Wafd (WAFD) Q2 FY2024 earnings: revenue $172 million, down 7.1% on the year

Wafd Inc. (WAFD) reported revenue of $172 million for Q2 FY2024, the quarter ended 31 March 2024, down 7.1% on the same quarter a year earlier. Net income was $16 million, down 75.9% on the year, and diluted earnings per share $0.17. The figures are the company's own, from the 10-Q it filed with the SEC on 3 May 2024.

Revenue$172 milliondown 7.1%

Net income$16 milliondown 75.9%

Diluted EPS$0.17

QuarterQ2 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	172	166	n/a	n/a
Interest expense	160	135	n/a	n/a
Pre-tax income	21.0	71.7	n/a	n/a
Income tax	5.1	13.2	n/a	n/a
Effective tax rate	24.2%	18.5%	n/a
Net income	15.9	58.5	n/a	n/a
Net margin	9.2%	35.1%	n/a
Diluted EPS	$0.17	$0.85	n/a	n/a

$ million except per share.

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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	169	110	n/a	n/a
Capital expenditure	4.4	8.2	n/a	n/a
Free cash flow	165	102	n/a	n/a
Cash from investing	480	-71.0	n/a	n/a
Cash from financing	-288	125	n/a	n/a
Depreciation and amortisation	228	-22.1	n/a	n/a
Share-based compensation	2.9	2.3	n/a	n/a
Buybacks	0.2	17.1	n/a	n/a
Dividends paid	16.5	16.0	n/a	n/a
Dividend per share	$0.26	$0.25	n/a	n/a
Diluted shares, weighted	70m	64m	n/a	n/a
Shares outstanding at period end	81m	64m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,922	2,452	n/a	n/a
Deposits	21,340	16,039	n/a	n/a
Other liabilities	5,879	4,149	n/a	n/a
Total liabilities and equity	30,140	22,640	n/a	n/a
Fixed assets	243	237	n/a	n/a
Goodwill	411	305	n/a	n/a
Intangible assets	42.1	6.0	n/a	n/a
Securities held for sale or to maturity	2,896	2,434	n/a	n/a
Loans	20,795	17,585	n/a	n/a
Cash and equivalents	1,506	1,145	n/a	n/a
Other assets	4,246	929	n/a	n/a
Total assets	30,140	22,640	n/a	n/a

Questions

What was Wafd's revenue in Q2 FY2024?

Wafd (WAFD) reported revenue of $172 million for Q2 FY2024, the quarter ended 31 March 2024, down 7.1% on the same quarter a year earlier.

How much did Wafd earn in Q2 FY2024?

Net income for Q2 FY2024 was $16 million, down 75.9% on the year, and diluted earnings per share $0.17.

When did Wafd report Q2 FY2024 results?

Wafd filed its 10-Q for the quarter ended 31 March 2024 with the SEC on 3 May 2024.

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	178	166	172	194	189	171	180	186	188	191	197	206
Interest expense	118	135	160	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	59.1	71.7	21.0	82.7	80.7	60.3	72.0	79.8	77.6	82.3	83.8	84.3
Tax rate	15%	18%	24%	22%	24%	22%	22%	22%	22%	22%	22%	22%
Net income	50.2	58.5	15.9	64.6	61.1	47.3	56.3	62.0	60.6	64.2	65.5	66.1
Net margin	28%	35%	9%	33%	32%	28%	31%	33%	32%	34%	33%	32%
Diluted EPS	$0.72	$0.85	$0.17	$0.75	n/a	$0.54	$0.65	$0.73	$0.71	$0.79	$0.82	$0.84
Operating cash flow	82.9	110	169	63.1	96.6	49.4	72.1	58.0	57.4	60.5	79.4	70.3
Capital expenditure	3.8	8.2	4.4	4.9	7.2	6.4	5.6	4.9	11.8	10.4	11.4	6.9
Free cash flow	79.0	102	165	58.3	89.4	43.0	66.6	53.1	45.6	50.0	68.0	63.4
Buybacks	0.0	17.1	0.2	9.5	0.2	3.4	21.3	48.3	28.8	58.0	87.2	0.3
Dividends paid	16.0	16.0	16.5	20.9	20.9	20.9	21.6	21.2	20.9	20.4	20.2	19.7
Shares outstanding	65m	64m	81m	81m	81m	81m	81m	79m	78m	76m	74m	74m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	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-Q for the period ended 31 March 2024, filed 3 May 2024, accession 0000936528-24-000072: the filing on EDGAR. All of Wafd Inc.'s filings: EDGAR company page.

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