10 Stocks That Delivered Upbeat Financial Results

In this article, we will take a look at the 10 stocks that delivered upbeat financial results.

Notable companies from the tech industry, including Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), and salesforce.com, inc. (NYSE: CRM), recently announced promising quarterly results, helped by solid demand for their products and services.

In addition, retail stocks such as Ulta Beauty, Inc. (NASDAQ: ULTA) and The Gap, Inc. (NYSE: GPS) also impressed investors by posting record sales, mainly driven by lesser mobility restrictions and improved consumer confidence.

Photo by Scott Graham on Unsplash

Most of these stocks are trading near their 52-week highs after beating expectations. We will discuss the detailed performance of these stocks in the remaining article. Therefore, let’s begin our list of 10 stocks that delivered upbeat financial results.

10 Stocks That Delivered Upbeat Financial Results

10. Hibbett, Inc. (NASDAQ: HIBB)

Number of Hedge Fund Holders: 22

Shares of Hibbett, Inc. (NASDAQ: HIBB) are trading near their 52-week high after beating Q2 expectations with a huge margin. The sporting goods retailer reported earnings of $2.86 per share for the three months ended July 31, crushing the consensus forecast of $1.43 per share.

Hibbett, Inc. (NASDAQ: HIBB) had posted earnings of $2.38 per share in the comparable period of 2020. Revenue for the quarter came in at $419.3 million, down 5.1 percent from the year-ago quarter. However, it was still well above analysts’ average estimate of $314.1 million. Same-store sales fell 6.4 percent, compared to a decline of 27.5 percent forecasted by analysts.

Discussing the results, CEO Mike Longo said:

 “Our current year second quarter results were strong and compare favorably to the prior year second quarter that experienced a significant boost from market disruption, pent up demand and the first round of stimulus payments. We believe our significant revenue growth and profitability over the previous two years ago demonstrates that our strategy of delivering a compelling assortment of highly coveted merchandise coupled with superior customer service and a best-in-class omni-channel platform will continue to drive strong top and bottom line performance”

Hibbett, Inc. (NASDAQ: HIBB) also raised the profit outlook for its fiscal year 2022. It expects earnings in the range of $11-$11.50 per share for the full year, compared to its previous guidance between $8.50-$9 per share.

Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) also came into the limelight after reporting their quarterly results.

9. Ubiquiti Inc. (NYSE: UI)

Number of Hedge Fund Holders: 23

Shares of Ubiquiti Inc. (NYSE: UI) jumped to a 5-month high after announcing financial results for its fiscal fourth-quarter above expectations. The company reported adjusted earnings of $2.47 per share, significantly higher than $1.46 per share in the comparable period of 2020.

In addition, Ubiquiti Inc. (NYSE: UI) posted revenue of $477.9 million, translating to a year-over-year surge of 51.5 percent. The results easily surpassed the consensus forecast of $2.35 per share for earnings and $465 million for revenue.

Moreover, Ubiquiti Inc. (NYSE: UI) announced that it repurchased 234,052 shares of its common stock during the quarter. The purchases were made at an average price of $286.75 per share. The company also announced a quarterly dividend of 60 cents per share, payable on September 15.

Like Ubiquiti Inc. (NYSE: UI), Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) also caught investors’ attention after posting upbeat profit and sales.

8. VMware, Inc. (NYSE: VMW)

Number of Hedge Fund Holders: 28

VMware, Inc. (NYSE: VMW) recently announced better-than-expected financial results for the second quarter. The Palo Alto, California-based company reported adjusted earnings of $1.75 per share for the three months ended July 30, exceeding the consensus forecast of $1.64 per share. However, it was slightly down from the adjusted earnings of $1.81 per share in the year-ago quarter.

Revenue for the quarter rose 9 percent on a year-over-year basis to $3.14 billion. Analysts, on average, were expecting VMware, Inc. (NYSE: VMW) to post revenue of $3.10 billion. The second-quarter performance was mainly driven by a 23 percent surge in subscription and SaaS revenue.

Speaking on the results, CEO Raghu Raghuram said:

 “Our customers are evolving their strategies from a ‘cloud first’ to a ‘cloud smart’ philosophy where they are picking the right clouds and cloud services for the right workload, and turning to a multi-cloud environment. We are delivering the multi-cloud platform for all applications, enabling the digital innovation and enterprise control that our customers need to accelerate their businesses today and in the future”

Investors are closely watching Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) after their Q2 earnings reports.

7. NetApp, Inc. (NASDAQ: NTAP)

Number of Hedge Fund Holders: 31

NetApp, Inc. (NASDAQ: NTAP) has been around for nearly three decades. It used to provide on-premises computer storage solutions in the beginning. However, it shifted its focus towards the cloud computing software business with the rise of the internet. Today, it is a leading player in the data management space, offering services to several industries such as energy, healthcare, manufacturing, IT, and finance.

Shares of NetApp, Inc. (NASDAQ: NTAP) recently hit a new 52-week high of $91.29 after the company released impressive results for its fiscal first quarter. The results were mainly fueled by elevated demand for its cloud and data management solutions.

NetApp, Inc. (NASDAQ: NTAP) reported adjusted earnings of 1.15 per share for the three months ended July 30, up from 73 cents per share in the same period last year. Revenue came in at $1.46 billion, compared to $1.3 billion in the year-ago quarter. Analysts, on average, were looking for earnings of 95 cents per share on revenue of $1.43 billion.

CEO George Kurian praised the quarterly performance, calling it “a great start to fiscal 2022.” Kurian added:

“Cloud and digital transformation initiatives remain top customer priorities and our results underscore the value we bring to customers in a hybrid, multi-cloud, data-driven world. With focused execution and demonstrated leadership, we are reshaping the industry. We made a number of innovation announcements this quarter, and we will continue to bring industry-leading capabilities to market, further enhancing our differentiated position in cloud and software.”

NetApp, Inc. (NASDAQ: NTAP) also issued the financial guidance for its fiscal second quarter. It expects adjusted earnings in the range of $1.14-$1.24 per share and revenue between $1.49-$1.59 billion for the current quarter.

Workday, Inc. (NASDAQ: WDAY), Autodesk, Inc. (NASDAQ: ADSK), salesforce.com, inc. (NYSE: CRM), Ulta Beauty, Inc. (NASDAQ: ULTA), and The Gap, Inc. (NYSE: GPS) have been under investors’ radar following their second-quarter results.

6. DICK’S Sporting Goods, Inc. (NYSE: DKS)

Number of Hedge Fund Holders: 36

DICK’S Sporting Goods, Inc. (NYSE: DKS) is a leading sporting goods retailer in the U.S. It offers a wide range of sports equipment and related accessories across its hundreds of stores spread across the country.

Shares of DICK’S Sporting Goods, Inc. (NYSE: DKS) touched an all-time high of $146.94 after announcing record profit and sales for the second quarter. The company reported adjusted earnings of $5.08 per share for the three months ended July 31, well above $3.21 per share in the year-ago quarter.

DICK’S Sporting Goods, Inc. (NYSE: DKS) posted revenue of $3.27 billion, up 20.7 percent on a year-over-year basis. The results were well above analysts’ average estimate of $2.88 per share for earnings and $2.84 billion for revenue.

Discussing the results, CEO Lauren Hobart said in a statement:

“Our record-breaking quarterly sales and earnings significantly exceeded our expectations, reflecting continued strong consumer demand across our diverse category portfolio along with the strength of our omni-channel offering and elevated athlete experience.”

DICK’S Sporting Goods, Inc. (NYSE: DKS) also released its financial outlook for FY 2021. The athletic-gear retailer is anticipating adjusted earnings in the range of $12.45-$12.95 per share and revenue between $11.52 billion and $11.72 billion.

5. Ulta Beauty, Inc. (NASDAQ: ULTA)

Number of Hedge Fund Holders: 40

Ulta Beauty, Inc. (NASDAQ: ULTA) was established in 1990 with the concept of providing all beauty products under one roof.  The wide range of brands gradually helped it become one of America’s biggest cosmetics companies. Ulta has an extensive product portfolio comprising cosmetics, fragrance, skin and hair products, and much more.

The company recently came into the limelight after announcing record financial results for the second quarter. Ulta Beauty, Inc. (NASDAQ: ULTA) reported earnings of $4.56 per share for the three months ended July 31, beating the consensus forecast of $2.57 per share. Ulta had reported earnings of just 14 cents per share in the year-ago quarter.

Revenue for the quarter climbed 60 percent on a year-over-year basis to $2 billion, ahead of analysts’ average estimate of $1.8 billion. In addition, same-store sales jumped 56 percent in the quarter, mainly due to improved consumer confidence and lesser mobility restrictions.

Speaking on the results, CEO Dave Kimbell said:

“This performance reflects the recovery of the beauty category, investments and choices we’ve made over the last year to adapt to the market disruption and strengthen our leadership position, and the ongoing efforts of our associates to deliver great experiences for our guests.”

Ulta Beauty, Inc. (NASDAQ: ULTA) also updated its profit and sales guidance for the full year. The beauty retailer now expects earnings in the range of $14.50-$14.70 per share, up from its previous forecast of $11.50-$11.95 per share. Revenue for fiscal 2021 is now expected to come between $8.1 billion and $8.3 billion, compared to its earlier outlook in the range of 7.7 billion and $7.8 billion.

4. The Gap, Inc. (NYSE: GPS)

Number of Hedge Fund Holders: 43

The Gap, Inc. (NYSE: GPS) traces its roots back to 1969 when Donald and Doris Fisher open their first Gap store in San Francisco to sell Levi’s jeans. It gained popularity in a short span of time and its store count crossed two hundred by 1976. Gap continued its expansion over the years and evolved into America’s biggest apparel retailer.

The San Francisco, California-based company recently caught investors’ attention after posting better-than-expected results for the second quarter. The Gap, Inc. (NYSE: GPS) reported adjusted earnings of 70 cents per share, beating the consensus forecast of 46 cents per share.

Revenue for the quarter jumped 29 percent on a year-over-year basis to $4.2 billion. Analysts, on average, were expecting The Gap, Inc. (NYSE: GPS) to post revenue of $4.1 billion.

CEO Sonia Syngal expressed her satisfaction with the results. Syngal said in a statement:

“Our talented teams delivered our highest second quarter net sales in over a decade. Our strategy is driving growth as evidenced by continued strength at Old Navy and Athleta, Gap Brand’s second consecutive quarter of positive 2-year comparable sales in North America, and momentum gaining at Banana Republic. Stepped-up marketing investments, improved brand management, and technology enhancements are paying off as our brand power cuts through.”

The Gap, Inc. (NYSE: GPS) also raised its full-year adjusted earnings outlook to a range of $2.10 per share to $2.25 per share. Moreover, it is anticipating sales growth of around 30 percent for fiscal 2021.

3. Workday, Inc. (NASDAQ: WDAY)

Number of Hedge Fund Holders: 72

Shares of Workday, Inc. (NASDAQ: WDAY) have traded mostly higher since posting its second-quarter results above expectations. The company reported adjusted earnings of $1.23 per share for the three months ended July 31, up from 84 cents per share in the year-ago quarter.

Revenue came in at $1.26 billion, translating to a surge of 18.7 percent from the comparable period of 2020. The results exceeded analysts’ average estimate of 78 cents per share for earnings and $1.24 billion for revenue.

Subscription revenue in the quarter rose 19.5 percent to $1.11 billion, driving the overall quarterly sales. CEO Aneel Bhusri seemed impressed with the quarter, calling it “one of our strongest in company history.” Bhusri also said that:

“Our customer community has grown to more than 55 million users and more than half of the Fortune 500 have selected Workday. To meet this moment of great opportunity – where digital acceleration is at the forefront of global business leaders’ agendas – we continue to invest in our employees to help drive innovation and customer satisfaction. Looking ahead, I am optimistic about our future and our position in supporting the changing world of work.”

Looking forward, Workday, Inc. (NASDAQ: WDAY) raised its fiscal 2022 subscription revenue outlook to a range of $4.500 billion to $4.510 billion, above the consensus forecast of $4.45 billion. The updated guidance translates to year-over-year growth of around 19 percent.

2. Autodesk, Inc. (NASDAQ: ADSK)

Number of Hedge Fund Holders: 64

Autodesk, Inc. (NASDAQ: ADSK) recently announced better-than-expected profit and sales for the second quarter, but its financial outlook for the third quarter missed estimates. As a result, Autodesk shares have lost significant value over the past few days.

The software company reported adjusted earnings of $1.21 per share, ahead of analysts’ average estimate of $1.13 per share. Autodesk, Inc. (NASDAQ: ADSK) has posted adjusted earnings of 98 cents per share in the comparable period of 2020. In addition, revenue for the quarter jumped 16 percent on a year-over-year basis to $1.06 billion and matched the consensus forecast.

Discussing the results, CFO Debbie Clifford said:

“Robust growth in new product subscriptions, accelerating digital sales, and improving subscription renewal rates drove our strong second quarter results,” said Debbie Clifford, Autodesk CFO.”

Looking forward, Autodesk, Inc. (NASDAQ: ADSK) expects adjusted earnings in the range of $1.22 per share to $1.28 per share for the third quarter, below the consensus forecast of $1.30 per share. Revenue for the current quarter is expected to come between $1.11 billion to $1.13 billion, in line with $1.12 billion estimated by analysts.

1. salesforce.com, inc. (NYSE: CRM)

Number of Hedge Fund Holders: 108

salesforce.com, inc. (NYSE: CRM) is one of the world’s biggest software companies, enabling enterprises to connect to their customers using its suite of software and cloud technologies. Salesforce stock has been trading near its 52-week high after the company posted record revenue for the second quarter.

The company reported revenue of $6.34 billion for the three months ended July 31, up from $5.15 billion in the year-ago period. Analysts, on average, were expecting salesforce.com, inc. (NYSE: CRM) to generate revenue of $6.24 billion. In addition, salesforce.com, inc. (NYSE: CRM) earned $1.48 per share on an adjusted basis, beating the consensus forecast of 92 cents per share.

salesforce.com, inc. (NYSE: CRM) also raised the financial outlook for its fiscal year 2022. It now expects adjusted earnings in the range of $4.36-$4.38 per share, higher than the consensus forecast of $3.84. Revenue for the full year is expected to come between $26.2 billion to $26.3 billion versus analysts’ average estimate of $26 billion.

Speaking on the results, CEO Marc Benioff said:

“With companies and governments around the world continuing to accelerate their digital transformations, we delivered our fifth phenomenal quarter in a row. Salesforce has never seen better execution or greater momentum. Our Customer 360 platform is now fueled by a herd of unicorns perfectly designed for this all-digital world. Sales, Service, Marketing & Commerce, Platform, Tableau, MuleSoft and now Slack are all billion dollar-plus products delivering customer success like no other company.”

You can also take a peek at 10 Tech Stocks that Pay Dividends and 10 Best Space Stocks to Buy Now.

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Disclosure: None. 10 Stocks That Delivered Upbeat Financial Results is originally published on Insider Monkey.