In this article, we will take a look at the 11 earnings reports you don’t want to miss.
Notable stocks from the technology, communication services and consumer defensive sectors, including salesforce.com, inc. (NYSE:CRM), Sea Limited (NYSE:SE) and Target Corporation (NYSE:TGT), recently announced financial results for their respective quarters.
If we look at their price actions, Target Corp stock jumped to a nearly one-month high following its upbeat profit, while Sea Limited shares turned red after posting a wider-than-expected loss.
Several other companies, including discount retailer Ross Stores, Inc. (NASDAQ:ROST) and automotive parts retailer AutoZone, Inc. (NYSE:AZO), also came into the spotlight after beating financial expectations for their respective quarters.
Earnings Reports You Don’t Want to Miss
11. Shift4 Payments, Inc. (NYSE:FOUR)
Number of Hedge Fund Holders: 30
Shares of Shift4 Payments, Inc. (NYSE:FOUR) fell more than 11 percent on Tuesday, March 1, 2022, following its mixed financial performance for the fourth quarter. The payment processing company reported adjusted earnings of 8 cents per share, behind the consensus of 18 cents per share.
On the bright side, Shift4 Payments, Inc. posted revenue of $399.4 million, up 89 percent versus the year-ago quarter and above expectations of $382.9 million. In addition, the company’s end-to-end payment volume climbed 97 percent to $13.4 billion.
Shift4 Payments, Inc. also issued its sales outlook for 2022. It expects to generate revenue in the range of $1.9 – $2 billion, in line with analysts’ average estimate of $1.94 billion.
Addressing shareholders in a letter, CEO Jared Isaacman said:
“The last quarter of 2021 through early 2022 has been especially interesting, busy and likely confusing for investors at a time when the sector has been under immense pressure. On a very positive note, we achieved our guidance for volumes, revenue and gross revenue less network fees for the full-year, following several consecutive quarters of raised guidance.”
10. Hormel Foods Corporation (NYSE:HRL)
Number of Hedge Fund Holders: 32
Shares of Hormel Foods Corporation (NYSE:HRL) closed higher on Tuesday, March 1, 2022, after the Minnesota-based food processing company reported earnings of 44 cents per share for its fiscal first quarter that matched expectations.
Revenue for the quarter rose 24 percent on a year-over-year basis to $3 billion, above the consensus of $2.93 billion. Hormel Foods Corporation also disclosed its segment-wise sales performance. Revenue from the Refrigerated Foods segment rose 19 percent, while Grocery Products revenue climbed 48 percent in the quarter. In comparison, Jennie-O Turkey Store revenue increased 15 percent.
Hormel Foods Corporation also reaffirmed its profit and sales outlook for its FY 2022. The company guided for earnings in the range of $1.87 – $2.03 per share and revenue between $11.7 – $12.5 billion.
Like Hormel Foods Corporation, investors are also closely monitoring salesforce.com, inc. (NYSE:CRM), Sea Limited and Target Corporation, following their earnings reports.
9. The J. M. Smucker Company (NYSE:SJM)
Number of Hedge Fund Holders: 32
The J. M. Smucker Company (NYSE:SJM) recently announced better-than-expected financial results for its fiscal third quarter. However, its shares fell over six percent on Tuesday, March 1, 2022, after the company slashed its full-year profit outlook.
The food and beverage products maker earned $2.33 per share on an adjusted basis, down from $2.45 per share in the year-ago quarter. Revenue also inched down one percent to $2.057 billion. Analysts were expecting The J. M. Smucker Company to report earnings of $2.09 per share on revenue of $2.04 billion.
Looking forward, The J. M. Smucker Company expects adjusted earnings in the range of $8.35 – $8.65 per share for its fiscal year 2022, compared to its earlier projection between $8.35 – $8.75 per share.
8. Kohl’s Corporation (NYSE:KSS)
Number of Hedge Fund Holders: 34
Shares of Kohl’s Corporation turned green on Tuesday, March 1, 2022, despite its mixed financial performance for the fourth quarter. The department store retail chain reported adjusted earnings of $2.20 per share, topping estimates of $2.12 per share.
However, the quarterly revenue of $6.499 billion fell slightly short of $6.54 billion predicted by analysts. Among other updates, Kohl’s Corporation announced that it repurchased $548 million worth of shares during the fourth quarter.
Kohl’s Corporation also updated its financial outlook for 2022. It guided for adjusted earnings in the range of $7 – $7.50 per share and year-over-year revenue growth between 2 – 3 percent.
7. Hewlett Packard Enterprise Company (NYSE:HPE)
Number of Hedge Fund Holders: 35
Shares of Hewlett Packard Enterprise Company (NYSE:HPE) rose over five percent in the after-hours trading session on Tuesday, March 1, 2022, after beating profit expectations for its fiscal first quarter.
Hewlett Packard Enterprise Company earned 53 cents per share on an adjusted basis, marginally above 52 cents per share in the year-ago period. Revenue for the quarter inched up two percent versus last year to $7 billion. Analysts were looking for earnings of 46 cents per share on revenue of $7.03 billion.
If we look at the sales performance of its key business units, Compute revenue in the quarter inched up one percent to $3 billion, while Intelligent Edge revenue jumped 11 percent to $901 million. On the downside, Storage revenue slipped three percent to $1.2 billion.
Looking forward, Hewlett Packard Enterprise Company raised its full-year adjusted earnings outlook to a range of $2.03 – $2.17 per share.
Like Hewlett Packard Enterprise Company, salesforce.com, inc. (NYSE:CRM), Sea Limited and Target Corporation also came into the spotlight after posting their financial results.
6. First Solar, Inc. (NASDAQ:FSLR)
Number of Hedge Fund Holders: 36
Shares of First Solar, Inc. (NASDAQ:FSLR) plummeted over 15 percent in the after-hours trading session on Tuesday, March 1, 2022, after posting lower-than-expected quarterly sales and disappointing full-year guidance.
First Solar, Inc. reported earnings of $1.23 per share for the fourth quarter, ahead of the consensus of $1.06 per share. On the downside, the quarterly revenue of $907 million came in below expectations of $918 million.
For the full year, First Solar, Inc. expects earnings in the range of breakeven – 60 cents per share and revenue between $2.4 – $2.6 billion. The outlook was well below analysts’ average estimate of $1.92 per share for earnings and $2.76 billion for revenue.
5. Ross Stores, Inc. (NASDAQ:ROST)
Number of Hedge Fund Holders: 39
Shares of Ross Stores, Inc. rose over seven percent in the pre-market trading session on Wednesday, March 2, 2022, after announcing better-than-expected financial results for its fiscal fourth quarter.
Ross Stores, Inc. reported earnings of $1.04 per share, compared to $1.28 per share in the year-ago period. Revenue came in at $5.02 billion versus $4.25 billion in the same period last year. The results exceeded the consensus of 98 cents per share for earnings and $4.97 billion for revenue.
Looking forward, Ross Stores, Inc. expects earnings in the range of 93 – 99 cents per share for the current quarter and between $4.71 – $5.12 per share its fiscal year 2022.
Discussing the results, CEO Barbara Rentler said:
“We achieved strong sales results in the fourth quarter despite the negative impact from both the surge in Omicron cases during the peak holiday selling period and continued supply chain congestion. Fourth quarter operating margin of 9.8% was down from 13.3% in 2019 mainly due to ongoing headwinds from higher freight, wages, and COVID-related costs.”
4. AutoZone, Inc. (NYSE:AZO)
Number of Hedge Fund Holders: 45
Shares of AutoZone, Inc. turned red on Tuesday, March 1, 2022, despite beating profit and sales expectations its fiscal second quarter. The aftermarket automotive parts retailer earned $22.30 per share, substantially higher than $14.93 per share in the year-ago period.
In addition, AutoZone, Inc. posted revenue of $3.37 billion, up 15.8 percent on a year-over-year basis. Analysts were looking for earnings of $17.79 per share on $3.17 billion in revenue.
Among other updates, AutoZone, Inc. announced that it repurchased $1.6 billion worth of its common stock during the quarter. In addition, it opened 26 new stores in the same period, bringing the total count to 6,815.
Commenting on the quarter, CEO Bill Rhodes said:
“Our retail and commercial sales performance remained strong this quarter. While our commercial sales growth continued to be elevated at 32.1%, our retail sales growth also remained healthy with over 10% growth against a tough comparison from a year ago.”
3. Target Corporation (NYSE:TGT)
Number of Hedge Fund Holders: 49
Shares of Target Corporation recently rose to a one-month high after delivering impressive profit for its fiscal fourth quarter. The Minnesota-based retail giant reported adjusted earnings of $3.19 per share, compared to $2.67 per share in the same period last year.
Revenue came in at $30.99 billion, representing a surge of 9.4 percent over the same period last year. Analysts expected Target Corporation to earn $2.86 per share on revenue of $31.41 billion during the quarter.
Target Corporation also issued its financial outlook for 2022. The company expects its adjusted earnings per share to grow in the high-single-digit and revenue to grow in the low to mid-single-digit.
Speaking on the results, CEO Brian Cornell said:
“Our strong fourth-quarter performance capped off a year of record growth in 2021, reinforcing the durability of our business model and our confidence in long-term profitable growth.”
2. Sea Limited (NYSE:SE)
Number of Hedge Fund Holders: 108
Shares of Sea Limited lost more than 13 percent of their value on Tuesday, March 1, 2022, after its fourth-quarter earnings fell short of expectations. The consumer internet company reported an adjusted loss of 88 cents per share, wider than analysts’ average estimate for a loss of 59 cents per share.
On the bright side, revenue for the quarter skyrocketed 105.7 percent versus last year to $3.22 billion and surpassed expectations of $2.91 billion. Sea Limited also disclosed its segment-wise sales performance. Revenue from the Digital Entertainment segment climbed 104.1 percent to $1.4 billion in the quarter, while E-commerce revenue jumped 89.4 percent to $1.6 billion. In comparison, revenue from Digital Financial Services skyrocketed 711.1 percent to $197.5 million.
Looking forward, Sea Limited expects e-commerce revenue in the range of $8.9 – $9.1 billion for FY 2022. The mid-point of the guidance represents a surge of 75.7 percent over 2021.
Discussing the results, CEO Forrest Li said:
“In 2021, we continued to focus on sustainable growth and serving the fast growing and evolving demands and needs of our communities. With our growing scale, market leadership and strong cash balance, we believe we are well placed to increasingly leverage efficiencies across our ecosystem for growth and manage the levers of our business to reach profitability across more markets and segments in 2022 and beyond.”
1. salesforce.com, inc. (NYSE:CRM)
Number of Hedge Fund Holders: 110
Shares of salesforce.com, inc. (NYSE:CRM) turned green in the pre-market trading session on Wednesday, March 2, 2022, following its upbeat financial performance for the fourth quarter. The cloud-based software company reported adjusted earnings of 84 cents per share, topping expectations of 74 cents per share.
In addition, salesforce.com, inc. (NYSE:CRM) posted revenue of $7.33 billion for the quarter, above the consensus of $7.24 billion. Subscription and support revenue climbed 25 percent to $6.83 billion, while professional services and other revenues jumped 46 percent to $0.50 billion in the quarter.
salesforce.com, inc. (NYSE:CRM) also issued the sales outlook for its fiscal first quarter. It expects to generate revenue in the range of $7.37 – $7.38 billion, above analysts’ average estimate of $7.26 billion.
Speaking on the results, CFO Amy Weaver said:
“Fiscal 2022 was a remarkable year for Salesforce. I am particularly pleased with our focus on discipline and profitable growth which drove record levels of revenue, margin, and cash flow. I’m confident in the momentum of the business as we build an even stronger company in FY23 and beyond.”
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This article is originally published at Insider Monkey.
