In this article, we will take a look at the 11 stocks making headlines after releasing their financial results. You can skip our detailed analysis of these companies and go directly to the 5 Stocks Making Headlines After Releasing Their Financial Results.
The first-quarter earnings season has kicked off, with leading financial stocks releasing their earnings reports in the first week. JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), were among the first ones to post the results.
JPMorgan shares fell to a new low after its Q1 earnings fell 42 percent on a year-over-year basis and missed expectations. On the other hand, shares of BlackRock and Wells Fargo also turned red following their mixed financial performance.
Several other companies, including major U.S. airline Delta Air Lines, Inc. (NYSE:DAL) and used vehicle retailer CarMax, Inc. (NYSE:KMX), also came into the limelight after posting their earnings reports.
Photo by Adam Nowakowski on Unsplash
Now let’s review the important financial highlights from these companies.
11. Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Number of Hedge Fund Holders: 17
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) slipped over one percent on Wednesday, April 13, 2022, after announcing disappointing financial results for its fiscal fourth quarter. The omnichannel retailer blamed inventory and logistic challenges for the weak results.
Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported an adjusted loss of 92 cents per share, compared to analysts’ average estimate for earnings of 3 cents per share. Revenue for the quarter fell 22 percent on a year-over-year basis to $2.05 billion, missing the consensus of $2.07 billion. Same-store sales also declined 12 percent versus the year-ago period.
The company didn’t offer any specific guidance for its current fiscal year. However, Bed Bath & Beyond Inc. (NASDAQ:BBBY) expects its revenues and margins to improve in the second half of the year amid easing supply chain conditions.
Discussing the results, CEO Mark Tritton said in a statement:
“Macroeconomic factors, such as the disruption of the global supply chain, the Omicron variant, as well as the geopolitical turbulence weighing on consumer confidence, have uncovered more vulnerabilities than we could have foreseen at this stage of our transformation, as we completely rebuild the foundation of our business.”
10. Washington Federal, Inc. (NASDAQ:WAFD)
Number of Hedge Fund Holders: 21
Washington Federal, Inc. (NASDAQ:WAFD) is a Seattle-based bank operating more than 230 branches in eight western states. Its services range from checking and saving accounts to mortgages and construction loans.
The bank recently announced the financial results for its fiscal second quarter. Washington Federal, Inc. (NASDAQ:WAFD) reported earnings of 70 cents per share for the three months ended March 31, 2022, up from 56 cents per share in the comparable period of 2021. Earnings were in line with the expectations.
Net interest income for the quarter increased about nine percent on a year-over-year basis to $135 million. Among other updates, Washington Federal, Inc. (NASDAQ:WAFD) reported that its total assets stood at $20.6 billion at the end of the quarter, compared to $19.7 billion as of September 30, 2021.
Like Washington Federal, Inc. (NASDAQ:WAFD), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), are also making headlines after releasing their financial results.
9. Infosys Limited (NYSE:INFY)
Number of Hedge Fund Holders: 27
Infosys Limited (NYSE:INFY) is an information technology company based in India. It is primarily engaged in offering consultation, tech and advanced digital services to customers, helping them in their digital transformation journey.
Shares of Infosys Limited (NYSE:INFY) recently plummeted to a nearly nine-month low after announcing lower-than-expected financial results for its fiscal fourth quarter. The company earned 18 cents per share, marginally below the consensus of 19 cents per share.
Revenue came in at $4.28 billion, up 20.6 percent versus last year. However, analysts were expecting Infosys Limited (NYSE:INFY) to generate revenue of $4.29 billion. Digital revenue for the quarter rose nearly 39 percent to $2.53 billion.
8. Fastenal Company (NASDAQ:FAST)
Number of Hedge Fund Holders: 29
Shares of Fastenal Company (NASDAQ:FAST) rose over two percent on Wednesday, April 13, 2022, following an upbeat financial performance for the first quarter. The wholesale distributer of industrial and construction supplies reported earnings of 47 cents per share, compared to 37 cents per share in the year-ago period.
In addition, Fastenal Company (NASDAQ:FAST) posted revenue of $1.70 billion, up 20.3 percent on a year-over-year basis. The results surpassed analysts’ average estimate of 44 cents per share for earnings and $1.68 billion for revenue.
Fastenal Company (NASDAQ:FAST) attributed the latest quarterly sales to higher demand from its manufacturing and construction clients due to improvements in business activities. Gross profit also advanced 120 basis points to 46.6 percent versus 45.4 percent in the same period of 2021.
7. Albertsons Companies, Inc. (NYSE:ACI)
Number of Hedge Fund Holders: 29
Albertsons Companies, Inc. (NYSE:ACI) is one of the leading food and drug retailers in the U.S., with a store count of more than 22,000 spread across 34 states. The company recently announced better-than-expected financial results for its fiscal fourth quarter.
The Idaho-based company reported adjusted earnings of 75 cents per share, up from 60 cents per share in the year-ago period. Revenue for the quarter rose 10.2 percent on a year-over-year basis to $17.4 billion. Analysts were expecting Albertsons Companies, Inc. (NYSE:ACI) to report earnings of 64 cents per share on revenue of $16.74 billion.
Albertsons Companies, Inc. (NYSE:ACI) also released the profit outlook for its fiscal 2022. The company guided for adjusted earnings in the range of $2.70 – $2.85 per share, nearly in line with the consensus of $2.78 per share.
Like Albertsons Companies, Inc. (NYSE:ACI), investors are also closing watching JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), following their financial results.
6. CarMax, Inc. (NYSE:KMX)
Number of Hedge Fund Holders: 35
Shares of CarMax, Inc. (NYSE:KMX) recently hit a new 52-week low of $90.55 after posting weak earnings for its fiscal fourth quarter. The company’s profitability was hurt by a range of factors such as waning consumer confidence, a resurgence in coronavirus cases, and vehicle affordability.
CarMax, Inc. (NYSE:KMX) earned 98 cents per share during the three months ended February 28, 2022, down 22 percent on a year-over-year basis and well below the consensus of $1.25 per share. On the bright side, revenue for the quarter climbed 48.8 percent versus last year to $7.7 billion, beating expectations of $7.5 billion.
Among other updates, CarMax, Inc. (NYSE:KMX) reported that it sold 343,413 vehicles through its retail and wholesale channels, representing a surge of 11.3 percent over the fourth quarter of the prior year. The company also reported that it repurchased $101.7 million worth of its common stock and opened four new retail sites during the quarter.
In addition, CarMax, Inc. (NYSE:KMX) issued its long-term outlook. It expects to sell 2 – 2.4 million vehicles by its fiscal 2026. The company also expects to generate revenue between $33 – $45 billion during the same period.
Speaking on the results, CEO Bill Nash said in a statement:
“While the fourth quarter was adversely affected by macro factors, our retail market share growth for the year was the highest it’s been during my tenure as CEO and is a reflection of our ability to deliver the most customer-centric experience in the industry.”
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Disclosure: None. 11 Stocks Making Headlines After Releasing Their Financial Results is originally published on Insider Monkey.
