In this article, we will take a look at the 11 companies drawing attention on quarterly reports. You can skip our detailed analysis of these companies and go directly to the 5 Companies Drawing Attention on Quarterly Reports.
Stocks from the communication services and energy sectors, including Electronic Arts Inc. (NASDAQ:EA), Roblox Corporation (NYSE:RBLX) and Occidental Petroleum Corporation (NYSE:OXY), were seen making big moves after releasing their earnings reports.
Shares of Electronic Arts and Occidental Petroleum rose after beating financial expectations for their respective quarter. On the other hand, Roblox stock initially fell but rebounded after the opening bell on Wednesday, May 11, despite posting a wider-than-expected loss for Q1.
Several other companies, including building materials manufacturer Builders FirstSource, Inc. (NYSE:BLDR) and software company Unity Software Inc. (NYSE:U), also came into the spotlight after releasing their financial results.
Companies Drawing Attention on Quarterly Reports
11. Alcon Inc. (NYSE:ALC)
Number of Hedge Fund Holders: 21
Shares of Alcon Inc. (NYSE:ALC) rose nearly five percent in the after-hours trading session on Tuesday, May 10, 2022, following its upbeat financial performance for the first quarter. The eye-care products maker reported adjusted earnings of 68 cents per share, up from 49 cents per share in the same period of 2021.
Revenue for the quarter increased 14 percent on a year-over-year basis to $2.2 billion. Analysts were expecting Alcon Inc. (NYSE:ALC) to post earnings of 49 cents per share on revenue of $2.04 billion.
Alcon Inc. (NYSE:ALC) also released its segment-wise sales performance. Its Surgical revenue for the quarter jumped 17 percent to $1.3 billion, while Vision Care revenue increased 14 percent to $0.9 billion.
Looking forward, Alcon Inc. (NYSE:ALC) continues to expect adjusted earnings in the range of $2.35 – $2.45 per share and revenue between $8.7 – $8.9 billion for the full year.
Discussing the results, CEO David J. Endicott said in a statement:
“While we are pleased with these results, we continue to expect broader headwinds, including inflation and foreign exchange pressures, to persist. Despite this, we are increasing our constant currency growth outlook for 2022 based on our strong underlying business and growing market shares.”
10. GLOBALFOUNDRIES Inc. (NASDAQ:GFS)
Number of Hedge Fund Holders: 23
GLOBALFOUNDRIES Inc. (NASDAQ:GFS) posted solid profit and sales for the first quarter along with an impressive outlook for the second quarter. The promising results sent the company’s shares up nearly four percent in the extended trading session on Tuesday, May 10, 2022.
The semiconductor contract manufacturing company earned 42 cents per share on an adjusted basis, topping expectations of 23 cents per share. In addition, GLOBALFOUNDRIES Inc. (NASDAQ:GFS) posted revenue of $1.94 billion, up 37 percent on a year-over-year basis and above expectations of $1.90 billion.
For the second quarter, GLOBALFOUNDRIES Inc. (NASDAQ:GFS) guided for adjusted earnings in the range of 43 – 48 cents per share and revenue between $1.96 – $1.99 billion. The outlook is above the consensus of 27 cents per share for earnings and $1.93 billion for revenue.
Like GLOBALFOUNDRIES Inc. (NASDAQ:GFS), investors are also closely watching Electronic Arts Inc. (NASDAQ:EA), Roblox Corporation (NYSE:RBLX) and Occidental Petroleum Corporation (NYSE:OXY) after their quarterly reports.
9. Sysco Corporation (NYSE:SYY)
Number of Hedge Fund Holders: 25
Shares of Sysco Corporation (NYSE:SYY) closed higher on Tuesday, May 10, 2022, after announcing better-than-expected financial results for its fiscal third quarter. The Texas-based distributor of food products reported adjusted earnings of 71 cents per share, significantly higher than 22 cents per share in the year-ago period.
Revenue also climbed 42.9 percent versus last year to $16.90 billion. Analysts were expecting Sysco Corporation (NYSE:SYY) to post earnings of 55 cents per share on revenue of $15.91 billion.
For its fiscal year 2022, Sysco Corporation (NYSE:SYY) raised its adjusted earnings outlook to a range of $3.16 – $3.26 per share, from its previous guidance of $3 – $3.10 per share. The updated projection is better than the consensus of $3.08 per share.
8. Fox Corporation (NASDAQ:FOX)
Number of Hedge Fund Holders: 27
Shares of Fox Corporation (NASDAQ:FOX) hit a new 52-week low of $28.96 on Tuesday, May 10, 2022, after posting mixed financial performance for its fiscal third quarter. The New York-based mass media company reported adjusted earnings of 81 cents per share, missing the consensus of 87 cents per share.
On the bright side, the quarterly revenue of $3.46 billion rose seven percent on a year-over-year basis and surpassed expectations. Fox Corporation (NASDAQ:FOX) also disclosed the sales performance of its flagship segments. Its affiliate revenue increased 5 percent to $1.8 billion, advertising revenue rose 9 percent to $1.3 billion and other revenue jumped 18 percent to $351 million in the quarter.
Speaking on the results, CEO Lachlan Murdoch said in a statement:
“FOX’s third quarter results again demonstrate our capacity to deliver sustained and consistently strong revenue growth. Our 7% topline growth in the quarter was propelled by pricing strength in both distribution and advertising revenues across our leadership brands, complemented by the powerful momentum we continue to see at Tubi.”
7. Unity Software Inc. (NYSE:U)
Number of Hedge Fund Holders: 36
Shares of Unity Software Inc. (NYSE:U) plummeted to an all-time low in the after-hours trading session on Tuesday, May 10, 2022, after posting mixed first-quarter results and a disappointing sales outlook for the second quarter.
Unity Software Inc. (NYSE:U) reported an adjusted loss of 8 cents per share, in line with the expectations. Revenue for the quarter jumped 36 percent on a year-over-year basis to $320.1 million but fell below the expectations of $321.49 million.
If we look at the sales performance of flagship segments of Unity Software Inc. (NYSE:U), Create Solutions revenue climbed 65 percent to $116.4 million, while Operate Solutions revenue jumped 26 percent to $184 million in the quarter. In comparison, Strategic Partnerships and Other revenue increased 11 percent to $19.7 million.
Looking forward, Unity Software Inc. (NYSE:U) expects revenue in the range of $290 – $295 million for the second quarter and between 1.35 – $1.45 billion for the full year. The outlook missed the consensus of $361 million for Q2 and $1.5 billion for fiscal 2022.
Like Unity Software Inc. (NYSE:U), Electronic Arts Inc. (NASDAQ:EA), Roblox Corporation (NYSE:RBLX) and Occidental Petroleum Corporation (NYSE:OXY) were also spotted making big moves following their quarterly reports.
6. Warner Music Group Corp. (NASDAQ:WMG)
Number of Hedge Fund Holders: 38
Shares of Warner Music Group Corp. (NASDAQ:WMG) plunged to a new low of $25.35 on Tuesday, May 10, 2022, after missing profit expectations for its fiscal second quarter. The New York-based music company reported earnings of 18 cents per share, below analysts’ average estimate of 21 cents per share.
In addition, Warner Music Group Corp. (NASDAQ:WMG) posted revenue of $1.376 billion, up 10 percent over the same period of 2021 but slightly below the consensus of $1.38 billion. If we look at the performance of its key segments, recorded music revenue rose 8 percent to $1.15 billion, music publishing revenue jumped 20 percent to $230 million and digital revenue increased 8 percent to $931 billion in the quarter.
Commenting on the results, CEO Steve Cooper said in a statement:
“The underlying health and resilience of our business is reflected in the diversified revenue growth that we delivered in the second quarter. While our core business continues to flourish, new growth vectors are constantly emerging.”
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Disclosure: None. 11 Companies Drawing Attention on Quarterly Reports is originally published on Insider Monkey.
