In this article, we will take a look at the 11 earnings reports everyone is talking about. You can skip our detailed analysis of these companies and go directly to the 5 Earnings Reports Everyone is Talking About.
Notable stocks from the technology and consumer cyclical sectors, including Micron Technology, Inc. (NASDAQ:MU), Lululemon Athletica Inc. (NASDAQ:LULU) and RH (NYSE:RH), are trending after releasing financial results for their respective quarters.
Shares of Micron Technology and Lululemon Athletica turned green following their upbeat quarterly profit. On the other hand, RH stock fell over seven percent in the pre-market trading session on Wednesday, March 30, after missing sales expectations for its fiscal fourth quarter.
In addition, tech company Concentrix Corporation (NASDAQ:CNXC) and restaurant operator Dave & Buster’s Entertainment, Inc. (NASDAQ:PLAY) were also among the notable stocks that recently came out with their earnings reports.
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Now let’s discuss the detailed financial performance of these companies.
Earnings Reports Everyone is Talking About
11. The Lovesac Company (NASDAQ:LOVE)
Number of Hedge Fund Holders: 14
Shares of The Lovesac Company (NASDAQ:LOVE) skyrocketed over 20 percent on Tuesday, March 29, 2022, after the Connecticut-based furniture retailer announced better-than-expected financial results for its fiscal fourth quarter.
The Lovesac Company (NASDAQ:LOVE) reported earnings of $2.03 per share, up from $1.37 per share in the same period last year. Revenue for the quarter climbed 51.3 percent on a year-over-year basis to $196.2 million.
The surge in revenue was mainly driven by higher sales volume and lower discounts during the quarter. Analysts were expecting The Lovesac Company (NASDAQ:LOVE) to earn 54 cents per share on revenue of $174.3 million.
Praising the latest quarterly performance, CEO Shawn Nelson said in a statement:
“Lovesac’s continued strong financial performance in the face of a myriad of macro and industry shifts affirms the power of our unique business model and products.”
10. Cal-Maine Foods, Inc. (NASDAQ:CALM)
Number of Hedge Fund Holders: 15
Shares of Cal-Maine Foods, Inc. (NASDAQ:CALM) turned red in the after-market trading session on Tuesday, March 29, 2022, after the Mississippi-based egg producer missed profit expectations for its fiscal third quarter.
Cal-Maine Foods, Inc. (NASDAQ:CALM) earned 81 cents per share, up from 28 cents per share in the year-ago period but below the consensus of 83 cents. On the bright side, revenue increased 33 percent to $477.5 million and surpassed expectations of $468.84 million.
The quarterly sales were mainly helped by higher shell egg pricing. Cal-Maine Foods, Inc. (NASDAQ:CALM) reported that the average selling price for eggs climbed 29.4 percent to $1.612 per dozen, compared to $1.246 in the same period last year.
Like Cal-Maine Foods, Inc. (NASDAQ:CALM), investors are also closely watching Micron Technology, Inc. (NASDAQ:MU), Lululemon Athletica Inc. (NASDAQ:LULU) and RH (NYSE:RH), following their earnings reports.
9. Progress Software Corporation (NASDAQ:PRGS)
Number of Hedge Fund Holders: 17
Shares of Progress Software Corporation (NASDAQ:PRGS) rose to a nearly three-month high in the after-hours trading session on Tuesday, March 29, 2022, following an upbeat financial performance for its fiscal first quarter.
Progress Software Corporation (NASDAQ:PRGS) reported earnings of 97 cents per share, topping expectations of 85 cents per share. In addition, revenue for the quarter rose 12 percent on a year-over-year basis to $147.5 million and exceeded estimates of $140.55 million.
The Bedford-based software company also issued its financial outlook for the current quarter. Progress Software Corporation (NASDAQ:PRGS) guided for earnings in the range of 64 – 96 cents per share on revenue of $145 – $148 million.
Discussing the results, CFO Anthony Folger said:
“We delivered strong financial results across the board in the first quarter, a continuation of the trend that we saw for much of fiscal year 2021. The integration of Kemp is tracking to plan and Kemp’s first full quarter with Progress contributed in line with our expectations and helped sustain the momentum of our total growth strategy.”
8. MillerKnoll, Inc. (NASDAQ:MLKN)
Number of Hedge Fund Holders: 18
MillerKnoll, Inc. (NASDAQ:MLKN) recently announced its fiscal third-quarter results. The company’s profit decreased significantly over last year, but it managed to beat expectations. MillerKnoll shares rose more than 12 percent in the after-market trading session on Tuesday, March 29, 2022, following the results.
The Michigan-based furniture producer reported adjusted earnings of 28 cents per share, down from 65 cents per share in the year-ago period. Revenue came in at $1.03 billion, up 74.3 percent on a year-over-year basis. Analysts were expecting MillerKnoll, Inc. (NASDAQ:MLKN) to post earnings of 27 cents per share on revenue of $1.03 billion.
Discussing the results, MillerKnoll, Inc. (NASDAQ:MLKN) said revenue could be even higher but supply-chain and labor challenges impacted its ability to produce and deliver orders. The company added that these disruptions reduced its quarterly revenue by nearly $34 million. Nevertheless, the company said it had implemented a range of measures to improve its production levels.
Gross margin also fell 640 basis points in the quarter. MillerKnoll, Inc. (NASDAQ:MLKN) blamed increasing commodity prices and other inflationary pressures for the drop. However, the company said that recent price hikes helped offset some of those pressures.
Looking forward, MillerKnoll, Inc. (NASDAQ:MLKN) expects earnings in the range of 46 – 52 cents per share and revenue between $1.075 – $1.115 billion for its fiscal fourth quarter. Analysts expect earnings of 49 cents per share and revenue of $1.03 billion for the same period.
7. Chewy, Inc. (NYSE:CHWY)
Number of Hedge Fund Holders: 21
Chewy, Inc. (NYSE:CHWY) recently announced disappointing financial results for its fiscal fourth-quarter along with a fragile sales outlook. The weak results sent Chewy shares down more than 14 percent in the after-hours trading session on Tuesday, March 29, 2022.
The Florida-based pet food retailer reported an adjusted loss of 15 cents per share, compared to earnings of 5 cents per share in the year-ago period. In addition, Chewy, Inc. (NYSE:CHWY) posted revenue of $2.39 billion, up 17 percent on a year-over-year basis. Analysts were looking for a loss of 8 cents per share on revenue of $2.42 billion.
Chewy, Inc. (NYSE:CHWY) also issued its sales outlook for the current quarter. It expects revenue in the range of $2.40 – $2.43 billion for its fiscal first quarter, below the consensus of $2.51 billion.
Like Chewy, Inc. (NYSE:CHWY), Micron Technology, Inc. (NASDAQ:MU), Lululemon Athletica Inc. (NASDAQ:LULU) and RH (NYSE:RH) also came into the limelight after posting their quarterly results.
6. Verint Systems Inc. (NASDAQ:VRNT)
Number of Hedge Fund Holders: 22
Shares of Verint Systems Inc. (NASDAQ:VRNT) rose nearly two percent in the after-hours trading session on Tuesday, March 29, 2022, after the Huntington-based analytics company reported better-than-expected financial results for its fiscal fourth quarter.
Verint Systems Inc. (NASDAQ:VRNT) reported adjusted earnings of 57 cents per share, marginally above the consensus of 56 cents per share. Revenue for the quarter increased four percent on a year-over-year basis to $236 million, ahead of analysts’ average estimate of $231.6 million.
Looking forward, Verint Systems Inc. (NASDAQ:VRNT) expects earnings of about $2.50 per share for its fiscal 2023, representing a growth of 10 percent over last year. Revenue for the same period is expected to come around $940 million, representing year-over-year growth of 7 percent.
Speaking on the results, CEO Dan Bodner said in a statement:
“The cloud momentum we experienced throughout last year continued into the fourth quarter driving our non-GAAP revenue and diluted EPS results ahead of our guidance. We also crossed the mid-point of our cloud transition and 61% of our new perpetual license equivalent (PLE) bookings came from SaaS in the fourth quarter.”
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Disclosure: None. 11 Earnings Reports Everyone is Talking About is originally published on Insider Monkey.
