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This week's TradeAlgo earning calendar

According to Yale University professor Robert Shiller's data, the average peak-to-trough earnings drop in a recession has been 31% since 1960. However, sell-side equity analysts haven't even begun to take such a drop into account. According to estimates for 2023, rolling 12-month earnings will remain steady upward, indicating something close to a best-case scenario.

September 19, 2022
7 minutes
minute read

Listed below are TradeAlgo action alerts for the most significant upcoming quarterly reports from publicly traded companies. In addition, we have provided expanded earnings previews for a few companies.

On Monday
Earnings Reports to Watch

AutoZone AZO $38.50 per share

On Tuesday
Earnings Reports to Watch

Apogee Enterprises APOG $0.83 per share

Stitch Fix SFIX $0.99

On Wednesday
A look at Lennar's earnings

Lennar (LEN, $76.15) will report its fiscal third-quarter results after the market closes on Sept. 21. It is expected that homebuilder will report earnings of $4.91 per share, up 8.6% year-over-year (YoY), and revenue of $9.0 billion, up 30.4% over last year.

In addition to the actual quarterly results, investors will be looking for LEN's thoughts on the cooling housing market. "Homebuilder earnings and industry data indicate a sharp demand deceleration in June/July as a result of worsening affordability and lower consumer confidence," says BofA Securities analyst Rafe Jadrosich. "Builders are adjusting to weaker demand by continuing to slow the pace of housing starts and land acquisitions."

Recent downgrades of LEN from Neutral to Underperform cited the stock's rich valuation relative to its peers as a reason for the move. Additionally, "LEN has relatively high exposure to the move-up segment, which we anticipate will face a more significant slowdown than entry level due to the lock-in effect of higher rates," Jadrosich says.

Here are some other noteworthy earnings reports

General Mills GIS $0.99 per share

H.B. Fuller FUL $1.04

KB Home KBH $2.67

Steelcase SCS $0.13

Trip.com TCOM $0.16

On Thursday
A look at Costco Wholesale's earnings

Costco Wholesale (COST, $500.90) will report its fiscal fourth-quarter earnings after the close of business on Sept. 22. Despite food and fuel inflation, UBS Global Research analyst Michael Lasser (Buy) expects "healthy" quarterly results from the wholesale retailer. "Overall, the print should reinforce how the consistent execution of Costco's compelling business model offers durability during a period of increased uncertainty," Lasser writes in a note.

According to consensus estimates, COST's fiscal Q4 earnings will be $4.16 per share (+6.7% YoY) and revenue will be $72.1 billion (+15%).

A look at Darden Restaurants' earnings

Before Thursday's open, Darden Restaurants (DRI, $128.61) will report its fiscal first-quarter results. Olive Garden parent's earnings report "will shed light on what industry sources have indicated was a relatively weak summer for the casual dining industry, particularly in June/July as headline gas prices and broader inflation hurt consumer confidence and restaurant spending," says Goldman Sachs analyst Jared Garber (Buy). Due to lower gas prices, the analyst notes that restaurant traffic improved in August.

Analysts expect DRI to report earnings of $1.56 per share in its fiscal first quarter, down 11.4% from a year ago. The revenue forecast is $2.5 billion (+8.7% YoY).

Earnings reports of interest

AAR Corp AIR $0.59 per share

Accenture ACN $2.58

CalAmp CAMP-$0.04

Carnival CCL-$0.15

FactSet FDS $3.21

FedEx FDX $5.15

Manchester United MANU-$0.18

National Beverage FIZZ $0.34

On Friday

No notable earnings were reported. Take a break from options and spend time with your families. Enjoy your weekend!

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Eric Ng
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John Liu
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Bryan Curtis
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Adan Harris
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Cathy Hills
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