Proactive Investors - If topping Street expectations is good, increasing future expectations is even better: a few companies this week managed to both beat expectations and raise their guidance.
Salesforce.com, Inc. (NYSE:CRM), Inc. shares added more than 4% Thursday after the company’s fiscal second-quarter results surpassed expectations, and prompted an upgrade to guidance.
The cloud software company posted earnings of $2.12 per share on revenue of $8.6 billion, beating Street expectations of $1.90 per share and 8.53 billion.
For the full year, Salesforce raised its forecast to between $8.04 and $8.06 in adjusted earnings on revenue between $34.7 billion to $34.8 billion from $7.41 to $7.43 and $34.5 billion to $34.7 billion, respectively. Its new guidance would suggest 11% revenue growth.
Lululemon Athletica (NASDAQ:NASDAQ:LULU) delivered strong second quarter numbers that came in well ahead of expectations and led to a guidance increase for fiscal 2023.
The popular athletic wear chain saw sales increase by 18% to $2.2 billion, both ahead of Lululemon’s own 2Q guidance and the $2.17 billion expected by Wall Street analysts. Its 2Q earnings per share of $2.68 also handily beat analyst expectations of $2.53.
Looking ahead, the company said it expects net revenue for fiscal 2023 to be in the range of $9.51 billion to $9.57 billion, representing growth of 17% to 18%. Diluted earnings per share are expected to be in the range of $12.02 to $12.17 for the year.
Bank of America (NYSE:BAC) has touted Lululemon as the “highest quality growth story” in their coverage, with a ‘Buy’ rating on the stock and a price target of $450.
Cybersecurity firm CrowdStrike Inc reported a 37% improvement in second-quarter revenue, rising to $731.6 million, which was ahead of the consensus analyst forecast of $724 million.
The cybersecurity technology company’s adjusted earnings per share (EPS) for the period came in at $0.74, versus analyst consensus forecast of $0.56.
The company raised its full-year guidance, now forecasting adjusted EPS of $2.80 to $2.84 on revenue of $3.03 billion to $3.04 billion.
Nutanix Inc (NASDAQ:NTNX) reported with a better-than-expected quarter supported by a customer base that continues to modernize its IT services, increasingly onto the cloud.
At $494.2 million fourth-quarter revenue was up 28% year-over-year, and, surpassed analyst forecasts of $475 million. Earnings meanwhile came in at 24 cents per share, versus an expected 16 cents, albeit the company still reported a $13.3 million net loss.
Guidance for fiscal Q1 2024 was lifted with sales anticipated between $495 million and $505 million, compared with the $487 million previously penciled in by the analysts following the stock.
JM Smucker Co, the Orrville, Ohio-based manufacturer of Jif peanut butter and Meow Mix cat food said in the financial first quarter ended July 31 earned an adjusted $2.21 a share, up 32% and compared to the FactSet consensus of $2.02 a share.
For the full year, JM Smucker now expects $9.45 to $9.85 in adjusted earnings per share, up from its previous guidance of $9.20 to $9.60.
Signet Jewelers Limited (NYSE:SIG) reported an adjusted EPS of $1.55, which beat estimates by nearly $0.10, as sales for the quarter reached $1.61 billion, also ahead of the estimated $1.58 billion expected by analysts.
Signet is still bullish on demand in 2023, though, as evident in its revised sales and earnings guidance for the year.
The company is guiding total sales in the range of $7.10 billion to $7.30 billion for the year, as compared to the prior projection of $7.67 billion to $7.84 billion. Adjusted EPS is now expected to range between $9.55 and $10.14, higher than the previously projected range of $9.49 to $10.09 and above the Street consensus of $9.42.
SentinelOne, Inc, a cybersecurity company, reported a second-quarter fiscal 2024 adjusted loss that narrowed to $0.08 a share from a $0.20 deficit a year earlier, surpassing the analyst consensus forecast for a loss of $0.14 per share.
The company’s revenue for the period, meanwhile, rose 46% to $149.4 million, which also exceeded the $141 million estimate.
SentinelOne also raised its full-year 2024 revenue forecast to $605 million, which is higher than the $594.77 million consensus estimate.
Ollie's Bargain Outlet (NASDAQ:OLLI) reported adjusted earnings of $0.67 on revenue of $514.5 million, beating expectations of $0.61 per share on revenue of $499 million.
The discount chain also upped its full-year net sales projection to a range of $2.076 billion and $2.091 billion, compared to its previous outlook of $2.052 to $2.067 billion.
Adjusted earnings project to be between $2.65 and $2.74 per share, up from between $2.56 and $2.65 per share. Ollie expects comparable sales growth of 4% to 4.5%, compared to prior expectations of 2% to 2.8% growth.
Okta, in its second quarter, generated $556 million in revenue representing an improvement year-over-year, from $452 million, and exceeded analyst forecasts of $234.7 million. Earnings were reported at $0.31 per share, versus forecasts of $0.22 and last year’s second-quarter loss of $0.10 a share.
Okta lifted its full-year earnings expectations for the year by close to a third – to $1.17 to $1.20 per share, up from $0.88 to $0.93 per share.