BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Concentrix Announces First Quarter 2024 Financial Results and Confirms Full-Year Outlook
March 26, 2024, NEWARK, Calif. — Concentrix Corporation (NASDAQ: CNXC), a leading global provider of customer experience solutions and technology, today disclosed its financial performance for the first quarter of the fiscal year 2024, ending February 29, 2024. The company has highlighted significant growth in revenue, alongside operational achievements and future financial commitments, including a substantial share repurchase program.
Financial Highlights of the First Quarter
- Revenue Growth: Concentrix reported a notable increase in revenue, reaching $2.402 billion for the quarter, which represents a 46.8% rise from the $1.636 billion recorded in the same quarter of the previous year. This growth placed revenue at the high end of the company’s guidance range.
- Operating Income: The company’s operating income was reported at $148.4 million, constituting 6.2% of revenue, a decrease from $156.0 million, or 9.5% of revenue, seen in the prior year's first quarter.
- Non-GAAP Operating Income: On a non-GAAP basis, operating income stood at $319.1 million, maintaining a consistent operating margin of 13.3% as in the previous year.
- Net Income and EPS: Net income for the quarter was $52.1 million, with diluted earnings per share (EPS) at $0.76. This is a decrease from the $87.9 million net income and $1.68 EPS reported in the prior year. Non-GAAP diluted EPS was slightly reduced to $2.57 from $2.59.
- Adjusted EBITDA: The company saw an increase in adjusted EBITDA to $384.3 million, or 16.0% of revenue, up from $255.8 million, or 15.6% of revenue, in the prior year's first quarter.
Operational and Strategic Commitments
- Dividend Payments: Concentrix has continued its commitment to returning value to shareholders through dividends, with a payment of $0.3025 per share made in February and another declared for May.
- Share Repurchase Program: In the first quarter, Concentrix repurchased 0.2 million shares at an average cost of $90.22 per share, totaling $22.0 million. The company confirms its plan to repurchase $100 million of its shares over the remainder of 2024, with $267.5 million remaining in the share repurchase authorization.
- Future Outlook: Concentrix remains optimistic about its performance in the upcoming quarters, confirming its full-year business outlook for revenue, profit, and cash flow. The company is well-positioned for Q2 with a strong pipeline, particularly highlighting the potential of its AI and technology-led solutions.
Forward-Looking Statements
For the second quarter of fiscal 2024, Concentrix anticipates reported revenue to be in the range of $2.325 billion to $2.372 billion, with non-GAAP EPS expected to be between $2.55 and $2.70. For the full fiscal year 2024, the company projects revenue to be between $9.510 billion and $9.700 billion, with non-GAAP EPS in the range of $11.69 to $12.50.
Concentrix's leadership, spearheaded by President and CEO Chris Caldwell, expresses confidence in the company's strategic direction and its ability to achieve the high end of its revenue guidance and profit targets for the quarter. The commitment to a $100 million share repurchase over the final three quarters of 2024 further reflects this confidence and the ongoing dedication to shareholder returns.
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