5 Quarterly Reports Grabbing Everyone’s Attention

In this article, we discuss the 5 quarterly reports grabbing everyone’s attention. If you want to read our detailed analysis of these companies, go directly to the 10 Quarterly Reports Grabbing Everyone’s Attention. 

5. Ross Stores, Inc. (NASDAQ:ROST)

Number of Hedge Fund Holders: 39

Shares of Ross Stores, Inc. (NASDAQ:ROST) plummeted over 27 percent, hitting a nearly two-year low, in the pre-market trading session on Friday, May 20, 2022. The drop followed the company’s disappointing financial performance for its fiscal first quarter.

Ross Stores, Inc. (NASDAQ:ROST) reported earnings of 97 cents per share, well below $1.34 per share in the year-ago period. Revenue for the quarter also slipped 4.1 percent versus last year to $4.33 billion. The results missed the consensus of $1 per share for earnings and $4.53 billion for revenue.

Looking forward, Ross Stores, Inc. (NASDAQ:ROST) expects earnings in the range of 99 cents – $1.07 per share for the current quarter and between $4.34 – $4.58 per share for the full year. The outlook came in below the consensus of $1.33 per share for its fiscal second quarter and $5.02 per share for its fiscal 2022.

CEO Barbara Rentler also seemed displeased with the latest performance. She said in a statement:

“We are disappointed with our lower-than-expected first quarter results. Following a stronger-than-planned start early in the period, sales underperformed over the balance of the quarter. We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year’s record levels of government stimulus and significant customer pent-up demand as COVID restrictions eased.”

4. Deckers Outdoor Corporation (NYSE:DECK)

Number of Hedge Fund Holders: 46

Shares of Deckers Outdoor Corporation (NYSE:DECK) jumped over 14 percent in the pre-market trading session on Friday, May 20, 2022, after its fiscal fourth-quarter results improved significantly on a year-over-year basis.

Deckers Outdoor Corporation (NYSE:DECK) reported earnings of $2.51 per share, well above $1.18 per share in the year-ago period. Revenue for the quarter climbed 31.2 percent to $736 million. The results crushed analysts’ average estimate of $1.32 per share for earnings and $639.20 million for revenue.

Deckers Outdoor Corporation (NYSE:DECK) also disclosed its region-wise sales performance. Its domestic revenue climbed 37.4 percent to $521 million, while international revenue surged 18.2 percent to $215.1 million in the quarter.

For its fiscal year 2023, Deckers Outdoor Corporation (NYSE:DECK) guided for earnings in the range of $17.40 – $18.25 per share and revenue between $3.45 – $3.50 billion.

3. Deere & Company (NYSE:DE)

Number of Hedge Fund Holders: 61

Shares of Deere & Company (NYSE:DE) fell over six percent in the pre-market trading session on Friday, May 20, 2022, despite announcing better-than-expected financial results for its fiscal second quarter.

Deere & Company (NYSE:DE) reported earnings of $6.81 per share, ahead of the consensus of $6.71 per share. Revenue for the quarter advanced 11 percent on a year-over-year basis to $13.37 billion, topping estimates of $13.2 billion.

Deere & Company (NYSE:DE) also raised its profit outlook for the full year, citing solid demand for its agricultural machinery. The company now expects earnings in the range of $7.0 – $7.4 billion versus its previous projection of $6.7 – $7.1 billion.

Discussing the outlook, CEO John May said in a statement:

“Looking ahead, we believe demand for farm equipment will continue benefiting from positive fundamentals in spite of availability concerns and inflationary pressures affecting our customers’ input costs.”

2. Palo Alto Networks, Inc. (NASDAQ:PANW)

Number of Hedge Fund Holders: 73

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) turned green in the pre-market trading session on Friday, May 20, 2022, after delivering impressive profit and sales for its fiscal third quarter.

Palo Alto Networks, Inc. (NASDAQ:PANW) reported adjusted earnings of $1.79 per share, up from $1.38 per share in the same period of the prior year. Revenue came in at $1.39 billion, up 29 percent on a year-over-year basis. Analysts were looking for earnings of $1.68 per share on revenue of $1.36 billion.

Palo Alto Networks, Inc. (NASDAQ:PANW) also lifted its financial outlook for the full year. The cybersecurity company now expects adjusted earnings in the range of $7.43 – $7.46 per share and revenue between $5.481 – $5.501 billion. The updated guidance is above the consensus of $7.29 per share for earnings and $5.46 billion for revenue.

Speaking on the results, CFO Dipak Golechha said:

“Our drive to deliver strong total shareholder return in Q3 was headlined by our revenue growth, while we also balanced operating margin expansion and free cash flow conversion. We look forward to continuing this balance as we close out the year and look to FY23.”

1. Applied Materials, Inc. (NASDAQ:AMAT)

Number of Hedge Fund Holders: 78

Shares of Applied Materials, Inc. (NASDAQ:AMAT) slipped nearly one percent in the pre-market trading session on Friday, May 20, 2022, after missing financial expectations for its fiscal second quarter and issuing a weak outlook for the current quarter.

Applied Materials, Inc. (NASDAQ:AMAT) earned $1.85 per share on an adjusted basis, compared to $1.63 per share in the same period of 2021. Revenue for the quarter increased to $6.25 billion versus $5.58 billion in the comparable period of the prior year. The results fell short of the consensus of $1.90 per share for earnings and $6.37 billion for revenue.

For its fiscal third quarter, Applied Materials, Inc. (NASDAQ:AMAT) projected adjusted earnings in the range of $1.59 – $1.95 per share and revenue between $5.85 – $6.65 billion. However, analysts were looking for earnings of $2.04 per share on revenue of $6.73 billion.

Commenting on the quarter, CEO Gary Dickerson said:

“Demand for Applied Materials’ products and services has never been stronger, yet we remain constrained by on-going supply chain issues. Our priority is to work quickly and creatively across the supply chain to bring more industry capacity on-line, while accelerating the technology inflections that we believe will enable Applied to outgrow the semiconductor market in the years ahead.”

You can also take a peek at Analysts Are Recommending These 10 Dividend Stocks and 10 Favorite Stocks of Dan Loeb’s Third Point.

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