Earnings Overload: We Dissect the Quarterly Results at United Rentals, IMAX, and 3 Other Companies

The markets have struggled to find a direction on Thursday morning as the European Central Bank voted to keep interest rates on hold and investors await key data on jobs and economic health. Investors are closely watching several companies which reported their quarterly results on Wednesday afternoon, including United Rentals, Inc. (NYSE:URI), Tractor Supply Company (NASDAQ:TSCO), IMAX Corporation (USA) (NYSE:IMAX), Raymond James Financial, Inc. (NYSE:RJF), and Select Comfort Corp. (NASDAQ:SCSS). We’ll discuss the performance of these five companies in this article and see how hedge funds have been trading their shares lately.

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United Rentals Beats Estimates

United Rentals, Inc. (NYSE:URI) has soared by over 14% today after the company posted strong second quarter earnings on Wednesday afternoon. The Connecticut-based equipment rental company earned $2.06 per share ifor the quarter, while analysts were predicting just $1.82. Revenue of $1.42 billion also beat the consensus mark of $1.40 billion. In a media statement, United Rentals CEO Michael Kneeland said that the company is satisfied with the progression in rental rates. Mr. Kneeland added that conditions remained “challenging” for the company in Canada, but that growth along the East and West coasts of the U.S remained strong. For the full year, United Rentals expects total revenue of $5.6 billion-to-$5.8 billion. Immediately after the earnings results, Jefferies reiterated a ‘Buy’ rating on United Rentals with a price target of $80.00. Out of the 766 active funds tracked by Insider Monkey, 42 funds were bullish on United Rentals, Inc. (NYSE:URI) at the end of the first quarter.

Tractor Supply Company Posts Second Quarter Results, CFO Retires

Tractor Supply Company (NASDAQ:TSCO)’s stock has lost more than 1% in morning trading following the release of the company’s second quarter results, which were in-line with analysts’ estimates. The Tennessee-based supplier of farm equipment, home maintenance gear, and animal food earned $1.16 per share on $1.85 billion in revenue. The company also announced that its CFO Anthony F. Crudele will be replaced by Kurt D. Barton early next year. For the full 2016 fiscal year, Tractor Supply expects to achieve EPS of between $3.35 and $3.40. A total of 28 hedge funds in our database were long Tractor Supply Company (NASDAQ:TSCO) on March 31. Ken Griffin’s Citadel Investment Group held a notable position among these hedge funds, with ownership of more than 1.45 million shares of the company.

Move to the next page to see why shares of IMAX, Raymond James Financial and Select Comfort are making moves today.

IMAX Corporation Beats Estimates, Ups Installs Guidance

IMAX Corporation (USA) (NYSE:IMAX) shares have surged by 12% Thursday after the company beat analysts’ estimates with its second quarter results. IMAX posted EPS of $0.18, better than the estimated $0.17, while revenue for the quarter was $91.7 million, topping the consensus estimate of $86.7 million. IMAX CEO Richard L. Gelfond said in a statement that IMAX’s demand remained robust in the quarter, which resulted in more installs and a record backlog. IMAX has also raised its installation guidance for 2016 to 155 theatres from previous guidance of 135-to-140 theatres. Charles Clough’s Clough Capital Partners is the biggest stakeholder of IMAX Corporation (USA) (NYSE:IMAX) in our database as of March 31, owning 1.36 million shares.

Raymond James Financial Posts Strong Third Quarter

Raymond James Financial, Inc. (NYSE:RJF)’s shares are slightly in the green after the company posted impressive fiscal third quarter results. The St. Petersburg, Florida-based company reported EPS of $0.93 for the quarter, beating estimates by $0.03. Revenue of $1.36 billion also surpassed analysts’ consensus expectation of $1.32 billion. Raymond James’ CEO Paul Reilly said in a statement that all the segments of the company produced “record revenues” during the quarter. Mr. Reilly said that the company expects growth to increase, aided by new records achieved for client and financial assets. Ken Fisher’s Fisher Asset Management owns approximately 1.59 million shares of Raymond James Financial, Inc. (NYSE:RJF) as of the end of June.

Select Comfort Misses Revenue Estimates

Select Comfort Corp. (NASDAQ:SCSS) is in the spotlight today after the company posted second quarter earnings on Wednesday afternoon. The Sleep Number bedmaker’s EPS of $0.03 beat analysts’ consensus estimate of $0.01, but $277 million in revenue fell short of the consensus estimate of $283.55 million. The company also reiterated its full year guidance of $1.25-to-$1.45 per share, and said that it was increasing its share buyback program by $300 million. Shares have tumbled by nearly 6% in light of the results. At the end of the first quarter, 13 hedge funds in our database were bullish on Select Comfort Corp. (NASDAQ:SCSS).

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