Renasant (RNST) Q1 FY2024 earnings: revenue $165 million, down 4.9% on the year

Renasant Corp. (RNST) reported revenue of $165 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.9% on the same quarter a year earlier. Net income was $39 million, down 14.5% on the year, and diluted earnings per share $0.70. The figures are the company's own, from the 10-Q it filed with the SEC on 8 May 2024.

Revenue$165 milliondown 4.9%

Net income$39 milliondown 14.5%

Diluted EPS$0.70

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	165	146	n/a	n/a
Interest expense	89.9	84.5	n/a	n/a
Pre-tax income	49.3	31.9	n/a	n/a
Income tax	9.9	3.8	n/a	n/a
Effective tax rate	20.1%	11.9%	n/a
Net income	39.4	28.1	n/a	n/a
Net margin	23.9%	19.2%	n/a
Diluted EPS	$0.70	$0.50	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	65.1	100	n/a	n/a
Capital expenditure	3.3	5.2	n/a	n/a
Free cash flow	61.8	95.2	n/a	n/a
Cash from investing	30.0	-145	n/a	n/a
Cash from financing	-52.0	104	n/a	n/a
Depreciation and amortisation	8.1	8.5	n/a	n/a
Share-based compensation	4.0	3.5	n/a	n/a
Dividends paid	12.7	12.6	n/a	n/a
Dividend per share	$0.22	n/a	n/a	n/a
Diluted shares, weighted	57m	57m	n/a	n/a
Shares outstanding at period end	56m	56m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	2,322	2,297	n/a	n/a
Deposits	14,237	14,077	n/a	n/a
Short-term borrowings	108	308	n/a	n/a
Debt	428	429	n/a	n/a
Other liabilities	250	249	n/a	n/a
Total liabilities and equity	17,346	17,361	n/a	n/a
Fixed assets	282	283	n/a	n/a
Goodwill	992	992	n/a	n/a
Intangible assets	17.6	18.8	n/a	n/a
Securities held for sale or to maturity	1,964	2,145	n/a	n/a
Loans	12,299	12,153	n/a	n/a
Cash and equivalents	844	801	n/a	n/a
Other assets	947	968	n/a	n/a
Total assets	17,346	17,361	n/a	n/a

Questions

What was Renasant's revenue in Q1 FY2024?

Renasant (RNST) reported revenue of $165 million for Q1 FY2024, the quarter ended 31 March 2024, down 4.9% on the same quarter a year earlier.

How much did Renasant earn in Q1 FY2024?

Net income for Q1 FY2024 was $39 million, down 14.5% on the year, and diluted earnings per share $0.70.

When did Renasant report Q1 FY2024 results?

Renasant filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 8 May 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	166	146	165	164	220	167	171	267	270	278	274	274
Interest expense	78.3	84.5	89.9	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	52.6	31.9	49.3	48.5	97.4	49.8	52.0	2.7	75.3	96.8	110	109
Tax rate	20%	12%	20%	20%	26%	10%	20%	62%	21%	18%	20%	20%
Net income	41.8	28.1	39.4	38.8	72.5	44.7	41.5	1.0	59.8	78.9	88.2	87.1
Net margin	25%	19%	24%	24%	33%	27%	24%	0%	22%	28%	32%	32%
Diluted EPS	$0.74	$0.50	$0.70	$0.69	$1.18	$0.70	$0.65	$0.01	$0.63	$0.83	$0.94	$0.94
Operating cash flow	79.7	100	65.1	-49.1	21.4	92.1	50.1	-77.3	135	n/a	100	82.4
Capital expenditure	4.0	5.2	3.3	3.5	3.6	3.2	4.8	10.2	15.3	3.4	6.3	6.0
Free cash flow	75.6	95.2	61.8	-52.6	17.7	88.9	45.3	-87.5	120	n/a	93.7	76.4
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	75.8	60.5
Dividends paid	12.6	12.6	12.7	12.6	14.2	14.2	14.3	21.2	21.2	22.0	21.6	22.2
Shares outstanding	56m	56m	56m	56m	64m	64m	64m	95m	95m	95m	93m	91m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2024, filed 8 May 2024, accession 0000715072-24-000130: the filing on EDGAR. All of Renasant Corp.'s filings: EDGAR company page.

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