Thursday’s Hottest Earnings Reports: Cabelas, Total SA, Bunge, ITT Educational, Cirrus Logic

All three major indexes are moderately lower today as traders digest the latest earnings releases by leading American corporations. Among the companies that just released their latest quarterly results are Cabelas Inc (NYSE:CAB), Bunge Ltd (NYSE:BG), Total SA (ADR) (NYSE:TOT), Cirrus Logic, Inc. (NASDAQ:CRUS), and ITT Educational Services, Inc. (NYSE:ESI). We’ll take a closer look at the performance of the five stocks in this article and use SEC filings to determine how hedge funds are trading these equities.

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Cabelas Reports Mixed Results

Cabelas Inc (NYSE:CAB) reported net income of $0.59 per share on revenue of $929.9 million for the second quarter, missing the bottom-line estimate by $0.02 per share but beating the top-line mark by $24.31 million. Sales rose by 11.2% year-over-year and comparable retail store sales inched up by 1.5%. U.S comparable store sales rose by 2% while internet and catalog sales increased by 3.3%. Management continues to expect a high-single-digit growth rate in revenue and a high-single-digit to low-double-digit growth rate in EPS for the full 2016 year. Ken Fisher‘s Fisher Asset Management reported owning a stake of more than 1.00 million shares of Cabelas Inc (NYSE:CAB) as of the end of the second quarter.

Earnings Beat at Bunge

Agribusiness giant Bunge Ltd (NYSE:BG) earned $0.79 per share on revenue of $10.54 billion for the second quarter, exceeding the consensus estimates by $0.41 per share and $460 million respectively. GAAP EPS rose to $0.81 from just $0.31 a year earlier, as improvement in grains and milling margins drove profits. Management continues to expect earnings per share growth for the full year, with returns on capital above WACC. Bunge shares are 3.51% higher this morning. 28 funds in our system had a bullish position in Bunge Ltd (NYSE:BG) at the end of the first quarter. 

On the next page we’ll take a closer look at the earnings results of Total SA, Cirrus Logic, and ITT Educational Services.

Total SA Rises After Reporting Earnings

Total SA (ADR) (NYSE:TOT) shares are 2% in the green today after the super-major reported excellent second quarter results. For the three months ended June 30, Total SA earned $0.90 per share on revenue of $37.22 billion, beating the bottom- and top-line estimates by a robust $0.16 per share and $4.92 billion respectively. Although Brent averaged just $46 per barrel in the second quarter, the company’s production rose by more than 5% year-over-year and cash generation in the downstream unit remained strong. Management remains committed to cutting costs and estimates that Total SA will surpass its $2.4 billion cost reduction target for the year. Ten hedge funds in our database were long Total SA (ADR) (NYSE:TOT) at the end of March, unchanged over the first quarter.

Cirrus Surges on Strong Quarter

Although fast mobile phone growth may be a thing of the past, Cirrus Logic, Inc. (NASDAQ:CRUS) nevertheless turned in solid results for its first quarter of fiscal year 2017, with EPS of $0.44 on revenue of $259.4 million. Shares of the company have surged by over 16% as analysts were expecting $0.16 less in EPS and $23.03 million less in revenue. Like the fiscal first quarter results, guidance was also upbeat. Management sees gross margin coming in at 47%-to-49% and revenue being $380 million-to-$410 million for the fiscal second quarter. The number of funds in our database with holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) rose by nine quarter-over-quarter to 33 as of the end of March, as they appeared to anticipate notable improvement in the company’s performance.

ITT Rises on Results

Traders are watching nano-cap ITT Educational Services, Inc. (NYSE:ESI) today after the company reported second quarter earnings of $0.18 per share on sales of $176.32 million. Although ITT’s revenue missed estimates by $2.73 million and total student enrollment decreased by 16.4% to 40,015, the company’s earnings beat expectations by a hearty $0.22 per share. Shares of the company are up by over 7% this morning as a result. Of the 766 active funds in our database, 14 of them owned $18.18 million worth of long positions in ITT Educational Services, Inc. (NYSE:ESI) on March 31, which accounted for 24.90% of the float.

Disclosure: None