The closing session of the trading week promises to be an eventful one following a deluge of earnings reports released after yesterday’s close from several prominent tech and healthcare companies.
Among the companies reporting their latest quarterly results in yesterday’s after-hours were Monster Beverage Corporation (NASDAQ:MNST), FireEye Inc (NASDAQ:FEYE), Builders FirstSource Inc. (NASDAQ:BLDR), Paramount Group Inc. (NYSE:PGRE), and Lions Gate Entertainment Corp. (USA) (NYSE:LGF). We’ll take a look at how they did in this article and see how successful hedge funds have been trading them recently.
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Monster Beverage Works Through Transitional Phase
Monster Beverage Corporation (NASDAQ:MNST) is 1.5% in the green in pre-market trading after the energy-maker reported top-line growth for the second quarter. Revenue rose by 19% year-over-year to $827.5 million, topping estimates of $804 million. Adjusted earnings, excluding several one-time items, also rose year-over-year, to $0.99 per share, though that figure missed estimates of $1.03.
Monster Beverage Chairman and CEO Rodney Cyril Sacks says greater cost savings from the company’s acquisition of American Fruits & Flavors in early-April will be realized in coming quarters, as the company overestimated its cost of goods requirements during the second quarter. Monster Beverage also continues to transition its distribution in several countries following its pact reached with The Coca-Cola Company (NYSE:KO) last year, in which the latter bought a 16.7% stake in the former and became its preferred distributor. Costs related to that transition continue to affect Monster’s bottom-line results. Columbus Circle Investors owns 85,305 shares of Monster Beverage Corporation (NASDAQ:MNST) as of June 30.
FireEye Taking A Beating After Weak Results, Layoffs
FireEye Inc (NASDAQ:FEYE) shares have slumped by over 15% this morning after the security software company announced its second quarter results and an aggressive plan to cut costs than will result in hundreds of layoffs. While its adjusted EPS loss of $0.33 for the quarter came in ahead of estimates by $0.06, revenue and billings both disappointed investors. Revenue of $175 million was $6.6 million short of expectations, while billings of $196.4 million missed the mark by $13.2 million. CEO Kevin Mandia also announced that FireEye will aim to cut controllable costs by 9%, with the resulting unspecified number of job cuts likely numbering in the low-hundreds. Shares of FireEye have plummeted by 62% over the past 12 months. FireEye Inc (NASDAQ:FEYE) shares were held by 28 of the hedge funds in our database on March 31.
We’ll check out how Lions Gate and two other companies performed during the June quarter on the next page.