In this article, we will take a look at the 10 latest earnings that surprised Wall Street. If you want to see more such earnings reports on the list, go directly to 5 Latest Earnings That Surprised Wall Street.
All three major U.S. indices struggled to find direction on Friday following the latest jobs data from the Bureau of Labor Statistics. The data showed that U.S. employers generated 261,000 jobs in October, significantly higher than the consensus of 200,000 additions. As of 02:04 PM ET, S&P 500 was nearly flat at -0.01 percent, Dow Jones Industrial Average was up 0.08 percent and Nasdaq Composite was down 0.46 percent.
Meanwhile, stocks from the tech and healthcare sectors, including Block, Inc. (NYSE:SQ), Amgen Inc. (NASDAQ:AMGN) and Cigna Corporation (NYSE:CI), recently came into the limelight after smashing earnings expectations for their respective quarters.
In addition, coffee giant Starbucks Corporation (NASDAQ:SBUX) and energy drinks maker Monster Beverage Corporation (NASDAQ:MNST) were also trending following their upbeat earnings. Check out the complete article to see some more earnings reports that surprised Wall Street.
Photo by Adam Nowakowski on Unsplash
10. Microchip Technology Incorporated (NASDAQ:MCHP)
Number of Hedge Fund Holders: 41
Shares of Microchip Technology Incorporated (NASDAQ:MCHP) rose over six percent this morning after surpassing profit and sales expectations for its fiscal second quarter. The Arizona-based company reported adjusted earnings of $1.46 per share, up from $1.07 per share in the year-ago period.
Revenue for the quarter jumped nearly 26 percent on a year-over-year basis to $2.073 billion. Analysts expected Microchip Technology Incorporated (NASDAQ:MCHP) to earn $1.44 per share on revenue of $2.06 billion.
For its fiscal third quarter, Microchip Technology Incorporated (NASDAQ:MCHP) expects adjusted earnings in the range of $1.54 – $1.56 per share and revenue between $2.135 – $2.177 billion.
9. The Hershey Company (NYSE:HSY)
Number of Hedge Fund Holders: 43
The Hershey Company (NYSE:HSY) caught investors’ attention today after topping financial expectations for its fiscal third quarter. Moreover, it also lifted its sales outlook for the full year, citing higher-than-expected demand for the holiday season.
The leading chocolate maker earned $2.17 per share on an adjusted basis, crushing estimates of $2.10 per share. In addition, The Hershey Company (NYSE:HSY) posted revenue of $2.73 billion, up 15.6 percent on a year-over-year basis and ahead of the consensus of $2.62 billion.
Looking forward, The Hershey Company (NYSE:HSY) now expects its full-year sales to grow in the range of 14 – 15 percent, up from its previous forecast calling for growth between 12 – 14 percent.
Like The Hershey Company (NYSE:HSY), investors were also closely watching Block, Inc. (NYSE:SQ), Amgen Inc. (NASDAQ:AMGN) and Cigna Corporation (NYSE:CI), after their upbeat earnings.
8. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN)
Number of Hedge Fund Holders: 44
Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) handily surpassed financial expectations for the third quarter. The results were primarily driven by solid sales of its eye treatment EYLEA and asthma drug Dupixent.
The biotechnology company reported adjusted earnings of $11.14 per share, smashing expectations of $9.76 per share. Revenue for the quarter came in at $2.94 billion, while analysts expected Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) to post revenue of $2.88 billion.
EYLEA continues to be the biggest sales driver for Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), generating revenue of $1.63 billion in the quarter. The numbers represented a surge of 11 percent over the same period of 2021.
Separately, investment management firm Bronte Capital talked about Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) in its third-quarter 2022 investor letter, stating:
“There have been some bright spots in our long book. Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), a major position and a stock we wrote up in our June 2021 letter, has been one of the best performing stocks in the S&P 500 this year. Alas it has not been enough to offset some of our weaker stocks, let alone our overweight exposure to the UK (and Europe) which have suffered from both stock and currency weakness. We do not think we are bad at picking stocks on the long side and hope – reasonably we think – for better relative results in the future. Prior to COVID, our longs were markedly better than the index. Unfortunately, if you look at our long book this quarter and since the onset of the COVID pandemic, there is scant evidence that we have added any value by picking stocks to go long.”
7. Monster Beverage Corporation (NASDAQ:MNST)
Number of Hedge Fund Holders: 46
Shares of Monster Beverage Corporation (NASDAQ:MNST) hit a new 52-week high of $100.47 per share on Friday after the energy drinks giant announced a better-than-expected profit for the third quarter.
Monster Beverage Corporation (NASDAQ:MNST) reported earnings of 60 cents per share, down from 63 cents per share in the year-ago period but better than Wall Street expectations of 59 cents.
Revenue for the quarter jumped 15.2 percent on a year-over-year basis to $1.62 billion, while analysts were looking for revenue of $1.65 billion. Monster Beverage Corporation (NASDAQ:MNST) also disclosed the sales performance of its flagship business units.
Revenue from its drinks segment jumped 13 percent to $1.50 billion, while revenue from the strategic brands unit climbed 19.3 percent to $88.8 million in the quarter. Among other updates, Monster Beverage Corporation (NASDAQ:MNST) reported that it repurchased roughly 3.1 million shares of its common stock during the Q3.
Besides Monster Beverage Corporation (NASDAQ:MNST), Block, Inc. (NYSE:SQ), Amgen Inc. (NASDAQ:AMGN) and Cigna Corporation (NYSE:CI) were also trending after their recent earnings.
6. Starbucks Corporation (NASDAQ:SBUX)
Number of Hedge Fund Holders: 55
Starbucks Corporation (NASDAQ:SBUX) delivered its fiscal fourth-quarter profit and sales above expectations. Moreover, it also reaffirmed its sales outlook for fiscal 2023 despite an uncertain economic environment.
The results sent Starbucks Corporation (NASDAQ:SBUX) shares up more than 10 percent on Friday morning. The coffee giant reported adjusted earnings of 81 cents per share, smashing estimates of 72 cents per share.
Revenue for the quarter rose 3 percent versus last year to $8.4 billion, topping expectations of $8.3 billion. In addition, Starbucks Corporation (NASDAQ:SBUX) said that its global comparable store sales jumped 7 percent in the quarter.
For its fiscal year 2023, Starbucks Corporation (NASDAQ:SBUX) continues to expect revenue growth in the range of 10 – 12 percent. Moreover, the senior management expects its gross margins to improve in the period amid an expected recovery in the Chinese market.
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Disclosure: None. 10 Latest Earnings That Surprised Wall Street is originally published on Insider Monkey.
