In this article, we will take a look at the 11 stocks making big moves after releasing their financial results. You can skip our detailed analysis of these companies and go directly to the 5 Stocks Making Big Moves After Releasing Their Financial Results.
Notable companies from the communication services, technology and healthcare sectors, including Netflix, Inc. (NASDAQ:NFLX), International Business Machines Corporation (NYSE:IBM) and Johnson & Johnson (NYSE:JNJ), recently came out with their financial results for the first quarter.
Netflix, Inc. (NASDAQ:NFLX) shares lost nearly 30 percent of their value after reporting its first quarterly subscribers’ loss in more than a decade. The drop sent Netflix, Inc. (NASDAQ:NFLX) shares down to a nearly four-year low in the early trading session Wednesday, April 20. On the other hand, shares of IBM and Johnson & Johnson gained value on a better-than-expected quarterly profit.
Several other companies, including Bank of America Corporation (NYSE:BAC) and Lockheed Martin Corporation (NYSE:LMT), also came into the limelight after releasing their earnings reports.
Photo by Adam Nowakowski on Unsplash
Now let’s discuss the financial highlights of these companies.
Stocks Making Big Moves After Releasing Their Financial Results
11. Iridium Communications Inc. (NASDAQ:IRDM)
Number of Hedge Fund Holders: 20
Shares of Iridium Communications Inc. (NASDAQ:IRDM) rose over six percent on Tuesday, April 19, 2022, after announcing better-than-expected financial results for the first quarter. The satellite communications company reported earnings of 2 cents per share, compared to a loss of 4 cents per share in the same period of 2021.
In addition, Iridium Communications Inc. (NASDAQ:IRDM) posted revenue of $168.2 million, up 15 percent on a year-over-year basis. Analysts were looking for earnings of breakeven per share on revenue of $157.2 million.
Iridium Communications Inc. (NASDAQ:IRDM) also reaffirmed its service revenue outlook for 2022. The company expects its service revenue to grow in the range of 5 – 7 percent in the current fiscal year.
Discussing the results, CEO Matt Desch said in a statement:
“Iridium continued to see strong demand in the first quarter. I’m continually amazed at the innovative ways in which our technology and distribution partners utilize our unique satellite network to drive growth and serve their respective markets.”
10. J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT)
Number of Hedge Fund Holders: 21
Shares of J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) closed higher on Tuesday, April 19, 2022, following its upbeat financial performance for the first quarter. The Arkansas-based logistics company earned $2.29 per share, topping expectations of $1.94 per share.
Revenue for the quarter jumped 33.3 percent versus last year to $3.49 billion, beating estimates of $3.28 billion. J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT) also released its segment-wise sales performance. Its Truckload revenue climbed 77 percent, while Integrated Capacity Solutions revenue increased 29 percent on a year-over-year basis.
In comparison, Intermodal revenue for the quarter jumped 36 percent, helped by higher load volume. On the other hand, Dedicated Contract Services revenue advanced 28 percent versus the same period last year.
Like J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT), investors are also closely observing Netflix, Inc. (NASDAQ:NFLX), International Business Machines Corporation (NYSE:IBM) and Johnson & Johnson (NYSE:JNJ), after they posted their earnings reports.
9. Hasbro, Inc. (NASDAQ:HAS)
Number of Hedge Fund Holders: 22
Shares of Hasbro, Inc. (NASDAQ:HAS) rose over five percent on Tuesday, April 19, 2022, despite its mixed financial results for the first quarter. The Rhode Island-based play and entertainment company reported adjusted earnings of 57 cents per share, down from $1 per share in the year-ago period.
Revenue for the quarter rose 4 percent on a year-over-year basis to $1.16 billion. Analysts were expecting Hasbro, Inc. (NASDAQ:HAS) to report earnings of 61 cents per share on revenue of $1.15 billion.
If we look at the performance of Hasbro’s flagship businesses, revenue from its consumer products segment rose three percent, entertainment revenue increased four percent, and wizards of the coast and digital gaming revenue jumped nine percent in the quarter.
Looking forward, Hasbro, Inc. (NASDAQ:HAS) plans to further increase prices to deal with the rising costs. Like its peers, increasing freight costs are eating away its profit margins. Moreover, the company also warned that the halt of toy shipments to Russia would affect its revenue.
8. Omnicom Group Inc. (NYSE:OMC)
Number of Hedge Fund Holders: 33
Omnicom Group Inc. (NYSE:OMC) is engaged in offering advertising and marketing services to thousands of customers in more than 100 countries. The company recently announced better-than-expected profit and sales for the first quarter, sending its shares up nearly two percent in the after-hours trading session on Tuesday, April 19, 2022.
Omnicom Group Inc. (NYSE:OMC) reported adjusted earnings of $1.39 per share on revenue of $3.41 billion. The results were better than analysts’ average estimate of $1.30 per share for earnings and $3.28 billion for revenue.
Commenting on the quarter, CEO John Wren said in a statement:
“We continued to invest in areas important to our clients’ growth, continued to make acquisitions in strategic areas of growth, and repurchased a significant amount of our shares. Despite uniquely challenging global events, we remain confident that our high-quality and diverse portfolio positions us strongly for future growth, both in 2022 and beyond.”
7. Signature Bank (NASDAQ:SBNY)
Number of Hedge Fund Holders: 41
Shares of Signature Bank (NASDAQ:SBNY) rose over eight percent on Tuesday, April 19, 2022, after posting solid earnings for the first quarter. The New York-based bank reported earnings of $5.30 per share, well above $3.24 per share in the same period of 2021.
The latest quarterly earnings surpassed the consensus of $4.32 per share with a big margin. Signature Bank (NASDAQ:SBNY) attributed the latest performance to higher net interest income, strong deposit, and loan growth in the quarter.
Net interest income for the quarter jumped 41.1 percent on a year-over-year basis to $573.6. In comparison, non-interest income increased to $34.4 million, from $32.7 million in the year-ago period. Among other updates, Signature Bank (NASDAQ:SBNY) reported that its deposits rose 2.8 percent to $109.16 billion.
Like Signature Bank (NASDAQ:SBNY), Netflix, Inc. (NASDAQ:NFLX), International Business Machines Corporation (NYSE:IBM) and Johnson & Johnson (NYSE:JNJ) also came into the spotlight after posting their financial results.
6. Lockheed Martin Corporation (NYSE:LMT)
Number of Hedge Fund Holders: 42
Shares of Lockheed Martin Corporation (NYSE:LMT) turned red on Tuesday, April 19, 2022, following its mixed financial performance for the first quarter. The Maryland-based aerospace and defense contractor earned $6.44 per share, down from $6.56 per share in the comparable period of 2021.
Revenue for the quarter fell eight percent on a year-over-year basis to $14.96 billion. Analysts were expecting Lockheed Martin Corporation (NYSE:LMT) to earn $6.21 per share on revenue of $15.55 billion.
Lockheed Martin Corporation (NYSE:LMT) also released its segment-wise sales performance. Its aeronautics sales inched up 0.22 percent to $6.4 billion, missiles and fire control sales fell 11 percent to $2.45 billion, and rotary and mission systems sales plummeted 14 percent to $3.55 billion in the quarter. In comparison, space sales declined 15 percent to $2.56 billion.
Looking forward, Lockheed Martin Corporation (NYSE:LMT) guided for earnings of about $26.70 per share on revenue of approx. $66 billion for the full year. The outlook is slightly below the consensus of $26.80 per share for earnings and $66.11 billion for revenue.
Discussing the results, CEO James Taiclet said in a statement:
“Lockheed Martin had a solid start to the year by delivering margin expansion and free cash flow above our expectations despite recent Covid-surge impacts on our operations and supply chain. We remain confident in our guidance for the remainder of the year and our growth outlook beyond.”
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Disclosure: None. 11 Stocks Making Big Moves After Releasing Their Financial Results is originally published on Insider Monkey.
