Reports

Microsoft reported strong Q3 2024 results, with revenue increasing by 17% to $61.9 billion and diluted earnings per share increasing by 20% to $2.94. The growth was fueled by the Microsoft Cloud, which saw a 23% increase in revenue to $35.1 billion.

• Revenue reached $61.9 billion, a 17% increase year-over-year.
• Operating income grew by 23% to $27.6 billion.

Alphabet's Q1 2024 earnings showcased strong revenue growth, driven by Search, YouTube, and Cloud. The company reported revenues of $80.5 billion, a 15% increase year-over-year, and an expansion in operating margin. A cash dividend program was initiated, and the board authorized the repurchase of up to $70 billion of Class A and Class C shares.

• Revenues reached $80.5 billion, up 15% year-over-year.
• Operating income was $25.47 billion, with an operating margin of 32%.

T-Mobile reported industry-leading customer growth, translating into growth in service revenues and profitability. The company surpassed 5 million High Speed Internet customers and returned $4.3 billion to stockholders.

• Postpaid net customer additions reached 1.2 million, leading the industry.
• Postpaid phone net customer additions were 532 thousand, achieving a higher share of industry net adds year-over-year.

Merck reported a strong start to 2024, driven by innovation and a broad commercial portfolio. Key therapeutic areas experienced significant growth, and the company launched WINREVAIR in the U.S. The company is raising and narrowing its full-year outlook ranges for sales and non-GAAP EPS.

• GAAP EPS was $1.87, including a $0.26 charge for the Harpoon Therapeutics acquisition.
• Non-GAAP EPS was $2.07, also including the $0.26 charge for the Harpoon acquisition.

Honeywell reported a strong start to 2024 with sales of $9.1 billion, up 3% year-over-year. The company's backlog increased by 6% to $32.0 billion, and earnings per share reached $2.23, while adjusted earnings per share was $2.25, exceeding previous guidance.

• Sales of $9.1 billion, reported and organic sales up 3%.
• Operating margin up 130 basis points to 20.4%; segment margin up 20 basis points to 22.2%.

Comcast reported a 1.2% increase in revenue, reaching $30.058 billion, and a 13.9% increase in adjusted EPS to $1.04. The company generated $4.5 billion in free cash flow and returned $3.6 billion to shareholders through dividends and share repurchases. Peacock's paid subscribers increased by 55% to 34 million, contributing to a 54% increase in Peacock revenue.

• Adjusted EPS increased by 13.9% to $1.04, and free cash flow reached $4.5 billion.
• Total return of capital to shareholders increased by 13.5% to $3.6 billion.

Bristol Myers Squibb's first quarter revenues reached $11.9 billion, a 5% increase (6% adjusting for foreign exchange). The company completed several strategic transactions, including the acquisitions of Karuna Therapeutics, RayzeBio, and Mirati Therapeutics, and a collaboration with SystImmune. GAAP loss per share was $(5.89), while non-GAAP loss per share was $(4.40), impacted by acquired IPRD charges and licensing income.

• First Quarter Revenues were $11.9 Billion, increasing 5% (+6% Adjusting for Foreign Exchange).
• Growth Portfolio Revenues were $4.8 Billion, increasing 8% (+11% Adjusting for Foreign Exchange).

Gilead Sciences announced its Q1 2024 financial results, revealing a 5% increase in total revenue to $6.7 billion. However, the company reported a diluted loss per share of $(3.34), primarily due to a $3.9 billion acquired IPR&D charge related to the CymaBay acquisition and a $2.4 billion IPR&D impairment. Excluding Veklury, product sales increased by 6% year-over-year. The company's non-GAAP diluted EPS was $(1.32).

• Total revenue increased by 5% year-over-year to $6.7 billion, driven by higher HIV, Oncology, and Liver Disease sales.
• Diluted EPS was $(3.34), impacted by a $3.9 billion acquired IPR&D charge from the CymaBay acquisition and a $2.4 billion IPR&D impairment.

KLA Corporation reported Q3 fiscal year 2024 results with revenue of $2.36 billion, above the midpoint of the guidance range. GAAP diluted EPS was $4.43 and non-GAAP diluted EPS was $5.26, both near the upper end of the adjusted guidance ranges. Market conditions have stabilized, and business levels are expected to improve throughout the year.

• Total revenues were $2.36 billion, exceeding the midpoint of guidance.
• GAAP diluted EPS was $4.43, and non-GAAP diluted EPS was $5.26, both near the high end of guidance.

Altria Group reported a decrease in net revenues by 2.5% to $5.6 billion, driven by lower revenues in the smokeable products segment, while adjusted diluted EPS decreased by 2.5% to $1.15, impacted by lower adjusted OCI.

• Made meaningful progress in pursuit of their Vision.
• Highly profitable traditional tobacco businesses continued to perform well.

Intel reported Q1 2024 revenue of $12.7 billion, a 9% increase year-over-year. GAAP EPS was $(0.09), while non-GAAP EPS was $0.18. The company is forecasting Q2 2024 revenue between $12.5 billion and $13.5 billion, with an expected EPS of $(0.05) and non-GAAP EPS of $0.10.

• Q1 2024 revenue increased by 9% year-over-year, reaching $12.7 billion.
• GAAP EPS was $(0.09), and non-GAAP EPS was $0.18 for Q1 2024.

Capital One reported a net income of $1.3 billion for the first quarter of 2024, or $3.13 per diluted common share. Total net revenue decreased by 1 percent to $9.4 billion, and adjusted net income was $3.21 per diluted common share.

• Net income for the first quarter of 2024 was $1.3 billion, or $3.13 per diluted common share.
• Total net revenue decreased 1 percent to $9.4 billion.

Southern Copper Corporation reported a net sales of $2,599.8 million for Q1 2024, a 13.3% increase compared to 4Q23, but a 6.9% decrease compared to 1Q23. Net income was $736.0 million, up 65.4% from 4Q23, but down 9.5% from 1Q23. Adjusted EBITDA was $1,417.7 million, a 34.3% increase compared to 4Q23, but down 9.6% from 1Q23. The company's performance was driven by higher sales volumes of copper and silver and an increase in metal prices, offset by lower prices for copper, molybdenum and zinc, coupled with a decrease in the sales volumes for zinc and silver.

• Net sales for 1Q24 were $2,599.8 million, representing a 13.3% increase compared to 4Q23 but a 6.9% decrease compared to 1Q23.
• Net income for 1Q24 was $736.0 million, a 65.4% increase compared to 4Q23 but a 9.5% decrease compared to 1Q23.

Arthur J. Gallagher & Co. reported a strong start to 2024 with a 20% revenue growth in its core brokerage and risk management segments, including 9.4% organic revenue growth. Net earnings increased by 26%, and adjusted EBITDAC grew by 19%.

• Core brokerage and risk management segments combined to post 20% revenue growth.
• Organic revenue growth was 9.4%.

Northrop Grumman reported a strong first quarter in 2024, with sales increasing by 9% to $10.1 billion and diluted earnings per share rising by 15% to $6.32. The company's performance was driven by continued strong demand and improved operating margins, leading to a reaffirmed 2024 company-level guidance.

• Sales increased 9 percent to $10.1 billion.
• Operating income increased 13 percent due to strong performance and cost efficiencies.

Atlassian reported Q3 2024 revenue of $1,189 million, a 30% increase year-over-year, driven by a 41% increase in subscription revenue. The company's free cash flow reached a record $555 million, up 59% year-over-year. Co-founder Scott Farquhar will step down as co-CEO effective August 31, 2024.

• Total revenue reached $1,189 million, up 30% year-over-year.
• Subscription revenue grew by 41% year-over-year, reaching $1,071 million.

Royal Caribbean Group reported a strong first quarter, exceeding guidance with an EPS of $1.35 and an adjusted EPS of $1.77. The company is increasing its full-year adjusted EPS guidance to $10.70 - $10.90 due to continued strong demand and a record WAVE season.

• Stronger than anticipated demand led to a record WAVE season and continued strength in bookings in April.
• Load factors in the first quarter were 107%.

Carrier Global Corporation reported strong first quarter results with net sales up 17% compared to the prior year, including 2% organic growth. Adjusted operating margins expanded by 280 basis points. The company reaffirmed its full year earnings guidance and expects to resume share repurchases in 2024.

• Net sales increased by 17% compared to Q1 2023, with organic sales up by 2%.
• GAAP EPS was $0.29, while adjusted EPS reached $0.62.

Grainger reported a 3.5% increase in sales, reaching $4.2 billion, and a diluted EPS of $9.62, up 0.1% compared to Q1 2023. The company reaffirmed its full-year 2024 guidance ranges.

• Sales reached $4.2 billion, up 3.5% (4.9% on a daily, organic constant currency basis).
• Operating margin was 15.8%, a decrease of 80 basis points.

Newmont reported a strong first quarter operational performance, driven by its Tier 1 gold and copper operations. The company produced 2.2 million gold equivalent ounces and generated over $1.4 billion in cash from operations before working capital changes. Newmont is on track to achieve its full-year guidance and deliver meaningful synergies and productivity improvements from the combined portfolio.

• Delivered $288 million in dividends to shareholders; declared a dividend of $0.25 per share of common stock for the first quarter of 2024
• Announced sale of the Lundin Gold stream credit facility and offtake agreement for $330 million, further monetizing Newmont’s non-core assets while maintaining its equity interest in Lundin Gold

Nasdaq reported a strong first quarter in 2024, with net revenues of $1.1 billion, a 22% increase year-over-year. Solutions revenue grew by 35%, driven by Financial Technology and Index revenues. The company returned $127 million to shareholders through dividends and repaid $340 million in term loan balance.

• Net revenues increased by 22% to $1.1 billion, with 6% organic growth.
• Solutions revenue grew by 35%, with 11% organic growth.

FICO's second quarter fiscal year 2024 shows significant growth, with revenues increasing to $433.8 million from $380.3 million in the prior year period. The company reported GAAP EPS of $5.16 and non-GAAP EPS of $6.14. FICO is raising its full year guidance.

• FICO's total revenue for the quarter was $433.8 million, up from $380.3 million in the prior year.
• GAAP net income increased to $129.8 million, or $5.16 per share, compared to $101.6 million, or $4.00 per share, in the prior year.

Keurig Dr Pepper reported a 3.4% increase in net sales to $3.5 billion for Q1 2024. Adjusted diluted EPS increased by 11.8% to $0.38. The company reaffirmed its fiscal 2024 guidance for constant currency net sales growth in a mid-single-digit range and Adjusted diluted EPS growth in a high-single-digit range.

• Net sales increased by 3.4% to $3.5 billion.
• Adjusted operating income increased by 17.5% to $825 million.

L3Harris Technologies reported a strong start to 2024 with solid revenue and higher operating margin across all four segments. First quarter revenue was $5.2 billion, up 17% from the previous year. The company increased its 2024 profitability guidance, while reaffirming revenue and free cash flow commitments.

• Orders of $5.5 billion resulted in a book-to-bill of 1.06x.
• Revenue reached $5.2 billion, reflecting a 17% increase, with 5% organic growth.

Edwards Lifesciences reported strong first-quarter results, with sales growing 10% to $1.6 billion and adjusted EPS of $0.66. The company has raised its full-year 2024 sales guidance due to this encouraging start of the year.

• Q1 sales grew 10% on a reported and constant currency basis to $1.6 billion.
• Q1 TAVR sales grew 6%, or 8% on a constant currency basis adjusted for billing days, driven by growth in the U.S. and Japan.

ResMed reported a 7% increase in revenue to $1.2 billion, a 25% increase in operating profit, and a 29% increase in net income. Diluted earnings per share were $2.04, and non-GAAP diluted earnings per share were $2.13.

• Revenue increased by 7% year-over-year to $1.2 billion.
• Gross margin grew 260 bps to 57.9%.

PG&E Corporation reported a strong first quarter with GAAP earnings of $0.34 per share and non-GAAP core earnings of $0.37 per share. The company is on track to deliver solid 2024 results, driven by customer capital investment and operating & maintenance savings. 2024 EPS GAAP guidance updated in the range of $1.15 to $1.20 per share and non-GAAP core EPS guidance reaffirmed at $1.33 to $1.37 per share.

• GAAP earnings were $0.34 per share for the first quarter of 2024, compared to $0.27 for the same period in 2023.
• Non-GAAP core earnings were $0.37 per share for the first quarter of 2024, compared to $0.29 per share for the same period in 2023.

Dexcom reported a strong start to 2024 with revenue growth of 24% year-over-year to $921.0 million. The company also received FDA clearance for Stelo and launched Dexcom ONE+ in eight European countries.

• Revenue grew 24% year-over-year to $921.0 million.
• U.S. and International revenue both grew 24% year-over-year.

WTW reported a 4% increase in revenue to $2.34 billion for Q1 2024, with organic revenue growth of 5%. Net income decreased by 6% to $194 million. Adjusted EBITDA increased by 13% to $568 million, representing 24.3% of revenue.

• Revenue was $2.34 billion, up 4% compared to the prior year.
• Organic revenue increased by 5%.

The Hartford announced excellent first quarter 2024 financial results, with a net income of $748 million, or $2.47 per diluted share, a 41% increase from Q1 2023. Core earnings were $709 million, or $2.34 per diluted share, up 32% from the same period last year. The company's Commercial Lines continues to generate strong top-line growth, Personal Lines results are improving, and Group Benefits margins remained solid.

• Net income available to common stockholders increased 41% to $748 million ($2.47 per diluted share).
• Core earnings increased 32% to $709 million ($2.34 core earnings per diluted share).

AvalonBay Communities, Inc. reported a positive start to 2024, with diluted earnings per share (EPS) of $1.22, FFO per share of $2.73, and Core FFO per share of $2.70. The company's same-store residential revenue increased by 4.2%, and same-store residential NOI increased by 3.7%.

• EPS increased to $1.22, a 16.2% increase compared to Q1 2023.
• FFO per share reached $2.73, a 7.5% increase compared to Q1 2023.

Tractor Supply Company reported a 2.9% increase in net sales to $3.39 billion for the first quarter of 2024. Comparable store sales increased by 1.1%, driven by transaction growth. Diluted earnings per share increased by 10.9% to $1.83. The company reiterated its financial outlook for fiscal year 2024.

• Net sales increased by 2.9% to $3.39 billion.
• Comparable store sales increased by 1.1%, driven by transaction growth.

First Citizens BancShares reported a net income of $731 million for Q1 2024, compared to $514 million for the previous quarter. The company saw solid loan and deposit growth, and credit quality remained strong. Integration efforts with SVB are accelerating the momentum of the franchise.

• Net income for the first quarter of 2024 was $731 million, compared to $514 million for the fourth quarter of 2023.
• Loans and leases totaled $135.37 billion, an increase of $2.07 billion since December 31, 2023.

Dow reported a GAAP earnings per share of $0.73 and an operating earnings per share of $0.56. Net sales were $10.8 billion, a 9% decrease year-over-year, but up 1% sequentially. Volume increased 1% year-over-year, with gains in all regions except EMEAI.

• GAAP earnings per share was $0.73; operating earnings per share (EPS) was $0.56.
• Net sales were $10.8 billion, down 9% versus the year-ago period.

Tradeweb's Q1 2024 revenues reached $408.7 million, a 24.1% increase year-over-year, with an average daily volume of $1.9 trillion, up by 39.1%. Net income increased by 40.3% to $143.4 million, and adjusted net income rose by 30.1% to $167.9 million. The company finalized its acquisition of r8fin and agreed to acquire ICD, expanding its client reach.

• Revenues increased by 24.1% to $408.7 million compared to the prior year period.
• Average daily volume (ADV) increased by 39.1% to $1.9 trillion compared to the prior year period, with records in multiple asset classes.

Dover reported a 1% increase in revenue to $2.1 billion for Q1 2024. GAAP net earnings increased by 177% to $632 million, with GAAP diluted EPS also up by 177% to $4.52. Adjusted diluted EPS increased 1% to $1.95. The company completed two bolt-on acquisitions in the Clean Energy and Fueling segment and launched a $500 million accelerated share repurchase program.

• Dover’s first quarter results were in line with expectations.
• Order momentum in the quarter was strong and broad-based, particularly in shorter-cycle end markets.

DTE Energy reported first quarter earnings of $313 million, or $1.51 per diluted share, compared with $445 million, or $2.16 per diluted share in 2023. Operating earnings for the first quarter 2024 were $346 million, or $1.67 per diluted share, compared with 2023 operating earnings of $274 million, or $1.33 per diluted share.

• Continued significant investments to improve reliability and transition to cleaner generation; on track to invest more than $4 billion into our utilities in 2024
• Earned the ENERGY STAR Partner of the Year award for sustained excellence in energy efficiency.

West Pharmaceutical Services reported a 3.0% decrease in net sales to $695.4 million and a 16.2% decline in reported diluted EPS to $1.55 for the first quarter of 2024. The company reaffirmed its full-year net sales guidance of $3.000 billion to $3.025 billion and raised its full-year adjusted diluted EPS guidance to a new range of $7.63 to $7.88.

• Net sales decreased by 3.0% to $695.4 million, with a similar decline in organic net sales.
• Reported diluted EPS decreased by 16.2% to $1.55, while adjusted diluted EPS decreased by 21.2% to $1.56.

FirstEnergy Corp. reported first quarter 2024 GAAP earnings of $0.44 per share and operating (non-GAAP) earnings of $0.55 per share, exceeding the midpoint of guidance. The company's balance sheet was significantly strengthened by the closing of the $3.5 billion FET LLC transaction.

• First quarter GAAP earnings of $0.44 per share and operating (non-GAAP) earnings of $0.55 per share, above the midpoint of guidance.
• Affirmed targeted 6-8% long-term annual operating earnings per share growth.

Weyerhaeuser reported first quarter net earnings of $114 million, or 16 cents per diluted share, on net sales of $1.8 billion. The company delivered solid results across its businesses and continued to make progress toward its multi-year targets by increasing its base dividend and signing its third carbon capture and sequestration agreement in the U.S. South.

• Achieved net earnings of $114 million, or $0.16 per diluted share
• Generated Adjusted EBITDA of $352 million, a 10 percent increase compared with fourth quarter 2023

Western Digital reported a strong fiscal third quarter with revenue of $3.46 billion, up 14% sequentially. Cloud revenue increased 45% and Client revenue increased 5%, while Consumer revenue decreased by 13%. GAAP EPS was $0.34 and Non-GAAP EPS was $0.63.

• Revenue reached $3.46 billion, a 14% sequential increase.
• Cloud revenue grew by 45% quarter-over-quarter.

Cincinnati Financial Corporation reported a strong first quarter in 2024, with significant increases in net income and non-GAAP operating income. The company benefited from improved underwriting results and higher investment income, leading to a substantial increase in earnings per share and book value.

• Net income increased to $755 million, or $4.78 per share, compared to $225 million, or $1.42 per share, in the first quarter of 2023.
• Non-GAAP operating income rose by 93% to $272 million, or $1.72 per share, from $141 million, or $0.89 per share, in the same period last year.

Labcorp announced its first quarter 2024 results, with revenue increasing by 4.6% to $3.18 billion. Diluted EPS grew to $2.69, and adjusted EPS reached $3.68. The company updated its full-year guidance, raising the midpoint and narrowing the range of adjusted EPS to $14.45 to $15.35, while free cash flow is expected to remain between $1.00 billion and $1.15 billion.

• Revenue increased by 4.6% to $3.18 billion, driven by organic revenue growth and acquisitions.
• Diluted EPS increased to $2.69, and adjusted EPS increased to $3.68.

International Paper reported first quarter net earnings of $56 million ($0.16 per diluted share) and adjusted operating earnings (non-GAAP) of $61 million ($0.17 per diluted share). Results were negatively impacted by approximately $52 million (pre-tax) due to the January freeze and Ixtac, Mexico fire. Cash provided by operations was $395 million, and $161 million was returned to shareholders in dividends.

• Net earnings for the first quarter were $56 million ($0.16 per diluted share).
• Adjusted operating earnings for the first quarter were $61 million ($0.17 per diluted share).

Verisign reported revenue of $384 million for the first quarter of 2024, a 5.5% increase compared to the same quarter in 2023. The company's operating income was $259 million, and net income reached $194 million, with diluted EPS of $1.92.

• Revenue increased by 5.5% year-over-year to $384 million.
• Operating income rose to $259 million, compared to $241 million in the same quarter of the previous year.

SS&C Technologies Holdings, Inc. announced its Q1 2024 financial results, demonstrating strong performance with a 5.3% increase in GAAP revenue to $1,435.0 million and a 26.5% increase in fully diluted GAAP earnings per share to $0.62. The company also reported record adjusted revenue of $1,435.8 million, up 5.3%, and adjusted diluted earnings per share of $1.28, up 12.3%.

• GAAP and Adjusted Revenue grew by 5.3 percent.
• The company bought back 0.8 million shares for $52.9 million, at an average price of $63.24 per share.

EMCOR Group, Inc. reported a strong first quarter in 2024, with revenues reaching $3.43 billion, an 18.7% increase year-over-year. Diluted EPS increased by 79.7% to $4.17, and the company's remaining performance obligations reached a record $9.18 billion. As a result, EMCOR increased its full-year revenue and EPS guidance for 2024.

• Revenues for Q1 2024 totaled $3.43 billion, an 18.7% increase compared to Q1 2023.
• Diluted EPS for Q1 2024 was $4.17, a 79.7% increase compared to Q1 2023.

TransUnion announced strong Q1 2024 results, exceeding financial guidance with a 9% revenue increase to $1,021 million. Net income rose to $65 million, with adjusted EBITDA at $358 million. The company is raising its 2024 revenue growth guidance to 5-6.5%.

• Exceeded first quarter 2024 financial guidance, delivering first $1 billion revenue quarter in company history
• Grew revenue by 9 percent, driven by U.S. mortgage, International and Emerging Verticals

Erie Indemnity Company reported a net income of $124.6 million, or $2.38 per diluted share, for the first quarter of 2024, compared to $86.2 million, or $1.65 per diluted share, for the first quarter of 2023. Operating income before taxes increased by $28.3 million, or 25.6 percent, compared to the first quarter of 2023.

• Net income for Q1 2024 was $124.6 million, equating to $2.38 per diluted share.
• Operating income before taxes increased by 25.6% compared to Q1 2023.

Snap Inc. reported a 21% year-over-year increase in revenue to $1,195 million for Q1 2024. Daily Active Users (DAUs) also increased by 10% year-over-year, reaching 422 million. The company's net loss decreased compared to the prior year, and free cash flow was $38 million.

• Daily Active Users increased 10% year-over-year to 422 million.
• Revenue increased 21% year-over-year to $1,195 million.

Carlisle Companies reported a strong first quarter in 2024, with revenue increasing by 23% year-over-year to $1.1 billion and adjusted EPS increasing by 85% year-over-year. The company is raising its 2024 outlook to include ~10% revenue growth and >100 bps margin expansion.

• Diluted EPS of $3.52 and adj. EPS of $3.72, an increase of 85% YoY.
• Revenue of $1.1 billion, an increase of 23% YoY.

Reliance, Inc. reported net sales of $3.64 billion for Q1 2024. EPS was $5.23 and non-GAAP EPS was $5.30. The company completed three acquisitions in 2024 and saw a 10.3% increase in tons sold compared to the previous quarter.

• Net sales reached $3.64 billion with a gross profit margin of 31.0%.
• Earnings per share (EPS) stood at $5.23, with non-GAAP EPS at $5.30.

Healthpeak Properties reported a net income of $0.01 per share, Nareit FFO of $0.27 per share, FFO as Adjusted of $0.45 per share, and AFFO of $0.41 per share. The company also saw a Total Merger-Combined Same-Store Cash (Adjusted) NOI growth of 4.5%.

• New and renewal lease executions totaled 1.6 million square feet, including 1.4 million in Outpatient Medical and 155,000 in Lab space.
• Full year 2024 diluted earnings guidance increased to $0.16 – $0.20 per share, with FFO as Adjusted and AFFO guidance also increased.

Textron reported a net income of $1.03 per share for Q1 2024, up from $0.92 per share in Q1 2023. Adjusted EPS was $1.20, compared to $1.05 in the prior year. The company saw profit growth in Aviation, Bell, and Systems businesses, but faced challenges in the Industrial segment. Restructuring charges also impacted the quarter's results.

• EPS reached $1.03, with adjusted EPS at $1.20, an increase from $1.05 in the previous year.
• Segment profit increased to $290 million, up $31 million from the prior year.

Comfort Systems USA reported extraordinary first quarter results, with earnings per share exceeding the same quarter last year by more than a dollar. The company saw increased backlog and strong cash flow, with improved mechanical business and unprecedented electrical segment profitability. Construction and service sectors flourished, supported by sustained demand, leading to optimism for continued strong performance in 2024.

• Net income increased to $96.3 million, or $2.69 per diluted share, compared to $57.2 million, or $1.59 per diluted share, in the same quarter of the previous year.
• Revenue rose to $1,537.0 million, up from $1,174.6 million in the first quarter of 2023.

Pool Corporation reported a decrease in net sales by 7% to $1.1 billion compared to Q1 2023. Operating income decreased by 25% to $108.7 million, with an operating margin of 9.7%. Diluted EPS decreased to $2.04, or $1.85 excluding tax benefits. The company is updating its annual earnings guidance to $13.19 to $14.19 per diluted share.

• Net sales reached $1.1 billion, surpassing $1.0 billion for the fourth consecutive year in Q1.
• Operating income amounted to $108.7 million, resulting in a 9.7% operating margin.

Gaming and Leisure Properties reported a 5.8% year-over-year increase in total revenue, reaching $376.0 million, and a 4.0% growth in AFFO. The company expanded its portfolio with the acquisition of Tioga Downs Casino Resort and updated its full-year 2024 AFFO guidance to between $1,042 million and $1,051 million.

• Total revenue increased by 5.8% year-over-year to $376.0 million.
• AFFO grew by 4.0% year-over-year.

Mobileye's Q1 2024 financial results reflect a supply chain reset with revenue recovery appearing on track. The company achieved a record level of design wins in base and cloud-enhanced ADAS and expanded its SuperVision and Chauffeur development pipeline.

• Financial results reflect a supply chain reset as excess inventory held by customers is consumed.
• Revenue recovery appears to be on track as laid out in January.

TechnipFMC announced strong first quarter 2024 results with revenue of $2,042 million and net income of $157.1 million. The company saw significant growth in Subsea inbound orders, reaching $2.4 billion, and achieved an investment-grade credit rating from S&P Global Ratings. Shareholder distributions were $172 million, and the company expects full-year growth to exceed 70% versus 2023.

• Subsea inbound orders reached $2.4 billion with a book-to-bill ratio of 1.4.
• Three iEPCI™ awards were announced, showcasing first-of-its-kind technology solutions.

Allegion reported a decrease in revenue by 3.2% to $893.9 million, with a net income of $123.8 million, or $1.41 per share. Adjusted EPS was $1.55, a decrease of 1.9%. The company affirms its full-year outlook.

• Net earnings per share (EPS) of $1.41, up 0.7% compared with $1.40; Adjusted EPS of $1.55, down 1.9% compared with $1.58.
• Revenues of $893.9 million, down 3.2% on a reported basis and down 3.6% on an organic basis.

Roku's Q1 2024 shows strong growth with a 19% increase in total net revenue to $882 million. Streaming Households grew by 14% year-over-year, reaching 81.6 million, and Streaming Hours increased by 23% year-over-year. The company also achieved positive Adjusted EBITDA and Free Cash Flow for the third consecutive quarter.

• Total net revenue increased by 19% year-over-year to $882 million.
• Platform revenue grew by 19% year-over-year to $755 million.

Skechers reported a record sales of $2.25 billion for Q1 2024, a 12.5% increase compared to the previous year. Diluted earnings per share increased by 30.4% to $1.33. The company saw growth in both its Direct-to-Consumer and Wholesale segments, with international sales representing 65% of total sales.

• Record sales of $2.25 billion, a 12.5% increase.
• Wholesale sales grew 9.8%.

American Airlines reported a record first-quarter revenue of approximately $12.6 billion. The company had a net loss of $312 million, or ($0.48) per diluted share, but generated $2.2 billion in operating cash flow and $1.4 billion in free cash flow. The company reduced total debt by nearly $950 million in the first quarter.

• Record first-quarter revenue of approximately $12.6 billion was achieved.
• First-quarter net loss was $312 million, or ($0.48) per diluted share.

Lincoln Electric reported a decrease in net sales by 5.6% to $981 million, reflecting a 6.1% decrease in organic sales. Despite the sales decrease, the company achieved record first quarter earnings with a net income of $123.4 million, or $2.14 EPS, and adjusted EPS of $2.23. Operating income margin was 16.8%, with an adjusted operating income margin of 17.5%.

• Net sales of $981 million
• Operating income margin of 16.8%; Adjusted operating income margin of 17.5%

SouthState Corporation reported a net income of $115.1 million and diluted earnings per share of $1.50 for the first quarter of 2024. The company saw low-single digit percentage growth in loans and deposits, and asset quality remained stable with strong reserves.

• Diluted EPS was reported at $1.50, with adjusted diluted EPS (Non-GAAP) at $1.58.
• Net income reached $115.1 million, with adjusted net income (Non-GAAP) at $121.3 million.

AptarGroup reported a strong first quarter with a 6% increase in reported sales and a 5% increase in core sales. Net income increased by 52% to $83 million, with reported earnings per share up 50% to $1.23 and adjusted earnings per share up 31% to $1.26.

• Reported sales grew 6% and core sales increased 5%.
• Earnings per share increased 50% to $1.23, and adjusted earnings per share increased 31% to $1.26.

A. O. Smith's first quarter 2024 showed a 1% increase in sales to $979 million and a 19% increase in EPS to $1.00. The company reaffirmed its 2024 outlook, projecting a sales increase of 3% to 5% and an EPS range of $3.90 to $4.15.

• Sales increased by 1% to $979 million.
• Earnings per share increased 19% year-over-year to $1.00.

Allison Transmission reported record first quarter net sales of $789 million and diluted EPS of $1.90. The results were driven by strong Global On-Highway demand and strength in Outside North America Off-Highway and Defense end markets. The company reaffirmed its full year 2024 guidance.

• Record net sales of $789 million.
• Diluted EPS of $1.90, which includes $0.13 impact from $14 million of non-recurring UAW contract signing incentives.

Applied Industrial Technologies reported a 1.3% increase in net sales to $1.1 billion for Q3 2024. Net income was $97.2 million, or $2.48 per share. The company also announced an agreement to acquire Grupo Kopar to expand its automation platform.

• Net sales increased by 1.3% year-over-year to $1.1 billion.
• Net income reached $97.2 million, with earnings per share at $2.48.

CubeSmart reported a decrease in net income and EPS compared to Q1 2023, but is focusing on the summer rental season. Same-store NOI decreased by 1.9% year over year, driven by a 5.0% increase in operating expenses. The company acquired two stores for $20.2 million and added 68 stores to its third-party management platform.

• Diluted earnings per share (EPS) attributable to the Company’s common shareholders was reported at $0.42.
• Funds from operations (FFO), as adjusted, per diluted share was reported at $0.64.

Old Republic International Corporation reported a 3.9% increase in pretax income, excluding investment gains, for the first quarter of 2024, driven by strong growth in General Insurance, partially offset by a decline in Title Insurance. Diluted net operating income per share rose by 9.8%.

• Diluted net operating income per share increased by 9.8% year-over-year, reaching $0.67.
• The consolidated combined ratio was 94.3%, a 1.6 point increase from the previous year.

FTAI Aviation Ltd. reported a net income attributable to shareholders of $31.287 million, basic earnings per share of $0.31, and adjusted EBITDA of $164.101 million for Q1 2024. The company also declared a cash dividend of $0.30 per ordinary share.

• Net income attributable to shareholders was $31.287 million.
• Basic earnings per ordinary share was $0.31.

AppFolio reported a strong first quarter in 2024, with revenue growing by 38% year-over-year to $187.4 million. The company's GAAP operating income was $34.1 million, a significant improvement from the operating loss in Q1 2023.

• Revenue grew 38% year-over-year reaching $187.4 million.
• Total units under management increased by 11% year-over-year, totaling 8.3 million.

Cullen/Frost Bankers, Inc. reported a net income available to common shareholders of $134.0 million for the first quarter of 2024. The results were impacted by a $7.7 million addition to the estimated FDIC special assessment. Excluding this item, net income would have been approximately $140.1 million. Average loans increased by $1.8 billion, while average deposits decreased by $2.0 billion compared to the first quarter of 2023.

• Net income available to common shareholders was $134.0 million, or $2.06 per diluted common share.
• Excluding the impact of the FDIC special assessment, EPS would have been $2.15.

Mohawk Industries reported Q1 2024 net sales of $2.7 billion, a decrease of 4.5% year-over-year. However, EPS rose to $1.64, and adjusted EPS was $1.86, compared to $1.26 and $1.75 respectively in the prior year. The company benefited from restructuring, productivity initiatives, and lower raw material costs.

• Net sales decreased by 4.5% year-over-year to $2.7 billion.
• Earnings per share increased year-over-year to $1.64.

WEX Inc. reported a 7% year-over-year increase in revenue to $652.7 million for Q1 2024, driven by strong growth in the Benefits and Corporate Payments segments. GAAP net income was $65.8 million, or $1.55 per diluted share, while adjusted net income was $146.7 million, or $3.46 per diluted share. The company raised its full-year 2024 financial guidance.

• Total revenue increased by 7% year-over-year to $652.7 million, a record for the first quarter.
• Benefits segment revenue grew by 16%, and Corporate Payments segment revenue grew by 17%.

SPS Commerce reported a strong start to the year with revenue of $149.6 million, a 19% increase compared to the first quarter of 2023. Net income was $18.0 million, or $0.48 per diluted share, while non-GAAP income per diluted share was $0.86.

• Revenue reached $149.6 million, reflecting 19% growth compared to the first quarter of 2023.
• Recurring revenue also grew by 19% year-over-year.

Robert Half reported first-quarter revenues of $1.476 billion and net income of $64 million, or $0.61 per share. The company noted that client and candidate caution continued to impact hiring activity and new project starts globally, but the trend toward stabilization that began in the second half of last year continued into the first quarter of this year. The company anticipates higher sequential earnings for the second quarter, led by Protiviti.

• Revenues for the quarter were $1.476 billion, compared to $1.716 billion for the same period last year.
• Net income was $64 million, or $0.61 per share, compared to $122 million, or $1.14 per share, for the first quarter of 2023.

FTI Consulting reported a strong first quarter with record revenues of $928.6 million, a 15.1% increase year-over-year. EPS grew by 66.4% to $2.23. The company benefited from increased utilization and billable rates. While the company acknowledges positive impacts from lower tax rates and higher success fees, they are maintaining their full-year guidance.

• Delivered terrific results this quarter.
• Quarterly results can deviate from what we would see as the true durable underlying economic power of the business.

ADT reported a strong start to 2024 with continued momentum in CSB segment revenue and Adjusted EBITDA, as well as cash flow growth. The company continued rolling out its new professionally installed ADT+ platform, positioning it to expand nationally in the coming months. ADT remains focused on driving significant cash flow while continuing to invest in growing and serving its customer base and returning capital to shareholders.

• Total revenue reached $1.2 billion, with end-of-period recurring monthly revenue (RMR) up 3% to $353 million (or $4.2 billion on an annualized basis).
• Consumer and Small Business (CSB) revenue increased by 5% to $1.2 billion, with segment Adjusted EBITDA up 8% to $638 million.

Casella Waste Systems reported a strong start to 2024, with revenues up 29.9% year-over-year, driven by acquisitions, pricing strategies, and higher recycling commodity prices. While net loss was $(4.1) million, Adjusted EBITDA increased by 40.2%. The company reaffirmed its fiscal year 2024 guidance.

• Revenues increased by 29.9% to $341.0 million compared to the same period in 2023.
• Overall solid waste pricing increased by 5.5%, with collection price growth at 6.2% and disposal price growth at 4.0%.

Boyd Gaming reported a challenging first quarter with revenues slightly down at $960.5 million compared to $964.0 million in the previous year. Net income decreased to $136.5 million, or $1.40 per share, from $199.7 million, or $1.93 per share, in the same period last year. Adjusted EBITDAR was $330.5 million, down from $367.1 million in the first quarter of 2023.

• Severe winter weather significantly impacted the Midwest & South segment early in the quarter.
• The Las Vegas Locals market experienced increased competitive pressures.

Oshkosh Corporation reported a strong start to 2024, with a 12% increase in revenues and over 80% growth in adjusted operating income, leading to adjusted earnings per share of $2.89. The company raised its full-year earnings per share outlook to be in the range of $10.55 per share and adjusted earnings per share outlook to be in the range of $11.25 per share.

• Sales increased by 12.2% to $2.54 billion, primarily due to the AeroTech acquisition and improved organic volume and pricing.
• Net income rose to $179.4 million, or $2.71 per diluted share, compared to $88.5 million, or $1.34 per diluted share, in the first quarter of 2023.

Kirby Corporation reported a solid start to 2024, with both segments performing well and delivering improved revenue and operating income. The company saw favorable fundamentals and expects steady quarterly earnings progression for the remainder of the year. First quarter 2024 earnings per share was $1.19, compared to $0.68 for the 2023 first quarter. Consolidated revenues for the 2024 first quarter were $808.0 million compared with $750.4 million reported for the 2023 first quarter.

• First quarter 2024 earnings per share of $1.19.
• Inland marine experienced strong market conditions with a sequential increase in spot market prices and high-teens operating margins despite a sequential increase in delay days.

Columbia Banking System reported first quarter 2024 results with earnings per diluted common share of $0.59 and operating earnings per diluted common share of $0.65. The company's net interest income was $423.362 million and non-interest income was $50.357 million. The company focused on expense management and stabilizing deposit costs.

• Net interest income decreased by $30 million on a linked-quarter basis due to higher deposit costs and lower income earned on investment securities.
• Non-interest income decreased by $15 million due to the quarterly fluctuation in cumulative non-merger fair value accounting and hedges.

Valley National Bancorp reported a net income of $96.3 million for Q1 2024, or $0.18 per diluted common share. The results reflect proactive expense management and balance sheet adjustments amidst a challenging environment. Asset quality remained stable, and the company slowed loan growth to enhance financial flexibility.

• Net income for the first quarter 2024 was $96.3 million, or $0.18 per diluted common share.
• Non-interest income increased by $8.7 million, driven by wealth management and trust fees, and service charges on deposit accounts.

NOV Inc. reported a solid start to 2024 with a 10% year-over-year revenue increase, driven by strong growth in international land and offshore markets. The company announced a plan to return at least 50% of Excess Free Cash Flow annually through dividends and share repurchases, with board authorization to repurchase up to $1.00 billion of shares. Net income was $119 million, a slight decrease compared to the previous year, while adjusted EBITDA increased by 24% to $241 million.

• Revenue increased by 10% year-over-year to $2.16 billion, driven by international and offshore markets.
• Operating profit rose to $162 million, a $36 million increase year-over-year.

Asbury Automotive Group reported a strong first quarter, achieving a record $4.2 billion in revenue, a 17% increase year-over-year. Net income was $147 million, or $7.21 per diluted share, a decrease of 19% compared to the prior year. The company repurchased approximately 240,000 shares for $50 million during the quarter.

• Revenue reached a record $4.2 billion, a 17% increase year-over-year.
• Net income was $147 million, or $7.21 per diluted share, a 19% decrease year-over-year.

United Bankshares, Inc. reported earnings for Q1 2024 of $86.8 million, or $0.64 per diluted share. While net interest income decreased by 5% compared to Q1 2023, the company's operating metrics remain strong.

• Earnings for the first quarter of 2024 were $86.8 million, or $0.64 per diluted share.
• Annualized return on average assets was 1.19%, average equity was 7.25%, and average tangible equity was 11.98%.

Cousins Properties reported strong first quarter results, driven by same-property performance in its lifestyle office portfolio. The company raised its FFO guidance and received investment grade credit ratings from S&P and Moody's.

• Net income available to common stockholders was $13.3 million, or $0.09 per share.
• Funds From Operations (FFO) was $99.5 million, or $0.65 per share.

Columbia Sportswear Company reported a 6% decrease in net sales to $770.0 million and a 21% decrease in operating income to $44.7 million for the first quarter of 2024. Diluted earnings per share decreased by 4% to $0.71. The company's inventory decreased by 37% compared to the previous year, and it repurchased $50.2 million of common stock. The company reiterated its net sales outlook for the year and modestly increased its diluted EPS range.

• Net sales decreased by 6% to $770.0 million.
• Operating income decreased by 21% to $44.7 million.

FirstCash Holdings, Inc. reported record first quarter operating results, driven by strong core pawn operations and double-digit revenue growth in the retail POS payment solutions segment. The company's earnings per share increased by 32% and adjusted earnings per share increased by 24%.

• Gross revenues totaled $836 million, an increase of 10% compared to the prior-year quarter.
• Diluted earnings per share increased 32% over the prior-year quarter on a GAAP basis.

Integer Holdings Corporation reported a strong start to 2024, with first quarter sales growing 10% year-over-year and adjusted operating income growing 26%. The company reiterated its 2024 financial outlook, expecting continued sales and adjusted operating income growth.

• Integer's first quarter sales grew 10% compared to the previous year.
• Adjusted operating income increased by 26%, outpacing sales growth.

Exponent's first quarter results for 2024 showed revenue growth with revenues before reimbursements increasing by 6.6% to $137.2 million. Net income increased to $30.1 million, or $0.59 per diluted share.

• Revenues before reimbursements increased by 6.6% to $137.2 million.
• Net income increased to $30.1 million, or $0.59 per diluted share.

Lazard reported a strong first quarter in 2024, with record first-quarter firm-wide adjusted net revenue driven by an improving M&A environment. The company's Asset Management quarter end AUM increased 8% year-over-year.

• Lazard reported net revenue of $765 million and adjusted net revenue of $747 million.
• First-quarter net income was $36 million, or $0.35 per share, diluted.

SkyWest, Inc. reported financial results for Q1 2024, including a net income of $60 million, or $1.45 per diluted share, compared to a net loss of $22 million, or $0.45 loss per share, for Q1 2023. Revenue increased by 16% to $804 million, and block hour production increased by 5%.

• Q1 2024 pre-tax income was $80 million, with a net income of $60 million, or $1.45 per diluted share.
• SkyWest took delivery of three E175 partner-financed aircraft under an agreement with United Airlines.

Phillips Edison & Company reported first quarter 2024 results, with net income attributable to stockholders of $17.7 million, or $0.14 per diluted share. The company affirmed its full year 2024 earnings guidance. Same-center NOI increased by 3.7%.

• Reported Nareit FFO of $80.1 million, or $0.59 per diluted share.
• Reported Core FFO of $81.7 million, or $0.60 per diluted share.

Ameris Bancorp reported a net income of $74.3 million, or $1.08 per diluted share, for the quarter ended March 31, 2024. Adjusted net income was $75.6 million, or $1.10 per diluted share, excluding the FDIC special assessment and gain on bank owned life insurance proceeds.

• Net income was $74.3 million, or $1.08 per diluted share.
• Adjusted net income was $75.6 million, or $1.10 per diluted share, excluding certain items.

CBIZ reported a strong start to 2024, with total revenue up 8.7% and same-unit revenue up 5.9%. GAAP EPS increased by 6.3%, and adjusted EPS rose by 5.5%. The company affirmed its full-year guidance for revenue, GAAP EPS, and Adjusted EPS.

• Total revenue increased by 8.7%; same-unit revenue up 5.9%.
• GAAP EPS increased by 6.3%; Adjusted EPS increased by 5.5%.

Associated Banc-Corp reported a net income available to common equity of $78 million, or $0.52 per common share, for the quarter ended March 31, 2024. The results were driven by balance sheet growth, margin expansion and continued execution of strategic initiatives.

• Total period end commercial & business lending loans increased $161 million to $11.0 billion
• Total period end deposits increased $267 million to $33.7 billion

Eastern Bankshares, Inc. reported a net income of $38.6 million, or $0.24 per diluted share, for the first quarter of 2024. The company saw growth in core deposits and loans, with a stable net interest margin and well-controlled expenses. The merger with Cambridge Bancorp is expected to close early in the third quarter of 2024, pending regulatory approvals.

• Net income was $38.6 million, or $0.24 per diluted share.
• Core deposits increased by $121 million, or 2.8% on an annualized basis.

Olin Corporation reported a net income of $48.6 million, or $0.40 per diluted share, for the first quarter of 2024. Sales were $1,635.3 million. The company's adjusted EBITDA was $242.1 million. Share repurchases totaled $105.4 million during the quarter.

• First quarter net income was $48.6 million, or $0.40 per diluted share.
• Adjusted EBITDA for the quarter reached $242.1 million.

Harley-Davidson's first quarter 2024 results showed a mixed performance. While North America retail sales increased by 6%, driven by new Touring motorcycles, overall revenue decreased by 3% due to lower motorcycle shipments. Operating income also declined by 29% due to lower HDMC and HDFS performance, and an operating loss in the LiveWire segment. The company reaffirms its full-year 2024 financial outlook.

• Diluted EPS was reported at $1.72.
• HDMC operating income margin was 16.2%.

Tri Pointe Homes reported a strong first quarter in 2024, with home sales revenue increasing by 20% to $918 million and net new home orders up by 12%. Net income reached $99 million, with diluted earnings per share of $1.03, a 41% year-over-year improvement.

• Net new home orders increased 12% year-over-year to 1,814.
• Backlog units increased 35% year-over-year to 2,741.

PTC Therapeutics announced a strong start to 2024, with total revenues of $210.1 million for the first quarter, driven by solid commercial performance and the achievement of key clinical and regulatory milestones, including the submission of the MAA for sepiapterin and the BLA for Upstaza.

• Total revenues for the first quarter of 2024 were $210.1 million, compared to $220.4 million for the first quarter of 2023.
• DMD franchise revenue was $161 million, with Translarna net product revenue at $104 million and Emflaza net product revenue at $57 million.

COPT Defense Properties reported strong first quarter results, exceeding FFO per share guidance, increasing the midpoint of 2024 FFO per share guidance by $0.03 to $2.54, and demonstrating strong internal growth with same property cash NOI increasing by 6.1% for the Total Portfolio and 7.6% for the Defense/IT Portfolio. The company also committed $91 million of capital to new investments and acquired Franklin Center in Columbia Gateway for $15 million.

• Diluted earnings per share was $0.29 for the quarter ended March 31, 2024, compared to $0.70 for the quarter ended March 31, 2023.
• Diluted funds from operations per share, as adjusted for comparability, was $0.62 for the quarter ended March 31, 2024, compared to $0.59 for the quarter ended March 31, 2023.

OSI Systems reported a strong Q3 FY24 with a 34% increase in revenue to $405.4 million and net income of $34.0 million, or $1.95 per diluted share. The Security division's performance drove significant operating income growth, and the company anticipates a strong conclusion to fiscal 2024.

• Revenues increased by 34% compared to the same quarter of the prior year.
• Net income increased to $34.0 million, or $1.95 per diluted share.

WSFS Financial Corporation reported a first quarter 2024 ROA of 1.28% and EPS of $1.09, reflecting balance sheet strength and a diverse business model. Annualized loan growth reached 7%, driven by both commercial and consumer business lines.

• Core EPS was $1.11, and core ROA was 1.31%.
• Gross loans grew by 2% (7% annualized), primarily due to commercial portfolio growth and the consumer partnership with Spring EQ.

Bread Financial reported a net income of $134 million for Q1 2024, driven by strong risk-adjusted loan yields and proactive credit tightening initiatives. The company focused on strengthening its balance sheet, managing capital, and implementing strategies to mitigate the impact of the CFPB's final rule on credit card late fees.

• Net income was $134 million, influenced by a robust risk-adjusted loan yield.
• Reduced parent-level debt by $100 million and increased tangible book value by 20% year-over-year to $45.96.

Federated Hermes reported Q1 2024 earnings with an EPS of $0.89, up from $0.78 in the same quarter last year, and net income of $75.0 million, compared to $69.6 million in Q1 2023. Total managed assets reached a record $778.7 billion.

• Total assets under management reached a record $778.7 billion.
• Money market assets reached a record $578.8 billion.

McGrath RentCorp reported a 15% increase in total revenues to $187.8 million and net income of $22.8 million, or $0.93 per diluted share, compared to the first quarter of 2023. Strong modular and portable storage performance drove the revenue growth, while TRS-RenTelco experienced demand challenges.

• Total revenues increased by 15% year-over-year to $187.8 million.
• Net income from continuing operations was $22.8 million, or $0.93 per diluted share.

Boston Beer reported flat depletions but a 3.9% increase in net revenue to $426.1 million for the first quarter of 2024. Gross margin improved to 43.7%. Net income was $12.6 million, with diluted earnings per share of $1.04. The company repurchased $65.0 million in shares and ended the quarter with $205.4 million in cash and no debt.

• Depletions were flat while shipments increased by 0.9%.
• Net revenue increased by 3.9% to $426.1 million.

Hub Group's first quarter 2024 results showed a net income of $27 million and diluted earnings per share of $0.44. Revenue reached $1.0 billion, aligning with the previous quarter's performance despite seasonal declines and challenging market conditions. The company's operating income margin was 3.7% of revenue.

• First quarter revenue was $1.0 billion, consistent with the previous quarter despite seasonal declines.
• Operating income margin improved to 3.7% due to yield management, cost containment, and operating efficiency initiatives.

First Financial Bancorp reported a net income of $50.7 million, or $0.53 per diluted common share, for the three months ended March 31, 2024. The company's return on average assets was 1.18%, and the net interest margin was 4.05%. Agile Premium Finance was acquired during the quarter, contributing to loan growth.

• Earnings per diluted share were $0.53, or $0.59 on an adjusted basis.
• Return on average assets was 1.18%, or 1.30% on an adjusted basis.

California Water Service Group reported its Q1 2024 results, which were positively influenced by the finalized 2021 GRC decision, allowing for critical infrastructure investments. The decision increases adopted revenues for 2023 by approximately $41.5 million, retroactive to January 1, 2023, and potentially increases revenues by up to approximately $30.0 million for 2024 and $30.6 million for 2025, subject to CPUC's earnings test and inflationary adjustments.

• The 2021 GRC decision provides clarity to stakeholders and enables critical infrastructure investments.
• The 2021 GRC decision increases adopted revenues for 2023 by approximately $41.5 million, retroactive to January 1, 2023.

The Bancorp reported a strong first quarter in 2024, with earnings of $1.06 per share and an ROE of 28%. The company also announced a new partnership with Block, Inc., expecting increased volumes and profitability throughout the year and reaffirmed its 2024 guidance of $4.25 a share.

• Earnings per share (EPS) reached $1.06.
• Return on Equity (ROE) was 28%.

Sonic Automotive reported a decrease in total revenues by 3% year-over-year to $3.4 billion and a net income of $42.0 million, down 12% year-over-year. The EchoPark segment achieved record quarterly adjusted EBITDA, exceeding previously stated targets.

• Total revenues decreased by 3% year-over-year to $3.4 billion.
• Net income was $42.0 million, a 12% decrease year-over-year.

Minerals Technologies reported a strong start to the year with record first quarter earnings. Diluted EPS was $1.44 ($1.49 excluding special items). Worldwide net sales were $535 million, up slightly versus prior year on an underlying basis. Record operating income was $77 million excluding special items.

• Record Operating Income of $75 Million, or $77 Million Excluding Special Items, a 23% Increase over Prior Year
• Strong Operating Margin of 14.1%, or 14.5% Excluding Special Items, a 290 bps Increase over Prior Year

First Merchants Corporation reported a net income available to common stockholders of $47.5 million and diluted earnings per common share of $0.80 for the first quarter of 2024. Excluding non-core charges, net income was $50.1 million and diluted earnings per share was $0.85. The company saw relative stabilization of its net interest margin during the quarter and maintained a strong capital position.

• Net income available to common stockholders was $47.5 million, with diluted earnings per common share totaling $0.80.
• Excluding non-core charges, net income was $50.1 million and diluted earnings per common share was $0.85.

Strategic Education reported strong growth in the U.S. Higher Education segment, driven by employer-affiliated enrollment, continued strength in the Education Technology Services segment, and a return to total enrollment growth in the Australia/New Zealand segment.

• U.S. Higher Education segment delivered strong growth due to employer affiliated enrollment.
• Education Technology Services segment saw continued strength, including from Sophia subscriptions.

Visteon reported net sales of $933 million and net income of $42 million. The company launched 26 new products and secured $1.4 billion in new business, including over $400 million in displays wins. Adjusted EBITDA was $102 million, representing 10.9% of sales.

• Net sales reached $933 million with positive growth-over-market.
• Net income totaled $42 million.

Atomera reported a net loss of $4.8 million, or $0.19 per share, for the first quarter of 2024. The company's cash, cash equivalents, and short-term investments totaled $19.3 million as of March 31, 2024.

• Net loss was ($4.8) million, or ($0.19) per basic and diluted share in the first quarter of 2024.
• Adjusted EBITDA in the first quarter of 2024 was a loss of ($4.0) million.

Garrett Motion reported net sales of $915 million, a decrease of 6% compared to the previous year. The company's adjusted EBITDA was $151 million, with a margin of 16.5%. They also generated $68 million in adjusted free cash flow and repurchased $109 million of common stock.

• Net sales totaled $915 million, down 6% year-over-year.
• Net income was $66 million, with a net income margin of 7.2%.

Customers Bancorp reported a net income available to common shareholders of $45.9 million, or $1.40 per diluted share, for Q1 2024. The bank experienced growth in business unit deposits and non-interest bearing deposits, funded the repayment of maturing wholesale CDs, and maintained strong capital ratios. The net interest margin was 3.10%, and asset quality remained strong with a low NPA ratio.

• Net income available to common shareholders was $45.9 million, or $1.40 per diluted share.
• Core earnings were $46.5 million, or $1.42 per diluted share.

Rogers Corporation reported a 4.3% increase in net sales compared to the previous quarter, driven by higher sales in both AES and EMS business units. The company's GAAP earnings per diluted share were $0.42, while adjusted earnings per diluted share were $0.58. The company is seeing improving demand and expects overall sales to improve in coming quarters.

• Net sales increased by 4.3% compared to the prior quarter, reaching $213.4 million.
• Aerospace and defense sales were strong, and the outlook for the general industrial market is improving.

Lakeland Financial Corporation reported a net income of $23.4 million for the first quarter of 2024, a decrease of 4% compared to the same period last year. The company saw a 5% annualized average loan growth and benefited from $1.0 million in additional insurance recoveries.

• Net income was $23.4 million, a 4% decrease year-over-year.
• Diluted earnings per share were $0.91, a 3% decrease year-over-year.

Teladoc Health reported a 3% year-over-year revenue increase to $646.1 million for Q1 2024. The company's net loss was $81.9 million, or $0.49 per share, while adjusted EBITDA increased by 20% year-over-year to $63.1 million.

• Revenue grew 3% year-over-year to $646.1 million.
• Net loss was $81.9 million, or $0.49 per share.

Getty Realty Corp. reported a positive first quarter, driven by consistent results from its in-place portfolio and strategic acquisitions. The company invested $41.0 million across 35 properties and has a committed investment pipeline of more than $44.0 million.

• Net earnings were $0.30 per share.
• Funds From Operations (FFO) were $0.53 per share.

World Kinect Corporation reported a decrease in revenue but an increase in net income for Q1 2024. While weather impacted land results, aviation and marine performed well. The company remains focused on driving growth and profitability across its three business segments.

• Revenue decreased by 12% to $11.0 billion.
• Gross profit decreased by 3% to $254.1 million.

SJW Group reported a slight increase in net income and a small decrease in diluted EPS for the first quarter of 2024. The company invested $69 million in infrastructure and reaffirmed its 2024 earnings guidance.

• Net income increased by 1% to $11.7 million.
• Diluted EPS decreased slightly by $0.01 to $0.36.

National Bank Holdings Corporation reported a net income of $31.4 million, or $0.82 per diluted share, for the first quarter of 2024. The company's return on average tangible common equity was 15.14%. The diverse revenue streams delivered strong fee income growth of 40.8% annualized over the prior quarter and core deposits grew 6.8% over the first quarter 2023.

• Earnings per share were reported at $0.82.
• Return on average tangible common equity was 15.14%.

Expro Group Holdings N.V. announced first quarter 2024 results with revenue of $383 million, up 13% year-over-year. Net loss was $3 million, and Adjusted EBITDA was $67 million, up 61% year-over-year. The company reaffirmed its full-year 2024 guidance for revenue and Adjusted EBITDA.

• Revenue of $383 million, up 13% year-over-year.
• Net loss of $3 million, compared to a net loss of $6 million for the first quarter of 2023.

1st Source Corporation reported a net income of $29.46 million for Q1 2024, a 3.61% increase from the previous quarter but a 5.36% decrease compared to Q1 2023. Diluted net income per common share was $1.19, up 3.48% from the previous quarter and down 4.80% year-over-year. The board approved a cash dividend of $0.34 per common share, up 6.25% from the previous year.

• Net income was $29.46 million, up 3.61% from the previous quarter but down 5.36% from Q1 2023.
• Diluted net income per common share was $1.19, up 3.48% from the previous quarter and down 4.80% year-over-year.

TriCo Bancshares reported a net income of $27.7 million and diluted EPS of $0.83 for the first quarter of 2024. The company's deposit balances increased by $153.6 million, and the efficiency ratio improved to 57.36%.

• Net income was $27.7 million, compared to $26.1 million in the trailing quarter.
• Deposit balances increased $153.6 million or 7.8% (annualized) from the trailing quarter.

Ladder Capital Corp reported GAAP income before taxes of $18.4 million and diluted earnings per share of $0.13 for the quarter ended March 31, 2024. Distributable earnings were $42.3 million, or $0.33 of distributable EPS. The board of directors authorized the repurchase of $75.0 million of the Company’s Class A common stock.

• GAAP income before taxes for the three months ended March 31, 2024 was $18.4 million.
• Diluted earnings per share (EPS) was $0.13.

RPC Inc. reported a decrease in revenues and net income for Q1 2024 compared to the previous quarter, reflecting a softer oilfield services environment and competitive pricing. The company's financial position remained strong with a debt-free balance sheet and significant cash reserves.

• Revenues decreased 4% sequentially to $377.8 million.
• Net income was $27.5 million, down 32% sequentially, with diluted EPS at $0.13.

Alexander & Baldwin reported a net income of $20.0 million, or $0.28 per diluted share, for Q1 2024. The company saw CRE Same-Store NOI growth of 4.1% and strong performance in its Land Operations segment, which contributed significantly to the company raising its full year 2024 guidance.

• Net income available to A&B common shareholders was $20.0 million, or $0.28 per diluted share.
• Commercial Real Estate (CRE) operating profit was $22.0 million.

Byline Bancorp reported a strong first quarter in 2024, with net income of $30.4 million and diluted earnings per share of $0.70. The company's total revenue reached $101.0 million, and it surpassed $9.0 billion in total assets and $1.0 billion in stockholders’ equity.

• ROAA of 1.36%
• ROTCE of 15.88%

Republic Bancorp reported a solid first quarter to start 2024, with net income increasing by 9% and diluted EPS increasing by 11% compared to the first quarter of 2023. Diversification of revenue streams played a meaningful role in the company's success, with three of the five reportable business segments generating increases in net income.

• Republic Bancorp reported Q1 2024 net income of $30.6 million and EPS of $1.58, up 9% and 11% year-over-year, respectively.
• Diversification of revenue streams was a key factor in the company's success.

IMAX Corporation reported a decrease in revenue to $79 million, but a net income increase of 33% year-over-year to $3.3 million. The company's global box office reached $261 million, marking its third-highest grossing Q1 ever. IMAX's strategic expansion is fueled by its technology driving content creation as much as content delivery.

• Revenue was $79 million with strong profitability.
• Net Income was $3.3 million, up 33% year-over-year.

Employers Holdings, Inc. reported a 20% increase in net income to $28.3 million and an 8% increase in gross premiums written to $210.9 million. The company ended the quarter with a record number of policies in-force.

• Net income per diluted share increased 29% to $1.11.
• Adjusted net income per diluted share increased 12% to $0.67.

Universal Logistics Holdings reported a strong first quarter in 2024, with net income reaching $52.5 million, or $1.99 per share, on operating revenues of $491.9 million. This represents a significant increase compared to the first quarter of 2023, driven by the contract logistics segment.

• Operating revenues increased by 12.5% to $491.9 million.
• Net income rose to $52.5 million, equivalent to $1.99 per share.

NerdWallet reported a Q1 2024 revenue of $161.9 million, a 5% decrease year-over-year. The company exceeded guidance for adjusted EBITDA and non-GAAP operating income, with a record quarter for monthly unique users and a growing registered user base of over 20 million.

• Revenue was $161.9 million, down 5% year-over-year.
• GAAP income from operations was $3.7 million.

Amalgamated Financial Corp. reported a net income of $27.2 million, or $0.89 per diluted share, for the first quarter of 2024. Total deposits increased by $293.8 million, and the net interest margin rose to 3.49%. The company's Common Equity Tier 1 Capital Ratio stood at 13.68%, and the Return on Average Assets was 1.36%.

• Net income increased to $27.2 million, or $0.89 per diluted share.
• Total deposits grew by $293.8 million, reaching $7.3 billion.

ARMOUR Residential REIT reported a GAAP net income available to common stockholders of $11.5 million, or $0.24 per common share, and distributable earnings available to common stockholders of $40.4 million, or $0.82 per common share, for Q1 2024.

• GAAP net income available to common stockholders was $11.5 million, or $0.24 per common share.
• Net interest income totaled $5.3 million.

Southside Bancshares reported a net income of $21.5 million for the first quarter of 2024, a decrease of $4.5 million compared to the same period in 2023. Earnings per diluted common share decreased to $0.71 from $0.83 year-over-year. The decrease in net income was primarily due to a decrease in noninterest income and an increase in noninterest expense.

• First quarter net income was $21.5 million.
• Linked quarter loan growth was 1.2%.

Bel Fuse Inc. reported a decrease in net sales to $128.1 million compared to $172.3 million in Q1 2023, but achieved a higher gross profit margin of 37.5% compared to 31.1% in the same period last year. The company also repurchased 109,000 shares of Bel stock at an aggregate cost of $6.3 million.

• Net sales reached $128.1 million, a decrease from $172.3 million in Q1 2023.
• Gross profit margin increased to 37.5%, up from 31.1% in Q1 2023.

Gorman-Rupp reported a slight decrease in net sales for Q1 2024, with $159.3 million compared to $160.5 million in Q1 2023. Despite the sales dip, the company saw improvements in gross margin and earnings per share, driven by cost management and pricing strategies. Incoming orders reached a record $178.9 million, increasing backlog to $234.2 million.

• Net sales decreased slightly by 0.7% to $159.3 million.
• Record incoming orders increased by 7.1% to $178.9 million.

ConnectOne Bancorp reported a net income available to common stockholders of $15.7 million for Q1 2024, a decrease compared to both Q4 2023 ($17.8 million) and Q1 2023 ($23.4 million). Diluted earnings per share were $0.41, down from $0.46 in Q4 2023 and $0.59 in Q1 2023. The results reflect a challenging environment, with a focus on relationship banking and strategic balance sheet management.

• Net income available to common stockholders was $15.7 million, and diluted earnings per share were $0.41.
• Client deposit balances increased sequentially by an annualized 3.2%, driven by 9.9% annualized noninterest-bearing demand deposit growth.

Heritage Financial Corporation reported a net income of $5.7 million for the first quarter of 2024, a decrease compared to both the previous quarter and the same quarter last year. The results were impacted by a loss on the sale of securities and costs related to expense management measures, though the company saw strong loan growth and balance sheet repositioning.

• Net income was $5.7 million, or $0.16 per diluted share, for the first quarter of 2024.
• Loans receivable increased $92.5 million, or 2.1%, during the first quarter of 2024.

Independent Bank Corporation reported a strong first quarter in 2024, with net income reaching $16.0 million, or $0.76 per diluted share, marking a significant increase compared to the previous year. The bank experienced growth in both loans and core deposits, alongside net interest margin expansion and well-managed expenses, contributing to positive growth trends.

• Net income and diluted earnings per share increased by 23.1% and 24.6%, respectively, over the first quarter of 2023.
• Tangible book value per share increased by $2.50 (15.7%) over the first quarter of 2023.

Esquire Financial Holdings reported a net income of $10.1 million, or $1.20 per diluted share, for Q1 2024. The company saw consistent returns on average assets and equity, fueled by revenue expansion to $29.3 million, a strong net interest margin of 6.06%, and stable fee-based income.

• Net income totaled $10.1 million, or $1.20 per diluted share, compared to $9.9 million, or $1.18 per diluted share in the linked quarter.
• Returns on average assets and equity were 2.59% and 20.14% for the current quarter, respectively.

MarineMax reported a 2% increase in revenue to $582.9 million for the second quarter ended March 31, 2024, driven by boat sales and a 2% increase in same-store sales. Net income was $1.6 million, or $0.07 per diluted share, while adjusted diluted EPS was $0.18. The company is revising its fiscal year 2024 adjusted net income guidance to a range of $2.20 to $3.20 per diluted share and adjusted EBITDA guidance to a range of $155 million to $190 million.

• Revenue increased by 2% year-over-year to $582.9 million.
• Same-store sales increased by 2%.

MidwestOne Financial Group reported a net income of $3.3 million, or $0.21 per diluted common share, for the first quarter of 2024. Revenue was $44.5 million, including net interest income of $34.7 million and noninterest income of $9.8 million. The company completed the acquisition of Denver Bankshares, Inc. and experienced net interest margin expansion and adjusted loan growth.

• Completed acquisition of Denver Bankshares, Inc.
• Net income of $3.3 million, or $0.21 per diluted common share.

LSI Industries reported Q3 2024 results with net sales of $108.2 million and net income of $5.4 million, or $0.18 per diluted share. While sales declined due to lower demand in the grocery vertical, the company saw improvements in margin realization and profitability. The acquisition of EMI Industries was announced subsequent to the quarter's end, expanding LSI's capabilities in display solutions.

• Net sales reached $108.2 million, reflecting an 8% decrease year-over-year.
• Net income was $5.4 million, or $0.18 per diluted share, compared to $4.7 million, or $0.16 per share in the prior-year period.

Orchid Island Capital reported a net income of $19.8 million, or $0.38 per common share, for the first quarter of 2024. The company's book value per common share was $9.12 at the end of the quarter. The total return for the quarter was 4.18%, including a dividend of $0.36 per common share.

• Net income for Q1 2024 was $19.8 million, or $0.38 per common share.
• Net interest expense was $2.5 million, or $0.05 per common share.

Hertz Global Holdings reported a revenue of $2.1 billion for Q1 2024, a 2% increase year-over-year. However, the company experienced a GAAP net loss of $186 million, or $0.61 loss per diluted share, and an adjusted net loss of $392 million, or $1.28 loss per diluted share. The results were weighed down by increased vehicle depreciation, particularly related to EVs held for sale.

• Revenue increased by 2% year-over-year to $2.1 billion, driven by strong rental demand.
• GAAP net loss was $186 million, or $0.61 loss per diluted share.

South Plains Financial, Inc. reported a net income of $10.9 million and diluted earnings per share of $0.64 for the first quarter of 2024. The net interest margin was 3.56%, and the return on average assets was 1.04%.

• Net income for the first quarter of 2024 was $10.9 million, compared to $9.2 million for the first quarter of 2023.
• Diluted earnings per share for the first quarter of 2024 was $0.64, compared to $0.53 for the first quarter of 2023.

Heritage Commerce Corp reported a net income of $10.2 million for Q1 2024, a decrease compared to $18.9 million in Q1 2023. Total client deposits increased by over $66 million from the previous quarter, and the loan portfolio increased by over $74 million year-over-year. The company's credit quality remains strong, supported by sound reserves for potential credit losses.

• Diluted earnings per share were $0.17 for the first quarter of 2024.
• Client deposits increased over $66 million from the prior quarter.

Universal Insurance Holdings reported a strong first quarter in 2024, marked by a 16.3% increase in total revenues to $367.959 million and a 39.2% increase in net income available to common stockholders to $33.654 million. The company's adjusted EPS grew by 35.4% year-over-year, and the annualized adjusted return on average common equity reached 29.4%.

• Diluted GAAP earnings per common share (EPS) were $1.14, while adjusted EPS reached $1.07.
• Annualized return on average common equity (ROCE) was 38.1%, with an adjusted ROCE of 29.4%.

Insteel Industries reported net earnings of $6.9 million, or $0.35 per diluted share, for the second quarter of fiscal 2024. Net sales decreased by 19.9% to $127.4 million. The company benefited from widening spreads between selling prices and raw material costs.

• Net earnings increased to $6.9 million, or $0.35 per diluted share.
• Net sales decreased to $127.4 million.

HarborOne Bancorp, Inc. reported a net income of $7.3 million, or $0.17 per diluted share, for the first quarter of 2024, which is a significant improvement compared to the net loss of $7.1 million, or $0.17 per diluted share in the previous quarter. The results are consistent with the net income of $7.3 million, or $0.16 per diluted share, reported for the same period last year.

• Strong asset quality was maintained, with nonperforming loans as a percentage of total loans at 0.25%.
• Noninterest income increased by 20.6% on a linked-quarter basis.

First Foundation Inc. reported a challenging but resilient first quarter in 2024, marked by a net income of $793 thousand and earnings per share of $0.01. The company focused on cost control and operational optimization, leading to decreased non-interest expenses and a healthy increase in cash and cash equivalents. They also maintained a low ratio of nonperforming assets and an improving loan to deposit ratio.

• Net income of $793 thousand, EPS of $0.01.
• Loan to deposit ratio of 94.8% as of March 31, 2024.

Peoples Financial Services Corp. reported a net income of $3.5 million, or $0.49 per diluted share, for the first quarter of 2024. This represents a 54.3% decrease compared to the same period in 2023. The results were impacted by lower net interest income, higher operating expenses including acquisition-related costs, and decreased noninterest income.

• Net income decreased by 54.3% compared to Q1 2023, totaling $3.5 million or $0.49 per diluted share.
• Core net income was $3.9 million, or $0.55 per diluted share, compared to $7.5 million, or $1.04 per share in the prior year.

Kearny Financial Corp. reported a net income of $7.4 million, or $0.12 per diluted share, for the quarter ended March 31, 2024, compared to a net loss of $13.8 million for the quarter ended December 31, 2023. The company's Board of Directors declared a quarterly cash dividend of $0.11 per share.

• Total assets were $7.84 billion at March 31, 2024, a decrease of 0.7% from December 31, 2023.
• Loans receivable totaled $5.76 billion at March 31, 2024, an increase of 0.2% from December 31, 2023.

Sage Therapeutics reported $6.2 million in ZURZUVAE collaboration revenue and $1.7 million in ZULRESSO revenue for the first quarter of 2024. The company's cash, cash equivalents, and marketable securities totaled $717 million as of March 31, 2024.

• Achieved $6.2 million in ZURZUVAE collaboration revenue, representing 50% of Biogen's net revenues.
• Over 700 ZURZUVAE prescriptions were shipped and delivered in Q1 2024.

Midland States Bancorp, Inc. reported a net income available to common shareholders of $11.7 million, or $0.53 per diluted share, for the first quarter of 2024. The results reflect strong pre-tax, pre-provision earnings, driven by increased fee income and expense control. However, provision expense increased due to a specific reserve on a multi-family construction project.

• Net income available to common shareholders was $11.7 million, or $0.53 per diluted share.
• Pre-tax, pre-provision earnings totaled $32.2 million.

The Shyft Group reported a decrease in sales by 18.7% to $197.9 million and a net loss of $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share in Q1 2023. Despite challenging end-markets, the company maintains its 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million.

• First quarter sales decreased to $197.9 million, an 18.7% decrease year-over-year.
• Net loss was $4.7 million, or ($0.14) per share, compared to net income of $1.7 million, or $0.05 per share in the first quarter of 2023.

Anywhere Real Estate Inc. reported financial results for Q1 2024. Revenue remained flat year-over-year at $1.1 billion. The company realized cost savings of approximately $30 million and is on track to deliver at least $100 million for the full year. The company reported a net loss of $101 million.

• Revenue of $1.1 billion, flat year-over-year.
• Combined closed transaction volume increased 2% year-over-year.

Carter Bankshares, Inc. reported a net income of $5.8 million for Q1 2024, a significant improvement from the net loss in the previous quarter but lower than the net income in Q1 2023. The results were impacted by placing a significant loan relationship on nonaccrual status. The company is pursuing remedies to resolve these loans.

• Net income was $5.8 million, or $0.25 diluted EPS, compared to a net loss of $(1.9) million, or $(0.08) EPS, in the previous quarter and net income of $15.9 million, or $0.67 diluted EPS, for the first quarter of 2023.
• Net interest income increased $1.0 million, or 3.6%, compared to the fourth quarter of 2023 but decreased $12.4 million, or 30.3% compared to the first quarter of 2023.

NorthEast Community Bancorp reported a net income of $11.4 million for the quarter ended March 31, 2024, compared to $11.2 million for the same period in 2023. The increase in earnings was attributed to the strong performance of the loan portfolio, with continued strong loan demand despite the high interest rate environment.

• Net income increased to $11.4 million, or $0.86 per diluted share.
• Total assets grew to $1.9 billion, driven by an increase in net loans and cash.

Marine Products Corporation reported a decrease in net sales by 42% to $69.3 million and a decrease in net income by 60% to $4.6 million in Q1 2024. The company faced softer consumer demand and higher interest rates, impacting dealer ordering patterns and retail sell-through.

• Net sales decreased 42% year-over-year to $69.3 million.
• Net income decreased 60% year-over-year to $4.6 million, with EPS at $0.13.

Primis Financial Corp. announced preliminary results for the first quarter of 2024, noting that these results reflect the same accounting methodology as in prior periods and are subject to adjustment based on the SEC's pre-clearance process. The Board of Directors declared a dividend of $0.10 per share payable on May 24, 2024.

• Preliminary Q1 2024 results were reported, pending completion of SEC pre-clearance process.
• Results reflect the same accounting methodology as in prior periods for comparison purposes.

Ultralife Corporation reported a strong first quarter with a 31.4% increase in sales, driven by growth in the medical market. Gross profit and operating income improved significantly, leading to GAAP EPS of $0.18 compared to a loss in the previous year. The company is optimistic about sustaining profitable growth and generating cash flow.

• Sales increased by 31.4% year-over-year, reaching $41.9 million, with a 54.7% growth in medical market sales.
• Gross profit increased to $11.5 million, representing 27.4% of revenue, compared to $7.4 million and 23.3% in the previous year.

Altisource reported financial results for the first quarter 2024, with a service revenue of $36.9 million and an Adjusted EBITDA of $4.6 million, marking the best quarterly performance since Q3 2020. The company is winning new business and ramping up 2023 sales wins on a lower cost base.

• Service revenue was $36.9 million, slightly lower than Q1 2023 but higher than Q4 2023.
• Adjusted EBITDA was $4.6 million, significantly better than Q1 2023 and Q4 2023.