5 Notable Earnings Reports You Don’t Want to Miss

In this article, we discuss the 5 notable earnings reports you don’t want to miss. If you want to read our detailed analysis of these companies, go directly to the 10 Notable Earnings Reports You Don’t Want to Miss.

5. Deere & Company (NYSE: DE)

Number of Hedge Fund Holders: 52

Shares of Deere & Company (NYSE: DE) have been trading higher since the company announced impressive financial results for its fiscal third quarter. The agricultural and construction equipment maker reported earnings of $5.32 per share for the three months ended August 1, easily beating the consensus forecast of $4.58 per share. The company had reported earnings of $2.57 per share in the comparable period of 2020.

Revenue for the quarter jumped more than 29 percent to $11.53 billion, ahead of analysts’ average estimate of $10.30 billion. Deere & Company (NYSE: DE) also lifted the sales outlook for its fiscal year 2021.

The company now expects revenue in the range of $5.7 billion to $5.9 billion for its full fiscal year, up from its earlier forecast between $5.3 billion to $5.7 billion.

Speaking on the results, CEO John C. May said:

“Our strong results, driven by essentially all product categories, are a testament to the exceptional efforts of our employees and dealers to keep our factories running and customers served while enduring significant supply-chain pressures. We also made strategic investments in the quarter aligned with our smart industrial strategy. They will further our efforts to help our customers achieve improved profitability, productivity, and sustainability through the effective use of technology.”

4. Pinduoduo Inc. (NASDAQ: PDD)

Number of Hedge Fund Holders: 49

Shares of Pinduoduo Inc. (NASDAQ: PDD) were down nearly 55 percent on a year-to-date basis until last week. However, the company’s shares regained some of their lost value after announcing its financial results for the second quarter.

The Chinese e-commerce giant reported adjusted earnings of 2.85 yuan per share for the three months ended June 30, crushing the consensus forecast for a loss of 1.88 yuan per share. Revenue for the quarter climbed 89 percent on a year-over-year basis to 23.05 billion yuan but fell slightly short of analysts’ average estimate of 26.63 billion yuan.

If we look at the performance of Pinduoduo’s key segments, revenue from the online marketing services jumped 64 percent to 18,080.4 million yuan, while transaction services revenue skyrocketed 164 percent to 3,007.6 million yuan. In addition, the average monthly active users in the quarter jumped 30 percent to 738.5 million.

Commenting on the quarter, CEO Lei Chen said:

“Agriculture has long been at the core of Pinduoduo’s corporate mission and strategy and the ’10 Billion Agriculture Initiative’ we announced today is a way for us to deepen our support for agricultural modernization and rural vitalization.”

Pinduoduo Inc. (NASDAQ: PDD) plans to spend 10 billion yuan to support agricultural innovations and address the crucial needs of China’s rural areas.

3. Intuit Inc. (NASDAQ: INTU)

Number of Hedge Fund Holders: 66

Intuit Inc. (NASDAQ: INTU) is best known for its financial software and services suit. Its flagship products include tax preparation software TurboTax, personal financial management software Mint, and business accounting app QuickBooks. It is a leading player in the financial software space, serving both individual customers and enterprises.

The financial software company recently hit its all-time high price of $582.96 after beating expectations for its fiscal fourth quarter ended July 31. Intuit reported adjusted earnings of $1.97 per share, compared to $1.81 per share in the same period last year.

Revenue for the quarter jumped 41 percent on a year-over-year basis to $2.56 billion. The results easily surpassed the consensus forecast of $1.59 per share for earnings and $2.31 billion for revenue.

Intuit also released the financial outlook for its fiscal first quarter. It expects adjusted earnings in the range of 94 cents per share to 99 cents share and revenue growth between 36 and 38 percent for the current quarter.

Investment management firm L1 Capital recently mentioned Intuit in its Q2 2021 investor letter. Here is what the fund said:

“Intuit has been part of the portfolio since inception of the Fund and was featured in the September 2020 Quarterly Report. In December 2020, Intuit completed the acquisition of Credit Karma for around $5 billion. Credit Karma is a consumer technology platform with more than 110 million members in the U.S., Canada and UK. Credit Karma combines technology, personal financial information and network effects to provide financial products, expertise and advice to deliver better financial outcomes to a consumer, or as the company describes it, “To unlock smart money decisions for consumers”. There is the potential for significant value creation through Credit Karma becoming part of the Intuit group of businesses. Intuit aims to leverage the power of its verified income, employment, assets and identity data from TurboTax, Mint and QuickBooks combined with Credit Karma’s credit and debt data to deliver a range of financial products and services such as automated online loan pre-approval letters. Early signs are promising, with Credit Karma delivering record quarterly revenue and 40% of new Credit Karma members coming from the TurboTax franchise. We believe Credit Karma will become the third pillar supporting Intuit’s long-term growth, alongside QuickBooks and TurboTax.”

2. Medtronic plc (NYSE: MDT)

Number of Hedge Fund Holders: 68

Shares of Medtronic plc (NYSE: MDT) recently hit a new 52-week high of $135.20 after announcing solid results for its fiscal first quarter. The medical device company reported adjusted earnings of $1.41 per share, up 127 percent from the year-ago quarter.

Revenue for the quarter climbed 22.7 percent on a year-over-year basis to $7.99 billion, mainly driven by strong demand across its cardiovascular and medical-surgical segments. The results topped the consensus forecast of $1.32 per share for earnings and $7.87 billion for revenue.

Medtronic also raised its profit guidance for its FY 2022. It now expects adjusted earnings in the range of $5.65 per share to $5.75 per share for the full year, compared to its previous forecast between $5.60 per share to $5.75 per share.

Praising the quarterly performance, CEO Geoff Martha said:

“Fiscal 2022 is off to a strong start with our first quarter results coming in ahead of our expectations, reflecting solid execution and continued procedure volume recovery, with most of our businesses at or above pre-COVID levels.”

1. JD.com, Inc. (NASDAQ: JD)

Number of Hedge Fund Holders: 76

JD.com, Inc. (NASDAQ: JD) recently came into the limelight after announcing better-than-expected profit and sales for the second quarter. The Chinese e-commerce giant reported adjusted earnings of 2.90 per share for the three months ended June 30, above the consensus forecast of 2.60 yuan per share. However, it was down from adjusted earnings of 3.51 yuan per share the company posted in the year-ago quarter.

Revenue for the quarter jumped 26.2 percent to 253.80 billion yuan, ahead of the consensus forecast of 248.28 billion yuan. If we look at the performance of key segments, product revenue rose 23.3 percent, while service revenue climbed 49.2 percent in the quarter. Moreover, annual active customer accounts increased 27.4 percent to 531.9 million during the 12 months ended June 30.

Discussing the results, CFO Sandy Xu said in a statement:

“We are pleased to deliver another quarter of healthy growth even compared to last year’s high base. Our consistent execution and successful 618 Grand Promotion helped us to add over 32 million new users in Q2, the largest single quarter increase in JD.com’s history. We are also encouraged by the continued diversification of our revenue streams, reflecting our open ecosystem strategy of empowering customers and business partners through JD.com’s supply chain-based technology and infrastructure.”

You can also take a peek at Mario Gabelli is Dumping These 15 Stocks and 10 Best Tech Growth Stocks to Buy Right Now.

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