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In this article, we will take a look at the 10 companies making noise after posting their earnings reports. You can skip our detailed analysis of these companies and go directly to the 5 Companies Making Noise After Posting Their Earnings Reports.
Electric vehicle giant Tesla, Inc. (NASDAQ:TSLA), health care giant Abbott Laboratories (NYSE:ABT) and consumer goods behemoth The Procter & Gamble Company (NYSE:PG), were among the notable stocks that recently posted their earnings reports.
If we look at their price actions, Tesla stock rose on massive volume after crushing financial expectations for the first quarter. Shares of Abbott Laboratories and Procter & Gamble also turned green following their upbeat quarterly performances.
However, there were few companies that disappointed investors with their financial results. For instance, shares of Lam Research Corporation (NASDAQ:LRCX) and Baker Hughes Company (NASDAQ:BKR) fell after missing financial expectations for their respective quarters.
10. United Airlines Holdings, Inc. (NASDAQ:UAL)
Number of Hedge Fund Holders: 35
United Airlines Holdings, Inc. (NASDAQ:UAL) recently announced weak financial results for the first quarter. However, its shares jumped over seven percent in the extended hours on Wednesday, April 20, 2022, after the company said that it expects to turn a profit in the current fiscal year.
For the first quarter, United Airlines Holdings, Inc. (NASDAQ:UAL) reported an adjusted loss of $4.24 per share, slightly wider than the consensus of $4.22 per share. Revenue came in at $7.57 billion, missing analysts’ average estimate of $7.68 billion.
On the bright side, United Airlines Holdings, Inc. (NASDAQ:UAL) said that it expects an operating margin of 10 percent for the current quarter and a profit for the full year. The second-biggest U.S. carrier is seeing increasing bookings due to a renewed travel demand following a drop in coronavirus cases. Meanwhile, higher ticket prices are also helping the company offset rising operating costs.
Speaking on the results, CEO Scott Kirby said in a statement:
“The demand environment is the strongest it’s been in my 30 years in the industry – and United and its customers will benefit more than any other airline. We’re now seeing clear evidence that the second quarter will be an historic inflection point for our business.”
9. Baker Hughes Company (NASDAQ:BKR)
Number of Hedge Fund Holders: 35
Shares of Baker Hughes Company (NASDAQ:BKR) fell nearly four percent on Wednesday, April 20, 2022, after missing profit and sales expectations for the first quarter. The oil field services company earned 15 cents per share on an adjusted basis, compared to 12 cents per share in the first quarter of 2021.
In addition, Baker Hughes Company (NASDAQ:BKR) posted revenue of $4.84 billion, up 1 percent on a year-over-year basis. The results missed the consensus of 20 cents per share for earnings and $5.03 billion for revenue. Orders for the quarter jumped 51 percent versus last year to $6.84 billion.
Baker Hughes Company (NASDAQ:BKR) also released its segment-wise sales results. Its oilfield services revenue rose 13 percent on a year-over-year basis to $2.49 billion, while digital solutions revenue inched up one percent to $474 million. On the downside, its oilfield equipment revenue fell 16 percent to $528 million, while turbomachinery & process solutions revenue decreased 9 percent to $1.35 billion in the quarter.
Like Baker Hughes Company (NASDAQ:BKR), investors are also closely observing Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT) and The Procter & Gamble Company (NYSE:PG), following their earnings reports.
8. Kinder Morgan, Inc. (NYSE:KMI)
Number of Hedge Fund Holders: 35
Kinder Morgan, Inc. (NYSE:KMI) is one of the leading energy infrastructure companies in the U.S. It operates pipelines and terminals that transport products like natural gas, crude and carbon dioxide, among others.
The Houston-based company recently announced better-than-expected financial results for the first quarter, helped by solid demand for natural gas and fuel. Kinder Morgan, Inc. (NYSE:KMI) reported adjusted earnings of 32 cents per share, down from 60 cents per share in the year-ago period, when the company benefitted from record demand for natural gas due to a winter storm.
Revenue for the quarter fell 17.6 percent on a year-over-year basis to $4.29 billion. Analysts were expecting Kinder Morgan, Inc. (NYSE:KMI) to report earnings of 28 cents per share on revenue of $3.58 billion.
Kinder Morgan, Inc. (NYSE:KMI) also issued its financial outlook for 2022. It expects a net income of about $2.5 billion and adjusted EBITDA of $7.2 billion for the full year.
Discussing the results, CEO Steve Kean said in a statement:
“We are seeing great opportunities, both in our traditional segments and in our growing participation in the low-carbon energy evolution. While we are benefiting from commodity price tailwinds, we are also performing better than budget in a number of areas, which is more than offsetting some higher cost headwinds.”
7. Equifax Inc. (NYSE:EFX)
Number of Hedge Fund Holders: 41
Shares of Equifax Inc. (NYSE:EFX) fell nearly 10 percent in the after-hours trading session on Wednesday, April 20, 2022, despite topping expectations for the first quarter. The Georgia-based consumer credit reporting agency posted adjusted earnings of $2.22 per share, up from $1.97 per share in the same period last year.
In addition, Equifax Inc. (NYSE:EFX) generated revenue of $1.36 billion, up 12 percent on a year-over-year basis. The results surpassed the consensus of $2.15 per share for earnings and $1.33 billion for revenue.
If we look at its segment-wise sales performance, workforce solutions revenue jumped 33 percent to $649 million, while international revenue rose 6 percent to $281.3 million in the quarter. On the downside, USIS revenue fell 6 percent to $432.9 million.
Equifax Inc. (NYSE:EFX) also released its financial outlook for the second quarter and full year. For the current quarter, it guided for adjusted earnings in the range of $1.98 – $2.08 per share and revenue between $1.31 – $1.33 billion. For the full year, it expects adjusted earnings of $8 – $8.30 per share and revenue between $5.15 – $5.25 billion.
Like Equifax Inc. (NYSE:EFX), Tesla, Inc. (NASDAQ:TSLA), Abbott Laboratories (NYSE:ABT) and The Procter & Gamble Company (NYSE:PG), also came into the spotlight after releasing their earnings reports.
6. Carvana Co. (NYSE:CVNA)
Number of Hedge Fund Holders: 56
Carvana Co. (NYSE:CVNA) is a rapidly growing user car retailer in the U.S. Its e-commerce platform enables customers to buy cars after inspecting them through the company’s advance imaging technology. The online platforms also help buyers secure financing and schedule delivery of vehicles.
Shares of Carvana Co. (NYSE:CVNA) plummeted to a new low in the pre-market trading session on Thursday, April 21, 2022, after posting a wider-than-expected loss for the first quarter. The company posted a loss of $2.89 per share, significantly higher than analysts’ average estimate for a loss of $1.42 per share.
On the bright side, revenue for the quarter rose 56 percent versus last year to $3.5 billion, beating expectations of $3.4 billion. Retail units sold also increased 14 percent to 105,185.
Speaking on the results, CEO of Carvana Co. (NYSE:CVNA), Ernie Garcia, said:
“Q1 was a unique environment. Omicron, high used vehicle prices, rapid changes in interest rates and other macro factors impacted Carvana and the used vehicle industry as a whole. We view these macro factors as transitory and remain focused on delivering the best possible experiences to our customers.”
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Disclosure: None. 10 Companies Making Noise After Posting Their Earnings Reports is originally published on Insider Monkey.