In this article, we will take a look at the 10 stocks drawing attention after topping quarterly expectations. You can skip our detailed analysis of these companies and go directly to the 5 Stocks Drawing Attention After Topping Quarterly Expectations.
We are more than halfway through the fourth-quarter earnings season. Recently, popular stocks from various sectors, including CVS Health Corporation (NYSE:CVS), Chipotle Mexican Grill, Inc. (NYSE:CMG), Paycom Software, Inc. (NYSE:PAYC) and Enphase Energy, Inc. (NASDAQ:ENPH), announced upbeat financial results for Q4.
Shares of Chipotle Mexican, Paycom Software and Enphase Energy turned green after beating expectations. However, CVS Health shares dropped more than five percent after issuing a weak outlook for vaccines administration and in-store testing for the current fiscal year.
Several other stocks, including ride-hailing services provider Lyft, Inc. (NASDAQ:LYFT) and mass media company Fox Corporation (NASDAQ:FOXA), also topped financial expectations for their respective quarters.
Now, let’s discuss the key financial highlights of these companies.
Stocks Drawing Attention After Topping Quarterly Expectations
10. FMC Corporation (NYSE:FMC)
Number of Hedge Fund Holders: 21
Shares of FMC Corporation (NYSE:FMC) rose to a nearly eight-month high on Wednesday, February 9, 2022, after announcing better-than-expected financial results for the fourth quarter. The agricultural sciences company reported adjusted earnings of $2.16 per share, up 52 percent on a year-over-year basis.
Revenue for the quarter also advanced 23 percent versus last year to $1.41 billion. Analysts were expecting FMC Corporation (NYSE:FMC) to post earnings of $2.01 per share on revenue of $1.38 billion.
The company also issued its financial outlook for 2022. FMC Corporation (NYSE:FMC) expects adjusted earnings in the range of $6.80 – $8.10 per share and revenue between $5.25 – $5.55 billion for the full year. The midpoint of earnings and revenue guidance represents a surge of 8 percent and 7 percent, respectively.
Speaking on the results, CEO Mark Douglas said in a statement:
“Our financial performance reflects the strength of our synthetic and biological portfolios, a healthy demand environment as well as accelerating price increases. Revenue growth was particularly robust in North America and Latin America.”
9. Fox Corporation (NASDAQ:FOXA)
Number of Hedge Fund Holders: 32
Shares of Fox Corporation (NASDAQ:FOXA) closed higher on Wednesday, February 9, 2022, after announcing its fiscal second-quarter profit and sales above expectations. The New York-based mass media company earned 13 cents per share on an adjusted basis, compared to 16 cents per share in the year-ago period.
In addition, Fox Corporation (NASDAQ:FOXA) posted revenue of $4.44 billion, up 9 percent on a year-over-year basis. The results topped the consensus forecast of 3 cents per share for earnings and $4.26 billion for revenue.
Fox Corporation (NASDAQ:FOXA) also released its segment-wise sales performance. Its affiliate revenue jumped 11 percent to $1.69 billion, ad revenue rose 6 percent to $2.41 billion and other revenue climbed 20 percent to $345 million in the quarter.
Like Fox Corporation (NASDAQ:FOXA), CVS Health Corporation (NYSE:CVS), Enphase Energy, Inc. (NASDAQ:ENPH) and Chipotle Mexican Grill, Inc. (NYSE:CMG), also came into the limelight after beating expectations.
8. Lyft, Inc. (NASDAQ:LYFT)
Number of Hedge Fund Holders: 33
Shares of Lyft, Inc. (NASDAQ:LYFT) recently rose to a nearly one-month high after beating expectations for the fourth quarter. The ridesharing services provider reported adjusted earnings of 9 cents per share, just ahead of the consensus forecast of 8 cents per share.
Revenue for the quarter climbed 70 percent versus last year to $969.9 million, while analysts were expecting Lyft, Inc. (NASDAQ:LYFT) to generate revenue of $940.1 million. In addition, revenue per active rider rose over 14 percent to $52, marking a record in the company’s decade-long history.
Lyft, Inc. (NASDAQ:LYFT) also updated its sales outlook for the first quarter. It expects to produce revenue in the range of $800 – $850 million for the current quarter, significantly lower than the consensus forecast of $984 million.
7. Performance Food Group Company (NYSE:PFGC)
Number of Hedge Fund Holders: 36
Shares of Performance Food Group Company (NYSE:PFGC) jumped over 13 percent on Wednesday, February 9, 2022, after the Virginia-based food distributor and supplier released solid profit and sales for its fiscal second quarter.
Performance Food Group Company (NYSE:PFGC) reported adjusted earnings of 57 cents per share, up nearly 63 percent from the same quarter of the prior year. Revenue also climbed 87.6 percent on a year-over-year basis to $12.839 billion. The results topped the consensus forecast of 49 cents per share for earnings and $12.830 billion for revenue.
If we look at the performance of its key business units, foodservice revenue jumped 27.2 percent to $6.2 billion, Vistar revenue climbed 54.3 percent to $907.3 million and convenience revenue skyrocketed 318.6 percent to $5.7 billion in the quarter.
Looking forward, Performance Food Group Company (NYSE:PFGC) expects revenue in the range of $12.9 – $13.1 billion for the current quarter and between $50 – $51 billion for its fiscal year 2022.
Like Performance Food Group Company (NYSE:PFGC), investors are also closely watching CVS Health Corporation (NYSE:CVS), Enphase Energy, Inc. (NASDAQ:ENPH) and Chipotle Mexican Grill, Inc. (NYSE:CMG), following their financial reports.
6. CDW Corporation (NASDAQ:CDW)
Number of Hedge Fund Holders: 37
Shares of CDW Corporation (NASDAQ:CDW) slipped over two percent on Wednesday, February 9, 2022, despite announcing its financial results for the fourth quarter above expectations.
CDW Corporation (NASDAQ:CDW) posted adjusted earnings of $2.08 per share on revenue of $5.54 billion. This compares to analysts’ average estimate of $1.92 per share for earnings and $5.18 billion for revenue.
In addition, CDW Corporation (NASDAQ:CDW) also released its segment-wise sales results. Revenue from the total corporate segment jumped 33.1 percent to $2.32 billion, while revenue from the total small business segment soared 30.9 percent to $487 million. On the downside, revenue from the total public segment fell 13.1 percent to $2.03 billion in the quarter.
Speaking on the results, CFO Albert Miralles said in a statement:
“Strong operating results and successful execution on our capital allocation priorities, delivered a 21 percent increase in Non-GAAP net income per diluted share for 2021. After financing $2.5 billion for the acquisition of Sirius in December of 2021, we will optimize the use of cash flow after paying dividends to focus on reducing debt to our net leverage target range of 2.5 to 3.0 times, which we expect to achieve by the end of 2022.”
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Disclosure: None. 10 Stocks Drawing Attention After Topping Quarterly Expectations is originally published on Insider Monkey
