Reports

RTX reported strong Q4 2024 results, with sales up 9% to $21.6 billion and adjusted EPS up 19% to $1.54. The company's backlog remains strong at $218 billion, and RTX anticipates continued sales, earnings, and cash flow growth in 2025.

• Sales of $21.6 billion, up 9% versus prior year, and up 11% organically excluding divestitures.
• GAAP EPS was $1.10 and adjusted EPS of $1.54, up 19% versus prior year.

Stryker reported a 10.7% increase in net sales to $6.4 billion, with organic net sales up 10.2%. Adjusted EPS increased by 15.9% to $4.01, while reported EPS decreased 52.7% to $1.41 due to non-cash charges for goodwill and other impairments. The company anticipates organic net sales growth of 8.0% to 9.0% for 2025 and adjusted net earnings per diluted share to be in the range of $13.45 to $13.70.

• Net sales increased by 10.7% to $6.4 billion.
• Organic net sales increased by 10.2%.

Boeing's Q4 2024 results were impacted by the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions. The company reported a revenue of $15.2 billion, a GAAP loss per share of ($5.46), and a core (non-GAAP) loss per share of ($5.90).

• Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs
• Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year

Lockheed Martin reported Q4 2024 net sales of $18.6 billion, a slight decrease compared to Q4 2023. Net earnings were $527 million, or $2.22 per share, impacted by losses from classified programs. The company's full-year net sales increased by 5% to $71.0 billion, with a record year-end backlog of $176.0 billion.

• Net sales for Q4 2024 reached $18.6 billion, slightly lower than the previous year.
• Q4 2024 earnings per share (EPS) was $2.22, influenced by losses from classified programs.

Starbucks reported Q1 fiscal year 2025 results, showing flat consolidated net revenues of $9.4 billion compared to the prior year. EPS declined to $0.69, reflecting investments in the 'Back to Starbucks' strategy. Global comparable store sales decreased by 4%, driven by a decline in comparable transactions.

• Global comparable store sales declined 4%, driven by a 6% decline in comparable transactions, partially offset by a 3% increase in average ticket.
• North America and U.S. comparable store sales declined 4%, driven by an 8% decline in comparable transactions, partially offset by a 4% increase in average ticket.

Chubb reported a strong fourth quarter with net income of $2.58 billion and core operating income of $2.45 billion. Global P&C net premiums written increased by 6.7%, and the P&C combined ratio was 85.7%.

• Net income and core operating income were $2.58 billion and $2.45 billion, respectively.
• Global P&C net premiums written increased by 6.7%, with commercial insurance up 6.4% and consumer insurance up 7.5%.

Royal Caribbean Group reported Net Income of $0.6 billion, or $2.02 per share, and Adjusted Net Income of $0.4 billion, or $1.63 per share, on total revenues of $3.8 billion. The load factor for the quarter was 108%. The company is optimistic about 2025, with Adjusted EPS expected to be in the range of $14.35 to $14.65.

• Stronger than expected close-in demand drove fourth quarter results.
• WAVE season is off to a record start, propelling 2025 momentum.

General Motors reported a net loss attributable to shareholders of $3.0 billion for Q4 2024, influenced by $5 billion in special charges, including restructuring and Cruise robotaxi business charges. However, EBIT-adjusted was $2.5 billion. The company provided 2025 guidance indicating a year of strong financial performance.

• Q4 net loss attributable to shareholders was $3.0 billion.
• EBIT-adjusted for Q4 was $2.5 billion.

PACCAR achieved quarterly revenues of $7.91 billion and net income of $872.0 million ($1.66 per diluted share) in Q4 2024. Full year revenues reached $33.66 billion and net income was $4.16 billion ($7.90 per diluted share).

• PACCAR reported quarterly revenues of $7.91 billion in the fourth quarter of 2024.
• The company earned $872.0 million ($1.66 per diluted share) in the fourth quarter of 2024.

Kimberly-Clark reported Q4 2024 results with net sales of $4.9 billion, a decrease of 0.8%, but organic sales grew by 2.3%. Adjusted EPS was $1.50, down 0.7% year-over-year. The company's Powering Care strategy drove volume gains and improved product mix, generating significant efficiencies.

• Net sales were $4.9 billion, down 0.8 percent, with organic sales growth of 2.3 percent.
• Adjusted gross margin was 35.4 percent, up 50 basis points versus the prior year.

Sysco reported a 4.5% increase in sales, reaching $20.2 billion, and a 3.9% increase in gross profit to $3.7 billion. Operating income rose by 1.7% to $712 million, with adjusted operating income up 5.1% to $783 million. EPS was $0.82, while adjusted EPS increased by 4.5% to $0.93. The company reiterated its FY25 guidance, projecting sales growth of 4-5% and adjusted EPS growth of 6-7%.

• Sales increased by 4.5%, with U.S. Foodservice volume up by 1.4%.
• Gross profit increased by 3.9% to $3.7 billion.

Synchrony Financial reported a strong fourth quarter with net earnings of $774 million, or $1.91 per diluted share, compared to $440 million, or $1.03 per diluted share in the fourth quarter 2023. The results reflect the resilience of Synchrony's diversified portfolio and balanced approach to underwriting and credit management.

• Net earnings increased 76% to $774 million.
• Loan receivables increased 2% to $104.7 billion.

NVR, Inc. reported a strong fourth quarter with a 17% increase in consolidated revenues to $2.85 billion and a 15% increase in diluted earnings per share to $139.93. Net income for the quarter increased by 12% to $457.4 million compared to the same period in the previous year.

• Consolidated revenues increased by 17% to $2.85 billion.
• Net income rose by 12% to $457.4 million.

Packaging Corporation of America (PCA) reported strong fourth-quarter results for 2024, driven by robust demand in the Packaging segment. Record fourth-quarter total shipments and all-time record shipments per day were achieved. The company's corrugated products plants and mill containerboard system delivered exceptional performance, contributing to higher earnings.

• PCA reported Q4 2024 net income of $221 million, or $2.45 per share.
• Q4 net sales reached $2.1 billion, compared to $1.9 billion in 2023.

Manhattan Associates reported Q4 2024 revenue of $255.8 million. GAAP diluted earnings per share was $0.77, while non-GAAP adjusted diluted earnings per share was $1.17. The company surpassed $1 billion in total revenue for the full year and experienced record bookings.

• Consolidated total revenue was $255.8 million, compared to $238.3 million for Q4 2023.
• Cloud subscription revenue was $90.3 million, compared to $71.4 million for Q4 2023.

F5's first quarter revenue reached a record $766 million, reflecting an 11% year-over-year growth. This includes a 22% increase in software revenue and an 18% increase in systems revenue.

• F5's Q1 revenue totaled $766 million, up from $693 million in the first quarter of fiscal year 2024.
• Software revenue grew by 22% to $209 million, while systems revenue increased by 18% to $160 million compared to the previous year.

RenaissanceRe reported a net loss of $198.5 million for Q4 2024, influenced by mark-to-market losses and the impact of Hurricane Milton. However, the company achieved an operating income of $406.9 million, supported by underwriting income and fee income growth.

• Reported a net loss attributable to common shareholders of $198.5 million, or $(3.95) per diluted common share.
• Achieved operating income available to common shareholders of $406.9 million, or $8.06 per diluted common share.

Houlihan Lokey reported strong Q3 fiscal 2025 results, with revenues increasing to $634 million and diluted EPS reaching $1.39. The company saw growth across all its business lines, driven by favorable market conditions. Management expressed optimism for the remainder of the fiscal year and a positive outlook for fiscal 2026.

• Revenues for Q3 fiscal 2025 reached $634 million, up from $511 million in the same period last year.
• Diluted EPS for Q3 fiscal 2025 was reported at $1.39, compared to $1.04 in Q3 fiscal 2024.

Logitech announced strong financial results for Q3 Fiscal Year 2025, with sales up 7% to $1.34 billion. GAAP EPS was $1.32, while non-GAAP EPS was $1.59. The company raised its full-year outlook for Fiscal Year 2025.

• Sales increased by 7% in US dollars and 6% in constant currency compared to the prior year.
• GAAP gross margin increased to 42.9 percent, and non-GAAP gross margin increased to 43.2 percent.

Boston Properties reported a net loss attributable to BXP, Inc. of $(230.0) million, or $(1.45) per diluted share, primarily due to impairment charges totaling approximately $341.3 million related to the Company’s investments in three unconsolidated joint ventures. Diluted FFO per share was $1.79.

• Net loss attributable to BXP, Inc. was $(230.0) million, or $(1.45) per diluted share.
• Diluted FFO per share was $1.79.

Qorvo's fiscal 2025 third quarter saw a GAAP revenue of $916.3 million, with a gross margin of 42.7%, operating income of $53.0 million, and diluted earnings per share of $0.43. The company is executing on strategic initiatives to expand margin, generate strong free cash flow, and increase shareholder value.

• Qorvo successfully supported their largest customer, who represented approximately 50% of sales.
• The focus within the Android 5G product portfolio is narrowing to the higher-value flagship and premium tiers.

Popular, Inc. reported a net income of $177.8 million for Q4 2024, with strong loan growth and increased net interest income and margin. The company's capital and liquidity positions allowed for share buybacks and increased dividends. The transformation initiative is generating tangible results.

• Net income reached $177.8 million.
• Net interest income increased to $590.8 million.

Commvault announced its financial results for the fiscal third quarter ended December 31, 2024, reporting a 21% year-over-year increase in total revenues, reaching $262.6 million. The company's total annualized recurring revenue (ARR) grew to $890 million, up 18% year over year, and subscription revenue increased by 39% to $158.3 million.

• Total revenues increased by 21% year-over-year to $262.6 million.
• Total annualized recurring revenue (ARR) grew by 18% year-over-year to $890 million.

UMB Financial Corporation reported a strong fourth quarter in 2024, with net income reaching $120.0 million, or $2.44 per diluted share, and net operating income of $122.6 million, or $2.49 per diluted share. The quarter was marked by significant increases in average loans and deposits, alongside strong credit quality and disciplined expense management. The company also highlighted its upcoming merger with Heartland Financial, slated for January 31, 2025.

• GAAP net income was $120.0 million, or $2.44 per diluted share.
• Net operating income reached $122.6 million, or $2.49 per diluted share.

Nextracker reported strong Q3 FY25 results, with record revenue and profit driven by robust demand and successful deployment of new products. The company's backlog increased to significantly greater than $4.5 billion. They reaffirmed their FY25 revenue outlook and raised their FY25 profit outlook.

• Record backlog increased to significantly greater than $4.5 billion, supported by robust demand in all key regions.
• Expanded manufacturing and supply chain network to over 70 manufacturing partners operating more than 90 facilities across 19 countries.

Littelfuse reported fourth-quarter performance in line with expectations, reflecting ongoing operational execution and commitment to its diverse and global customer base. The company delivered strong cash conversion and solid second-half margin expansion amid difficult end market conditions.

• Net sales of $530 million were down 1% versus the prior year period and flat organically.
• GAAP diluted loss per share was $1.57, which includes $93m in non-cash goodwill and intangible impairment charges.

Stride, Inc. announced its results for the second fiscal quarter ended December 31, 2024, revealing a 19.4% increase in enrollments, with Career Learning enrollments up by 30.9%. Revenue per enrollment remained relatively flat. The company is raising its revenue and adjusted operating forecast for the full fiscal year 2025.

• Second quarter enrollments averaged 230.6K, a 19.4% increase compared to the previous year.
• Career Learning enrollments rose by 30.9%, reaching 94.8K.

Axos Financial, Inc. reported a net income of $104.7 million and diluted EPS of $1.80 for the quarter ended December 31, 2024. Adjusted EPS increased to $1.82 compared to $1.60 for the quarter ended December 31, 2023. Net interest margin was 4.83%. Total assets reached $23.7 billion and total deposits were $19.9 billion.

• Net income was $104.7 million and diluted EPS was $1.80.
• Adjusted EPS increased to $1.82, up from $1.60 in the prior year quarter.

Ashland reported sales of $405 million, a 14% decrease compared to the prior-year quarter. The company experienced a net loss of $165 million, or $3.50 per diluted share. Adjusted EBITDA was $61 million, down 13% from the prior-year quarter. The company is maintaining its full-year fiscal 2025 outlook.

• Sales decreased by 14% year-over-year to $405 million, with Portfolio Optimization reducing sales by approximately $50 million or 11%.
• Loss from continuing operations was $166 million, or a loss of $3.51 per diluted share.

Polaris Inc. reported a decrease in sales and earnings for the fourth quarter of 2024. Worldwide sales were $1,755 million, a 23% decrease compared to Q4 2023. Reported diluted earnings per share was $0.19, down 90% year-over-year, while adjusted diluted earnings per share was $0.92, a 54% decrease. The primary factors affecting sales were lower volume due to planned reductions in shipments as the company actively managed dealer inventory in a subdued retail environment.

• Fourth quarter sales decreased by 23% to $1,755 million due to lower volume from planned shipment reductions.
• Reported diluted earnings per share decreased by 90% to $0.19, and adjusted diluted earnings per share decreased by 54% to $0.92.

JetBlue reported a net loss of $44 million for the fourth quarter of 2024, with operating revenue of $2.3 billion, a 2.1% decrease year-over-year. The company exceeded revenue and cost expectations and improved operational reliability.

• Achieved fourth quarter operating margin of 0.7% and adjusted operating margin of 0.8%.
• Delivered $395 million of 2024 revenue initiatives, exceeding the target by $95 million.

Provident Financial Services, Inc. reported a net income of $48.5 million, or $0.37 per basic and diluted share, for the three months ended December 31, 2024, compared to $27.3 million, or $0.36 per basic and diluted share, for the three months ended December 31, 2023. The company's performance was positively impacted by the May 16, 2024 merger with Lakeland Bancorp, Inc.

• Net income for Q4 2024 was $48.5 million, or $0.37 per share.
• Total deposits increased $247.6 million to $18.62 billion as of December 31, 2024 compared to September 30, 2024.

Trustmark Corporation reported a net income of $56.3 million for Q4 2024, resulting in diluted earnings per share of $0.92. The company saw an increase in net income by $5.0 million from the previous quarter. The Board of Directors announced a 4.3% increase in the regular quarterly dividend to $0.24 per share.

• Net income for Q4 2024 was $56.3 million, with diluted earnings per share at $0.92.
• The Board of Directors increased the quarterly dividend by 4.3% to $0.24 per share.

LendingClub Corporation reported a 13% increase in loan originations, a 17% increase in total net revenue, and a 20% increase in total assets compared to the prior year. Net income was $9.7 million, which includes a one-time, post-tax $3.2 million non-cash impairment expense related to the Tally acquisition.

• Loan originations increased by 13% year-over-year to $1.85 billion.
• Total net revenue increased by 17% year-over-year to $217.2 million.

Merchants Bancorp reported a net income of $95.7 million for Q4 2024, representing $1.85 diluted earnings per share. The company's total assets reached $18.8 billion, and tangible book value per share increased by 25% to $34.15. The increase in net income was primarily driven by increases in noninterest income and net interest income.

• Net income for the fourth quarter of 2024 increased by $18.2 million, or 23%, compared to the fourth quarter of 2023.
• Total assets reached $18.8 billion at December 31, 2024, an 11% increase compared to December 31, 2023.

First Commonwealth Financial Corporation reported a net income of $35.8 million and diluted earnings per share of $0.35 for Q4 2024. Core pre-tax pre-provision net revenue totaled $51.4 million. The company's average deposits increased, and total loans also saw a rise, driven by growth in Equipment Finance and Commercial Real Estate portfolios.

• Net income reached $35.8 million, with diluted earnings per share at $0.35.
• Core pre-tax pre-provision net revenue totaled $51.4 million.

XPLR Infrastructure reported a net loss attributable to XPLR Infrastructure of $101 million for Q4 2024, including a one-time after-tax impairment of goodwill of $194 million. Adjusted EBITDA for the quarter was $483 million. The company is strategically repositioning to reinvest retained cash flows and has suspended distributions to unitholders.

• Strategic repositioning to focus on reinvesting retained cash flows in existing assets and other investments.
• Suspension of distributions to common unitholders indefinitely to facilitate a business plan without equity issuance.

Nurix Therapeutics reported Q4 revenue of $13.3 million and a net loss of $58.5 million, or ($0.75) per share. The company's cash, cash equivalents, and marketable securities totaled $609.6 million as of November 30, 2024.

• Reported a robust objective response rate of 75.5% from the Phase 1 study of NX-5948 in patients with relapsed/refractory CLL/SLL.
• Received PRIME designation from the European Medicines Agency for NX-5948 in CLL.

First Busey Corporation reported a net income of $28.1 million for Q4 2024, with diluted earnings per share of $0.49. Adjusted net income was $30.7 million, or $0.53 per diluted common share. The Wealth Management segment achieved record high quarterly revenue of $17.0 million.

• Net income for the fourth quarter of 2024 was $28.1 million, or $0.49 per diluted common share.
• Adjusted net income was $30.7 million, or $0.53 per diluted common share.

Coastal Financial Corporation reported a net income of $13.4 million for Q4 2024. The company completed a $98.0 million capital raise and saw high-quality net loan growth of $67.7 million. CCBX program fee income continued to increase, up 56.9% for the full year.

• Completed a $98.0 million capital raise to support growth, particularly in the CCBX segment.
• CCBX program fee income increased by 27.6% compared to the previous quarter.

Xerox's Q4 2024 results showed a revenue of $1.61 billion, down 8.6% year-over-year, but an improvement in GAAP net loss to $(21) million. The company's adjusted operating margin increased by 100 basis points to 6.4%. Xerox is focusing on its Reinvention strategy and expects revenue and profit growth in 2025.

• Revenue decreased by 8.6% to $1.61 billion, or 8.0% in constant currency.
• GAAP net loss improved to $(21) million, or $(0.20) per share.

Heartland Express reported Q4 2024 financial results, showing operating revenue of $242.6 million and a net loss of $1.9 million. The company saw operating improvements due to acquisition integration, cost controls, and a slightly better freight environment. They also paid down $100.3 million in debt during the year.

• Operating revenue for Q4 2024 was $242.6 million.
• Net loss for Q4 2024 was $1.9 million, with a basic loss per share of $0.02.

Camden National Corporation reported a strong fourth quarter with net income of $14.7 million and diluted EPS of $1.00, marking increases of 12% and 11%, respectively, compared to the previous quarter. The company also completed its merger with Northway Financial, Inc., increasing its total assets to approximately $7.0 billion.

• Net interest margin increased by 11 basis points to 2.57% compared to the third quarter of 2024.
• Return on average assets was 1.01%, and return on average equity was 10.99%.

World Acceptance Corporation reported a slight increase in total revenues to $138.6 million and a net income of $13.4 million for the third quarter of fiscal year 2025. The company saw improvements in borrowing from new, former, and existing customers, with customer base increasing by 3.7%.

• Total revenues increased to $138.6 million, including a 208 basis point yield increase year-over-year.
• Net income reached $13.4 million.

Hanmi Financial Corporation reported a strong fourth quarter in 2024, with net income of $17.7 million, or $0.58 per diluted share. This was driven by net interest margin expansion and disciplined expense management. The company's asset quality also improved.

• Net income for Q4 2024 was $17.7 million, or $0.58 per diluted share, compared to $14.9 million, or $0.49 per diluted share, for Q3 2024.
• Net interest margin expanded by 17 basis points to 2.91% in Q4 2024.

Capital City Bank Group, Inc. reported net income attributable to common shareowners of $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, which is the same as the previous quarter but an increase compared to the fourth quarter of 2023. Tax-equivalent net interest income totaled $41.2 million and net interest margin increased to 4.17%.

• Net income attributable to common shareowners was $13.1 million, or $0.77 per diluted share.
• Tax-equivalent net interest income totaled $41.2 million.

Peapack-Gladstone Financial Corporation reported a net income of $9.2 million and diluted EPS of $0.52 for Q4 2024. Core relationship deposits grew by $438 million, and loan balances increased by $201 million. Net interest income rose by $4.2 million to $41.9 million, driven by growth in average interest-earning assets and an improved net interest margin.

• Core relationship deposits grew by $438 million, representing an annualized growth rate of 36%.
• Loan balances increased by $201 million, reaching $5.5 billion.

CNB Financial Corporation reported a net income of $14.0 million, or $0.66 per diluted share, for the fourth quarter of 2024, compared to $12.9 million, or $0.61 per diluted share, for the previous quarter. The increase was driven by higher net interest income and lower non-interest expense, partially offset by lower non-interest income. Loans totaled $4.5 billion, excluding syndicated loans, representing a quarterly increase of $6.6 million. Total deposits were $5.4 billion, reflecting a quarterly increase of $154.4 million.

• Net income available to common shareholders was $14.0 million, or $0.66 per diluted share.
• Loans totaled $4.5 billion excluding the balances of syndicated loans, representing a quarterly increase of $6.6 million.

Alerus Financial Corporation reported a net income of $3.2 million for Q4 2024, with earnings per diluted common share at $0.13. The quarter was marked by the closing and conversion of HMN Financial, Inc., the largest acquisition in the company's history. Performance metrics improved across the board, including a significant expansion in net interest margin and an improved adjusted efficiency ratio.

• Net income for Q4 2024 was $3.2 million, or $0.13 per diluted common share.
• Total loans reached $4.0 billion as of December 31, 2024, a 31.7% increase from the previous quarter.

Flushing Financial Corporation reported a GAAP loss per share of $(1.61) for Q4 2024 and a core EPS of $0.14. The company executed actions to improve profitability and strengthen the balance sheet, expecting a significant improvement in performance with NIM expansion in Q1 2025.

• Successfully raised $70 million of capital to reposition the balance sheet and completed restructuring of the investment portfolio.
• Actions to move the balance sheet to a more neutral position have helped position the Company for the current environment.

Ponce Financial Group reported a net income available to common stockholders of $2.7 million, or $0.12 per diluted share, for Q4 2024, compared to $0.5 million, or $0.02 per diluted share, for Q4 2023. Net interest income increased by $3.5 million, or 20.54%, compared to the same quarter last year. The company's levels of liquidity and capital remain strong, with loans growing by 20.61% and deposits by 25.02%.

• Net income available to common stockholders was $2.7 million, or $0.12 per diluted share.
• Net interest income increased to $20.7 million, up 20.54% from the same quarter last year.

Primis Financial Corp. reported a net loss available to common shareholders of $14.7 million, or $0.59 loss per share, for Q4 2024, compared to a net loss of $8.2 million, or $0.33 loss per share, for Q4 2023. The results were significantly impacted by the decision to move a third-party originated consumer loan portfolio to held for sale.

• Made strategic moves to maximize strategic value, including neutralizing consumer loan credit impacts.
• Sold Life Premium Finance business and launched a mortgage warehouse lending business.

Waterstone Financial, Inc. reported a net income of $5.2 million, or $0.28 per diluted share, for the quarter ended December 31, 2024, compared to a net loss of $40,000 for the same quarter in the previous year. The company saw improvements in its Community Banking segment and maintained profitability in its Mortgage Banking segment through cost control.

• Net income was $5.2 million, or $0.28 per diluted share, compared to a net loss of $40,000 in the prior year.
• Community Banking segment pre-tax income increased by 26.0% to $6.7 million.

Utah Medical Products reported a decrease in revenue, net income, and EPS for Q4 2024 compared to the same period in 2023. The decline was attributed to lower sales across various segments, including OEM, OUS distributors, and Filshie devices. However, profit margins held up well due to cost management and a favorable shift in sales mix.

• Total consolidated worldwide sales decreased by 25.8% compared to Q4 2023.
• Net income decreased by 32.3% compared to Q4 2023.