5 Stocks That Beat Profit Expectations

In this article, we discuss the 5 stocks that beat profit expectations. If you want to read our detailed analysis of these companies, go directly to the 11 Stocks That Beat Profit Expectations. 

5. AutoZone, Inc. (NYSE:AZO)

Number of Hedge Fund Holders: 38

Shares of AutoZone, Inc. (NYSE:AZO) rose nearly six percent on Tuesday, May 24, 2022, after announcing better-than-expected financial results for its fiscal third quarter. The automotive replacement parts retailer reported earnings of $29.03 per share, compared to $26.48 per share in the year-ago period.

Revenue came in at $3.87 billion, up 5.9 percent over the comparable quarter of 2021. Analysts were expecting AutoZone, Inc. (NYSE:AZO) to earn $26.05 per share on revenue of $3.71 billion.

Among other updates, AutoZone, Inc. (NYSE:AZO) reported that it opened 24 new stores in the quarter, bringing the total count to 6,846. Moreover, it repurchased $900 million worth of its common stock during the three months ended May 7, 2022.

Speaking on the results, CEO Bill Rhodes said:

“We are very proud to report solid same store sales growth on top of last year’s remarkable 28.9%. Both our retail and commercial sales performance exceeded our expectations this quarter. While our commercial sales growth accelerated to 26.0%, our retail sales also remained healthy considering the tough comparison from a year ago.”