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The activist investor made his fortune by acquiring sizable positions in companies and pushing management to make positive changes that increase shareholder value. He points to the ongoing shortage of resale housing inventory which is driving strong demand for new homes.
Etsy: 93% implied upside Etsy runs multiple online marketplaces, including Depop for fashion resale and Reverb for musical instruments. There is no guarantee that shareholders will see 93% returns any time soon, but patient investors who buy this undervalued growth stock today could be well rewarded five years down the road.
The company has also been doling out quarterly distributions to shareholders since 1956. It produces vehicles that are known for their high quality and dependability, which makes them more valuable than many American cars in the resale market. Toyota distributes dividends twice a year to shareholders.
Revenue inched up 0.8%, helped by higher fees, but adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) and net income both declined. I'm an Etsy shareholder, and I'm not planning to sell the stock yet, but it does belong in the penalty box after several quarters of flat growth and disappointing results.
Horton team produced solid results to finish the year, highlighted by consolidated pre-tax income of $1.7 billion on revenues of $10 billion, with a pre-tax profit margin of 17.1%. For the year, earnings per diluted share increased 4% to $14.34, and our consolidated pre-tax income was $6.3 billion on revenues of $36.8
And we returned a record $22 billion in cash to our shareholders, up 45% year on year through dividends, buybacks, and eliminations. Measure on resales, Q4 industrial resales of $173 million declined 27% year on year. We expect the non-GAAP tax rate in fiscal year 2025 to be approximately 14.5%
adjusted EBIT impact, higher taxes of $0.08, and a noncontrolling interest impact of $0.03. The shortfall was due to a combination of a smaller benefit from working capital and higher-than-anticipated cash tax levels. Modern Workplace organic revenue declined year to year in the mid-teens impacted by resale revenue, which was down 30%.
Our consolidated pre-tax income increased 23% to $1.5 billion with a pre-tax profit margin of 16.8%. Jessica Hansen -- Senior Vice President, Communications Forestar, our majority-owned residential lot development company reported revenues of $334 million for the second quarter on 3,289 lots sold with pre-tax income of $59 million.
By this, I mean further reducing low-margin resale revenue and driving a higher level of services, including those directly associated with AI and automation. Our results continue to be impacted by the year-to-year decline of resale revenues, which was 90 basis points of the 4.5% Our financial focus is on improving the business mix.
These tenants allow us to target the biggest piece of the potential homebuyer pool by effectively competing its resale inventory, not just in today's environment that favors builders but also when the resale market returns to historical averages. The second quarter's effective income tax rate was 22.1% from $5.02 billion to $6.3
Finally, Q2 industrial resale of $234 million declined 10% year on year. And for fiscal '24, we now expect industrial resale to be down double-digit percentage year on year, compared to our prior guidance for high single-digit decline. billion withholding taxes due on vesting of employee equity, resulting in the elimination of 1.2
Finally, Q3 industrial resales of $236 million declined 3% year on year, reflecting weak demand in China. And in Q4, though, we expect an improvement with industrial resales up low single-digit percentage year on year, reflecting largely seasonality. In the quarter, we paid stockholders 1.9 billion of cash dividends.
But fans were understandably frustrated, especially when they hopped on over to the secondary or resale ticket market and found tickets for, in some cases, thousands of dollars. This aims for transparency in ticket pricing with an all-in ticket price that's inclusive of fees and taxes. He's definitely a promoter guy.
As our enhanced operating model gains traction, we believe it positions us well to deliver greater value for our customers, improve financial performance, and drive long-term shareholder value. Non-GAAP net income attributable to DXC shareholders was $2 million year over year. Non-GAAP EPS was $0.74, up 17% from $0.63 Moving to GIS.
We expect our tax rate to be about 24.5% we're going to be increasing the amount that we return to shareholders through stock buybacks. But I think one of the great unknowns and uncertainty is what impact that does have on the resale market as far as, you know, potentially freeing up some inventory and getting some people to move.
Our consolidated pre-tax income was $1.2 billion, with a pre-tax profit margin of 16.1%. Jessica Hansen -- Vice President, Investor Relations Forestar, our majority-owned residential lot development company, reported revenues of $306 million for the first quarter on 3,150 lots sold, with pre-tax income of $51 million.
And finally, Q1 industrial resales of $215 million declined 6% year on year. In fiscal '24, we continue to expand industrial resales to be down high single digits year upon year. billion of common stock for taxes due on vesting of employee equity, resulting in the repurchase and elimination of approximately 7.7
increase was primarily driven by higher adjusted EBIT of $0.10, lower net interest expense and taxes of $0.02 year to year organically and services revenue was down approximately 7% and resale fell approximately 16%. year to year organically, with services revenue down approximately 5% and resale revenue down about 30%.
You see that in the valuations of companies out there in the market, limited resale inventory leads, brokers really having a tough time, but folks selling new homes are at all time highs and really sitting pretty. But he talked about how he held on to Cisco through the.com days because he didn't want to pay the taxes on it.
During the spring selling season with a healthy supply of move-in ready inventory, we were able to capitalize on strong market conditions generated by the increasing need for housing for millennials and Gen Zs as well as the move-down Baby Boomers who continue to find our limited inventory, limited availability of resale housing supply.
And lastly, the resale home market remains tight as existing buyers are hesitant to leave their low rate mortgages, which limits available inventory and helps to increase new home demand. The second quarter's effective income tax rate was 22% in 2023 compared to 24.6% To highlight just a few results from the first half of 2023.
Tight inventory levels in the resale and new home market propelled demand for available new homes, and we offered a combination of attractive pricing and compelling mortgage rate programs to capture that demand. We expect our tax rate to be about 24.7%, and the weighted average share count should be approximately 284 million shares.
Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude noncontrolling interest in Egypt and Egypt tax barrels. alternative minimum tax. tax accruals of $95 million for the year. Just a second question on shareholder return. per diluted common share.
Further, it ensures we sustain our strong margins and generate value for shareholders over a longer period, balancing today's performance with tomorrow's opportunities. Additionally, we delivered a pre-tax net income margin of 14.1%, up 130 basis points sequentially and significantly higher than our pre-pandemic average of 12.8%.
Lastly, we entered 2024 with a strong balance sheet, which provides us with the flexibility for further shareholder value creation going forward, including funding organic growth initiatives, appropriate acquisitions, debt repayment, and share repurchases. Love to do some shareholder value accretion -- accretive acquisitions.
Let's first talk about our resale business. Our effective tax rate in the second quarter on our adjusted results was 20.6% For the second quarter, we generated $28 million of free cash flow, defined as cash provided by operating activities less cash paid for property and equipment, reflecting the receipt of our IRS tax refund.
Our consolidated pre-tax income was $1.8 billion, with a pre-tax profit margin of 18.3%. We will maintain our disciplined approach to investing capital to enhance the long-term value of our company, including returning capital to our shareholders through both dividends and share repurchases on a consistent basis.
As we previously discussed, two of the largest population cohorts, the millennials and recently Gen Zs are having life events lean to increased levels of need-based housing that currently cannot be met by the constrained resale of home supply in the market. times, reflecting impressive growth in shareholder value. times to 1.4
Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude noncontrolling interest in Egypt and Egypt tax barrels. APA remains committed to returning at least 60% of our free cash flow this calendar year to shareholders. We are also reducing our full-year LOE outlook from $1.5
I'm thrilled to be here and look forward to working with all our shareholders and covering analysts going forward. Ultimately, our North Star is to use our depth of inventory to create better outcomes for sellers, buyers and our agents, which, as a function, should translate to better outcomes for Compass and our shareholders.
Last week, we launched our resale platform piloting with our own associates before launching a customer facing experience in the near future. During the second quarter of fiscal 25, we recorded an income tax benefit of $1.8 Net loss for the quarter was $5.9 million, or negative $0.38 per common share, compared to net loss of $0.6
And coupled with the recent changes to our credit facility, we believe this will provide additional flexibility as we look to drive future shareholder value. Obviously, some of the product resale affected mix this year. and $2.32, compared to $2.36 in fiscal 2022. As a reminder, this includes a $0.30 Thanks for taking my question.
Now there's a lot of misconceptions around EVs on the separate areas of costs like resale value and insurance, of course, range and charging, and battery life. Well, smaller batteries have an outsized impact on the cost and margin of the vehicle and the consumer tax credit in the U.S. It fits the duty cycle of an EV. And affordability.
By relying on artificial intelligence (AI) and machine learning to find attractive values and price them for resale, and operating an online marketplace, Opendoor thinks it can improve the process and offer a better product. Its main service is ibuying, or buying homes in bulk to fix up and resell.
We've also demonstrated our commitment to returning capital to shareholders. billion to shareholders in the last three years. As we move forward to 2025, we are excited about our opportunity to increase our market share as we compete against new build and resale homes alike. The fourth quarter's effective income tax rate was 22.1%
We are proud to be able to continue to take on corporate governance initiatives that align with our shareholders-with what our shareholders have told us is most important to them. The third quarter's effective income tax rate was 21.6% Now, let's turn to our Q3 results. Now, turning to Slide 7. this year compared to 22.4%
Our consolidated pre-tax income was $1.1 billion of revenues with a pre-tax profit margin of 14.6%. Our homebuilding pre-tax return on inventory for the trailing 12 months ended December 31st was 26.7%. billion to shareholders through share repurchases and dividends. per diluted share. billion on $7.6
We remain committed to our strategy that is balanced between funding our growth initiatives while delivering meaningful returns to our shareholders and maintaining our strong balance sheet. We expect AFFO growth to accelerate through the year as the phasing of cash taxes will be more first-half weighted than last year.
This will give us expanded transparency into billions of dollars of goods not for resale spend. billion to shareholders through share repurchases and dividends. to 4.4%, and adjusted effective income tax rate of approximately 25%, adjusted diluted earnings per share of $6.20 During fiscal '25, we returned $1.3 billion to $42.2
Having those shares available in public will help broaden our shareholders base, and a wider range of our shareholders can support us for medium and long-term perspective. I would like to explain the factors behind the increase or decrease in profit before tax compared to the same period last year. billion yen. billion yen.
The climb in November sales, meanwhile, comes at a time when President-elect Donald Trump has talked about eliminating federal EV tax incentives. Meanwhile, the elimination of a $7,500 tax credit for EVs could also hurt sales moving forward. Meanwhile, the elimination of a $7,500 tax credit for EVs could also hurt sales moving forward.
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