In this article, we will take a look at the 10 stocks that delivered upbeat financial results. You can skip our detailed analysis of these companies, and go directly to the 5 Stocks That Delivered Upbeat Financial Results.
Notable companies from the tech industry, including Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), and salesforce.com, inc. (NYSE: CRM), recently announced promising quarterly results, helped by solid demand for their products and services.
In addition, retail stocks such as Ulta Beauty, Inc. (NASDAQ: ULTA) and The Gap, Inc. (NYSE: GPS) also impressed investors by posting record sales, mainly driven by lesser mobility restrictions and improved consumer confidence.
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Most of these stocks are trading near their 52-week highs after beating expectations. We will discuss the detailed performance of these stocks in the remaining article. Therefore, let’s begin our list of 10 stocks that delivered upbeat financial results.
10 Stocks That Delivered Upbeat Financial Results
10. Hibbett, Inc. (NASDAQ: HIBB)
Number of Hedge Fund Holders: 22
Shares of Hibbett, Inc. (NASDAQ: HIBB) are trading near their 52-week high after beating Q2 expectations with a huge margin. The sporting goods retailer reported earnings of $2.86 per share for the three months ended July 31, crushing the consensus forecast of $1.43 per share.
Hibbett, Inc. (NASDAQ: HIBB) had posted earnings of $2.38 per share in the comparable period of 2020. Revenue for the quarter came in at $419.3 million, down 5.1 percent from the year-ago quarter. However, it was still well above analysts’ average estimate of $314.1 million. Same-store sales fell 6.4 percent, compared to a decline of 27.5 percent forecasted by analysts.
Discussing the results, CEO Mike Longo said:
“Our current year second quarter results were strong and compare favorably to the prior year second quarter that experienced a significant boost from market disruption, pent up demand and the first round of stimulus payments. We believe our significant revenue growth and profitability over the previous two years ago demonstrates that our strategy of delivering a compelling assortment of highly coveted merchandise coupled with superior customer service and a best-in-class omni-channel platform will continue to drive strong top and bottom line performance”
Hibbett, Inc. (NASDAQ: HIBB) also raised the profit outlook for its fiscal year 2022. It expects earnings in the range of $11-$11.50 per share for the full year, compared to its previous guidance between $8.50-$9 per share.
Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) also came into the limelight after reporting their quarterly results.
9. Ubiquiti Inc. (NYSE: UI)
Number of Hedge Fund Holders: 23
Shares of Ubiquiti Inc. (NYSE: UI) jumped to a 5-month high after announcing financial results for its fiscal fourth-quarter above expectations. The company reported adjusted earnings of $2.47 per share, significantly higher than $1.46 per share in the comparable period of 2020.
In addition, Ubiquiti Inc. (NYSE: UI) posted revenue of $477.9 million, translating to a year-over-year surge of 51.5 percent. The results easily surpassed the consensus forecast of $2.35 per share for earnings and $465 million for revenue.
Moreover, Ubiquiti Inc. (NYSE: UI) announced that it repurchased 234,052 shares of its common stock during the quarter. The purchases were made at an average price of $286.75 per share. The company also announced a quarterly dividend of 60 cents per share, payable on September 15.
Like Ubiquiti Inc. (NYSE: UI), Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) also caught investors’ attention after posting upbeat profit and sales.
8. VMware, Inc. (NYSE: VMW)
Number of Hedge Fund Holders: 28
VMware, Inc. (NYSE: VMW) recently announced better-than-expected financial results for the second quarter. The Palo Alto, California-based company reported adjusted earnings of $1.75 per share for the three months ended July 30, exceeding the consensus forecast of $1.64 per share. However, it was slightly down from the adjusted earnings of $1.81 per share in the year-ago quarter.
Revenue for the quarter rose 9 percent on a year-over-year basis to $3.14 billion. Analysts, on average, were expecting VMware, Inc. (NYSE: VMW) to post revenue of $3.10 billion. The second-quarter performance was mainly driven by a 23 percent surge in subscription and SaaS revenue.
Speaking on the results, CEO Raghu Raghuram said:
“Our customers are evolving their strategies from a ‘cloud first’ to a ‘cloud smart’ philosophy where they are picking the right clouds and cloud services for the right workload, and turning to a multi-cloud environment. We are delivering the multi-cloud platform for all applications, enabling the digital innovation and enterprise control that our customers need to accelerate their businesses today and in the future”
Investors are closely watching Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) after their Q2 earnings reports.
7. NetApp, Inc. (NASDAQ: NTAP)
Number of Hedge Fund Holders: 31
NetApp, Inc. (NASDAQ: NTAP) has been around for nearly three decades. It used to provide on-premises computer storage solutions in the beginning. However, it shifted its focus towards the cloud computing software business with the rise of the internet. Today, it is a leading player in the data management space, offering services to several industries such as energy, healthcare, manufacturing, IT, and finance.
Shares of NetApp, Inc. (NASDAQ: NTAP) recently hit a new 52-week high of $91.29 after the company released impressive results for its fiscal first quarter. The results were mainly fueled by elevated demand for its cloud and data management solutions.
NetApp, Inc. (NASDAQ: NTAP) reported adjusted earnings of 1.15 per share for the three months ended July 30, up from 73 cents per share in the same period last year. Revenue came in at $1.46 billion, compared to $1.3 billion in the year-ago quarter. Analysts, on average, were looking for earnings of 95 cents per share on revenue of $1.43 billion.
CEO George Kurian praised the quarterly performance, calling it “a great start to fiscal 2022.” Kurian added:
“Cloud and digital transformation initiatives remain top customer priorities and our results underscore the value we bring to customers in a hybrid, multi-cloud, data-driven world. With focused execution and demonstrated leadership, we are reshaping the industry. We made a number of innovation announcements this quarter, and we will continue to bring industry-leading capabilities to market, further enhancing our differentiated position in cloud and software.”
NetApp, Inc. (NASDAQ: NTAP) also issued the financial guidance for its fiscal second quarter. It expects adjusted earnings in the range of $1.14-$1.24 per share and revenue between $1.49-$1.59 billion for the current quarter.
Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) have been under investors’ radar following their second-quarter results.
6. DICK’S Sporting Goods, Inc. (NYSE: DKS)
Number of Hedge Fund Holders: 36
DICK’S Sporting Goods, Inc. (NYSE: DKS) is a leading sporting goods retailer in the U.S. It offers a wide range of sports equipment and related accessories across its hundreds of stores spread across the country.
Shares of DICK’S Sporting Goods, Inc. (NYSE: DKS) touched an all-time high of $146.94 after announcing record profit and sales for the second quarter. The company reported adjusted earnings of $5.08 per share for the three months ended July 31, well above $3.21 per share in the year-ago quarter.
DICK’S Sporting Goods, Inc. (NYSE: DKS) posted revenue of $3.27 billion, up 20.7 percent on a year-over-year basis. The results were well above analysts’ average estimate of $2.88 per share for earnings and $2.84 billion for revenue.
Discussing the results, CEO Lauren Hobart said in a statement:
“Our record-breaking quarterly sales and earnings significantly exceeded our expectations, reflecting continued strong consumer demand across our diverse category portfolio along with the strength of our omni-channel offering and elevated athlete experience.”
DICK’S Sporting Goods, Inc. (NYSE: DKS) also released its financial outlook for FY 2021. The athletic-gear retailer is anticipating adjusted earnings in the range of $12.45-$12.95 per share and revenue between $11.52 billion and $11.72 billion.
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Disclosure: None. 10 Stocks That Delivered Upbeat Financial Results is originally published on Insider Monkey.
