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NEW YORK - Acacia Research Corporation (NASDAQ:ACTG) saw its shares tumble 13.5% on Thursday after the company reported fourth quarter results that failed to impress investors despite meeting earnings expectations.
The company, which acquires and operates businesses across industrial, energy and technology sectors, reported adjusted earnings per share of -$0.07 for Q4, in line with analyst estimates. Revenue came in at $48.8 million, slightly above the consensus forecast of $47.8 million.
However, Acacia posted a GAAP net loss of $13.4 million or -$0.14 per share for the quarter, compared to a loss of $14.0 million or -$0.14 per share in Q3.
For the full year 2024, Acacia reported total revenue of $122.3 million and a GAAP net loss of $36.1 million or -$0.36 per share. Adjusted net income for 2024 was $14.2 million or $0.14 per share.
The company’s Energy Operations segment generated revenue of $17.3 million in Q4, while the newly acquired Manufacturing Operations contributed $23.2 million following the completion of the Deflecto acquisition in October.
"2024 was a transformational year for Acacia. We continued executing our strategy of acquiring and building businesses with stable cash flow generation and scalability," said CEO Martin McNulty Jr.
Despite meeting Q4 earnings expectations, investors appeared disappointed by Acacia’s overall financial performance and outlook, sending shares sharply lower. The stock’s 13.5% decline suggests the market was looking for stronger results or more optimistic guidance from the company.
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