Graham Holdings Company (NYSE: GHC) has reported its financial results for the first quarter of 2024, with revenue reaching $1,152.7 million, reflecting a 12% increase from the first quarter of 2023 when revenue was $1,031.5 million. The company reported operating income of $35.4 million for the first quarter of 2024, compared to $27.7 million for the first quarter of 2023.
The company's adjusted operating cash flow (non-GAAP) for the first quarter of 2024 was $82.8 million, an improvement from $71.6 million for the same period in 2023. Capital expenditures totaled $21.5 million and $22.3 million for the first quarter of 2024 and 2023, respectively.
Graham Holdings Company had $815.6 million in borrowings outstanding at an average interest rate of 6.4% as of March 31, 2024, and cash, marketable equity securities, and other investments totaled $981.9 million at the same date. The company recognized $104.2 million and $18.0 million in net gains on marketable equity securities in the first quarter of 2024 and 2023, respectively.
During the first quarter of 2024, the company repurchased a total of 28,606 shares of its class B common stock at a cost of $20.0 million, leaving 4,450,593 shares outstanding as of March 31, 2024.
Net income attributable to common shares for the first quarter of 2024 was reported at $124.4 million ($27.72 per share), compared to $52.3 million ($10.88 per share) for the first quarter of 2023. Excluding certain items, net income attributable to common shares was $50.4 million ($11.24 per share) for the first quarter of 2024, compared to $40.2 million ($8.36 per share) for the first quarter of 2023. The market has reacted to these announcements by moving the company's shares 1.7% to a price of $713.41. If you want to know more, read the company's complete 8-K report here.
