Terreno Realty (TRNO) Q4 FY2024 earnings: revenue $104 million, up 19.9% on the year

Terreno Realty Corp. (TRNO) reported revenue of $104 million for Q4 FY2024, the quarter ended 31 December 2024, up 19.9% on the same quarter a year earlier. Net income was $76 million, up 32.2% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2025.

Revenue$104 millionup 19.9%

Net income$76 millionup 32.2%

Diluted EPS$0.78

QuarterQ4 FY2024ended 31 December 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Revenue	104	99.6	86.5	+19.9%
Operating income	39.2	39.2	36.4	+7.6%
Operating margin	37.8%	39.3%	42.1%
Interest expense	5.3	4.9	5.7	-7.8%
Net income	76.1	36.6	57.6	+32.2%
Net margin	73.4%	36.8%	66.6%
Diluted EPS	$0.78	$0.37	$0.68	+14.7%

$ 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	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Operating cash flow	51.3	70.0	39.1	+31.4%
Capital expenditure	15.8	13.8	13.8	+14.6%
Free cash flow	35.5	56.2	25.3	+40.6%
Free cash flow margin	34.3%	56.4%	29.2%
Cash from investing	-310	-58.3	-90.8	n/a
Cash from financing	33.1	49.8	118	-71.9%
Depreciation and amortisation	25.9	24.1	18.6	+39.4%
Share-based compensation	3.8	3.8	3.3	+13.8%
Buybacks	0.0	2.3	0.0	n/a
Dividends paid	48.9	43.5	38.4	+27.2%
Dividend per share	$0.49	$0.49	$0.45	+8.9%
Diluted shares, weighted	96m	98m	83m	+15.0%
Shares outstanding at period end	99m	99m	87m	+13.4%

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	Q4 FY2024	Q3 FY2024	Q4 FY2023	Change on the year
Shareholders' equity	3,662	3,631	2,915	+25.7%
Debt	823	672	772	+6.7%
Other liabilities	284	267	218	+30.2%
Total liabilities and equity	4,770	4,571	3,905	+22.2%
Cash and equivalents	18.1	244	165	-89.1%
Other assets	4,752	4,327	3,739	+27.1%
Total assets	4,770	4,571	3,905	+22.2%

Questions

What was Terreno Realty's revenue in Q4 FY2024?

Terreno Realty (TRNO) reported revenue of $104 million for Q4 FY2024, the quarter ended 31 December 2024, up 19.9% on the same quarter a year earlier.

How much did Terreno Realty earn in Q4 FY2024?

Net income for Q4 FY2024 was $76 million, up 32.2% on the year, and diluted earnings per share $0.78.

When did Terreno Realty report Q4 FY2024 results?

Terreno Realty filed its 10-K for the year that ended with the quarter on 5 February 2025; the fourth quarter is the year less the first three.

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	82.9	86.5	85.0	94.2	99.6	104	110	112	116	137	124	125
Operating income	35.0	36.4	32.7	36.9	39.2	39.2	43.0	43.7	48.0	57.4	50.7	52.1
Operating margin	42%	42%	38%	39%	39%	38%	39%	39%	41%	42%	41%	42%
Interest expense	5.8	5.7	5.2	5.5	4.9	5.3	7.9	7.0	8.4	9.5	9.0	8.3
Net income	30.3	57.6	36.1	35.7	36.6	76.1	48.1	93.3	103	158	69.4	57.6
Net margin	37%	67%	42%	38%	37%	73%	44%	83%	89%	115%	56%	46%
Diluted EPS	$0.36	$0.68	$0.40	$0.37	$0.37	$0.78	$0.47	$0.90	$1.00	$1.54	$0.66	$0.54
Operating cash flow	53.3	39.1	47.0	64.3	70.0	51.3	61.4	60.6	79.5	70.3	61.9	74.9
Capital expenditure	12.4	13.8	7.9	9.0	13.8	15.8	18.9	10.0	14.0	20.4	14.0	21.2
Free cash flow	40.9	25.3	39.2	55.4	56.2	35.5	42.5	50.6	65.5	49.8	47.9	53.7
Buybacks	0.8	0.0	1.0	0.1	2.3	0.0	1.9	0.1	1.3	0.0	2.3	0.0
Dividends paid	33.5	38.4	39.1	43.5	43.5	48.9	48.9	50.6	50.6	53.8	54.1	55.3
Shares outstanding	85m	87m	96m	96m	99m	99m	103m	103m	103m	104m	106m	108m
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. 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-K for the period ended 31 December 2024, filed 5 February 2025, accession 0001476150-25-000004: the filing on EDGAR. All of Terreno Realty Corp.'s filings: EDGAR company page.

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