5 Stocks that Crushed Earnings Expectations

In this article, we discuss the 5 stocks that crushed earnings expectations. If you want to read our detailed analysis of these companies, go directly to the 10 Stocks that Crushed Earnings Expectations.

5. Brookfield Asset Management Inc. (NYSE: BAM)

Number of Hedge Fund Holders: 34

Brookfield Asset Management Inc. (NYSE: BAM) swung to a profit in the second quarter. The asset management company reported earnings of 49 cents per share for the three months ended June 30, compared to a loss of 43 cents per share in the same period last year.

Revenue came in at $18.29 billion, translating to a surge of 42 percent from $12.83 billion in the year-ago quarter. In addition, Brookfield Asset Management Inc. (NYSE: BAM) announced a quarterly dividend of 13 cents per share.

Commenting on the results, CEO Nick Goodman said, “Our business performed very well during the quarter, recording $1.2 billion of distributable earnings. Growth in our asset management franchise, steady returns on our principal investments, and continued momentum on our capital recycling initiatives all contributed to the strong quarter. Subsequent to quarter-end, we held the first close of $9 billion for our fourth flagship real estate fund, and our $7 billion founders’ close for our Global Transition Fund, taking total fundraising since last quarter to $24 billion. We expect the size of these two funds to exceed $30 billion before they close for capital.”

In the Q2 2021 investor letter of Baron Funds, the fund mentioned Brookfield Asset Management Inc. (NYSE: BAM). Here is what the fund said:

“The shares of long-term holding Brookfield Asset Management Inc. gained 15% in the most recent quarter. The company is a leading alternative asset manager focused on investing in high-quality real estate and infrastructurerelated assets that tend to generate predictable and growing cash flows. We remain bullish about the ongoing prospects for Brookfield given the secular growth opportunity for alternative assets, the company’s many competitive advantages including scale, global capabilities, its well known brand name, operating expertise, and performance track record. We hold management in high regard and believe the shares remain attractively valued.”