In this article, we will take a look at the 10 stocks that beat the quarterly expectations. You can skip our detailed analysis of these companies and go directly to the 5 Stocks That Beat the Quarterly Expectations.
Notable stocks from the tech sector, including Intel Corporation (NASDAQ:INTC), ServiceNow, Inc. (NYSE:NOW) and Xilinx, Inc. (NASDAQ:XLNX), recently posted upbeat financial results.
Shares of ServiceNow and Xilinx gained value following their earnings reports. However, Intel stock fell to a nearly three-month low despite beating profit and sales estimates. Several other stocks, including electric vehicle giant Tesla, Inc. (NASDAQ:TSLA) and healthcare company Abbott Laboratories (NYSE:ABT), also came into the spotlight after releasing their quarterly results.
Let’s have a look at the financial highlights of these companies.
Stocks That Beat the Quarterly Expectations
10. Amphenol Corporation (NYSE:APH)
Number of Hedge Fund Holders: 26
Shares of Amphenol Corporation (NYSE:APH) closed higher on Wednesday, January 26, 2022, after announcing better-than-expected financial results for the fourth quarter. The manufacturer of interconnect products reported adjusted earnings of 70 cents per share, up 23 percent on a year-over-year basis.
In addition, Amphenol Corporation (NYSE:APH) posted revenue of $3.03 billion, compared to $2.43 billion in the year-ago period. The results were better than analysts’ average estimate of 63 cents per share for earnings and $2.76 billion for revenue.
Looking forward, Amphenol Corporation (NYSE:APH) expects adjusted earnings in the range of 59 – 61 cents per share for the first quarter, translating to growth between 13 – 17 percent from the comparable period of 2021.
Speaking on the results, CEO of Amphenol Corporation (NYSE:APH), R. Adam Norwitt, said in a statement:
“Sales increased from prior year by a strong 25% in the quarter, with particularly robust growth in the IT data communications, industrial, mobile networks, commercial air, automotive and broadband markets, including contributions from the Company’s acquisition program.”
9. Corning Incorporated (NYSE:GLW)
Number of Hedge Fund Holders: 40
Shares of Corning Incorporated (NYSE:GLW) jumped to a nearly two-month high on Wednesday, January 26, 2022, after beating profit and sales expectations for the fourth quarter. The manufacturer of glass and industrial products earned 54 cents per share on an adjusted basis, above analysts’ average estimate of 52 cents per share.
In addition, revenue for the quarter jumped 10 percent on a year-over-year basis to $3.68 billion. Analysts were expecting Corning Incorporated (NYSE:GLW) to generate revenue of $3.59 billion for the quarter.
Corning Incorporated (NYSE:GLW) also issued its financial outlook for the first quarter. It expects adjusted earnings in the range of 48 – 53 cents per share and revenue between $3.5 – $3.7 billion.
Like Corning Incorporated (NYSE:GLW), investors are also closely watching Intel Corporation (NASDAQ:INTC), ServiceNow, Inc. (NYSE:NOW) and Xilinx, Inc. (NASDAQ:XLNX), after their earnings reports.
8. Norfolk Southern Corporation (NYSE:NSC)
Number of Hedge Fund Holders: 46
Norfolk Southern Corporation (NYSE:NSC) is one of the leading transportations companies in the U.S. It operates more than 19,000 route miles across 22 states, serving major containers ports in the eastern U.S. It is a major transporter of construction material, metals, chemicals and consumer products.
Shares of Norfolk Southern Corporation (NYSE:NSC) slipped over two percent on Wednesday, January 26, 2022, despite announcing better-than-expected financial results for the fourth quarter.
Norfolk Southern Corporation (NYSE:NSC) reported earnings of $3.12 per share, up from $2.64 per share in the year-ago period. Revenue for the quarter jumped 10.8 percent versus last year to $2.85 billion. The results exceeded analysts’ average estimate of $3.04 per share for earnings and $2.83 billion for revenue.
Discussing the latest performance, CEO of Norfolk Southern Corporation (NYSE:NSC), James Squires, said:
“The fourth quarter marks the successful completion of the ambitious three-year strategic plan we launched in 2019. We achieved significant additional improvement in productivity while overcoming the headwinds associated with the pandemic and global supply chain disruptions.”
7. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
Number of Hedge Fund Holders: 55
Shares of Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) turned green in the after-hours trading session on Wednesday, January 26, 2022, after delivering solid profit and sales for the fourth quarter. The results were mainly driven by higher demand for its cystic fibrosis treatment Trikafta and the launch of Kaftrio in Europe.
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) earned $3.37 per share on an adjusted basis, up from $2.51 per share in the year-ago quarter and above expectations of $3.29 per share.
In addition, total product revenue for the quarter increased to $2.07 billion versus $1.63 billion for the comparable period of 2020. Analysts were expecting Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) to post revenue of $2 billion.
The company also issued its sales outlook for 2022. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) expects product revenue in the range of $8.4 billion to $8.6 billion for the full year.
Like Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), Intel Corporation (NASDAQ:INTC), ServiceNow, Inc. (NYSE:NOW) and Tesla, Inc. (NASDAQ:TSLA), were also gaining attention after posting their financial results.
6. Anthem, Inc. (NYSE:ANTM)
Number of Hedge Fund Holders: 59
Anthem, Inc. (NYSE:ANTM) recently announced its fourth-quarter financial results above expectations. However, the health insurer issued a weak profit outlook for 2022, sending its shares down more than two percent on Wednesday, January 26, 2022.
The Indiana-based health insurance company reported adjusted earnings of $5.14 per share, beating estimates of $5.11 per share. In addition, Anthem, Inc. (NYSE:ANTM) posted revenue of $36.58 billion, up 14.9 percent versus last year and above analysts’ average forecast of $36.50 billion.
Looking forward, Anthem, Inc. (NYSE:ANTM) expects to report a minimum adjusted profit of $28.25 per share for the full year. However, it came in below the consensus forecast of $28.65 per share.
Among other updates, Anthem, Inc. (NYSE:ANTM) reported that it repurchased 1.3 million shares during the fourth quarter for $522 million. In addition, the operating cash flow decreased to $1.7 billion from $3.8 billion in the year-ago period.
Speaking on the results, CEO Gail Boudreaux said in a statement:
“We begin 2022 with ongoing momentum across all our businesses, and we’re confident in our ability to deliver earnings growth consistent with our long-term targeted range as we innovate for consumers and advance our digital platform for health.”
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Disclosure: None. 10 Stocks That Beat the Quarterly Expectations is originally published on Insider Monkey.
