11 Stocks Making Headlines After Releasing Their Financial Results

In this article, we will take a look at the 11 stocks making headlines after releasing their financial results.

The first-quarter earnings season has kicked off, with leading financial stocks releasing their earnings reports in the first week. JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), were among the first ones to post the results.

JPMorgan shares fell to a new low after its Q1 earnings fell 42 percent on a year-over-year basis and missed expectations. On the other hand, shares of BlackRock and Wells Fargo also turned red following their mixed financial performance.

Several other companies, including major U.S. airline Delta Air Lines, Inc. (NYSE:DAL) and used vehicle retailer CarMax, Inc. (NYSE:KMX), also came into the limelight after posting their earnings reports.

Photo by Adam Nowakowski on Unsplash

Now let’s review the important financial highlights from these companies.

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

Number of Hedge Fund Holders: 17

Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) slipped over one percent on Wednesday, April 13, 2022, after announcing disappointing financial results for its fiscal fourth quarter. The omnichannel retailer blamed inventory and logistic challenges for the weak results.

Bed Bath & Beyond Inc. (NASDAQ:BBBY) reported an adjusted loss of 92 cents per share, compared to analysts’ average estimate for earnings of 3 cents per share. Revenue for the quarter fell 22 percent on a year-over-year basis to $2.05 billion, missing the consensus of $2.07 billion. Same-store sales also declined 12 percent versus the year-ago period.

The company didn’t offer any specific guidance for its current fiscal year. However, Bed Bath & Beyond Inc. (NASDAQ:BBBY) expects its revenues and margins to improve in the second half of the year amid easing supply chain conditions.

Discussing the results, CEO Mark Tritton said in a statement:

“Macroeconomic factors, such as the disruption of the global supply chain, the Omicron variant, as well as the geopolitical turbulence weighing on consumer confidence, have uncovered more vulnerabilities than we could have foreseen at this stage of our transformation, as we completely rebuild the foundation of our business.”

10. Washington Federal, Inc. (NASDAQ:WAFD)

Number of Hedge Fund Holders: 21

Washington Federal, Inc. (NASDAQ:WAFD) is a Seattle-based bank operating more than 230 branches in eight western states. Its services range from checking and saving accounts to mortgages and construction loans.

The bank recently announced the financial results for its fiscal second quarter. Washington Federal, Inc. (NASDAQ:WAFD) reported earnings of 70 cents per share for the three months ended March 31, 2022, up from 56 cents per share in the comparable period of 2021. Earnings were in line with the expectations.

Net interest income for the quarter increased about nine percent on a year-over-year basis to $135 million. Among other updates, Washington Federal, Inc. (NASDAQ:WAFD) reported that its total assets stood at $20.6 billion at the end of the quarter, compared to $19.7 billion as of September 30, 2021.

Like Washington Federal, Inc. (NASDAQ:WAFD), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), are also making headlines after releasing their financial results.

9. Infosys Limited (NYSE:INFY)

Number of Hedge Fund Holders: 27

Infosys Limited (NYSE:INFY) is an information technology company based in India. It is primarily engaged in offering consultation, tech and advanced digital services to customers, helping them in their digital transformation journey.

Shares of Infosys Limited (NYSE:INFY) recently plummeted to a nearly nine-month low after announcing lower-than-expected financial results for its fiscal fourth quarter. The company earned 18 cents per share, marginally below the consensus of 19 cents per share.

Revenue came in at $4.28 billion, up 20.6 percent versus last year. However, analysts were expecting Infosys Limited (NYSE:INFY) to generate revenue of  $4.29 billion. Digital revenue for the quarter rose nearly 39 percent to $2.53 billion.

8. Fastenal Company (NASDAQ:FAST)

Number of Hedge Fund Holders: 29

Shares of Fastenal Company (NASDAQ:FAST) rose over two percent on Wednesday, April  13, 2022, following an upbeat financial performance for the first quarter. The wholesale distributer of industrial and construction supplies reported earnings of 47 cents per share, compared to 37 cents per share in the year-ago period.

In addition, Fastenal Company (NASDAQ:FAST) posted revenue of $1.70 billion, up 20.3 percent on a year-over-year basis. The results surpassed analysts’ average estimate of 44 cents per share for earnings and $1.68 billion for revenue.

Fastenal Company (NASDAQ:FAST) attributed the latest quarterly sales to higher demand from its manufacturing and construction clients due to improvements in business activities. Gross profit also advanced 120 basis points to 46.6 percent versus 45.4 percent in the same period of 2021.

7. Albertsons Companies, Inc. (NYSE:ACI)

Number of Hedge Fund Holders: 29

Albertsons Companies, Inc. (NYSE:ACI) is one of the leading food and drug retailers in the U.S., with a store count of more than 22,000 spread across 34 states. The company recently announced better-than-expected financial results for its fiscal fourth quarter.

The Idaho-based company reported adjusted earnings of 75 cents per share, up from 60 cents per share in the year-ago period. Revenue for the quarter rose 10.2 percent on a year-over-year basis to $17.4 billion. Analysts were expecting Albertsons Companies, Inc. (NYSE:ACI) to report earnings of 64 cents per share on revenue of $16.74 billion.

Albertsons Companies, Inc. (NYSE:ACI) also released the profit outlook for its fiscal 2022. The company guided for adjusted earnings in the range of $2.70 – $2.85 per share, nearly in line with the consensus of $2.78 per share.

Like Albertsons Companies, Inc. (NYSE:ACI), investors are also closing watching JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Company (NYSE:WFC) and BlackRock, Inc. (NYSE:BLK), following their financial results.

6. CarMax, Inc. (NYSE:KMX)

Number of Hedge Fund Holders: 35

Shares of CarMax, Inc. (NYSE:KMX) recently hit a new 52-week low of $90.55 after posting weak earnings for its fiscal fourth quarter. The company’s profitability was hurt by a range of factors such as waning consumer confidence, a resurgence in coronavirus cases, and vehicle affordability.

CarMax, Inc. (NYSE:KMX) earned 98 cents per share during the three months ended February 28, 2022, down 22 percent on a year-over-year basis and well below the consensus of $1.25 per share. On the bright side, revenue for the quarter climbed 48.8 percent versus last year to $7.7 billion, beating expectations of $7.5 billion.

Among other updates, CarMax, Inc. (NYSE:KMX) reported that it sold 343,413 vehicles through its retail and wholesale channels, representing a surge of 11.3 percent over the fourth quarter of the prior year. The company also reported that it repurchased $101.7 million worth of its common stock and opened four new retail sites during the quarter.

In addition, CarMax, Inc. (NYSE:KMX) issued its long-term outlook. It expects to sell 2 – 2.4 million vehicles by its fiscal 2026. The company also expects to generate revenue between $33 – $45 billion during the same period.

Speaking on the results, CEO Bill Nash said in a statement:

“While the fourth quarter was adversely affected by macro factors, our retail market share growth for the year was the highest it’s been during my tenure as CEO and is a reflection of our ability to deliver the most customer-centric experience in the industry.”

5. First Republic Bank (NYSE:FRC)

Number of Hedge Fund Holders: 39

Shares of First Republic Bank (NYSE:FRC) rose nearly seven percent on Wednesday, April 13, 2022, after announcing a better-than-expected profit for the first quarter. The San Francisco-based bank reported earnings of $2 per share, up from $1.79 per share in the first quarter of 2021.

Revenue jumped 23 percent on a year-over-year basis to $1.4 billion. Analysts were expecting First Republic Bank (NYSE:FRC) to report earnings of $1.90 per share on revenue of $1.4 billion.

Net interest income, a key growth indicator, increased to $1.15 billion, from $939 million in the same period last year. In addition, First Republic Bank (NYSE:FRC) reported that its total deposits jumped 26.7 percent to $162.1 billion, while loan originations rose 13.3 percent to $17.8 billion in the quarter.

Discussing the results, CEO Mike Roffler said:

“The entire business continued to perform very well in the first quarter. Loan originations were our best ever, client satisfaction reached an all-time high, and we successfully completed our core system conversion. It was a terrific quarter.”

4. Delta Air Lines, Inc. (NYSE:DAL)

Number of Hedge Fund Holders: 47

Shares of Delta Air Lines, Inc. (NYSE:DAL) rose over six percent on Wednesday, April 13, 2022, after posting a narrower-than-expected loss for the first quarter. The Georgia-based airline attributed the results to solid demand, reopening of offices and easing travel restrictions.

Delta Air Lines, Inc. (NYSE:DAL) reported an adjusted loss of $1.23 per share and revenue of $9.35 billion. The results were better than the consensus of $1.27 per share for loss and $8.92 billion for revenue.

Moving forward, Delta Air Lines, Inc. (NYSE:DAL) expects to turn a profit for the current quarter amid rising bookings and fares that are helping the company offset increasing fuel prices.

Speaking on the results, CEO Ed Bastian said:

“With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10 percent.  As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14 percent adjusted operating margin and strong free cash flow in the June quarter.”

3. BlackRock, Inc. (NYSE:BLK)

Number of Hedge Fund Holders: 49

Shares of BlackRock, Inc. (NYSE:BLK) marginally moved down on Wednesday, April 13, 2022, following its mixed financial performance for the first quarter. The investment management giant reported adjusted earnings of $9.52 per share, up from $8.04 per share in the year-ago quarter.

Revenue for the quarter increased approximately 7 percent on a year-over-year basis to $4.69 billion. Analysts were expecting BlackRock, Inc. (NYSE:BLK) to report earnings of $8.75 per share on revenue of $4.73 billion.

Among other updates, BlackRock, Inc. (NYSE:BLK) reported that it had $9.57 trillion in assets under management at the end of the quarter versus $9.01 trillion in the comparable period of 2021.

Commenting on the results, CEO Laurence Fink said in a statement:

“BlackRock generated $114 billion of long-term net inflows in the first quarter, with positive flows across all product types, investment styles and regions, demonstrating the breadth of our asset management platform.”

2. Wells Fargo & Company (NYSE:WFC)

Number of Hedge Fund Holders: 94

Shares of Wells Fargo & Company (NYSE:WFC) turned red in the pre-market trading session on Thursday, April 14, 2022, after its first-quarter revenue fell short of estimates. The California-based bank generated revenue of $17.59 billion in the quarter, missing the consensus of $17.8 billion.

On the positive side, Wells Fargo & Company (NYSE:WFC) reported earnings of 88 cents per share, topping expectations of 80 cents per share. In addition, the net interest income of $9.2 billion rose five percent on a year-over-year basis and matched the consensus forecast. Moreover, average loans increased three percent versus last year to $898 billion in the quarter.

Discussing the results, CEO of Wells Fargo & Company (NYSE:WFC), Charlie Scharf, said in a statement:

“Our internal indicators continue to point towards the strength of our customers’ financial position, but the Federal Reserve has made it clear that it will take actions necessary to reduce inflation and this will certainly reduce economic growth. In addition, the war in Ukraine adds additional risk to the downside. Wells Fargo is positioned well to provide support for our clients in a slowing economy.”

1. JPMorgan Chase & Co. (NYSE:JPM)

Number of Hedge Fund Holders: 107

Shares of JPMorgan Chase & Co. (NYSE:JPM) hit a new 52-week low of $126.01 on Wednesday, April 13, 2022, after announcing a disappointing profit for the first quarter. The New York-based bank’s lackluster performance is primarily attributed to the negative effects of the Russia-Ukraine war, rising inflation and supply chain disruptions.

JPMorgan Chase & Co. (NYSE:JPM) also warned of economic uncertainties as a result of the Ukraine war and soaring inflation. For the first quarter, the bank reported earnings of $2.63 per share, representing a sharp decline from $4.50 per share in the year-ago period. Analysts were looking for earnings of $2.73 per share.

On the bright side, JPMorgan Chase & Co. (NYSE:JPM) posted revenue of $31.59 billion, just ahead of the consensus of $31.14 billion. In addition, net interest income rose seven percent to $13.97 billion and topped expectations of $13.7 billion. Moreover, average loans and average deposits for the quarter increased 5 percent and 13 percent, respectively.

Speaking on the results, CEO Jamie Dimon said in a statement:

“We remain optimistic on the economy, at least for the short term – consumer and business balance sheets as well as consumer spending remain at healthy levels – but see significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.”

You can also take a peek at 10 Best Value ETFs to Invest in Now and 10 Undervalued Dividend Kings To Buy In 2022.

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Disclosure: None. 11 Stocks Making Headlines After Releasing Their Financial Results is originally published on Insider Monkey.