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10 Notable Earnings Reports You Don’t Want to Miss

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·7 min read
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In this article, we will take a look at the 10 notable earnings reports you don't want to miss. You can skip our detailed analysis of these companies, and go directly to the 5 Notable Earnings Reports You Don't Want to Miss.

Top companies from the consumer cyclic, industrial, and technology sectors recently released their financial results for the second quarter. While some of the stocks rose to new highs after reporting their quarterly results, others fell despite beating expectations. For instance, shares of Urban Outfitters, Inc. (NASDAQ: URBN), Nordstrom, Inc. (NYSE: JWN), and Advance Auto Parts, Inc. (NYSE: AAP) dropped even after surpassing analysts' estimates.

Other notable companies that recently delivered impressive quarterly performance include Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD).

Photo by Jason Briscoe on Unsplash

So, without wasting any time, let's start our list of 10 notable earnings reports you don't want to miss.

10 Notable Earnings Reports You Don't Want to Miss.

10. Best Buy Co., Inc. (NYSE: BBY)

Number of Hedge Fund Holders: 27

Best Buy Co., Inc. (NYSE: BBY) has been around for more than five decades. It started as a seller of stereo equipment for homes and cars and diversified its product portfolio over the years. Today, it is a leading retailer of consumer electronics in the U.S., selling PCs, laptops, smartphones, home office products, and much more.

The company recently caught investors' attention after announcing better-than-expected results for the second quarter. Best Buy Co Inc. (NYSE: BBY) reported adjusted earnings of $2.98 per share, up from $1.71 per share in the comparable period of 2020. Analysts, on average, were looking for earnings of $1.89 per share.

In addition, Best Buy Co Inc. (NYSE: BBY) posted revenue of $11.85 billion, compared to $9.91 billion in the year-ago quarter, and better than the consensus forecast of $11.55 billion. Same-store sales in the quarter increased 20 percent, higher than the 17.2 percent growth indicated by analysts.

Best Buy Co Inc. (NYSE: BBY) also updated financial guidance for its fiscal year 2022. It expects revenue in the range of $51 billion to $52 billion and comparable sales growth between 9 to 11 percent.

Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD) also came into the limelight after posting their quarterly results.

9. Urban Outfitters, Inc. (NASDAQ: URBN)

Number of Hedge Fund Holders: 28

Shares of Urban Outfitters, Inc. (NASDAQ: URBN) fell for three straight days despite beating expectations for the second quarter. The lifestyle retailer reported earnings of $1.28 per share for the three months ended July 31, significantly higher than 35 cents per share in the comparable period of 2020.

Revenue came in at $1.16 billion versus $803.3 million in the same period last year. The results were better than analysts' average estimate of 78 cents per share for earnings and $1.09 billion for revenue.

Praising the results, CEO Richard A. Hayne said:

"We're pleased to report record second quarter sales and earnings driven by extraordinary performance at all three brands. Congratulations to all Brand, Creative and Shared teams for the exceptional execution that led to a 110% increase in earnings per share over fiscal 2020."

Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD) also caught investors’ interest after releasing their earnings reports.

8. Nordstrom, Inc. (NYSE: JWN)

Number of Hedge Fund Holders: 31

Nordstrom, Inc. (NYSE: JWN) started operating as a small shoe store in Seattle in 1901. The company, founded by John W. Nordstrom and Carl F. Wallin, grew over time and gradually evolved into a leading shoe store chain in the U.S. Nordstrom started adding new items, such as clothing, to its product portfolio in the late twentieth century. Today, it is a leading fashion retailer offering a variety of high-quality shoes, apparel, and accessories.

Shares of Nordstrom, Inc. (NYSE: JWN) fell to their lowest price in more than eight months after announcing its financial results for the second quarter. The luxury department store chain posted earnings of 49 cents per share for the quarter, compared to a loss of $1.62 per share in the year-ago quarter.

Revenue for the quarter jumped 101 percent on a year-over-year basis to $3.7 billion. Analysts, on average, were expecting Nordstrom, Inc. (NYSE: JWN) to report earnings of 27 cents per share on sales of $3.3 billion. Digital revenue rose 30 percent and accounted for 40 percent of the total quarterly revenue.

Nordstrom, Inc. (NYSE: JWN) also updated its sales outlook for the current fiscal year. It anticipates revenue growth of more than 35 percent for the full year, up from its earlier growth forecast of more than 25 percent.

Investors also started watching Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD) following their financial results.

Speaking on the results, CEO Erik Nordstrom said in a statement:

"We capitalized on improving customer demand with focused execution, healthy inventory sell-through and continued expense management to deliver strong quarterly results. We remain focused on executing our strategy to win in our most important markets, broaden the reach of Nordstrom Rack and increase our digital velocity, and are well-positioned for continued progress toward our long-term strategic and financial goals as we look ahead to the second half of the year."

7. Toll Brothers, Inc. (NYSE: TOL)

Number of Hedge Fund Holders: 32

Shares of Toll Brothers, Inc. (NYSE: TOL) recently touched a nearly 3-month high after beating expectations for its fiscal third quarter. The leading home builder reported earnings of $1.87 per share for the three months ended July 31, more than double from 90 cents per share in the comparable period of 2020. Analysts, on average, were looking for earnings of $1.54 per share.

Revenue came in at $2.26 billion, up 37 percent from the year-ago quarter, and just ahead of the consensus forecast of $2.25 billion. Revenue from home sales climbed 37 percent in the quarter, while home deliveries jumped 28 percent.

CEO Douglas C. Yearley, Jr. seemed impressed with the results. He said in a statement:

"Demand continues to be very strong. Net signed contracts were up 35% in dollars to approximately $3 billion compared to the prior year period. The housing market is being driven by many strong fundamentals, including low mortgage rates, favorable millennial-driven demographics, a decade of pent-up demand, low new home supply, and a tight resale market. We expect strong and sustainable demand for our homes in the years to come."

Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD) also came under investors’ radar after reporting their quarterly earnings.

6. Advance Auto Parts, Inc. (NYSE: AAP)

Number of Hedge Fund Holders: 32

Advance Auto Parts, Inc. (NYSE: AAP), founded in 1932, specializes in automotive aftermarket parts. It serves both professional and individual customers. The company operates through its network of more than 4,700 stores spread across the U.S, Canada, and Puerto Rico.

The company recently announced better-than-expected financial results for the second quarter. Advance Auto Parts, Inc. (NYSE: AAP) reported adjusted earnings of $3.40 per share, up from $2.95 per share in the comparable period of 2020.

Revenue for the quarter rose 5.9 percent on a year-over-year basis to $2.65 billion. Analysts, on average, were looking for earnings of $3.04 per share and revenue of $2.65 billion.

Comparable-store sales were up 5.8 percent compared to the year-ago quarter. In addition, Advance Auto Parts, Inc. (NYSE: AAP) announced that it repurchased 2 million shares of its common stock at an average price of $197.52 per share during the quarter.

Investors are also closely watching Deere & Company (NYSE: DE), Pinduoduo Inc. (NASDAQ: PDD), Intuit Inc. (NASDAQ: INTU), Medtronic plc (NYSE: MDT), and JD.com, Inc. (NASDAQ: JD) following their latest quarterly results.

Discussing Q2 performance, CEO Tom Greco said:

"Advance's second quarter results highlight the strength of our team and diversified asset base as we continue to make progress on our long-term strategic objectives."

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Disclosure: None. 10 Notable Earnings Reports You Don't Want to Miss is originally published on Insider Monkey.