11 Companies in Focus After Releasing Their Earnings Reports

In this article, we will take a look at the 11 companies in focus after releasing their earnings reports.

Notable consumer cyclical stocks, including Booking Holdings Inc. (NASDAQ:BKNG), Etsy, Inc. (NASDAQ:ETSY) and eBay Inc. (NASDAQ:EBAY), were seen making big moves after posting financial results for their respective quarters.

Shares of Etsy and eBay fell sharply in the pre-market trading session on Thursday, May 5, after issuing a weak outlook for the second quarter. On the other hand, Booking Holdings shares rallied after swinging back to profit in the first quarter.

In addition, ride-hailing giant Uber Technologies, Inc. (NYSE:UBER) and specialty chemicals manufacturer Albemarle Corporation (NYSE:ALB) also caught investors’ attention after posting their financial results.

Photo by Adam Nowakowski on Unsplash

Companies in Focus After Releasing Their Earnings Reports

11. Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Number of Hedge Fund Holders: 25

Shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) turned red in the after-hours trading session on Wednesday, May 4, 2022, following its mixed financial performance for the first quarter.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) reported adjusted earnings of $1.08 per share, beating expectations of $1.04 per share. Revenue for the quarter rose 9.7 percent versus last year to $4.8 billion but missed the consensus of $4.83 billion.

The New Jersey-based company also released its segment-wise sales results. Its financial services revenue rose 4.8 percent to $1.5 billion, healthcare revenue increased 8.1 percent to $1.4 billion, products & resources revenue jumped 13.2 percent to $1.1 billion, and communications, media and technology revenue climbed 18.1 percent to $0.8 billion in the quarter.

For the current quarter, Cognizant Technology Solutions Corporation (NASDAQ:CTSH) expects revenue in the range of $4.90 billion – $4.94 billion, representing a growth of 6.8 – 7.8 percent over the comparable period of 2021.

10. Fortinet, Inc. (NASDAQ:FTNT)

Number of Hedge Fund Holders: 31

Fortinet, Inc. (NASDAQ:FTNT) recently announced better-than-expected financial results for the first quarter along with an upbeat outlook for the full year. The latest quarterly performance sent Fortinet shares up more than four percent in the extended hours on Wednesday, May 4, 2022.

The California-based cybersecurity firm earned 94 cents per share on an adjusted basis, up from 81 cents per share in the same period of 2021. Revenue came in at $954.8 million, representing a surge of 34 percent over the year-ago quarter. Analysts were expecting Fortinet, Inc. (NASDAQ:FTNT) to earn 79 cents per share on revenue of $884.17 million.

If we look at the segment-wise sales performance, product revenue climbed 54.1 percent to $371.0 million, while services revenue jumped 24.3 percent to $583.8 million in the quarter.

For fiscal 2022, Fortinet, Inc. (NASDAQ:FTNT) guided for adjusted earnings in the range of $5 – $5.15 per share and revenue between $4.35 – $4.4 billion. The outlook is better than the consensus of $4.96 per share for earnings and $4.3 billion for revenue.

Like Fortinet, Inc. (NASDAQ:FTNT), investors are also closely watching Booking Holdings Inc. (NASDAQ:BKNG), Etsy, Inc. (NASDAQ:ETSY) and eBay Inc. (NASDAQ:EBAY), following their earnings reports.

9. Corteva, Inc. (NYSE:CTVA)

Number of Hedge Fund Holders: 42

Shares of Corteva, Inc. (NYSE:CTVA) closed higher on Wednesday, May 4, 2022, after beating profit and sales expectations for the first quarter. The company benefitted from solid demand for its crop protection products in the quarter.

The agricultural chemical and seed company reported earnings of 97 cents per share, topping estimates of 82 cents per share. In addition, Corteva, Inc. (NYSE:CTVA) posted revenue of $4.6 billion, up 10 percent versus the year-ago quarter and above expectations of $4.5 billion.

Looking forward, Corteva, Inc. (NYSE:CTVA) anticipates earnings in the range of $2.35 – $2.55 per share and revenue between $16.7 – $17 billion for fiscal 20222.

Discussing the results, CEO Chuck Magro said in a statement:

“Corteva delivered a solid start to 2022 with double-digit sales and Operating EBITDA growth in the first quarter reflecting continued execution amidst a challenging macro and geopolitical environment, including the current situation in Eastern Europe.”

8. AmerisourceBergen Corporation (NYSE:ABC)

Number of Hedge Fund Holders: 43

Shares of AmerisourceBergen Corporation (NYSE:ABC) rose over four percent on Wednesday, May 4, 2022, after delivering impressive financial results for its fiscal second quarter. The Pennsylvania-based healthcare company reported adjusted earnings of $3.22 per share, well above $2.53 per share in the comparable period of 2021.

Revenue came in at $57.7 billion, up 17.4 percent on a year-over-year basis. The results easily exceeded analysts’ average estimate of $2.93 per share for earnings and $57.27 billion for revenue.

AmerisourceBergen Corporation (NYSE:ABC) also disclosed its region-wise sales performance. Revenue from the U.S. Healthcare Solutions rose 5.8 percent to $50.9 billion and accounted for nearly 90 percent of the total sales. In comparison, revenue from International Healthcare Solutions climbed 585.3 percent to $6.8 billion in the quarter.

For its fiscal 2022, AmerisourceBergen Corporation (NYSE:ABC) lifted its adjusted earnings outlook to a range of $10.80 – $11.05 per share, from its earlier guidance of $10.60 – $10.90 per share. The revised forecast is better than the consensus of $10.79 per share.

Speaking on the results, CEO Steven Collis said in a statement:

“Our strong results in the first half of the year and updated fiscal 2022 guidance reflect the commitment and achievements of our 42,000 purpose-driven team members as we continue to deliver on our strategic imperatives.”

7. Marriott International, Inc. (NASDAQ:MAR)

Number of Hedge Fund Holders: 43

Marriott International, Inc. (NASDAQ:MAR) recently surpassed profit and sales expectations for the first quarter, as the company benefitted from the strongest international demand since the Covid-19 outbreak in 2020.

The Maryland-based hospitality chain reported adjusted earnings of $1.25 per share, significantly higher than 10 cents per share in the year-ago quarter. Revenue for the quarter climbed 81.3 percent on a year-over-year basis to $4.2 billion. Analysts were expecting Marriott International, Inc. (NASDAQ:MAR) to report earnings of 90 cents per share on revenue of $4.11 billion.

Among other updates, Marriott International, Inc. (NASDAQ:MAR) reported that it added nearly 11,800 rooms internationally in the first quarter. In addition, the company said that it is recommencing cash dividends, with the first dividend of 30 cents per share payable on June 30, 2022.

Like Marriott International, Inc. (NASDAQ:MAR), Booking Holdings Inc. (NASDAQ:BKNG), Etsy, Inc. (NASDAQ:ETSY) and eBay Inc. (NASDAQ:EBAY) also came into the spotlight after releasing their earnings reports.

6. IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Number of Hedge Fund Holders: 43

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) recently plummeted to a nearly 19-month low after announcing mixed financial results for the first quarter and trimming its outlook for the full year.

IDEXX Laboratories, Inc. (NASDAQ:IDXX) earned $2.27 per share, just ahead of the consensus of $2.26 per share. Its quarterly revenue increased 8 percent to $837 million but missed the consensus of $839.72 million.

For fiscal 2022, IDEXX Laboratories, Inc. (NASDAQ:IDXX) now expects earnings in the range of $8.11 – $8.35 per share versus its previous forecast of $9.27 – $9.59 per share. Revenue for the full year is expected to come between $3.39 – $3.465 billion, down from its earlier guidance of $3.5 – $3.565 billion.

5. Etsy, Inc. (NASDAQ:ETSY)

Number of Hedge Fund Holders: 47

Etsy, Inc. (NASDAQ:ETSY) managed to beat financial expectations for the first quarter. However, its sales outlook for the second quarter disappointed investors, sending its stock down to a nearly one-year low in the pre-market trading session on Thursday, May 5, 2022.

The Brooklyn-based company reported earnings of 60 cents per share, down from $1 per share in the year-ago period. Revenue increased 5.2 percent on a year-over-year basis to $579.27 million. Analysts were expecting Etsy, Inc. (NASDAQ:ETSY) to earn 59 cents per share on revenue of $575.44 million.

Looking forward, Etsy, Inc. (NASDAQ:ETSY) projected revenue in the range of $540 – $590 million for the current quarter. The guidance missed analysts’ average estimate of $628 million with a big margin.

Discussing the results, CEO Josh Silverman said:

“Despite continued uncertainty and macroeconomic headwinds, Etsy continues to rise to the occasion to deliver solid results that show us maintaining most of the gains reported during the extremely strong year-ago period.”

4. Albemarle Corporation (NYSE:ALB)

Number of Hedge Fund Holders: 48

Shares of Albemarle Corporation (NYSE:ALB) jumped over 14 percent in the pre-market trading session on Thursday, May 5, 2022, following its upbeat financial performance for the first quarter.

Albemarle Corporation (NYSE:ALB) earned $2.38 per share on an adjusted basis, crushing the expectations of $1.63 per share. Revenue for the quarter jumped 36 percent versus last year to $1.13 billion, topping expectations of $1.02 billion.

In addition, Albemarle Corporation (NYSE:ALB) raised its sales outlook for 2022, citing price hikes in its Lithium and Bromine segments. The specialty chemicals manufacturing company now expects revenue in the range of $5.2 – $5.6 billion for the full year, representing a growth of 60 – 70 percent over last year.

Commenting on the results, CEO Kent Masters said:

“Many of the end markets we serve are critical for transitioning to greener energy and advancing electrification and digitalization. Our ongoing investments capitalize on the rapid growth and strong pricing trends in these markets. We continue to explore sustainable options to expand our conversion capacity and resources, including opportunities in North America and Europe.”

3. eBay Inc. (NASDAQ:EBAY)

Number of Hedge Fund Holders: 53

Shares of eBay Inc. (NASDAQ:EBAY) fell to a nearly two-month low in the pre-market trading session on Thursday, May 5, 2022, after its second-quarter outlook fell short of estimates.

eBay Inc. (NASDAQ:EBAY) expects adjusted earnings in the range of 87 – 91 cents per share and revenue between $2.35 – $2.40 billion for the current quarter. This compares to analysts’ average estimate of $1.01 per share for earnings and $2.54 billion for revenue.

The weak outlook also overshadowed the e-commerce company’s better-than-expected Q1 results. eBay Inc. (NASDAQ:EBAY) reported earnings of $1.05 per share, above expectations of $1.03 per share. The quarterly revenue of $2.48 billion also came in above the consensus of $2.46 billion.

Speaking on the results, CEO Jamie Iannone said:

“Despite the current macro headwinds, we remain confident in the long-term strategy we laid out during our Investor Day in March. We are building an eBay for the future with an eye toward delivering long-term, sustainable growth.”

2. Booking Holdings Inc. (NASDAQ:BKNG)

Number of Hedge Fund Holders: 92

Booking Holdings Inc. (NASDAQ:BKNG) delivered solid profit and sales for the first quarter, sending its shares up more than 10 percent in the pre-market trading session on Thursday, May 5, 2022.

The online travel agency reported adjusted earnings of $3.90 per share, swinging from a loss of $5.26 per share in the comparable period of 2021. Revenue increased to $2.7 billion, from $1.14 billion in the same period last year. Analysts were expecting Booking Holdings Inc. (NASDAQ:BKNG) to earn 85 cents per share on revenue of $2.53 billion.

Among other updates, Booking Holdings Inc. (NASDAQ:BKNG) reported that its gross travel bookings for the first quarter reached a record $27 billion, representing a surge of about two folds over the same period of 2021. The company primarily benefitted from the increasing demand for leisure travel around the world.

Discussing the results, CEO Glenn Fogel said in a statement:

“Despite an uncertain macroeconomic environment, we have seen continued strengthening of global travel trends so far in the second quarter of 2022, and we are preparing for a busy summer travel season ahead. I’m encouraged by how well our teams are executing to capture travel demand in this recovery environment and our progress in expanding our payments platform at Booking.com while we build towards our Connected Trip vision.”

1. Uber Technologies, Inc. (NYSE:UBER)

Number of Hedge Fund Holders: 153

Shares of Uber Technologies, Inc. (NYSE:UBER) fell nearly five percent on Wednesday, May 4, 2022, despite delivering better-than-expected financial results for the first quarter. The ride-hailing giant reported an adjusted loss of 18 cents per share, narrower than analysts’ average estimate for a loss of 24 cents per share.

Revenue for the quarter skyrocketed 136 percent on a year-over-year basis to $6.85 billion, while analysts were expecting Uber Technologies, Inc. (NYSE:UBER) to post revenue of $6.13 billion.

Gross booking for the quarter climbed 35 percent to $26.4 billion, with mobility gross bookings climbing 58 percent to $10.7 billion and delivery gross bookings increasing 12 percent to $13.9 billion in the quarter. In addition, Uber Technologies, Inc. (NYSE:UBER) reported that total trips in the first quarter jumped 18 percent to 1.71 billion.

Looking forward, Uber Technologies, Inc. (NYSE:UBER) expects gross bookings in the range of $28.5 – $29.5 billion and adjusted EBITDA between $240 – $270 million for the second quarter.

You can also take a peek at 10 Best Value Stocks in Warren Buffett’s Portfolio and 10 Favorite Stocks of Dan Loeb’s Third Point.

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Disclosure: None. 11 Companies in Focus After Releasing Their Earnings Reports is originally published on Insider Monkey.