Reports

Apple announced its fiscal 2025 first quarter results, reporting a record revenue of $124.3 billion, up 4 percent year over year, and a diluted earnings per share of $2.40, up 10 percent year over year.

• Total company revenue reached an all-time record.
• EPS reached a new all-time high with double-digit growth.

Visa reported strong first-quarter results with a 10% increase in net revenue, driven by growth in payments volume, cross-border volume, and processed transactions. GAAP EPS increased by 8%, and non-GAAP EPS increased by 14%.

• Net revenue increased by 10%, or 11% on a constant-dollar basis.
• GAAP net income was $5.1 billion, or $2.58 per share.

Thermo Fisher Scientific reported a 5% increase in revenue to $11.40 billion for the fourth quarter of 2024. GAAP diluted EPS grew by 14% to $4.78, and adjusted EPS grew by 8% to $6.10. The company highlighted its focus on strengthening industry leadership and executing its capital deployment strategy.

• Fourth quarter revenue grew 5% to $11.40 billion.
• Fourth quarter GAAP diluted earnings per share (EPS) grew 14% to $4.78.

Blackstone reported one of its best quarters in history, with earnings growth accelerating sharply. Key drivers of the business, including inflows, investment activity, and realizations, reached their highest levels in two-and-a-half years. The firm's ability to innovate and build market-leading businesses continues to power growth, exhibiting significant momentum as it moves forward in 2025.

• GAAP Net Income was $1.3 billion for the quarter and $5.4 billion for the year.
• Fee Related Earnings (FRE) reached $1.8 billion ($1.50/share) in the quarter and $5.3 billion for the year ($4.32/share).

Caterpillar Inc. announced fourth-quarter and full-year results for 2024. Sales and revenues for the fourth quarter of 2024 were $16.2 billion, a 5% decrease compared with $17.1 billion in the fourth quarter of 2023. Fourth-quarter 2024 profit per share was $5.78, compared with $5.28 profit per share in the fourth quarter of 2023. Adjusted profit per share in the fourth quarter of 2024 was $5.14, compared with fourth-quarter 2023 adjusted profit per share of $5.23.

• Fourth-quarter sales and revenues reached $16.2 billion.
• Full-year sales and revenues amounted to $64.8 billion.

Comcast Corporation reported strong Q4 2024 results, with record revenue, EBITDA, and EPS. The company saw growth in connectivity revenue, driven by domestic broadband, domestic wireless, international connectivity and business services. Peacock's revenue increased significantly, and NBC Sports had its most-watched year since 2016. The company also announced an increase in its dividend and a new share repurchase program.

• Consolidated Adjusted EBITDA increased by 9.9% in Q4.
• Peacock revenue increased by 28% in Q4.

UPS announced Q4 2024 consolidated revenues of $25.3 billion, a 1.5% increase from Q4 2023. Diluted earnings per share were $2.01, and non-GAAP adjusted diluted earnings per share were $2.75, 11.3% above the same period in 2023.

• Consolidated revenues reached $25.3 billion, a 1.5% increase compared to the previous year.
• Consolidated operating margin was 11.6%, with a non-GAAP adjusted margin of 12.3%.

KLA Corporation announced its Q2 Fiscal Year 2025 results, with revenues of $3.08 billion and GAAP net income per diluted share of $6.16. The company's performance was above the midpoint of its guidance, driven by growth in leading-edge technologies and strong profitability, despite the impact of new U.S. government export controls.

• Total revenues reached $3.08 billion, hitting the upper end of the guidance range.
• GAAP diluted EPS was reported at $6.16, impacted by a $239.1 million impairment charge.

Sherwin-Williams reported a 0.9% increase in consolidated net sales, driven by the Paint Stores Group, while the Consumer Brands and Performance Coatings Groups experienced lower sales. Diluted net income per share increased by 36.7% to $1.90, and adjusted diluted net income per share increased by 15.5% to $2.09.

• Consolidated Net sales increased primarily due to higher sales in the Paint Stores Group.
• Income before income taxes increased primarily due to higher Net sales, lower provisions for environmental matters and higher other income.

Altria Group reported its Q4 and full-year 2024 results, with core tobacco businesses delivering solid income growth and margin expansion. The company also provided its guidance for 2025 full-year adjusted diluted EPS and announced a new $1 billion share repurchase program.

• Altria expects to deliver 2025 full-year adjusted diluted EPS in a range of $5.22 to $5.37.
• NJOY consumables reported shipment volume increased 15.3% versus the prior year to 12.8 million units.

Intel reported a Q4 2024 revenue of $14.3 billion, a 7% decrease year-over-year. The company's earnings per share (EPS) attributable to Intel was $(0.03), while the non-GAAP EPS was $0.13. The company is forecasting Q1 2025 revenue of $11.7 billion to $12.7 billion.

• Q4 revenue was $14.3 billion, down 7% year-over-year.
• Full-year revenue was $53.1 billion, down 2% year-over-year.

Parker-Hannifin reported strong Q2 2025 results, with record segment operating margin, earnings per share, and year-to-date cash flow from operations. The company reduced debt by $1.1 billion and updated its fiscal year 2025 outlook to reflect stronger Aerospace growth.

• Sales were $4.7 billion; organic sales growth was 1%.
• Net income was $949 million, an increase of 39%, or $853 million adjusted, an increase of 6%.

The Cigna Group reported a revenue increase for Q4 2024, driven by Evernorth Health Services. However, earnings were impacted by higher stop loss medical costs within Cigna Healthcare. The company is addressing these near-term pressures while advancing its long-term growth strategy.

• Total revenues for fourth quarter 2024 increased 28% year-over-year.
• Shareholders’ net income for fourth quarter 2024 was $1.4 billion, or $5.13 per share.

Trane Technologies reported a strong fourth quarter with a 10% increase in revenue and a 20% increase in adjusted EPS. The company's robust bookings and backlog provide strong visibility entering 2025.

• Reported revenues of $4.9 billion, up 10 percent; organic revenues up 10 percent.
• GAAP operating margin up 110 bps; adjusted operating margin up 70 bps.

Northrop Grumman reported fourth-quarter sales of $10.7 billion, comparable to the prior year. Net earnings totaled $1.3 billion, or $8.66 per diluted share. The company's backlog reached a new record of $91.5 billion.

• Book to bill ratio was 1.23, with backlog rising to a new record of $91.5 billion.
• Sales increased 4.4 percent to $41.0 billion.

Atlassian reported a total revenue of $1,286.5 million, a 21% increase year-over-year, with subscription revenue growing by 30%. The company's GAAP operating margin was (4)%, while the non-GAAP operating margin was 26%. Atlassian ended the quarter with $2.5 billion in cash and cash equivalents plus marketable securities.

• Total revenue reached $1,286.5 million, up 21% year-over-year.
• Subscription revenue grew to $1,213 million, a 30% increase year-over-year.

Roper Technologies reported strong Q4 2024 results, with a 16% increase in revenue to $1.88 billion. GAAP net earnings increased by 22% to $462 million, and adjusted DEPS increased by 10% to $4.81. The company's performance was driven by both organic growth and contributions from acquisitions.

• Revenue increased 16% to $1.88 billion, with a 9% contribution from acquisitions and 7% organic growth.
• GAAP net earnings increased 22% to $462 million; adjusted net earnings increased 10% to $520 million.

Baker Hughes announced exceptional fourth-quarter results, with revenue of $7.4 billion, up 8% year-over-year, and adjusted EBITDA of $1.31 billion, up 20% year-over-year. GAAP diluted EPS was $1.18, and adjusted diluted EPS was $0.70. The company's performance was driven by strong LNG orders and gas infrastructure awards within the IET segment, along with progress on margin improvement initiatives.

• Orders were $7.5 billion, including $3.8 billion from the IET segment.
• Revenue reached $7.4 billion, an 8% increase year-over-year.

L3Harris Technologies reported fourth-quarter revenue of $5.5 billion and diluted EPS of $2.37. The company's results reflect business growth and improved operational efficiencies, driving margin improvement. They also delivered on their financial commitments, underscoring their agility and position as the defense industry’s Trusted Disruptor, and achieved a record backlog of $34 billion.

• 2024 orders of $24.2 billion; book-to-bill of 1.14x
• 2024 revenue of $21.3 billion, up 10%, and 4% organically

ResMed Inc. reported a 10% increase in revenue to $1.3 billion, a 52% increase in operating profit, and a 19% increase in non-GAAP operating profit for the second quarter of fiscal year 2025. The company's diluted earnings per share was $2.34, with a non-GAAP diluted earnings per share of $2.43. Operating cash flow was $309 million.

• Revenue increased by 10% to $1.3 billion; up 10% on a constant currency basis.
• Gross margin improved 300 bps to 58.6%; non-GAAP gross margin improved 230 bps to 59.2%.

The Hartford announced strong Q4 and full-year 2024 results, with net income available to common stockholders increasing by 11% in Q4 and 24% for the full year. The company's performance was driven by sustained momentum in Commercial Lines, significant progress in Personal Lines, continued strong margins in Group Benefits, and a higher investment portfolio yield.

• Net income available to common stockholders increased 11% in Q4 2024 compared to Q4 2023.
• Commercial Lines experienced strong top-line growth and profitable margins.

Deckers Brands reported exceptional third-quarter results with a 17% increase in revenue to a record $1.83 billion and a 19% increase in diluted EPS to a record $3.00. The company has raised its full-year revenue growth guidance to approximately 15% and diluted EPS guidance to a range of $5.75-$5.80.

• Third quarter revenue increased 17% to a record $1.83 billion.
• Third quarter diluted EPS increased 19% to a record $3.00.

Tractor Supply Company reported a 3.1% increase in net sales to $3.77 billion for the fourth quarter of 2024, with comparable store sales up 0.6%. Diluted EPS decreased 3.3% to $0.44. The company provided fiscal year 2025 guidance with net sales growth in the mid-single digits and diluted EPS outlook of $2.10 to $2.22.

• Fourth quarter net sales increased 3.1% with comparable store sales increase of 0.6%.
• Comparable average transaction growth was strong at 2.3%.

Dow reported Q4 2024 net sales of $10.4 billion, a 2% decrease year-over-year. The company experienced a GAAP net loss of $35 million, or $0.08 per share, while operating earnings per share were $0.00. Dow is implementing cost reduction measures and focusing on growth projects to navigate the economic downcycle.

• Net sales decreased by 2% year-over-year to $10.4 billion, reflecting declines in Packaging & Specialty Plastics.
• Volume increased 1% compared to the year-ago period, with gains in most regions.

Dover reported a 1% increase in revenue to $1.9 billion for Q4 2024. GAAP earnings from continuing operations decreased by 8% to $238 million, with diluted EPS down 7% to $1.72. However, adjusted earnings from continuing operations remained flat at $305 million, and adjusted diluted EPS increased by 1% to $2.20.

• Dover's Q4 results were encouraging, demonstrating broad-based top line strength.
• Order trends continued positively with a book-to-bill ratio above one, driven by secular-growth-exposed markets.

LPL Financial reported a strong fourth quarter in 2024, with net income reaching $271 million and diluted EPS at $3.59, a 26% increase year-over-year. Adjusted EPS also rose by 21% to $4.25. The company's total advisory and brokerage assets grew to $1.7 trillion, and it achieved significant organic net new assets of $68 billion. The company's advisor count increased substantially, reflecting the successful onboarding of advisors from Atria and Prudential.

• Net income was $271 million, with diluted EPS of $3.59, up 26% year-over-year.
• Adjusted EPS increased 21% year-over-year to $4.25.

PulteGroup's Q4 2024 saw a 13% increase in home sale revenues to $4.7 billion, driven by a 6% increase in closings to 8,103 homes. Net income was reported at $913 million, or $4.43 per share, including a pre-tax insurance benefit of $255 million, or $0.93 per share. The company repurchased 2.5 million common shares for $320 million and announced a $1.5 billion increase to its share repurchase authorization.

• Earnings per share were $4.43.
• Closings increased 6% to 8,103 homes.

Weyerhaeuser's Q4 2024 performance showed net earnings of $81 million on net sales of $1.7 billion. The company's Adjusted EBITDA was $294 million for the quarter. For the full year 2024, Weyerhaeuser reported net earnings of $396 million on net sales of $7.1 billion.

• Generated full year net earnings of $396 million and Adjusted EBITDA of $1.3 billion.
• Returned $735 million in total cash back to shareholders based on 2024 results and actions, including $153 million of share repurchase completed in 2024.

International Paper reported a net loss of $147 million for Q4 2024, with net sales of $4.6 billion, which were the same as the prior year. The company is focusing on cost reduction and optimizing its box plant system, while also exploring strategic options for its Global Cellulose Fibers business.

• Net sales were $4.6 billion, consistent with the same quarter in the previous year.
• Reported a net loss of $147 million, or $0.42 per diluted share.

Southwest Airlines reported a fourth-quarter net income of $261 million, or $0.42 per diluted share, and a record fourth-quarter operating revenue of $6.9 billion. The results were driven by tactical initiatives and a constructive demand environment. The company is also launching a $750 million accelerated share repurchase program.

• Reported fourth quarter net income of $261 million, or $0.42 per diluted share.
• Reported record fourth quarter operating revenues of $6.9 billion.

Quest Diagnostics reported a strong Q4 2024, with a 14.5% increase in revenue to $2.62 billion and a 14.7% increase in reported EPS to $1.95. The company's full-year revenue grew by 6.7% to $9.87 billion, and it provided guidance for full-year 2025 with EPS expected to be between $8.34 and $8.59.

• Fourth quarter revenues increased by 14.5% to $2.62 billion compared to 2023.
• Reported diluted EPS for the fourth quarter was $1.95, a 14.7% increase from 2023.

Dynatrace reported strong third-quarter results, exceeding guidance across all key operating metrics. The company's ARR grew by 18% on a constant currency basis, and subscription revenue increased by 21% on the same basis. Dynatrace achieved a GAAP operating margin of 11% and a non-GAAP operating margin of 30%.

• ARR increased by 16%, or 18% on a constant currency basis, reaching $1,647 million.
• Total revenue grew by 19%, or 20% on a constant currency basis, totaling $436 million.

Avery Dennison reported a 3.6% increase in net sales to $2.2 billion and a 10% increase in adjusted EPS to $2.38 for Q4 2024. The company's Materials and Solutions Groups both contributed to the strong performance.

• Reported EPS increased to $2.16, while adjusted EPS reached $2.38, up 10%.
• Net sales grew by 3.6% to $2.2 billion.

Mobileye reported their Q4 and full year results, highlighting accomplishments including dozens of on-time production program launches and shipping the 200 millionth EyeQ system.

• Executed dozens of production program launches on-time for customers.
• Shipped the 200 millionth EyeQ system in company history.

A. O. Smith's Q4 2024 sales decreased by 8% due to lower sales in China and North America. Net earnings decreased by 20% and adjusted earnings decreased by 14%. The company's 2025 outlook projects flat to up 2% consolidated sales compared to 2024.

• Sales decreased by 8% primarily driven by lower sales in China and North America.
• Net earnings decreased by 20% due to lower sales.

Carpenter Technology reported strong Q2 FY2025 results, with record second quarter operating income of $118.9 million and earnings per diluted share of $1.66. The company saw improved productivity, product mix optimization, and pricing actions, particularly in the SAO segment. They are increasing their FY25 outlook.

• Delivered $118.9 million of operating income, up 70 percent year-over-year and a record second quarter result.
• Realized earnings per diluted share of $1.66.

AppFolio reported a 19% year-over-year increase in revenue, reaching $204 million for Q4 2024. Total units under management grew by 6% to 8.7 million. GAAP operating income was $23 million, while non-GAAP operating income was $41 million. The company's focus on innovation and customer value contributed to its strong performance.

• Revenue increased by 19% year-over-year, reaching $204 million.
• Total units under management grew by 6% year-over-year to 8.7 million.

Cullen/Frost Bankers reported a net income available to common shareholders of $153.2 million for Q4 2024, an increase of $52.3 million compared to Q4 2023. Excluding the FDIC surcharge impact from the previous year, net income available to common shareholders increased by $11.6 million, or 8.2 percent. Average deposits saw growth both on a linked-quarter and year-over-year basis.

• Net income available to common shareholders was $153.2 million, up from $100.9 million in Q4 2023.
• Excluding the FDIC surcharge from Q4 2023, net income available to common shareholders increased by 8.2 percent.

Credit Acceptance Corporation announced consolidated net income of $151.9 million, or $12.26 per diluted share, for the three months ended December 31, 2024, compared to consolidated net income of $93.6 million, or $7.29 per diluted share, for the same period in 2023. Adjusted net income, a non-GAAP financial measure, for the three months ended December 31, 2024, was $126.0 million, or $10.17 per diluted share, compared to $129.1 million, or $10.06 per diluted share, for the same period in 2023.

• Forecasted collection rates declined, decreasing net cash flows from the loan portfolio by $31.1 million, or 0.3%.
• Consumer Loan assignment unit volume growth slowed to 0.3%, while the average loan portfolio balance increased by 14.0% on a GAAP basis.

Oshkosh Corporation reported a 6.3% increase in fourth-quarter sales to $2.62 billion, driven by higher volumes and improved pricing in the Vocational segment. Earnings per share rose to $2.33, and adjusted earnings per share reached $2.58. The company is optimistic about growth in its Vocational and Defense segments in 2025.

• Fourth-quarter sales increased by 6 percent to $2.62 billion.
• Earnings per share for the fourth quarter were reported at $2.33, with adjusted earnings per share at $2.58.

Kirby Corporation announced Q4 2024 net earnings of $42.8 million, or $0.74 per share, compared to $61.9 million, or $1.04 per share in Q4 2023. Excluding one-time items, net earnings were $74.9 million, or $1.29 per share. Consolidated revenues were $802.3 million compared to $799.2 million in the prior year. The company anticipates strong growth in 2025.

• GAAP earnings per share was $0.74, and adjusted earnings per share was $1.29.
• Inland marine term contracts repriced higher in the 6-9% range year-over-year.

CSW Industrials reported record fiscal 2025 third quarter results, with revenue increasing by 10.7% to $193.6 million. Net income attributable to CSWI increased 48.9% to $26.9 million, and adjusted EBITDA grew 14.2% to $42.0 million.

• Total revenue increased 10.7% to a third quarter record of $193.6 million.
• Net income attributable to CSWI increased 48.9% to $26.9 million.

PennyMac Financial Services, Inc. reported net income of $104.5 million for the fourth quarter of 2024, or $1.95 per share on a diluted basis, on revenue of $470.1 million. The company's servicing portfolio grew to $666 billion in unpaid principal balance at year end.

• Net income for the fourth quarter of 2024 was $104.5 million, or $1.95 per share.
• Revenue for the fourth quarter of 2024 was $470.1 million.

Asbury Automotive Group reported record fourth-quarter revenue of $4.5 billion, an 18% increase year-over-year. EPS was $6.54 per diluted share, while adjusted EPS was $7.26 per diluted share. The company's Parts & Service gross profit grew by 19%, reaching an all-time record of $340 million.

• Record quarterly revenue of $4.5 billion, an 18% increase year-over-year.
• Parts & Service gross profit reached a record $340 million, a 19% increase year-over-year.

Schneider National reported operating revenues of $1.3 billion and diluted earnings per share of $0.18 for Q4 2024. The company saw improvements in earnings across all reportable segments and completed the acquisition of Cowan Systems. They anticipate improved freight market conditions in 2025.

• Operating revenues were $1.3 billion, compared to $1.4 billion in 2023.
• Diluted earnings per share increased to $0.18 from $0.15 in the prior year.

Boot Barn Holdings reported a strong third quarter with net sales increasing by 16.9% to $608.2 million and same store sales rising by 8.6%. Net income increased to $75.1 million, or $2.43 per diluted share. The company opened 13 new stores, expanding its total store count to 438.

• Net sales increased by 16.9% to $608.2 million.
• Same store sales increased by 8.6%, with retail store same store sales up 8.2% and e-commerce same store sales up 11.1%.

FirstCash reported record fourth quarter revenues and earnings, primarily fueled by strong pawn operating results. Same-store pawn receivables increased 12% in both the U.S. and Latin America. A total of 16 pawn stores were added in the fourth quarter, including an acquisition of 10 stores coupled with six new store openings.

• Record fourth quarter and full year revenues and earnings were achieved, primarily fueled by exceptionally strong pawn operating results.
• Same-store pawn receivables increased 12% in both the U.S. and Latin America (local currency basis) compared to last year.

Lazard reported net revenue of $817 million and adjusted net revenue of $812 million for the fourth quarter of 2024. Net income was $86 million, or $0.80 per share, diluted, while adjusted net income was $85 million, or $0.78 per share, diluted. The company's Financial Advisory and Asset Management segments both saw revenue increases compared to the previous year.

• Firm-wide adjusted net revenue increased 18% in 2024.
• Financial Advisory adjusted net revenue increased 28% in 2024.

SkyWest reported a strong Q4 2024 with a 26% increase in revenue to $944 million and net income of $97 million, or $2.34 per diluted share, compared to $18 million, or $0.42 per diluted share in Q4 2023. The company's block hour production increased by 20%, reflecting improvements in captain availability. SkyWest also took delivery of four new E175 aircraft and reached a multi-year contract extension with American Airlines.

• Q4 2024 net income reached $97 million, or $2.34 per diluted share.
• Revenue increased by 26% to $944 million compared to Q4 2023.

Ameris Bank reported a strong fourth quarter with net income of $94.4 million, or $1.37 per diluted share, and adjusted net income of $95.1 million, or $1.38 per diluted share. The company saw total revenue growth of 9.8% annualized and an increase in net interest income (TE) of $7.7 million. Positive operating leverage was maintained with an efficiency ratio of 52.26%.

• Net income reached $94.4 million, or $1.37 per diluted share.
• Adjusted net income was $95.1 million, or $1.38 per diluted share.

Murphy Oil Corporation reported a net income of $50 million for Q4 2024, with adjusted net income at $51 million. The company drilled an oil discovery in Vietnam and repurchased $300 million of shares in 2024. They also increased the dividend by 8 percent for 2025.

• Drilled an oil discovery at Hai Su Vang-1X in offshore Vietnam.
• Increased dividend by 8 percent in 2025.

Allegro MicroSystems reported Q3 2025 sales of $177.872 million and non-GAAP EPS of $0.07, exceeding the midpoint of guidance. The company introduced a record number of new magnetic sensing and power products, expanding its differentiated portfolios and positioning itself for above-market growth.

• Delivered third quarter sales above guidance.
• Introduced a record number of new magnetic sensing and power products.

Cavco Industries reported a strong third quarter with net revenue up 16.8% to $522 million, driven by a 21.6% increase in home sales volume. The company's pre-tax profit improved significantly, and EPS rose by 62% to $6.90. Financial services saw a strong recovery, and factory-built housing production ramped up.

• Net revenue increased by 16.8% to $522 million, primarily due to home sales volume growth.
• Home sales volume increased by 21.6%, with capacity utilization reaching approximately 75%.

TFS Financial Corporation reported a net income of $22.4 million for the quarter ended December 31, 2024, driven by a release of provision for credit losses and a decrease in non-interest expense, partially offset by a decrease in net interest income. The company's Tier 1 capital ratio remained strong at nearly 11%.

• Net income increased to $22.4 million compared to the previous quarter.
• Net interest income decreased slightly to $68.3 million.

Adtalem Global Education reported a strong second quarter fiscal year 2025 with revenue up 13.9% year-over-year and diluted earnings per share of $1.98. The company also raised its fiscal year 2025 revenue and adjusted earnings per share guidance.

• Total student enrollment 91,264, up 11.6% year-over-year
• Revenue $447.7 million, up 13.9% year-over-year

Bread Financial reported a decrease in net income for Q4 2024, driven by lower revenue and increased expenses, although credit metrics showed signs of stabilization. The company highlighted its focus on disciplined expense management and capital allocation, while also navigating macroeconomic and regulatory challenges.

• Credit sales increased by 1% year-over-year, reflecting new partner growth and stronger holiday sales.
• The delinquency rate decreased to 5.9% from 6.5% in Q4 2023.

Federated Hermes reported Q4 2024 earnings per diluted share of $1.04, compared to $0.96 for the same quarter last year, on net income of $84.7 million, compared to $82.2 million for Q4 2023. Total assets under management reached a record $829.6 billion.

• Q4 2024 earnings per diluted share (EPS) was $1.04.
• Net income for Q4 2024 reached $84.7 million.

ManpowerGroup reported Q4 2024 revenues of $4.4 billion, a 5% decrease year-over-year. Net earnings per diluted share were $0.47, compared to a net loss of $1.73 per share in the prior year period. The quarter included restructuring costs, pension settlements, and net losses from the sale of the Austria business, reducing earnings per share by $0.55. Excluding these charges, earnings per share was $1.02, a 27% decrease in constant currency.

• Revenues of $4.4 billion, down 5% as reported and 3% in constant currency.
• Europe and North America experienced a challenging environment, while Asia Pacific and Latin America saw good demand.

The Bancorp reported significant Fintech business expansion and EPS growth in 2024. The company is affirming 2025 guidance of $5.25 a share, excluding planned buybacks.

• Closed on the sale of an $82 million real estate bridge loan portfolio on December 31, 2024.
• Total substandard loans decreased 14% to $134.4 million at December 31, 2024, from $155.4 million at September 30, 2024.

First Merchants Corporation reported a strong fourth quarter in 2024, marked by significant increases in net income available to common stockholders and diluted earnings per share. The corporation completed the sale of five Illinois branches, contributing to non-interest income. Loan and deposit balances showed positive momentum, and key financial ratios reflected a strong capital position.

• Net income available to common stockholders was $63.9 million, with diluted earnings per common share totaling $1.10.
• The Common Equity Tier 1 Capital Ratio was 11.43%, and the Tangible Common Equity to Tangible Assets Ratio was 8.81%.

Standex International Corporation reported a 6.4% increase in sales, driven by acquisitions, which was partially offset by organic decline. The company achieved a record adjusted operating margin of 18.7%, up 150 bps year-over-year, and the Electronics segment's book-to-bill ratio was 1.02, indicating continued market recovery.

• Sales increased 6.4% with contributions from acquisitions, partially offset by organic decline.
• GAAP gross margin was 37.6%, with adjusted gross margin at 40.9%, up 60 bps year-over-year.

VIAVI's second quarter fiscal 2025 financial performance exceeded expectations, driven by recovering Network and Service Enablement (NSE) demand. Net revenue reached $270.8 million, a 6.4% increase year-over-year, with a GAAP operating margin of 8.2%. The company reported a GAAP net income of $9.1 million, or $0.04 per share, and a non-GAAP net income of $29.4 million, or $0.13 per share.

• Net revenue of $270.8 million, up 6.4% year-over-year
• GAAP operating margin of 8.2%, down 60 bps year-over-year

Central Garden & Pet reported a strong start to fiscal year 2025, with net sales increasing by 3% to $656 million and EPS reaching $0.21. The company's performance was driven by increased shipments, productivity gains, and easing inflation. They maintain their outlook for fiscal 2025 non-GAAP EPS of $2.20 or better.

• Net sales increased by 3% to $656 million compared to $635 million in the prior year.
• Earnings per share (EPS) increased to $0.21, up from $0.01 in the previous year.

NETSCOUT's Q3 fiscal year 2025 saw revenue of $252.0 million, exceeding expectations with strong performance in both Cybersecurity and Service Assurance. GAAP net income was $48.8 million, or $0.67 per share (diluted), while non-GAAP net income was $68.3 million, or $0.94 per share (diluted). The company is narrowing its fiscal year 2025 outlook ranges while maintaining the midpoints from previous guidance for revenue and non-GAAP net income per share.

• Total revenue for Q3 fiscal year 2025 was $252.0 million, compared to $218.1 million in Q3 fiscal year 2024.
• Product revenue was $128.2 million, approximately 51% of total revenue.

Coursera reported a 6% increase in Q4 revenue, reaching $179.2 million. The company's net loss was $(21.6) million, while non-GAAP net income was $13.3 million. Key metrics included growth in registered learners, paid enterprise customers, and degrees students.

• Total revenue increased by 6% to $179.2 million compared to the previous year.
• Consumer revenue rose by 5% to $101.7 million, driven by Coursera Plus subscriptions.

Stellar Bancorp reported a net income of $27.8 million, or $0.52 diluted earnings per share, for Q4 2024. The company's focus remains on core fundamentals and economic activity in its markets as it enters 2025.

• Net income for the fourth quarter of 2024 was $27.8 million, or diluted earnings per share of $0.52.
• Tax equivalent net interest margin for the fourth quarter of 2024 was 4.25%.

S&T Bancorp reported a net income of $33.1 million, or $0.86 per diluted share, for the fourth quarter of 2024. The company saw improvements in asset quality, drove a negative provision for credit losses, and maintained a strong regulatory capital position.

• Net income reached $33.1 million, or $0.86 per diluted share.
• Return on average assets (ROA) was 1.37%, return on average equity (ROE) was 9.57%, and return on average tangible equity (ROTE) was 13.25%.

RPC, Inc. reported a slight sequential improvement in pressure pumping results, while the rest of the business was generally soft, reflecting typically lower fourth quarter customer activity. Revenues decreased 1% sequentially to $335.4 million and net income was $12.8 million, down 32% sequentially.

• Revenues decreased 1% sequentially to $335.4 million
• Net income was $12.8 million, down 32% sequentially, and diluted Earnings Per Share (EPS) was $0.06

Berkshire Hills Bancorp reported a 28% year-over-year increase in fourth quarter operating EPS and a 4% increase for full year operating EPS, driven by growth initiatives, strategic optimization, strong credit discipline, and expense management. The company achieved a 9.9% operating return on tangible common equity in the fourth quarter. A definitive agreement with Brookline Bancorp, Inc. for a merger of equals was announced in December.

• Fourth quarter GAAP income was $20 million, or $0.46 per share.
• Operating earnings totaled $26 million, or $0.60 per share.

ScanSource reported a decrease in net sales by 15.5% year-over-year, totaling $747.5 million. However, the company saw a 1.0% increase in gross profit, reaching $101.7 million, and a higher gross profit margin of 13.6%. Recurring revenue increased by 31.2% year-over-year, contributing to the higher gross profit margin.

• Net sales decreased by 15.5% year-over-year to $747.5 million.
• Gross profit increased by 1.0% year-over-year to $101.7 million, with a gross profit margin of 13.6%.

PennyMac Mortgage Investment Trust reported a net income attributable to common shareholders of $36.1 million, or $0.41 per common share, for Q4 2024. The results were driven by strong levels of income excluding market driven value changes and excellent performance across all three investment strategies.

• Net income attributable to common shareholders was $36.1 million, with an annualized return on average common equity of 10%.
• Book value per common share increased to $15.87 at December 31, 2024, from $15.85 at September 30, 2024.

ConnectOne Bancorp reported a strong fourth quarter in 2024, with a significant increase in net income available to common stockholders, margin expansion, and growth in loans and core deposits. The company is also progressing with its merger with The First of Long Island Corporation.

• Net income available to common stockholders increased by 20.5% quarter-over-quarter and 6.2% year-over-year.
• Loan portfolio grew by 2.0% and core deposits grew by 3.2% quarter-over-quarter.

Beazer Homes USA, Inc. announced its financial results for the three months ended December 31, 2024. The company saw an increase in net new orders and closings, supported by a higher community count. However, net income and adjusted EBITDA decreased compared to the previous year due to lower operating margins.

• Net new orders increased by 13.2% year-over-year.
• Homebuilding revenue increased by 20.9% due to a 22.1% increase in home closings.

SunCoke Energy reported a strong year with domestic coke fleet running at full capacity and favorable results in the Logistics segment. Full-year Adjusted EBITDA exceeded the high-end of revised guidance.

• Net income attributable to SXC was $23.7 million, or $0.28 per diluted share, in the fourth quarter 2024.
• Fourth quarter 2024 consolidated Adjusted EBITDA was $66.1 million.

Malibu Boats, Inc. reported a decrease in net sales by 5.1% to $200.3 million and a decrease in GAAP net income by 76.1% to $2.4 million compared to the second quarter of fiscal year 2024. The company is adjusting production levels to match a challenging retail environment and updating full-year guidance to reflect weaker retail market trends.

• Net sales decreased 5.1% to $200.3 million.
• Unit volume decreased 11.0% to 1,222 units.

1-800-FLOWERS.COM, Inc. reported a 5.7% decrease in second quarter revenue to $775.5 million. Net income increased to $64.3 million, or $1.00 per diluted share. The company is updating its Fiscal 2025 guidance, expecting revenue to decline in the mid-single digits and Adjusted EBITDA to be in the range of $65 million to $75 million.

• Total consolidated revenues decreased 5.7% to $775.5 million compared to the prior year period.
• Gross profit margin of 43.3% was flat with the prior year period.

Surmodics reported a slight decrease in total revenue, a net loss, and an adjusted EBITDA that was slightly less than the prior year. The revenue decrease was primarily due to lower SurVeil DCB revenue, offset by growth in other areas. The net loss was impacted by merger-related charges.

• Total revenue decreased by 2% year-over-year to $29.9 million.
• Excluding SurVeil DCB license fee revenue, total revenue decreased by 3% year-over-year to $28.7 million.

HarborOne Bancorp, Inc. reported a net income of $8.9 million, or $0.21 per diluted share, for the quarter ended December 31, 2024. This represents an increase of $5.0 million compared to the previous quarter. The results were partially driven by a $546,000 release of tax reserve for uncertain tax positions that were resolved.

• Net income increased to $8.9 million, or $0.21 per diluted share, driven by a tax reserve release.
• Net interest margin remained flat at 2.36% on a linked-quarter basis.

Shore Bancshares, Inc. reported a strong fourth quarter in 2024, with net income of $13.3 million, or $0.40 per diluted common share. This compares favorably to the third quarter of 2024, which saw net income of $11.2 million, or $0.34 per diluted common share, and the fourth quarter of 2023, which had net income of $10.5 million, or $0.31 per diluted common share. The company's performance was driven by increased net interest income, a lower provision for loan losses, and higher noninterest income.

• Net income for the fourth quarter of 2024 was $13.3 million, an increase from both the previous quarter and the same quarter last year.
• Return on Average Assets (ROAA) improved to 0.86% for Q4 2024.

First Foundation Inc. reported a net loss of $14.1 million, or $0.17 per share (basic and diluted) for the fourth quarter of 2024. The company sold multifamily loans totaling approximately $489 million in principal balance. The results also include the recording of $20.1 million in additional provision for loan losses.

• Sold approximately $489 million principal balance of multifamily loans held for sale at a price of 95.1, above initial and quarter-end fair-value pricing.
• Recorded $20.1 million in provision for loan losses increasing the ratio of allowance for credit losses to total loans held for investment to 0.41%.

Kearny Financial Corp. reported a net income of $6.6 million for the quarter ended December 31, 2024, compared to $6.1 million for the previous quarter. Earnings per share were $0.11 basic and $0.10 diluted. Deposits increased by 3.7% and the net interest margin expanded by two basis points to 1.82%.

• Net income increased to $6.6 million, compared to $6.1 million for the quarter ended September 30, 2024.
• Earnings per basic share were $0.11, and diluted share were $0.10 for the quarter ended December 31, 2024.

Arrow Financial Corporation reported a net income of $4.5 million, with earnings per share of $0.27 for the fourth quarter of 2024. The results included non-core items that impacted the quarter, such as a loss on the sale of securities and expenses related to bank unification.

• Reported net income of $4.5 million or $0.27 EPS.
• Core net income was $7.8 million or $0.47 EPS.

Marine Products Corporation reported a decrease in net sales by 33% year-over-year to $47.8 million. Net income decreased by 21% year-over-year to $4.3 million, with diluted EPS at $0.12. The net income margin increased to 8.9% due to favorable tax items.

• Net sales decreased 33% year-over-year to $47.8 million.
• Net income was $4.3 million, down 21% year-over-year, and diluted EPS was $0.12.

OneWater Marine Inc. reported a revenue increase of 3% to $376 million for the fiscal first quarter 2025. Same-store sales increased by 4%. The company experienced a net loss of $14 million, or $(0.81) per diluted share, and an adjusted diluted loss per share of $(0.54).

• Revenue increased 3% to $376 million.
• Same-store sales increased 4%, including an increase in units sold.

GSI Technology reported a 2% year-over-year increase in revenue, reaching $5.4 million, driven by strengthening core SRAM sales and increasing demand from a key customer. The company is progressing with its APU technology, with the Gemini-II chip on track for a February tape-out and plans for the next-generation Plato chip.

• Revenue reached $5.4 million, a 2% increase year-over-year and a 19% sequential increase.
• Core SRAM sales are strengthening due to normalized inventory levels and increased customer demand.