In this article, we will take a look at the 10 stocks that released solid quarterly earnings. You can skip our detailed analysis of these companies, and go directly to the 5 Stocks that Released Solid Quarterly Earnings.
An earnings report is one of the critical indicators of a company’s growth, at least in the near term. So far, the current earnings season has been very cheerful for investors. Financial results coming from U.S. stocks continue to beat analysts’ projections.
Notable companies that recently announced solid earnings reports include NIO Inc. (NYSE: NIO), Opendoor Technologies Inc. (NASDAQ: OPEN), Coherent, Inc. (NASDAQ: COHR), Unity Software Inc. (NYSE: U), Sysco Corporation (NYSE: SYY), and eBay Inc. (NASDAQ: EBAY).
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In this article, we will discuss 10 stocks that released solid quarterly earnings.
10 Stocks That Released Solid Quarterly Earnings
10. McAfee Corp. (NASDAQ: MCFE)
Number of Hedge Fund Holders: 17
Shares of McAfee Corp. (NASDAQ: MCFE) rose nearly 10 percent after announcing impressive results for the second quarter ended June 26. The cybersecurity company reported earnings of 21 cents per share, ahead of the consensus forecast of 18 cents per share.
Revenue for the quarter jumped 22 percent on a year-over-year basis, beating analysts’ average estimate of $433.99 million. McAfee Corp. (NASDAQ: MCFE) added 556,000 new subscribers in the quarter, bringing the total Core DTC subscribers to 19.4 million. In addition, the company announced that it inked a multi-year deal with smartphone giant Samsung to offer consumer security solutions for its devices.
CEO Peter Leav expressed his pleasure with the results saying:
“Not only did McAfee deliver another solid quarter with revenue, DTC subscribers, profitability and cash flow from operations growing double-digits, but did so while simultaneously closing the transaction to sell the Enterprise Business. Our continued commitment to secure our customers’ online footprint helped us to drive 22% year-over-year consumer revenue growth while we added 556,000 net new direct-to-consumer subscribers in Q2.”
McAfee Corp. (NASDAQ: MCFE) also raised its sales outlook for 2021. The company now expects revenue in the range of $1.84 billion to $1.85 billion for the full year, compared to its previous forecast of $1.77 billion to $1.79 billion.
NIO Inc. (NYSE: NIO), Opendoor Technologies Inc. (NASDAQ: OPEN), Coherent, Inc. (NASDAQ: COHR), Unity Software Inc. (NYSE: U), Sysco Corporation (NYSE: SYY), and eBay Inc. (NASDAQ: EBAY) are also in the limelight after posting impressive results.
9. Bentley Systems, Incorporated (NASDAQ: BSY)
Number of Hedge Fund Holders: 22
Bentley Systems, Incorporated (NASDAQ: BSY) recently announced better-than-expected results for the second quarter ended June 30. The software development company reported earnings of 14 cents per share, marginally up from 13 cents per share in the comparable period of 2020.
On an adjusted basis, Bentley Systems, Incorporated (NASDAQ: BSY) earned 23 cents per share, beating the consensus forecast of 14 cents per share. Revenue for the quarter climbed 21 percent on a year-over-year basis to $222.9 million, exceeding analysts’ average estimate of $212.4 million. The company’s second-quarter performance was mainly driven by a 17.6 percent surge in subscription revenues.
Bentley Systems, Incorporated (NASDAQ: BSY) also updated its financial outlook for fiscal 2021. It expects adjusted earnings in the range of $305-$310 million for the full year, up from its previous outlook between $895-$920 million. In addition, the company is anticipating adjusted EBITDA in the range of $305-$310 million, versus its earlier forecast of $285-$295 million.
8. Kornit Digital Ltd. (NASDAQ: KRNT)
Number of Hedge Fund Holders: 24
Kornit Digital Ltd. (NASDAQ: KRNT) announced its second-quarter profit and sales above expectations. The developer of industrial digital printing technologies earned 12 cents per share for the three months ended June 30. This compares to a loss of 11 cents per share in the same period last year.
Excluding items, Kornit Digital Ltd. (NASDAQ: KRNT) reported adjusted earnings of 22 cents per share, matching the consensus forecast. Revenue for the quarter skyrocketed 118 percent on a year-over-year basis to $81.7 million, better than analysts’ average estimate of $77.44 million.
Speaking on the results, CEO Ronen Samuel said in a statement:
“Our pipeline and visibility have never been stronger as the industry accelerates its digital transformation with Kornit leading the way. We are more confident than ever in our outlook for the remainder of this year and into next year, and believe we are well on our way to becoming the operating system for on demand sustainable fashion and a $1 billion revenue company in 2026.”
Looking forward, Kornit Digital Ltd. (NASDAQ: KRNT) expects revenue in the range of $88 million to $92 million for the third quarter. The outlook is better than the consensus forecast of $81.47 million.
7. Vishay Intertechnology, Inc. (NYSE: VSH)
Number of Hedge Fund Holders: 32
Vishay Intertechnology, Inc. (NYSE: VSH) recently announced better-than-expected financial results for the quarter ended July 3. The semiconductors manufacturer reported earnings of 64 cents per share, well above 17 cents per share in the comparable period of 2020.
On an adjusted basis, Vishay Intertechnology, Inc. (NYSE: VSH) earned 61 cents per share, compared to 18 cents per share in the year-ago quarter. Revenue came in at $819.12 million, up 40.8 percent from $581.72 million in the same period last year. The results surpassed analysts’ average estimate of 58 cents per share for earnings and $816.3 million for revenue.
CEO Dr. Gerald Paul said, “In the second quarter of 2021, the steep upturn of our business that began in October of last year continued unbroken. Sales at this time are limited by our capacity. Inventory turns of Vishay’s products at distribution increased again in all regions compared to the previous quarter. Sales to the industrial markets reached record levels.”
Paul added that Vishay Intertechnology, Inc. (NYSE: VSH) expects revenue in the range of $810 million to $850 million for the third quarter.
Like Vishay Intertechnology, Inc. (NYSE: VSH), Opendoor Technologies Inc. (NASDAQ: OPEN), NIO Inc. (NYSE: NIO), Coherent, Inc. (NASDAQ: COHR), Unity Software Inc. (NYSE: U), Sysco Corporation (NYSE: SYY), and eBay Inc. (NASDAQ: EBAY) are also in the limelight after posting impressive results.
6. NIO Inc. (NYSE: NIO)
Number of Hedge Fund Holders: 28
NIO Inc. (NYSE: NIO) was founded in 2014. It initially started operating under the name NextCar but later renamed itself to NIO. The company went public in 2018 by selling 160 million American depositary shares (ADS) at $6.26 each share for total proceeds of $1 billion. NIO is famous for manufacturing smart and high-performance electric vehicles (EVs). Some industry experts recognize the company as a direct competitor of Tesla in China.
The rising demand for electric vehicles has been fueling the growth of NIO Inc. (NYSE: NIO). The elevated demand once again helped the company beat expectations for the second quarter. The Chinese EV maker reported a loss of 7 cents per share, narrower than the consensus forecast for a loss of 9 cents per share.
Revenue for the quarter soared 127 percent on a year-over-year basis to $1.31 billion, beating analysts’ average estimate of $1.28 billion. The solid quarterly revenue was mainly driven by the delivery of 21,896 vehicles in the quarter.
Looking forward, NIO Inc. (NYSE: NIO) expects vehicle deliveries in the range of 23,000 to 25,000 units for the third quarter. Moreover, it projected revenue of about $1.44 billion for the current quarter, ahead of the consensus forecast of $1.38 billion.
Speaking on the results, CFO Wei Feng said:
“Driven by another record-high quarterly deliveries in the second quarter of 2021, we have achieved solid financial performance with vehicle margin and gross margin reaching 20.3% and 18.6% respectively. As we expand our horizon to more markets, we will continue to make decisive investments in product and core technology development and sales and service network expansion while improving our overall organizational efficiency and capabilities to support the long-term vision of NIO.”
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Disclosure: None. 10 Stocks that Released Solid Quarterly Earnings is originally published on Insider Monkey.
