Earnings roundup: What you need to know about local companies – San Antonio Express-News

Welcome back to Earnings Roundup, SA Incs weekly summary of the latest financial reports from companies of local interest. Look for it online Monday during quarterly or annual earnings reporting periods.

This weeks roundup of second-quarter financial reports includes several South Texas-based public companies, including Victory Capital Holdings, TaskUS, Rackspace Technology and XPEL, as well as some based elsewhere with significant local presences.

Rackspace Technology Inc., the Windcrest-based cloud computing company, reported a widening loss in the second quarter despite an 11th consecutive quarter of revenue growth. The company said its likely to announce a sale of part of itself this fall.

Net income: Loss of $41 million in the recent quarter vs. loss of $37 million in the same quarter last year.

Revenue: $772 million vs. $744 million last year.

Quotable: We are nearing the point where we can provide additional details on our go-forward game plan, including any additional decisions regarding the structure of the company, later this fall. CEO Kevin Jones

NEW BRAUNFELS TaskUs Inc., a provider of technology services, said first-quarter revenue jumped nearly 37 percent as it continues to grow globally. But it also eliminated 500 jobs while clients seek to reduce costs amid downturn in cryptocurrency and equity trading markets.

Net income: Profit of $7.7 million in the recent quarter vs. loss of $106 million in the same quarter last year.

Revenue: $246.5 million vs. $180 million last year.

Quotable: While we delivered strong results, we are seeing the impact of our clients shifting their focus from growth to cost optimization. CEO Bryce Maddock

Asset management company Victory Capital Holdings Inc. reported lower revenue on a decrease in assets under management, but it still turned a higher profit in the second quarter ended June 30. It closed the quarter with almost $154.9 billion in assets under management, down from $161.9 billion a year ago.

Net income: Profit of $79.2 million in the recent quarter vs. profit of $69.3 million in the same quarter last year.

Revenue: $216 million vs. $221.9 million last year.

Quotable: Periods of volatility create unique opportunities for actively managed strategies, and as a result, our investment performance continues to be excellent. The resiliency of our operating model is also on full display during these historically challenging market conditions. CEO David Brown

XPEL Inc., which makes protective films for cars and windows, saw its stock price rocket after it posted record second-quarter revenue. CEO Ryan Pape said most of XPELs company-owned facilities saw strong demand, which generally means our aftermarket customers are also continuing to see strong demand in their shops.

Net income: Profit of $11.9 million in the recent quarter vs. profit of $10.2 million in the same quarter last year.

Revenue: $83.9 million vs. $68.7 million last year.

Quotable: Manufacturers have been more bullish in their expectations for new car production recovery in the second half. So this is a potential upside benefit for us. CEO Ryan Pape

ARLINGTON Six Flags Entertainment Corp., the parent company of Six Flags Fiesta Texas, said revenue and profit decreased in the second quarter as attendance plunged and prices rose.

Net income: Profit of $45.4 million in the recent quarter vs. profit of $70.5 million in the same quarter last year.

Revenue: $435.4 million vs. $459.8 million last year.

Quotable: This is a transitional year for Six Flags, as we reset the foundations of our business model. CEO Selim Bassoul

SALT LAKE CITY BRC Inc.s revenue rose in the second quarter as receipts from its wholesale and store channels increased, though direct-to-consumer sales dipped. Its net loss included $34.3 million attributable to noncontrolling interests stemming from a stock transaction in February.

Net income: Loss of $45.1 million in the recent quarter vs. loss of $5.3 million in the same quarter last year.

Revenue: $66.4 million vs. $52.4 million last year.

Quotable: Weve seen our customer shift their spending habits post-COVID from online to in store. CEO Evan Hafer

HAMILTON, Bermuda Argo Group International Holdings Ltd., a specialty insurer with U.S. headquarters in San Antonio, blamed investment and other losses totaling $40.4 million including a $21.3 million loss on the sale of its Malta operations for its net loss in the second quarter. It reported lower premiums as it has exited businesses.

Net income: Loss of $18.9 million in the recent quarter vs. profit of $67.1 million in the same quarter last year.

Revenue: $443.2 million vs. $547.7 million last year.

Quotable: Looking ahead, we believe the company continues to be well-positioned to deliver profitable growth. Interim CEO Thomas Bradley

SEGUIN Industrial equipment dealer Alamo Group Inc. reported record results for the second quarter, even as the company said it saw weaker demand from customers in agriculture amid the broader economic downturn. Profits were 9 percent higher than a year earlier, while the companys revenue jumped 14 percent.

Net income: Profit of $28.5 million in the recent quarter vs. profit of $26 million in the same quarter last year.

Revenue: $396.2 million vs. $347.6 million last year.

Quotable: Our backlog remains close to the historic high set at the end of the first quarter of 2022, and the margin in backlog is increasingly healthy. CEO Jeff Leonard

Advertiser Clear Channel Outdoor topped its own quarterly estimates with revenue 21 percent higher than the same period last year. The company said it will explore a sale of its lower margin advertising assets in Europe.

Net income: Loss of $65.6 million in the recent quarter versus a loss of $124.6 million in the same quarter last year.

Revenue: $643.4 million vs. $531.1 million last year.

Quotable: Our strong performance was once again led by our digital assets, which are becoming a greater contributor to our results as we advance as a visual media powerhouse targeting consumers on the move. CEO Scott Wells

Radio and podcasting giant iHeartMedia saw revenue increase 11 percent as it reversed heavy losses in recent years to turn a second-quarter profit. Sponsorship revenue increased the most as the companys live events business emerged from the pandemic over the last year.

Net income: Profit of $15.2 million in the recent quarter vs. a loss of $31.9 million in the same quarter last year.

Revenue: $954 million vs. $861.6 million last year.

Quotable: The investments weve made and will continue to make present significant opportunities for the company to participate in exciting new and developing markets. CEO Bob Pittman

Rising expenses cut into the bottom line of electronic payment processing services company Usio Inc.s second-quarter financial results, despite it registering an eighth straight quarter of increasing revenue. The company expects expenses will start to decrease this quarter.

Net income: Loss of $1.9 million in the recent quarter vs. profit of $218,483 in the same quarter last year.

Revenue: $16.2 million vs. $15.2 million last year.

Quotable: Revenue growth in the quarter was driven by new all-time quarterly records in credit card dollars and transactions processed, strong year-over-year growth in prepaid card volumes and transactions. Results once again demonstrate the strength of our diversification strategy as we achieved growth despite weakness in one of our end markets, cryptocurrency. CEO Louis Hoch

Biglari Holdings Inc.Biglari Holdings Inc., the San Antonio parent company of Steak n Skake, reported almost $109 million in investment losses in the second quater, which resulted in a wider loss despite it posting slightly higher revenue. As of June 30, 41 of is 176 company-operated Steak n Shake restaurants were closed. It plans to franchise many of the closed stores.

Net income: Loss of $73.8 million in the recent quarter vs. loss of $20.7 million in the same quarter last year.

Revenue: $92.4 million vs. $90.8 million last year.

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Earnings roundup: What you need to know about local companies - San Antonio Express-News