In this article, we will take a look at the 10 key earnings reports to watch. You can skip our detailed analysis of these companies, and go directly to the 5 Key Earnings Reports to Watch.
Notable stocks from industrials, consumer cyclical, and technology sectors released their earnings reports earlier this week. Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) were among the notable companies that recently posted their quarterly financial results.
Shares of CarMax and Micron Technology fell despite beating expectations, while Paychex stock moved up following the results. Several other companies also made big moves following their earnings reports.
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To discuss the detailed performance of these stocks, let’s start our list of 10 key earnings reports to watch.
10 Key Earnings Reports to Watch
10. Worthington Industries, Inc. (NYSE:WOR)
Number of Hedge Fund Holders: 15
Shares of Worthington Industries, Inc. (NYSE:WOR) fell for two straight days even after announcing better-than-expected financial results on Wednesday, 29 September 2021. The metals manufacturing company reported adjusted earnings of $2.46 per share for its fiscal first quarter ended 31 August 2021, ahead of the consensus forecast of $1.90 per share.
Revenue came in at $1.11 billion, beating analysts’ average estimate of $1.08 billion. Worthington Industries, Inc. (NYSE:WOR) had reported adjusted earnings of 64 cents per share on revenue of $702.9 in the comparable period of 2020.
If we compare the performance of its key segments, revenue from steel processing skyrocketed nearly 91 percent on a year-over-year basis to $822.8 million, while building products’ revenue jumped 30.2 percent to $114.7 million. In comparison, consumer products’ revenue rose 10.6 percent to $147.8 million, while sustainable energy solutions’ revenue slipped 8.5 percent to $25.5 million.
Speaking on the results, CEO Andy Rose said in a statement:
“We had solid demand across our major end markets but also continued to face challenges with customer shut-downs due to semi-conductor and other parts shortages, labor availability, and tight supply chains which prevented the quarter from being even better.”
Like Worthington Industries, Inc. (NYSE:WOR), investors are also closely watching Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) following their financial results.
9. United Natural Foods, Inc. (NYSE:UNFI)
Number of Hedge Fund Holders: 15
Shares of United Natural Foods, Inc. (NYSE:UNFI) recently skyrocketed to a nearly four-year high after announcing its fiscal fourth-quarter results along with an impressive outlook. The leading distributor of health and specialty food reported adjusted earnings of $1.18 per share for the three months ended 31 July 2021, up from $1.06 per share in the comparable period of 2020.
Analysts were expecting United Natural Foods, Inc. (NYSE:UNFI) to report earnings of 80 cents per share. Revenue for the quarter inched down 0.5 percent to $6.735 and marginally missed the consensus forecast of $6.850 billion.
United Natural Foods, Inc. (NYSE:UNFI) also released the financial outlook for its fiscal year 2022. It expects adjusted earnings in the range of $3.90 – $4.20 per share, higher than the consensus forecast of $3.38 per share. Revenue for the full year is expected to come between $27.8 billion – $28.3 billion, in line with analysts’ average estimate of $27.831 billion.
8. Concentrix Corporation (NASDAQ:CNXC)
Number of Hedge Fund Holders: 21
Concentrix Corporation (NASDAQ:CNXC) recently announced better-than-expected financial results for its fiscal third quarter ended 31 August 2021. The company reported adjusted earnings of $2.49 per share, well above $1.53 per share in the comparable period of 2020.
Revenue rose 20.1 percent on a year-over-year basis to $1.40 billion. Analysts were expecting Concentrix Corporation (NASDAQ:CNXC) to report earnings of $2.24 per share on revenue of $1.38 billion.
Concentrix Corporation (NASDAQ:CNXC) also released the sales outlook for its fiscal fourth quarter. It expects revenue in the range of $1.44 billion – $1.48 billion for the current quarter, above the consensus forecast of $1.40 billion.
Like Concentrix Corporation (NASDAQ:CNXC), Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) also came into the limelight after releasing their results.
7. Herman Miller, Inc. (NASDAQ:MLHR)
Number of Hedge Fund Holders: 23
Shares of Herman Miller, Inc. (NASDAQ:MLHR) fell 6.13 percent on Thursday, 30 September 2021, after the company announced mixed financial results for its fiscal first quarter. The furniture maker reported adjusted earnings of 49 cents per share, down from $1.24 per share in the comparable quarter of 2020.
In addition, Herman Miller, Inc. (NASDAQ:MLHR) posted revenue of $789.70 million, translating to a year-over-year surge of 25.9 percent. Analysts were looking for earnings of 53 cents per share on revenue of $650.72 million.
Addressing shareholders, Herman Miller, Inc. (NASDAQ:MLHR) said:
“We had a strong start to fiscal 2022, as we experienced robust demand across our business while also successfully completing our acquisition of Knoll. Going forward, we are pleased to share that we will operate under the name MillerKnoll, and become one of the largest and most influential design companies in the world. The integration is progressing smoothly as we bring together the best of both organizations, and we are confident in our ability to deliver on our previously outlined cost synergy targets.”
Herman Miller, Inc. (NASDAQ:MLHR) also released the financial outlook for its fiscal second quarter. It expects adjusted earnings in the range of 55 – 61 cents per share and revenue between $1.025 billion – $1.065 billion. The Q2 sales guidance is well above the consensus forecast of $748.32 million.
6. Thor Industries, Inc. (NYSE:THO)
Number of Hedge Fund Holders: 26
Shares of Thor Industries, Inc. (NYSE:THO) rose nearly eight percent on Tuesday, 28 September 2021, after the company delivered solid results for its fiscal fourth quarter. The manufacturer of recreational vehicles reported adjusted earnings of $4.12 per share, nearly double from $2.14 per share in the same quarter last year.
Analysts were expecting Thor Industries, Inc. (NYSE:THO) to report earnings of $2.90 per share. Revenue for the quarter jumped 54.6 percent on a year-over-year basis to $3.59 billion, ahead of the consensus forecast of $3.31 billion.
Discussing the results, CEO Bob Martin said in a statement:
“We are pleased to report that in a year of unprecedented challenges, THOR posted record net sales and net income for the fourth fiscal quarter and the full fiscal year, making it the most profitable year in THOR’s history. For the fiscal year, we sold over 300,000 units, eclipsed $12 billion in net sales and generated net income attributable to THOR of $11.85 per diluted share, which far exceeds the former record for diluted earnings per share of $8.14 set in fiscal year 2018.”
Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) also caught investors’ attention after posting their earnings reports.
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Disclosure: None. 10 Key Earnings Reports to Watch is originally published on Insider Monkey.
