In this article, we will take a look at the 11 stocks in focus after releasing their financial results. You can skip our detailed analysis of these companies and go directly to the 5 Stocks in Focus After Releasing Their Financial Results.
Notable stocks from the tech and industrials sectors, including Microchip Technology Incorporated (NASDAQ:MCHP), RingCentral, Inc. (NYSE:RNG) and XPO Logistics, Inc. (NYSE:XPO), gained value in the pre-market trading session on Tuesday, May 10, after delivering impressive financial results for their respective quarters.
In addition, many other stocks, including interactive entertainment company Zynga Inc. (NASDAQ:ZNGA) and software company Palantir Technologies Inc. (NYSE:PLTR), also came into the limelight after releasing their earnings reports.
Now, let’s review the financial highlights of these companies.
11. Essential Utilities, Inc. (NYSE:WTRG)
Number of Hedge Fund Holders: 22
Essential Utilities, Inc. (NYSE:WTRG) recently announced its financial results for the first quarter above expectations. The Pennsylvania-based water and natural gas provider reported earnings of 76 cents per share, up from 72 cents per share in the year-ago period.
Revenue came in at $699.3 million, up 19.8 percent from $583.6 million in the first quarter of 2021. Analysts were expecting Essential Utilities, Inc. (NYSE:WTRG) to report earnings of 74 cents per share on revenue of $617.07 million.
Essential Utilities, Inc. (NYSE:WTRG) also released its segment-wise sales results. Revenue from the regulated water segment rose 4.7 percent to $239.2 million, while natural gas revenue jumped 29.7 percent to $445.2 million in the quarter.
Speaking on the results, CEO Christopher Franklin said in a statement:
“We delivered strong financial results for the first quarter of the year and will continue to make significant investments in infrastructure throughout the year, while remaining dedicated to providing high quality, essential utility services for our customers.”
10. Trex Company, Inc. (NYSE:TREX)
Number of Hedge Fund Holders: 28
Shares of Trex Company, Inc. (NYSE:TREX) rose nearly three percent in the after-hours trading session on Monday, May 9, 2022, after announcing solid profit and sales for the first quarter.
Trex Company, Inc. (NYSE:TREX) reported earnings of 62 cents per share, topping expectations of 54 cents per share. Revenue for the quarter rallied 38 percent on a year-over-year basis to $339 million, surpassing estimates of $326.87 million.
For the second quarter, Trex Company, Inc. (NYSE:TREX) projected revenue in the range of $375 – $385 million. The midpoint of the guidance represents a growth of 22 percent over the second quarter of 2021.
Like Trex Company, Inc. (NYSE:TREX), investors are also closely watching Microchip Technology Incorporated (NASDAQ:MCHP), RingCentral, Inc. (NYSE:RNG) and XPO Logistics, Inc. (NYSE:XPO) following their financial results.
9. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 33
Shares of Palantir Technologies Inc. (NYSE:PLTR) plummeted to an all-time low on Monday, May 9, 2022, after reporting a lower-than-expected profit for the first quarter. The data analytics company earned 2 cents per share on an adjusted basis, down from 4 cents per share in the year-ago period.
In addition, Palantir Technologies Inc. (NYSE:PLTR) posted revenue of $446 million, up 31 percent on a year-over-year basis. The results missed the consensus of 4 cents per share for earnings and $443.4 million for revenue.
Looking forward, Palantir Technologies Inc. (NYSE:PLTR) expects to generate revenue of around $470 million for the second quarter. However, the outlook missed the consensus of $483.8 million.
8. Coty Inc. (NYSE:COTY)
Number of Hedge Fund Holders: 36
Coty Inc. (NYSE:COTY) recently announced better-than-expected financial results for the first quarter amid solid demand for its products in the U.S. and Europe. The New York-based beauty company reported adjusted earnings of 3 cents per share, beating estimates of 1 cent per share.
Revenue for the quarter rose 15 percent on a year-over-year basis to $1.19 billion, while analysts were expecting Coty Inc. (NYSE:COTY) to post revenue of $1.15 billion. If we look at its region-wise sales performance, Americas revenue increased 17 percent, EMEA revenue jumped 16 percent, and Asia-Pacific revenue rose 9 percent in the quarter.
Coty Inc. (NYSE:COTY) also raised its fiscal 2022 adjusted-earnings outlook to a range of 23 – 27 cents per share, from its previous guidance between 22 – 26 cents per share.
Discussing the results, CEO Sue Y. Nabi said in a statement:
“Our Q3 earnings mark the seventh consecutive quarter of Coty reporting results inline to ahead of expectations. I am extremely proud of the organization for delivering these results, and outperforming the overall beauty market, in an increasingly volatile environment.”
7. Tyson Foods, Inc. (NYSE:TSN)
Number of Hedge Fund Holders: 36
Shares of Tyson Foods, Inc. (NYSE:TSN) closed higher on Monday, May 9, 2022, after delivering impressive financial results for its fiscal second quarter. The manufacturer of frozen food products reported adjusted earnings of $2.29 per share, representing a massive surge of 71 percent over the same period of 2021.
In addition, Tyson Foods, Inc. (NYSE:TSN) posted revenue of $13.12 billion, up 16.1 percent over the year-ago period. The results easily surpassed the consensus of $1.88 per share for earnings and $12.84 billion for revenue.
Looking at the performance of its flagship segments, the sales volume of beef and chicken rose 0.6 percent in the quarter. On the downside, the sales volume of pork and prepared foods fell 4.8 percent and 5.3 percent, respectively.
For its fiscal year 2022, Tyson Foods, Inc. (NYSE:TSN) now expects revenue in the range of $52 – $54 billion, higher than the consensus of $51.79 billion.
Like Tyson Foods, Inc. (NYSE:TSN), Microchip Technology Incorporated (NASDAQ:MCHP), RingCentral, Inc. (NYSE:RNG) and XPO Logistics, Inc. (NYSE:XPO) also came into the spotlight after releasing their financial results.
6. International Flavors & Fragrances Inc. (NYSE:IFF)
Number of Hedge Fund Holders: 40
Shares of International Flavors & Fragrances Inc. (NYSE:IFF) turned green in the after-hours trading session on Monday, May 9, 2022, after crushing financial expectations for the first quarter.
International Flavors & Fragrances Inc. (NYSE:IFF) earned $1.69 per share on an adjusted basis, topping estimates of $1.28 per share. The quarterly revenue of $3.23 billion also surpassed the consensus of $3.02 billion.
International Flavors & Fragrances Inc. (NYSE:IFF) also released its segment-wise sales results. Nourish revenue jumped 16 percent to $1.73 billion, Health & Biosciences revenue increased 10 percent to $661 million, Scent revenue rose 6 percent to $585 million, and Pharma Solutions revenue advanced 10 percent to $249 million in the quarter.
Moving forward, the company raised its sales outlook for fiscal 2022. International Flavors & Fragrances Inc. NYSE:IFF) now expects revenue in the range of $12.6 – $13.0 billion versus its previous projection of $12.3 – $12.7 billion.
Commenting on the quarter, CEO Frank Clyburn said in a statement:
“Our pricing actions, in combination with our diligent focus on cost discipline, have helped offset the inflationary pressures felt across the global economy. Given our performance to date and reflecting additional inflation throughout the year, we have increased our sales expectation to include incremental pricing actions to fully recover our cost exposure as we remain committed to delivering our full year profit objective.”
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Disclosure: None. 11 Stocks in Focus After Releasing Their Financial Results is originally published on Insider Monkey.
