10 Key Earnings Reports to Watch

In this article, we will take a look at the 10 key earnings reports to watch.

Notable stocks from industrials, consumer cyclical, and technology sectors released their earnings reports earlier this week. Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) were among the notable companies that recently posted their quarterly financial results.

Shares of CarMax and Micron Technology fell despite beating expectations, while Paychex stock moved up following the results. Several other companies also made big moves following their earnings reports.

Photo by Tech Daily on Unsplash

To discuss the detailed performance of these stocks, let’s start our list of 10 key earnings reports to watch.

10 Key Earnings Reports to Watch

10. Worthington Industries, Inc. (NYSE:WOR)

Number of Hedge Fund Holders: 15

Shares of Worthington Industries, Inc. (NYSE:WOR) fell for two straight days even after announcing better-than-expected financial results on Wednesday, 29 September 2021. The metals manufacturing company reported adjusted earnings of $2.46 per share for its fiscal first quarter ended 31 August 2021, ahead of the consensus forecast of $1.90 per share.

Revenue came in at $1.11 billion, beating analysts’ average estimate of $1.08 billion. Worthington Industries, Inc. (NYSE:WOR) had reported adjusted earnings of 64 cents per share on revenue of $702.9 in the comparable period of 2020.

If we compare the performance of its key segments, revenue from steel processing skyrocketed nearly 91 percent on a year-over-year basis to $822.8 million, while building products’ revenue jumped 30.2 percent to $114.7 million. In comparison, consumer products’ revenue rose 10.6 percent to $147.8 million, while sustainable energy solutions’ revenue slipped 8.5 percent to $25.5 million.

Speaking on the results, CEO Andy Rose said in a statement:

“We had solid demand across our major end markets but also continued to face challenges with customer shut-downs due to semi-conductor and other parts shortages, labor availability, and tight supply chains which prevented the quarter from being even better.”

Like Worthington Industries, Inc. (NYSE:WOR), investors are also closely watching Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) following their financial results.

9. United Natural Foods, Inc. (NYSE:UNFI)

Number of Hedge Fund Holders: 15

Shares of United Natural Foods, Inc. (NYSE:UNFI) recently skyrocketed to a nearly four-year high after announcing its fiscal fourth-quarter results along with an impressive outlook. The leading distributor of health and specialty food reported adjusted earnings of $1.18 per share for the three months ended 31 July 2021, up from $1.06 per share in the comparable period of 2020.

Analysts were expecting United Natural Foods, Inc. (NYSE:UNFI) to report earnings of 80 cents per share. Revenue for the quarter inched down 0.5 percent to $6.735 and marginally missed the consensus forecast of $6.850 billion.

United Natural Foods, Inc. (NYSE:UNFI) also released the financial outlook for its fiscal year 2022. It expects adjusted earnings in the range of $3.90 – $4.20 per share, higher than the consensus forecast of $3.38 per share. Revenue for the full year is expected to come between $27.8 billion – $28.3 billion, in line with analysts’ average estimate of $27.831 billion.

8. Concentrix Corporation (NASDAQ:CNXC)

Number of Hedge Fund Holders: 21

Concentrix Corporation (NASDAQ:CNXC) recently announced better-than-expected financial results for its fiscal third quarter ended 31 August 2021. The company reported adjusted earnings of $2.49 per share, well above $1.53 per share in the comparable period of 2020.

Revenue rose 20.1 percent on a year-over-year basis to $1.40 billion. Analysts were expecting Concentrix Corporation (NASDAQ:CNXC) to report earnings of $2.24 per share on revenue of $1.38 billion.

Concentrix Corporation (NASDAQ:CNXC) also released the sales outlook for its fiscal fourth quarter. It expects revenue in the range of $1.44 billion – $1.48 billion for the current quarter, above the consensus forecast of $1.40 billion.

Like Concentrix Corporation (NASDAQ:CNXC), Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) also came into the limelight after releasing their results.

7. Herman Miller, Inc. (NASDAQ:MLHR)

Number of Hedge Fund Holders: 23

Shares of Herman Miller, Inc. (NASDAQ:MLHR) fell 6.13 percent on Thursday, 30 September 2021, after the company announced mixed financial results for its fiscal first quarter. The furniture maker reported adjusted earnings of 49 cents per share, down from $1.24 per share in the comparable quarter of 2020.

In addition, Herman Miller, Inc. (NASDAQ:MLHR) posted revenue of $789.70 million, translating to a year-over-year surge of 25.9 percent. Analysts were looking for earnings of 53 cents per share on revenue of $650.72 million.

Addressing shareholders, Herman Miller, Inc. (NASDAQ:MLHR) said:

“We had a strong start to fiscal 2022, as we experienced robust demand across our business while also successfully completing our acquisition of Knoll. Going forward, we are pleased to share that we will operate under the name MillerKnoll, and become one of the largest and most influential design companies in the world. The integration is progressing smoothly as we bring together the best of both organizations, and we are confident in our ability to deliver on our previously outlined cost synergy targets.”

Herman Miller, Inc. (NASDAQ:MLHR) also released the financial outlook for its fiscal second quarter. It expects adjusted earnings in the range of 55 – 61 cents per share and revenue between $1.025 billion – $1.065 billion. The Q2 sales guidance is well above the consensus forecast of $748.32 million.

6. Thor Industries, Inc. (NYSE:THO)

Number of Hedge Fund Holders: 26

Shares of Thor Industries, Inc. (NYSE:THO) rose nearly eight percent on Tuesday, 28 September 2021, after the company delivered solid results for its fiscal fourth quarter. The manufacturer of recreational vehicles reported adjusted earnings of $4.12 per share, nearly double from $2.14 per share in the same quarter last year.

Analysts were expecting Thor Industries, Inc. (NYSE:THO) to report earnings of $2.90 per share. Revenue for the quarter jumped 54.6 percent on a year-over-year basis to $3.59 billion, ahead of the consensus forecast of $3.31 billion.

Discussing the results, CEO Bob Martin said in a statement:

“We are pleased to report that in a year of unprecedented challenges, THOR posted record net sales and net income for the fourth fiscal quarter and the full fiscal year, making it the most profitable year in THOR’s history. For the fiscal year, we sold over 300,000 units, eclipsed $12 billion in net sales and generated net income attributable to THOR of $11.85 per diluted share, which far exceeds the former record for diluted earnings per share of $8.14 set in fiscal year 2018.”

Paychex, Inc. (NASDAQ:PAYX), CarMax, Inc. (NYSE:KMX), IHS Markit Ltd. (NYSE:INFO), and Micron Technology, Inc. (NASDAQ:MU) also caught investors’ attention after posting their earnings reports.

5. Paychex, Inc. (NASDAQ:PAYX)

Number of Hedge Fund Holders: 29

Shares of Paychex, Inc. (NASDAQ:PAYX) rose more than four percent on Thursday, 30 September 2021, after delivering impressive results for its fiscal first quarter. The human-capital services company reported adjusted earnings of 89 cents per share, beating the consensus forecast of 80 cents per share.

Paychex, Inc. (NASDAQ:PAYX) had reported adjusted earnings of 63 cents per share in the comparable period of 2020. Revenue for the quarter jumped 16 percent on a year-over-year basis to $1.08 billion, ahead of the consensus estimate of $1.04 billion.

If we compare the performance of its key segments, management solutions revenue rose 17 percent to $805.5 million in the quarter, while PEO and insurance solutions revenue increased 14 percent to $262.9 million.

Paychex, Inc. (NASDAQ:PAYX) also updated the profit outlook for its fiscal year 2022. The company now expects its adjusted earnings to grow in the range of 12 – 14 percent, up from its previous growth forecast of 10 – 12 percent.

Speaking on the results, CEO Martin Mucci said:

“Fiscal 2022 is off to a strong start as we achieved double-digit growth in both revenue and earnings. These results reflected improvement in the economy, continued momentum in sales, and strong levels of client retention. Our sales performance was driven by ongoing strength in both digital and HR Outsourcing sales and solid growth in the mid-market space.”

4. McCormick & Company, Incorporated (NYSE:MKC)

Number of Hedge Fund Holders: 34

McCormick & Company, Incorporated (NYSE:MKC) recently reported better-than-expected financial results for its fiscal third quarter. However, it slashed earnings guidance for its full fiscal year, sending its shares down more than three percent on Thursday, 30 September 2021.

The maker of spices and sauces reported adjusted earnings of 80 cents per share for the three months ended 31 August 2021, up from 76 cents per share in the comparable period of 2020. Analysts were expecting McCormick & Company, Incorporated (NYSE:MKC) to report earnings of 72 cents per share.

Revenue rose 8 percent on a year-over-year basis to $1.549 billion, exceeding the consensus forecast of $1.538 billion. McCormick & Company, Incorporated (NYSE:MKC) said the home dining trend in the quarter resulted in higher demand for its products.

However, McCormick & Company, Incorporated (NYSE:MKC) slashed the profit outlook for its fiscal year 2021. It expects to report adjusted earnings in the range of $2.97 – $3.02 per share, compared to its previous guidance between $3 – $3.05 per share.

3. CarMax, Inc. (NYSE:KMX)

Number of Hedge Fund Holders: 39

Shares of CarMax, Inc. (NYSE:KMX) fell more than 12 percent on Thursday, 30 September 2021, after the company reported lower-than-expected earnings for its fiscal second quarter. The retailer of used vehicles reported earnings of $1.72 per share for the three months ended 31 August 2021, missing the consensus forecast of $1.89 per share.

CarMax, Inc. (NYSE:KMX) had reported earnings of $1.79 per share in the comparable period of 2020. On the bright side, revenue for the quarter climbed 48.7 percent on a year-over-year basis to $8 billion, ahead of analysts’ average estimate of $6.85 billion.

In addition, CarMax, Inc. (NYSE:KMX) sold 419,895 units through both its retail and wholesale channels, up nearly 20 percent from the year-ago quarter. In comparison, vehicle purchases in the quarter jumped 59 percent to 364,263 units.

Commenting on the results, CEO Bill Nash said:

“Our omni-channel platform, in combination with our unique customer offerings, industry expertise and solid execution, drove performance across our diversified business and led to a record level of used sales for the second quarter and an all-time record for wholesale vehicle sales.”

2. IHS Markit Ltd. (NYSE:INFO)

Number of Hedge Fund Holders: 61

Shares of IHS Markit Ltd. (NYSE:INFO) fell more than five percent on Tuesday, 28 September 2021, despite announcing better-than-expected results for its fiscal third quarter. The company reported adjusted earnings of 85 cents per share, up from 77 cents per share in the comparable period of 2020.

Revenue came in at $1.181 billion, compared to $1.07 billion in the year-ago quarter. Analysts were expecting IHS Markit Ltd. (NYSE:INFO) to report adjusted earnings of 83 cents per share on revenue of $1.17 billion.

IHS Markit Ltd. (NYSE:INFO) said that revenue from its financial services increased 10 percent to $490 million, while revenue from the transportation segment rose 16 percent to $347 million. In comparison, resources revenue remained nearly flat at $208 million.

Discussing the results, CEO Lance Uggla said:

“We had another great quarter and we expect to finish the year strong. I am very proud of our team’s execution and partnership with our customers as we manage to the merger with S&P Global.”

1. Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 87

Shares of Micron Technology, Inc. (NASDAQ:MU) slightly moved down on Wednesday, September 29, 2020, after the Idaho-based chipmaker issued weak first-quarter outlook along with its fiscal fourth-quarter results.

The manufacturer of DRAM and NAND chips reported adjusted earnings of $2.42 per share for the three months ended 2 September 2021, representing a surge of more than two-folds from the year-ago quarter. Analysts were expecting Micron Technology, Inc. (NASDAQ:MU) to report adjusted earnings of $2.33 per share.

Revenue for the quarter jumped 37 percent on a year-over-year basis to $8.27 billion, beating the consensus forecast of $8.23 billion.

Speaking on the results, CEO Sanjay Mehrotra said:

“Micron’s outstanding fourth quarter execution capped a year of several key milestones. In fiscal 2021, we established DRAM and NAND technology leadership, drove record revenues across multiple markets, and initiated a quarterly dividend.”

Looking forward, Micron Technology, Inc. (NASDAQ:MU) expects adjusted earnings in the range of $2 – $2.20 per share and revenue between $7.45 billion – $7.85 billion for its fiscal first quarter. The guidance missed analysts’ average estimate of $2.53 per share for earnings and $8.54 billion for revenue.

You can also take a peek at 9 Best Clean Energy Stocks To Buy Today and 15 Biotech Stocks to Buy Now According to Srini Akkaraju and Michael Dybbs’ Samsara BioCapital.

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Disclosure: None. 10 Key Earnings Reports to Watch is originally published on Insider Monkey.