared a $0.15 per share second quarter base dividend, and the company repurchased 4.1 million shares for $43 million in April at a weighted average price of $10.52.
Kyndryl reported results for the fourth quarter and fiscal year ended March 31, 2025. Quarterly revenue was $3.8 billion, down 1% as reported and up 1.3% in constant currency, while net income swung to $68 million from a $45 million loss a year earlier. The company guided fiscal 2026 adjusted pretax income to at least $725 million, up at least $243 million, which signals higher expected profitability for shareholders.
Q4 revenue of $3.8 billion, down 1% as reported and up 1.3% in constant currency
Q4 net income of $68 million, or $0.28 per diluted share, versus a net loss of $45 million a year earlier
Q4 adjusted pretax income of $185 million, up 510% from $30 million
FY2026 outlook: adjusted pretax income of at least $725 million and adjusted free cash flow of approximately $550 million
Fidelity National Financial reported first-quarter 2025 GAAP net earnings attributable to common shareholders of $83 million, or $0.30 per diluted share, down from $248 million, or $0.91, a year earlier. Adjusted net earnings rose to $213 million, or $0.78 per share, from $206 million, or $0.76, while total revenue fell to $2.7 billion from $3.3 billion.
GAAP net earnings were $83 million ($0.30 per diluted share) versus $248 million ($0.91) in Q1 2024; the company says the GAAP figure includes mark-to-market effects and non-recurring items.
Adjusted net earnings were $213 million ($0.78 per share) versus $206 million ($0.76) in Q1 2024.
Title segment adjusted pre-tax margin was 11.7% versus 10.7%; F&G Segment had a net loss of $18 million for the quarter, driven by unfavorable mark-to-market movement.
FNF repurchased 390,000 shares for $25 million in late Q1 and paid $136 million in common dividends, or $0.50 per share.
Crane NXT reported first quarter 2025 sales of $330.3 million, up 5.3% from a year earlier, but GAAP earnings per diluted share fell to $0.38 from $0.66 as operating profit dropped to $37.3 million from $55.4 million. The company raised its full year 2025 sales growth guidance to 6% to 8% and kept its adjusted EPS guidance at $4.00 to $4.30, after completing the De La Rue Authentication acquisition on May 1, 2025.
Q1 2025 sales were $330.3 million, up 5.3%, with acquisitions adding $33.4 million and core sales down 4.1%.
GAAP EPS was $0.38 versus $0.66 a year earlier; adjusted EPS was $0.54 versus $0.85.
Full year 2025 sales growth guidance was raised to 6% to 8% from 1% to 3%; adjusted EPS guidance of $4.00 to $4.30 was unchanged.
The company completed the De La Rue Authentication acquisition on May 1, 2025 for £300 million in cash and declared a $0.17 quarterly dividend payable June 11, 2025.
Jackson Financial reported a first-quarter 2025 net loss attributable to common shareholders of $35 million, or $0.48 per diluted share, compared with net income of $784 million, or $9.94 per diluted share, a year earlier. The company attributed the loss partly to a $161 million loss from business reinsured to third parties, and said adjusted operating earnings, a non-GAAP measure, better reflect underlying performance. Adjusted operating earnings rose to $376 million, or $5.10 per diluted share, from $334 million, or $4.23 per diluted share, helped by higher spread income and fewer diluted shares.
GAAP net loss of $35 million, or $0.48 per diluted share, versus net income of $784 million, or $9.94 per diluted share, in Q1 2024
Adjusted operating earnings of $376 million, or $5.10 per diluted share, versus $334 million, or $4.23 per diluted share, in Q1 2024
Retail annuity sales of $4.0 billion, up 9% from the first quarter of 2024
Returned $231 million to common shareholders in Q1 2025: $172 million in share repurchases and $59 million in dividends
Tutor Perini reported first-quarter 2025 revenue of $1.25 billion, up 19% from a year earlier, and diluted EPS of $0.53, up from $0.30. The company raised its 2025 EPS guidance to $1.60 to $1.95 from $1.50 to $1.90, and said it expects 2026 and 2027 EPS to be more than double its 2025 guidance. Operating cash flow fell to $22.9 million from $98.3 million a year earlier, which the company attributed to prior-year dispute collections.
Revenue $1.25 billion, up 19% from $1.05 billion; income from construction operations $65.3 million, up 34%
Diluted EPS $0.53 versus $0.30 a year earlier; net income attributable to the company $28.0 million
2025 EPS guidance raised to $1.60 to $1.95 from $1.50 to $1.90
Backlog record $19.4 billion at March 31, 2025, up 94%; operating cash flow $22.9 million versus $98.3 million
Texas Pacific Land reported first-quarter 2025 net income of $120.7 million, or $5.24 per diluted share, up from $114.4 million, or $4.97 per diluted share, in the first quarter of 2024. Total revenues rose to $196.0 million from $174.1 million a year earlier, and oil and gas royalty production reached a company record of 31.1 thousand barrels of oil equivalent per day.
Net income $120.7 million, or $5.24 per diluted share, versus $114.4 million, or $4.97, a year earlier
Total revenues $196.0 million versus $174.1 million in Q1 2024; Water Services and Operations revenue a record $69.4 million
Oil and gas royalty production 31.1 thousand Boe per day, a company record, versus 24.8 thousand a year earlier
Quarterly cash dividend of $1.60 per share declared May 6, 2025, payable June 16, 2025 to holders of record on June 2, 2025
Innoviva reported first-quarter 2025 total revenue of $88.6 million, up from $77.5 million a year earlier, and income from operations rose 61% to $41.4 million. Unfavorable fair value changes in equity and long-term investments of $78.8 million produced a net loss of $46.6 million, or $0.74 per basic share, compared with net income of $36.5 million, or $0.58 per share, in the first quarter of 2024. The results are mixed for shareholders: operating performance improved, but investment valuation losses turned the bottom line negative.
Total revenue was $88.6 million versus $77.5 million; income from operations was $41.4 million, up from $25.8 million.
U.S. net product sales were $26.4 million, a 52% increase year over year, led by $17.4 million from GIAPREZA.
Net loss was $46.6 million, or $0.74 per basic share, versus net income of $36.5 million, or $0.58 per share.
Gross royalty revenue from GSK was $61.3 million, compared with $61.9 million; cash and cash equivalents were $319.1 million at March 31, 2025.
Royal Gold reported record first-quarter 2025 net income of $113.5 million, or $1.72 per share, on revenue of $193.4 million, compared with net income of $47.2 million, or $0.72 per share, a year earlier. The company said higher gold, silver and copper prices drove the increase, and it also reported adjusted net income of $99.8 million, or $1.51 per share, and total available liquidity of $1.25 billion.
Net income of $113.5 million ($1.72 per share) versus $47.2 million ($0.72 per share) in the first quarter of 2024
Revenue of $193.4 million, with an average gold price of $2,860 per ounce versus $2,070 a year earlier
Operating cash flow of $136.4 million, down from $138.3 million in the prior-year quarter
Quarterly dividend of $0.45 per share, a 12.5% increase over the prior year period; total liquidity about $1.25 billion
Kratos reported first quarter 2025 revenue of $302.6 million, up 9.2% from $277.2 million a year earlier, and GAAP net income of $4.5 million, or $0.03 per share, versus $1.3 million, or $0.01 per share, in the prior-year quarter. The company reaffirmed its full-year 2025 revenue guidance of $1,260 million to $1,285 million and issued initial second-quarter 2025 revenue guidance of $300 million to $310 million.
Q1 2025 revenue was $302.6 million, up 9.2%, with 7.4% organic growth; operating income was $6.6 million versus $7.0 million a year earlier
GAAP net income attributable to Kratos was $4.5 million ($0.03 per diluted share) versus $1.3 million ($0.01) in Q1 2024; adjusted EPS was $0.12 versus $0.11
Cash flow used in operations was $29.2 million in Q1 2025; free cash flow use was $51.8 million after $22.6 million of capital expenditures
Consolidated backlog was $1.508 billion at March 30, 2025, up from $1.445 billion at December 29, 2024
On May 6, 2025, Xcel Energy and four utility subsidiaries entered into fifth amended and restated credit agreements with a group of lenders led by JPMorgan Chase Bank, N.A. as administrative agent, replacing prior facilities that were scheduled to expire in September 2027. The new facilities mature in December 2029 and are unsecured, and they add to the parent's financing capacity for general corporate purposes, which is a routine refinancing rather than a change in operations or results.
Xcel Energy parent facility: initial maximum amount of $2 billion, expandable by up to an additional $450 million
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