Kalkine Media explores five earnings to watch this week

September 19, 2022 05:00 AM PDT | By Rupam Roy
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  • AutoZone, Inc. (NYSE: AZO) will report its latest quarterly results on Monday, September 19.
  • The GIS stock mounted about 12 per cent YTD.
  • FedEx Corporation withdrew its annual earnings guidance for fiscal 2023.

The second quarter earnings season is towards its end. Still, some major companies, including AutoZone, Inc. (NYSE: AZO), General Mills, Inc. (NYSE: GIS), Costco Wholesale Corporation (NASDAQ: COST), Accenture plc (NYSE: ACN), and FedEx Corporation (NYSE: FDX), are still due to report their latest quarterly earnings results. Notably, these five companies will post their earnings this week.

Investors typically watch corporate earnings closely for cues on the economy's health. The companies' quarterly earnings results clearly show how they have performed in that period.

While the positive earnings and guidance boost the market participant's confidence, the gloomy earnings and guidance provide insights into the economic condition and other factors that affect the companies' profits.

The earnings season in the second quarter of this year kicked off with an optimistic spirit, helping gains in the broader market while lifting traders' spirits. The market hasn't been smooth this year due to a flurry of macroeconomic headwinds, but the earnings season had given some relief initially.

On the other hand, several companies have warned about the strong US dollar, higher interest rates, and inflationary pressures, leaving investors out in the cold.

Let's take a closer look at the companies and their recent stock performance with Kalkine Media® ahead of their scheduled financial release this week:

AutoZone, Inc. (NYSE: AZO)

AutoZone is a retail firm that sells automobile parts and related accessories. The US$ 42.2 billion market cap retailer is slated to announce its fourth quarter fiscal 2022 financial results on Monday, September 19, before the opening bell.

The AZO stock closed at US$ 2165.65 on September 16, up 0.97 per cent from its previous close. Meanwhile, the company's stock seemed to maintain a stable momentum in recent months.

The stock added more than three per cent YTD while gaining about one per cent QTD. In the last 12 months, it climbed up about 35 per cent through September 16. Notably, the stock of AutoZone touched its 52-week high of US$ 2,362.24 on August 16 this year.

In Q3 2922, it reported a net income of US$ 592.57 million on net sales of US$ 3.86 billion. Notably, the net sales grew by 5.9 per cent YoY.

General Mills, Inc. (NYSE: GIS)

General Mills is a food company with a dividend yield of 2.9 per cent. The US$ 44.82 billion market cap company manufactures and sells consumer foods through its retail stores.

The Minneapolis, Minnesota-based company will report its first quarter fiscal 2023 earnings results on Wednesday, September 21. Meanwhile, the stock of General Mills closed at US$ 75.25 last Friday, up 0.24 per cent.

The GIS stock gained more than 12 per cent YTD while jumping about 28 per cent YoY. However, it traded near the flatline in the running quarter. The food company's stock touched its 52-week high of US$ 78.535 on August 24, 2022.

General Mills noted an eight per cent YoY gain in its fourth quarter fiscal 2022 revenue of US$ 4.9 billion. The company's net earnings jumped 97 per cent YoY to US$ 823 million in Q4 FY22.

For fiscal 2022, the company's net sales jumped five per cent YoY to US$ 19 billion, while its attributable net earnings climbed 16 per cent YoY to US$ 2.7 billion.

Costco Wholesale Corporation (NASDAQ: COST)

Costco is a big-box store chain operator with a dividend yield of 0.71 per cent. The US$ 223.31 billion market cap company will report its fourth quarter fiscal 2022 financial results on Thursday, September 22.

The COST stock added over four per cent QTD and eight per cent YoY while losing more than 11 per cent YTD. The stock of the big-box store chain company closed at US$ 504.14 on September 16, up 0.13 per cent.

Costco Wholesale Corporation noted a 16.3 per cent growth in its third quarter fiscal 2022 revenue of US$ 51.61 billion. Including membership fees, its total revenue was US$ 52.59 billion in Q3 FY22, up from US$ 45.27 billion in the year-ago quarter.

The net income of the Issaquah, Washington-based firm also improved to US$ 1.35 billion in the fiscal 2022 third quarter, from US$ 1.22 billion in Q3 FY21.

Meanwhile, for the four weeks that ended on August 28, the company noted an 11.4 YoY per cent growth in its net sales of US$ 15.75 billion.

Costco Wholesale Corporation (COST) Q3 FY22 VS Q3 FY21 earnings resultsSource: ©Kalkine Media®; © Canva via Canva.com

Accenture plc (NYSE: ACN)

Accenture is a leading information technology and consulting firm with a dividend yield of 1.39 per cent. The US$ 172.48 billion market cap company is scheduled to announce its latest quarterly earnings results on Thursday, September 22.

The company's revenue soared 22 per cent YoY to US$ 16.2 billion, and the net income of the Dublin, Ireland-based firm was US$ 1.81 billion in Q3 FY22, as compared to US$ 1.56 billion in the year-ago quarter.

Like most other technology stocks, ACN also had a bumpy ride this year, losing about 34 per cent YTD. On a YoY basis, it was down around 20 per cent after closing at US$ 272.68 on September 16.

FedEx Corporation (NYSE: FDX)

FedEx is a transportation company with a dividend yield of 2.24 per cent. The US$ 41.85 billion market cap company would report its earnings on September 22.

The company released its preliminary first quarter fiscal 2023 earnings results last Friday, following which its stock plummeted over 21 per cent. According to the preliminary result, its diluted earnings per share was US$ 3.33 on revenue of US$ 23.2 billion for the quarter that ended on August 31, 2022.

The company also said that it had closed more than 90 offices in total. Due to the "continued volatile operating environment", it was forced to withdraw its annual earnings guidance for fiscal 2023.

Bottom line:

This week would be marked as one of the important weeks for the market participants. Apart from the earnings of these major firms, the investors would also keep a close watch on Federal Reserve's two-day meeting, where they are expected to announce a third straight 75 basis point jump in the interest rate.

The US indices marked their worst weekly performance in two months as market participants focused on the strong economic data, indicating that the Federal Reserve may stick to its hawkish plans.

The meeting will begin on September 20 and continue until the next day. On September 21, the Federal Reserve would release its statement, followed by Fed Chair Jerome Powell's news conference. 


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