10 Stocks in Focus After Releasing Their Financial Results

In this article, we will take a look at the 10 stocks in focus after releasing their financial results.

Stocks from the technology, industrials, and consumer defensive sectors, including Duck Creek Technologies, Inc. (NASDAQ:DCT), Acuity Brands, Inc. (NYSE:AYI), Conagra Brands, Inc. (NYSE:CAG) and Lamb Weston Holdings, Inc. (NYSE:LW), recently posted earnings reports for their respective quarter.

Shares of Duck Creek Technologies, Acuity Brands and Lamb Weston Holdings moved higher after beating expectations. However, Conagra Brands stock slightly moved down on January 6 after missing its second-quarter profit estimates.

We will thoroughly discuss the performance of these companies in the remaining article. We also mention the number of hedge funds having stakes in each company as of the end of the third quarter based on our data of over 867 elite hedge funds.

Photo by Nick Chong on Unsplash

Stocks in Focus After Releasing Their Financial Results

10. Schnitzer Steel Industries, Inc. (NASDAQ:SCHN)

Number of Hedge Fund Holders: 11

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) is engaged in manufacturing steel and recycling scrap metal. The company’s shares fell to a three-month low on Thursday, January 6, 2022, after its fiscal first-quarter profit and sales missed expectations.

The Portland-based steel manufacturer reported adjusted earnings of $1.58 per share, compared to 57 cents per share in the year-ago quarter. The surge was mainly driven by the solid demand for recycled metals and finished steel products.

In addition, Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) posted revenue of $798.12 million versus $492.11 million in the year-ago quarter. Analysts were looking for earnings of $1.76 per share on revenue of $857.06 million.

Speaking on the results, CEO of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN), Tamara Lundgren, said:

“Our results this quarter are our Company’s best first quarter earnings on record. Our strategic initiatives related to volume growth and productivity contributed to our expanded profitability, with higher ferrous and nonferrous sales volumes benefiting from our recent acquisition of the Columbus Recycling assets.”

9. UniFirst Corporation (NYSE:UNF)

Number of Hedge Fund Holders: 14

UniFirst Corporation (NYSE:UNF) recently announced better-than-expected financial results for its fiscal first quarter but trimmed the profit outlook for the full year. The revised guidance sent its shares down more than seven percent on Wednesday, January 5, 2022.

The uniform rental company earned $2 per share on an adjusted basis, beating expectations of $1.95 per share. In addition, UniFirst Corporation (NYSE:UNF) generated revenue of $486.2 million in the quarter, surpassing the consensus forecast of $475.6 million.

If we look at the performance of different segments, revenue from the core laundry operations rose 9.1 percent to $428.8 million. In comparison, revenue from the specialty garments segment increased 3.5 percent to $39.5 million.

Looking forward, UniFirst Corporation (NYSE:UNF) now expects earnings in the range of $5.50 – $5.80 per share and revenue between $1.940 and $1.955 billion for the full year. Previously, it was looking for earnings of $5.70 – $6.10 per share and revenue of $1.92 – $1.945 billion.

Like UniFirst Corporation (NYSE:UNF), investors are also closely watching Duck Creek Technologies, Inc. (NASDAQ:DCT), Acuity Brands, Inc. (NYSE:AYI), Conagra Brands, Inc. (NYSE:CAG) and Lamb Weston Holdings, Inc. (NYSE:LW) after they released their financial results.

8. Helen of Troy Limited (NASDAQ:HELE)

Number of Hedge Fund Holders: 15

Shares of Helen of Troy Limited (NASDAQ:HELE) slightly moved down on Thursday, January 6, 2022, despite beating profit and sales expectations for its fiscal third quarter. The company reported adjusted earnings of $3.72 per share, up from $3.61 per share in the year-ago quarter.

Revenue inched down two percent versus last year to $624.9 million. Analysts were expecting Helen of Troy Limited (NASDAQ:HELE) to post earnings of $3.16 per share on revenue of $554.5 million.

The company also raised the financial outlook for its FY 2022. Helen of Troy Limited (NASDAQ:HELE) now expects adjusted earnings in the range of $11.55 – $11.75 per share and revenue between $2.10 – $2.12 billion. Earlier, it was looking for adjusted earnings of $11.05 – $11.35 per share and revenue of $2.02 – $2.07 billion.

7. Lindsay Corporation (NYSE:LNN)

Number of Hedge Fund Holders: 16

Shares of Lindsay Corporation (NYSE:LNN) plummeted to a nearly one-year low on Thursday, January 6, 2022, after posting lower-than-expected earnings for its fiscal first quarter. The Nebraska-based irrigation equipment maker reported earnings of 72 cents per share, up from 65 cents per share in the comparable period of 2020.

Analysts were expecting Lindsay Corporation (NYSE:LNN) to report earnings of 80 cents per share. On the bright side, revenue came in at $166.2 million versus $108.5 million in the year-ago quarter, and above expectations of $140.4 million.

Discussing the results, CEO of Lindsay Corporation (NYSE:LNN), Randy Wood, said in a statement:

“Positive market fundamentals continue to support solid demand for irrigation equipment across all geographies. Raw material cost inflation and supply chain issues continue to create challenges and limit margin expansion.”

Like Lindsay Corporation (NYSE:LNN), Duck Creek Technologies, Inc. (NASDAQ:DCT), Acuity Brands, Inc. (NYSE:AYI), Conagra Brands, Inc. (NYSE:CAG) and Lamb Weston Holdings, Inc. (NYSE:LW) also came into the limelight after posting their earnings reports.

6. Bed Bath & Beyond Inc. (NASDAQ:BBBY)

Number of Hedge Fund Holders: 17

Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) rose nearly eight percent on Thursday, January 6, 2022, even though the company’s financial results didn’t meet analysts’ expectations amid supply chain hurdles.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported an adjusted loss of 25 cents per share, compared to an adjusted profit of 8 cents per share in the year-ago quarter.

Revenue came in at $1.878 billion versus $2.618 billion in the same period, a year earlier. Comparable sales also fell 7 percent versus the year-ago quarter. Analysts were expecting Bed Bath & Beyond Inc. (NASDAQ:BBBY) to report earnings of 1 cent per share on revenue of $1.951 billion.

Looking forward, the company expects adjusted earnings in the range of breakeven to 15 cents per share on revenue of around $2.1 billion for its fiscal fourth quarter. For the full year, Bath & Beyond Inc. (NASDAQ:BBBY) expects adjusted earnings in the range of flat to a loss of 15 cents per share on revenue of approx. $7.9 billion. Both Q4 and fiscal 2021 projections were below the consensus estimates.

Commenting on the quarter, CEO Mark Tritton said in a statement:

“Overall sales were pressured despite customer demand due to the lack of availability with replenishment inventory and supply chain stresses that had an estimated $100 million, or mid-single digit, impact on the quarter and an even higher impact in December.”

5. Duck Creek Technologies, Inc. (NASDAQ:DCT)

Number of Hedge Fund Holders: 17

Shares of Duck Creek Technologies, Inc. (NASDAQ:DCT) jumped more than 11 percent in the pre-market trading session on Friday, January 7, 2022, after announcing better-than-expected financial results for its fiscal first quarter.

Duck Creek Technologies, Inc. (NASDAQ:DCT) reported adjusted earnings of 4 cents per share, easily surpassing the consensus forecast of 1 cent per share. Revenue for the quarter jumped 25 percent on a year-over-year basis to $73.4 million, ahead of analysts’ average estimate of $69 million.

If we break down the total revenue by segments, subscription revenue rose 28 percent to $35.7 million, while professional services revenue jumped 26 percent to $29.5 million. In comparison, license revenue climbed 42 percent to $1.9 million, while maintenance and support revenue inched up just 1 percent to $6.3 million.

Looking forward, Duck Creek Technologies, Inc. (NASDAQ:DCT) expects revenue in the range of $71.5 – $73.5 million for its fiscal second quarter and between $298 – $304 million for its FY 2022.

Speaking on the results, CEO of Duck Creek Technologies, Inc. (NASDAQ:DCT), Michael Jackowski, said:

“Duck Creek’s first quarter results were a good start to fiscal 2022, with 40% SaaS ARR growth and profitability that was well ahead of expectations.  We continue to see strong demand activity amongst new and existing customers that are making meaningful investments in their core systems to drive better, more profitable performance across their businesses.”

4. RPM International Inc. (NYSE:RPM)

Number of Hedge Fund Holders: 20

RPM International Inc. (NYSE:RPM) recently announced better-than-expected sales for its fiscal second quarter. However, its adjusted profit for the quarter fell slightly short of expectations.

The company earned 79 cents per share on an adjusted basis, down 25.5 percent versus the year-ago quarter and below the consensus forecast of 81 cents per share. Revenue for the quarter jumped 10.3 percent versus last year to $1.64 billion, beating expectations of $1.55 billion.

Looking at the performance of key segments of RPM International Inc. (NYSE:RPM), revenue from the construction products group jumped 22 percent to $614.2 million, while revenue from the performance coatings group rose 16.9 percent to $302.5 million in the quarter.

In comparison, revenue from the specialty products group rose 10 percent to $193.6 million, while consumer group revenue slipped 3.3 percent to $529.2 million.

Discussing the results, CEO of RPM International Inc. (NYSE:RPM), Frank C. Sullivan, said:

“Robust demand for our paints, coatings, sealants and other building materials led to strong double-digit sales growth at three of our four operating segments and drove consolidated top-line performance that was ahead of our projections.”

3. Conagra Brands, Inc. (NYSE:CAG)

Number of Hedge Fund Holders: 20

Shares of Conagra Brands, Inc. (NYSE:CAG) slipped nearly two percent on Thursday, January 6, 2022, after posting mixed financial results for its fiscal second quarter. The consumer-packaged goods company’s adjusted earnings fell 21 percent on a year-over-year basis to 64 cents per share, missing the consensus forecast of 68 cents per share.

Revenue came in at $3.059 billion, up from $2.995 billion in the year-ago quarter. Analysts were expecting Conagra Brands, Inc. (NYSE:CAG) to post revenue of $3.015 billion.

Looking forward, Conagra Brands, Inc. (NYSE:CAG) now expects sales growth of around 3 percent for its FY 2022 versus its earlier guidance of 1 percent growth. Moreover, it continues to expect adjusted earnings of about $2.50 per share for the full year, compared to expectations of $2.46 per share.

Speaking on the results, CEO of Conagra Brands, Inc. (NYSE:CAG), Sean Connolly, said:

“Looking ahead, we expect to continue experiencing cost pressures above original expectations in the second half of fiscal 2022. However, we believe the sustained elevated consumer demand coupled with the mitigating actions we have successfully executed, and will continue executing, put us on track to overcome these near-term challenges, improve margins in the back half of the fiscal year, and deliver on our profit plan.”

2. Acuity Brands, Inc. (NYSE:AYI)

Number of Hedge Fund Holders: 26

Shares of Acuity Brands, Inc. (NYSE:AYI) rose nearly four percent in the pre-market trading session on Friday, January 7, 2022, after beating profit and sales expectations for its fiscal first quarter.

Acuity Brands, Inc. (NYSE:AYI) reported adjusted earnings of $2.85 per share, ahead of analysts’ average estimate of $2.41 per share. Revenue for the quarter climbed 16.9 percent on a year-over-year basis to $926.1 million, easily surpassing the consensus forecast of $880.7 million.

Commenting on the quarter, CEO of Acuity Brands, Inc. (NYSE:AYI), Neil Ashe, said:

“Our performance demonstrates that by prioritizing customers we are driving sales growth and turning that into operating income while continuing to invest in the long-term growth and transformation of the Company.”

1. Lamb Weston Holdings, Inc. (NYSE:LW)

Number of Hedge Fund Holders: 31

Shares of Lamb Weston Holdings, Inc. (NYSE:LW) touched a nearly six-month high on Thursday, January 7, 2022, after announcing better-than-expected financial results for its fiscal second quarter.

Lamb Weston Holdings, Inc. (NYSE:LW) reported adjusted earnings of 50 cents per share, down from 66 cents per share in the year-ago quarter. Revenue came in at $1 billion, compared to $896.1 million in the same period last year. The results exceeded the consensus forecast of 33 cents per share for earnings and $997.8 million for revenue.

Looking forward, Lamb Weston Holdings, Inc. (NYSE:LW) expects sales growth in the range of low-to-mid single digit for its FY 2022, compared to sales growth of 10.4 percent projected by analysts.

Discussing the results, CEO of Lamb Weston Holdings, Inc. (NYSE:LW), Tom Werner, said in a statement:

“We are pleased with our financial and operating progress in the quarter as we continue to navigate through a difficult and volatile macro environment defined by cost inflation, supply chain disruptions and production challenges due primarily to a tight labor market.”

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Disclosure: None. 10 Stocks in Focus After Releasing Their Financial Results is originally published on Insider Monkey.