In this article, we will take a look at the 10 stocks in focus after releasing their financial results. You can skip our detailed analysis of these companies, and go directly to the 5 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.”
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Disclosure: None. 10 Stocks in Focus After Releasing Their Financial Results is originally published on Insider Monkey.
