Reports

Bristol Myers Squibb reported second quarter revenues of $12.2 billion, a 9% increase (+11% adjusting for foreign exchange). The Growth Portfolio revenues were $5.6 billion, increasing 18% (+21% adjusting for foreign exchange). GAAP EPS was $0.83 and Non-GAAP EPS was $2.07.

• Second Quarter Revenues were $12.2 Billion, increasing 9% (+11% Adjusting for Foreign Exchange).
• Growth Portfolio Revenues were $5.6 Billion, increasing 18% (+21% Adjusting for Foreign Exchange).

3M reported sales of $6.3 billion, a slight decrease of 0.5% year-over-year. GAAP EPS from continuing operations was $2.17, up 117% year-over-year, and adjusted EPS from continuing operations was $1.93, up 39% year-over-year. The company updated its full-year 2024 adjusted EPS guidance to $7.00 to $7.30.

• GAAP EPS of $2.17 and operating margin of 20.3%.
• Adjusted EPS of $1.93, up 39% year-on-year.

Colgate-Palmolive reported a 4.9% increase in net sales and a 9.0% increase in organic sales for Q2 2024. GAAP EPS increased by 48% to $0.89, and the GAAP gross profit margin increased by 280 basis points to 60.6%. The company has updated its financial guidance for the full year 2024.

• Net sales increased by 4.9%, and organic sales increased by 9.0%.
• GAAP EPS increased by 48% to $0.89; Base Business EPS increased by 18% to $0.91.

Charter Communications reported a slight increase in revenue, driven by growth in residential mobile and internet services. The company saw a decrease in residential and SMB internet customers but an increase in mobile lines. Net income remained relatively stable, while free cash flow significantly increased due to higher adjusted EBITDA and favorable changes in working capital.

• Total residential and SMB Internet customers decreased by 149,000.
• Total residential and SMB mobile lines increased by 557,000.

Centene Corporation reported a 3% increase in premium and service revenues, reaching $36.0 billion, and an adjusted diluted EPS of $2.42, a 15% increase from Q2 2023. The company reaffirms its 2024 adjusted diluted EPS guidance floor of greater than $6.80. While Medicaid faces challenges, overall performance remains on track.

• Adjusted diluted EPS of $2.42, up 15% from $2.10 in the second quarter of 2023.
• Premium and service revenues of $36.0 billion in the second quarter of 2024.

T. Rowe Price Group reported Q2 2024 results with quarter-end assets under management of $1.57 trillion. Diluted EPS was $2.11, and adjusted diluted EPS was $2.26. The company returned $396 million to stockholders through dividends and stock repurchases.

• Assets under management increased to $1.57 trillion.
• Net client outflows were $3.7 billion.

Principal Financial Group reported a net income of $353 million, or $1.49 per diluted share, and a non-GAAP operating earnings of nearly $390 million. The company returned $415 million to shareholders through share repurchases and dividends. AUM reached $699 billion, contributing to AUA of $1.6 trillion.

• Net income attributable to Principal Financial Group (PFG) was $353 million, or $1.49 per diluted share.
• Non-GAAP net income attributable to PFG, excluding exited business, was $356 million, or $1.50 per diluted share.

Booz Allen Hamilton reported a solid first quarter for fiscal year 2025, marked by double-digit revenue and organic revenue growth. The acquisition of PAR Government Systems Corporation (PGSC) closed in June 2024, contributing to the company's strategic alignment. The company reported a 10.8% increase in quarterly revenue, a 2.4% increase in net income, and a significant rise in total backlog by 15.7%.

• Revenue increased by 10.8% year-over-year to $2.9 billion, with 10.6% organic revenue growth.
• Diluted earnings per share (EPS) reached $1.27, while adjusted diluted EPS was $1.38.

Avantor reported Q2 2024 results with net sales of $1.70 billion, a decrease of 2.4%. Net income increased to $93 million, and adjusted EBITDA was $306 million. Diluted GAAP EPS was $0.14, while adjusted EPS was $0.25. The company reaffirmed its fiscal year 2024 guidance.

• Net sales decreased by 2.4% to $1.70 billion; organic decline of 2.0%.
• Net income increased to $93 million.

Saia Inc. reported strong second-quarter results with an 18.5% increase in revenue to $823.2 million and diluted earnings per share of $3.83, compared to $3.42 in the same quarter last year. The company's growth was supported by the opening of new terminals and strategic investments in its network, despite a softer macroeconomic environment affecting revenue per bill and the operating ratio.

• Revenue increased by 18.5% to $823.2 million compared to the second quarter of 2023.
• Operating income rose by 14.4% to $137.6 million.

Franklin Resources reported net income of $174.0 million, or $0.32 per diluted share, for the quarter ended June 30, 2024. The company saw positive developments across its business, with client demand leading to positive net flows in multi-asset and alternative strategies. The company is also investing in technology to optimize the client experience and support business growth.

• Positive net flows in multi-asset and alternative strategies were observed.
• ETFs generated net inflows of over $3 billion, reaching $27 billion in AUM.

Gentex Corporation reported a decrease in net sales to $572.9 million and net income to $86.0 million for Q2 2024, compared to $583.5 million and $109.2 million respectively in Q2 2023. The results were affected by lower light vehicle production and an unfavorable product mix. The company is updating its full year guidance based on these results and revised vehicle production forecasts.

• Net sales decreased to $572.9 million compared to $583.5 million in the second quarter of 2023.
• Earnings per diluted share were $0.37, down from $0.47 in the second quarter of 2023.

Balchem Corporation reported a 1.2% increase in net sales to $234.1 million for the second quarter of 2024. GAAP net earnings increased by 6.5% to $32.1 million, with earnings per share at $0.98. Adjusted EBITDA reached a record $62.3 million, a 5.0% increase from the prior year quarter. The Human Nutrition and Health and Specialty Products segments showed strong sales and earnings growth.

• Net sales increased by 1.2% to $234.1 million compared to the prior year quarter.
• Adjusted EBITDA reached a record $62.3 million, a 5.0% increase from the prior year quarter.

TriNet reported a 1% increase in total revenues, reaching $1.2 billion, and a 5% increase in professional service revenues, totaling $186 million. Net income was $60 million, or $1.20 per diluted share, while adjusted net income was $78 million, or $1.53 per diluted share. The company is focused on efficient execution, customer retention, and returning capital to shareholders.

• Total revenues increased by 1% to $1.2 billion compared to the same period last year.
• Professional service revenues increased by 5% to $186 million compared to the same period last year.

Portland General Electric reported net income of $72 million, or $0.69 per diluted share, for the second quarter of 2024. The company reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.

• Second quarter results reflect continued focus on execution and cost management.
• Semiconductor manufacturing and data center demand growth contributed to the results.

Newell Brands reported a 7.8% decrease in net sales to $2.0 billion for Q2 2024, but core sales only declined by 4.2%. The company significantly improved its gross margin to 34.4% and operating margin to 8.0%. Net income increased to $45 million, with diluted earnings per share at $0.11. The company also raised its full-year 2024 outlook.

• Net sales were $2.0 billion, a 7.8% decrease compared to the prior year, with core sales declining 4.2%.
• Reported gross margin increased to 34.4% compared to 28.5% in the prior year.

First Hawaiian, Inc. reported a net income of $61.9 million, or $0.48 per diluted share, for the second quarter of 2024. The company's performance was driven by solid revenues, disciplined expense control, and continued excellent credit quality. Total loans and leases increased by $39.7 million, while total deposits decreased by $350.6 million. The net interest margin increased by 1 basis point to 2.92%.

• Net income was $61.9 million, or $0.48 per diluted share.
• Total loans and leases increased $39.7 million versus prior quarter.

Sensient Technologies reported a 7.8% increase in revenue to $403.5 million compared to the previous year. However, operating income decreased by 3.7% to $49.7 million, and diluted earnings per share decreased by 9.9% to $0.73. The company raised its full year guidance for local currency revenue and local currency adjusted EBITDA to mid-to-high single-digit growth and for diluted EPS (GAAP) to between $2.77 and $2.87.

• Reported revenue increased by 7.8% to $403.5 million.
• Operating income decreased by 3.7% to $49.7 million.

Minerals Technologies delivered a record quarter with strong sales and operating income growth. The company's focus on higher growth markets and operational excellence drove margin expansion and earnings per share growth, despite some market challenges.

• Sales reached $541 million, with Consumer & Specialties segment growing 3% on an underlying basis.
• Operating Income was a record $85 million, up 20% year-over-year, with margins expanding to 15.7%.

Provident Financial Services, Inc. reported a net loss of $11.5 million for Q2 2024, impacted by merger-related costs and an initial CECL provision for credit losses from the Lakeland merger. However, core businesses, credit quality, and risk management remained strong, with fee-based wealth management and insurance agency teams performing well.

• Completed merger with Lakeland Bancorp, Inc., adding $10.91 billion to total assets and $7.91 billion to loans.
• Recorded a $66.1 million provision for credit losses on loans, primarily due to an initial CECL provision of $60.1 million related to the Lakeland merger.

WesBanco reported a net income available to common shareholders of $26.4 million, or $0.44 per diluted share, for the second quarter of 2024. The results reflect continued loan and deposit growth, alongside a focus on cost control and strategic investments.

• Total loan growth was 10.1% year-over-year and 3.2% quarter-over-quarter.
• Deposits increased 4.4% year-over-year to $13.4 billion.

Carter's, Inc. reported a decrease in net sales to $564 million compared to $600 million in Q2 2023. Despite lower sales, the company achieved a higher operating margin of 7.0% compared to 6.3% in the prior year. Diluted EPS increased to $0.76 from $0.64 in Q2 2023. The company distributed $54 million to shareholders through dividends and share repurchases.

• Net sales decreased by 6.0% to $564.4 million due to macroeconomic factors.
• Operating margin increased to 7.0% due to lower inbound freight and product costs.

Hilltop Holdings reported a net income of $22.9 million and EPS of $0.31. The company experienced growth in noninterest income and managed to reduce noninterest expenses. PlainsCapital Bank and PrimeLending showed pre-tax income, while HilltopSecurities also contributed positively with a pre-tax income of $7.2 million.

• PlainsCapital Bank's pre-tax income was $32.8 million, with net interest margin increasing due to loan portfolio repricing and return of higher cost brokered deposits.
• PrimeLending's pre-tax income reached $1.4 million, driven by higher gain-on-sale margins and origination volume growth.

Stellar Bancorp reported a net income of $29.8 million, or $0.56 diluted earnings per share, for the second quarter of 2024. The company's capital ratios improved, and credit quality remained steady. The focus remains on building long-term shareholder value.

• Net income for Q2 2024 was $29.8 million, or $0.56 diluted earnings per share.
• Total risk-based capital ratio increased to 15.34% at June 30, 2024, from 14.62% at March 31, 2024.

Virtus Investment Partners reported a 5% increase in revenues and a 13% increase in operating income compared to the same quarter last year. However, net income attributable to Virtus Investment Partners decreased by 42%. Adjusted EPS increased to $6.53 from $5.41 in the previous quarter. Total assets under management decreased by 3% from the previous quarter to $173.6 billion, influenced by market performance and net outflows.

• Revenues increased by 5% year-over-year to $224.4 million.
• Operating income increased by 13% year-over-year to $44.2 million.

WisdomTree announced strong Q2 2024 results, achieving record AUM of $109.7 billion, driven by market appreciation and net inflows. The company reported net income of $21.8 million and an operating revenue increase of 10.5% from the prior quarter.

• Record AUM of $109.7 billion, a 2.3% increase from the prior quarter.
• Net inflows of $0.3 billion, driven by international developed equity, fixed income, and U.S. equity products.

Gorman-Rupp reported a slight decrease in net sales for Q2 2024, but saw improvements in adjusted earnings per share and adjusted EBITDA. Incoming orders increased, and the company refinanced its debt, which is expected to reduce interest expenses.

• Net sales decreased by 0.9% to $169.5 million compared to Q2 2023.
• Net income was $8.3 million, or $0.32 per share, compared to $10.5 million, or $0.40 per share, in Q2 2023.

Tompkins Financial Corporation reported a net income of $15.7 million and diluted earnings per share of $1.10 for the second quarter of 2024. These results reflect an increase compared to the same period in 2023, with loans up 7.7% year over year.

• Diluted earnings per share were $1.10, up 86.4% from Q2 2023.
• Net income was $15.7 million, up 85.0% from Q2 2023.

World Acceptance Corporation reported a net income of $9.9 million and a diluted net income per share of $1.79 for the first quarter of fiscal 2025. Total revenues decreased by 7.0% to $129.5 million. The company focused on credit quality and conservative lending operations during the quarter.

• Net income increased to $9.9 million.
• Diluted net income per share increased to $1.79.

Oppenheimer Holdings Inc. reported a profitable second quarter with a net income of $10.3 million, or $0.99 basic earnings per share, compared to a net loss of $(9.4) million, or $(0.85) basic earnings per share, for the second quarter of 2023. Revenue increased by 8.0% to $330.6 million.

• Revenue increased due to higher advisory fees, investment banking, and interest revenues.
• Assets under administration and management reached record levels.

National Presto Industries reported increased sales and earnings for the second quarter of 2024, driven by a significant increase in the Defense segment's sales and operating earnings. However, the Housewares/Small Appliance segment experienced a decrease in operating profit due to higher costs.

• Defense segment sales increased by $6.4 million, or 10.8%, due to higher shipments from backlog.
• Housewares/Small Appliances segment sales decreased nominally by $269 thousand, or 1.4%.

GrafTech International Ltd. reported Q2 2024 results with net sales of $137 million and a net loss of $15 million, or $0.06 per share. The company achieved sequential improvements in sales volume and capacity utilization, alongside significant cost improvements. Adjusted EBITDA was $14 million, and net cash used in operating activities was $37 million.

• Net sales reached $137 million.
• Net loss was $15 million, or $0.06 per share.