Monday, July 15, 2024

Earnings week ahead: FedEx, Nike, Carnival, Micron, BlackBerry, Walgreens Boots, and more

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In the coming week, several notable companies will release their earnings reports, which could significantly impact overall market sentiment. Consumer giants like Nike (NYSE:NKE), General Mills (NYSE:GIS), and Carnival (NYSE:CCL) are all set to unveil their latest financial results, offering a glimpse into how these household names have performed in the current economic climate.

Additionally, tech players like BlackBerry (NYSE:BB), logistics giant FedEx (NYSE:FDX), and chipmaker Micron Technology (NASDAQ:MU) will also be reporting, providing insights into different corners of the market.

Below is a rundown of major earnings reports due in the week of June 24–28.

Monday, June 24

The week will begin with a relatively few earnings reports. MoneyHero Limited (NASDAQ:MNY), Enerpac Tool Group (NYSE:EPAC), and Upexi (NASDAQ:UPXI) are scheduled to report their earnings in the pre-market hours, while Beyond Air (NASDAQ:XAIR) will release its report after hours.

Tuesday, June 25

FedEx (FDX)

Memphis-based package delivery giant FedEx (FDX) is set to post its FQ4 earnings after the closing bell on Tuesday.

Despite being marginally lower so far in 2024, Seeking Alpha’s Quant rating system maintains a Hold rating for FedEx, contrasting with Wall Street analysts’ Buy rating.

Earlier this month, FedEx increased its dividend by 9.5% and announced plans to cut up to 2,000 jobs in Europe. The company also reinstated international priority inbound and outbound services in Ukraine after a two-year suspension.

According to SA contributor Reality Check Research, FedEx has been underperforming the S&P 500 this year due to a slowing global economy, higher costs, and declining shipping volumes. However, it is now entering the lower end of its historical valuation range, trading at a forward P/E ratio under 12x, which could potentially lead to significant margin expansion.

  • Consensus EPS Estimates: $5.38
  • Consensus Revenue Estimates: $22.08B
  • Earnings Insight: FedEx has beaten EPS estimates in 5 of the past 8 quarters, missing revenue expectations in all of those reports.

Also reporting: Carnival Corporation & plc (CCL), TD SYNNEX Corporation (NYSE:SNX), Crown Crafts (NASDAQ:CRWS), Worthington Enterprises (NYSE:WOR), Progress Software Corporation (NASDAQ:PRGS), and more.

Wednesday, June 26

Micron (MU)

Micron Technology (MU) is all set to release its FQ3 earnings print after the closing bell on Wednesday. Analysts are predicting a whopping 78% Y/Y jump in revenue, fueled by the growing demand for memory chips in artificial intelligence.

The company raised its capital spending forecast for this year to $8B, up from the previous estimate of $7.5B, driven by increased spending on artificial intelligence, according to Chief Financial Officer Matt Murphy at J.P. Morgan’s Technology, Media, and Communications Conference last month.

Micron was recently added to BofA Securities’ US 1 List, which highlights the firm’s top investment ideas among Buy-rated, U.S.-listed stocks.

The stock, which has surged around 69% so far in 2024, received a Strong Buy recommendation from Wall Street analysts, in contrast to a Hold rating from Seeking Alpha’s Quant Rating system.

SA author Michael Del Monte predicts that MU’s production of HBM3E will boost sales in the second half of 2024, with strong growth expected in FY2025, as the company capitalizes on AI servers and the upcoming refresh cycle for general compute servers with HBM4E.

  • Consensus EPS Estimates: $0.52
  • Consensus Revenue Estimates: $6.67B
  • Earnings Insight: Micron has beaten EPS expectations in 6 of the past 8 quarters, and has beaten revenue estimates in half of those reports.

Also reporting: BlackBerry (BB), Paychex (NASDAQ:PAYX), General Mills (GIS), UniFirst Corporation (NYSE:UNF), Daktronics (NASDAQ:DAKT), Jefferies Financial Group (NYSE:JEF), Levi Strauss (NYSE:LEVI), AeroVironment (NASDAQ:AVAV), H.B. Fuller Company (NYSE:FUL), Concentrix Corporation (NASDAQ:CNXC), MillerKnoll (NASDAQ:MLKN), Worthington Steel (NYSE:WS), Franklin Covey (NYSE:FC), Kewaunee Scientific Corporation (NASDAQ:KEQU), Air T (NASDAQ:AIRT), Culp (NYSE:CULP), Universal Security Instruments (NYSE:UUU), and more.

Thursday, June 27

Nike (NKE)

The athletic apparel giant Nike (NKE) is scheduled to post its FQ4 results on Thursday after the closing bell, with analysts expecting around a 28% Y/Y increase in profits.

Recently, Oppenheimer reinstated Nike as a top mega-cap pick within its Consumer Growth & eCommerce coverage, upgrading the stock to Outperform from Perform and raising its price target by 9% to $120.

This bullish sentiment is echoed by most Wall Street analysts, who recommend buying the stock.

However, Seeking Alpha’s quant rating system takes a more conservative stance on Nike, giving it a Hold rating.

SA author Luca Socci remains cautious, but still predicts Nike will slightly beat current earnings expectations.

  • Consensus EPS Estimates: $0.84
  • Consensus Revenue Estimates: $12.86B
  • Earnings Insight: The company has beaten EPS and revenue estimates 7 times in the past 8 quarters.

Also reporting: Walgreens Boots Alliance (NASDAQ:WBA), Acuity Brands (NYSE:AYI), The Simply Good Foods Company (NASDAQ:SMPL), Apogee Enterprises (NASDAQ:APOG), Lindsay Corporation (NYSE:LNN), Jerash Holdings (NASDAQ:JRSH), Accolade (NASDAQ:ACCD), Pinstripes Holdings (NYSE:PNST), American Outdoor Brands (NASDAQ:AOUT), McCormick & Company, Incorporated (NYSE:MKC), and more.

Friday, June 28

There are no big earnings scheduled.

Also reporting: iHuman (NYSE:IH) and Highway Holdings Limited (NASDAQ:HIHO).

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