In this article, we will take a look at the 10 companies that just smashed earnings estimates. If you want to see some more companies beating expectations, go directly to 5 Companies That Just Smashed Earnings Estimates.
Electric vehicle giant Tesla, Inc. (NASDAQ:TSLA), telecommunications behemoth AT&T Inc. (NYSE:T) and rail transportation company CSX Corporation (NASDAQ:CSX), recently crushed earnings expectations for the second quarter.
Shares of Tesla and CSX rose after the results. However, AT&T shares dropped apparently after reporting a weaker-than-expected free cash flow for the second quarter.
Many other stocks, including Danaher Corporation (NYSE:DHR) and Union Pacific Corporation (NYSE:UNP), also came into the limelight after beating financial expectations for Q2.
Now, let’s review the key financial highlights of these companies.
10. Nucor Corporation (NYSE:NUE)
Number of Hedge Fund Holders: 22
Shares of Nucor Corporation (NYSE:NUE) rose over nine percent on Thursday, July 21, 2022, after the Charlotte-based steel producer announced better-than-expected financial results for the second quarter.
Nucor Corporation (NYSE:NUE) attributed the latest results to the solid performance of its steel products business. The company reported earnings of $9.67 per share for the quarter, significantly higher than $5.04 per share in the comparable period of 2021.
In addition, Nucor Corporation (NYSE:NUE) posted revenue of $11.79 billion, representing a surge of 12 percent over the year-ago quarter. The results easily surpassed the consensus of $8.39 per share for earnings and $11.46 billion for revenue.
9. Nokia Oyj (NYSE:NOK)
Number of Hedge Fund Holders: 22
Nokia Oyj (NYSE:NOK) recently beat profit and sales expectations for the second quarter, helped by solid demand for its 5G equipment. The strong results sent its shares up nearly nine percent on Thursday, July 21, 2022.
The Finnish telecom giant reported adjusted earnings of 0.10 euros per share, beating expectations. Revenue for the quarter increased 11 percent on a year-over-year basis to 5.87 billion euros, while analysts were expecting Nokia Oyj (NYSE:NOK) to post revenue of 5.60 billion euros.
Nokia Oyj (NYSE:NOK) also reaffirmed its sales guidance for the full year. Nokia continues to expect revenue in the range of 23.5 – 24.7 billion euros.
Speaking on the results, CEO Pekka Lundmark said in a statement:
“We have had a strong first half and with our renewed competitiveness, we are well placed to deliver our full year 2022 guidance. There remain risks around timing of Nokia Technologies’ contract renewals, potential COVID-19 lockdowns and the supply chain which remains challenging but is showing signs of improvement. We are currently tracking towards the higher-end of our net sales guidance and towards the mid-point of our operating margin guidance as we manage ongoing inflation and currency headwinds.”
8. D.R. Horton, Inc. (NYSE:DHI)
Number of Hedge Fund Holders: 52
Shares of D.R. Horton, Inc. (NYSE:DHI) closed higher on Thursday, July 21, 2022, after the Texas-based home construction company delivered solid earnings for its fiscal third quarter. The results were mainly driven by strong homebuilding sentiment in the first half.
D.R. Horton, Inc. (NYSE:DHI) reported earnings of $4.67 per share for the three months ended June 30, 2022, compared to $3.06 per share in the comparable period of 2021. Revenue came in at $8.79 billion versus $7.3 billion last year. Analysts were looking for earnings of $4.49 per share on revenue of $8.81 billion.
On the downside, D.R. Horton, Inc. (NYSE:DHI) reduced its sales outlook for the full year, citing a drop in housing demand. It now anticipates revenue of $33.8 – $34.6 billion, compared to its earlier projection of $35.3 – $36.1 billion.
7. Philip Morris International Inc. (NYSE:PM)
Number of Hedge Fund Holders: 55
Philip Morris International Inc. (NYSE:PM) crushed profit and sales expectations for the second quarter, sending its shares up more than four percent on Thursday, July 21, 2022. The tobacco company reported adjusted earnings of $1.48 per share, beating the consensus of $1.25 with a big margin.
In addition, Philip Morris International Inc. (NYSE:PM) posted revenue of $7.83 billion, smashing analysts’ average estimate of $6.71 billion. The company also lifted its profit outlook for the full year.
On an adjusted basis, Philip Morris International Inc. (NYSE:PM) now expects earnings in the range of $6.09 – $6.20 per share, compared to its previous guidance of $5.98 – $6.09 per share. The updated outlook represents a surge of 10 – 12 percent on a year-over-year basis.
Like Philip Morris International Inc. (NYSE:PM), Tesla, Inc. (NASDAQ:TSLA), AT&T Inc. (NYSE:T) and CSX Corporation (NASDAQ:CSX) also smashed earnings estimates for the second quarter.
6. Abbott Laboratories (NYSE:ABT)
Number of Hedge Fund Holders: 68
Shares of Abbott Laboratories (NYSE:ABT) closed higher on Thursday, July 21, 2022, following its better-than-expected financial performance for the second quarter. The health care giant earned $1.43 per share on an adjusted basis, up from $1.17 per share in the year-ago period.
Revenue came in at $11.3 billion, up 10.1 percent over the second quarter of 2021. Analysts were expecting Abbott Laboratories (NYSE:ABT) to report earnings of $1.12 per share on revenue of $10.29 billion.
Looking forward, Abbott Laboratories (NYSE:ABT) now expects to report adjusted earnings of at least $4.90 per share for the full year. The outlook is slightly above analysts’ average estimate of $4.88 per share.
Discussing the results, CEO Robert B. Ford said:
“We achieved another quarter of strong growth and are raising our full-year EPS guidance. Our new product pipeline has remained highly productive, and our diversified business has continued to be resilient in a challenging macro environment.”
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Disclosure: None. 10 Companies That Just Smashed Earnings Estimates is originally published on Insider Monkey.
