In this article, we discuss the top 5 earnings to watch this week. If you want to see some other trending quarterly reports, go directly to Top 10 Earnings to Watch This Week.
5. Bath & Body Works, Inc. (NYSE:BBWI)
Number of Hedge Fund Holders: 47
Shares of Bath & Body Works, Inc. (NYSE:BBWI) slightly moved down in the after-hours trading session on Wednesday, August 17, 2022, following its fiscal third quarter results. The retail store chain reported earnings of 52 cents per share, down from 77 cents per share in the year-ago period.
Revenue for the quarter dropped 5 percent on a year-over-year basis to $1.618 billion. Analysts expected Bath & Body Works, Inc. (NYSE:BBWI) earn 45 cents per share on revenue of $1.58 billion.
Among other updates, Bath & Body Works, Inc. (NYSE:BBWI) reported that it recently cut about 130 jobs to simplify and rearrange its operating structure. According to the company, most job cuts included leadership roles.
For the third quarter, Bath & Body Works, Inc. (NYSE:BBWI) projected earnings of 10 – 20 cents per share, well below analysts’ average estimate of 35 cents per share.
4. The TJX Companies, Inc. (NYSE:TJX)
Number of Hedge Fund Holders: 49
Shares of The TJX Companies, Inc. (NYSE:TJX) closed higher on Wednesday, August 17, 2022, after beating profit expectations for its fiscal second quarter. The off-price department stores operator reported earnings of 69 cents per share, above the consensus of 67 cents per share.
On the downside, the quarterly revenue of $11.8 billion missed the estimates of $12.04 billion. The TJX Companies, Inc. (NYSE:TJX) said its sales apparently took a hit from weak consumer spending amid inflation.
For the full year, The TJX Companies, Inc. (NYSE:TJX) lowered its adjusted earnings outlook to a range of $3.05 – $3.13 per share, compared to its previous guidance of $3.13 – $3.20 per share.
Speaking on the results, CEO Ernie Herrman said:
“Looking ahead, while we are not immune to macro factors, we are convinced that the flexibility of our off-price business model and the value proposition we offer to a wide range of consumers will continue to serve us well, as we have seen throughout our 46-year history.”
3. Lowe’s Companies, Inc. (NYSE:LOW)
Number of Hedge Fund Holders: 53
Lowe’s Companies, Inc. (NYSE:LOW) recently posted better-than-expected earnings for the second quarter. However, it failed to meet sales expectations for Q2, primarily due to a decline in the U.S. housing market.
The home improvement retailer earned $4.67 per share in the quarter, up from $4.25 per share in the year-ago period. Revenue came in at $27.5 billion, marginally down from $27.6 billion in the comparable period of 2021. Analysts expected Lowe’s Companies, Inc. (NYSE:LOW) to post earnings of $4.58 per share on revenue of $28.1 billion.
Looking forward, Lowe’s Companies, Inc. (NYSE:LOW) guided for earnings in the range of $13.10 – $13.60 per share and revenue between $97 – $99 billion for its fiscal 2022.
Commenting on the results, CEO Marvin R. Ellison said:
“Our results in the first half were disproportionately impacted by our 75% DIY customer mix, which was partially offset by our double-digit Pro growth for the ninth consecutive quarter. Despite continued macro uncertainty, we remain confident in the long-term strength of the home improvement market and our ability to take share.”
2. Analog Devices, Inc. (NASDAQ:ADI)
Number of Hedge Fund Holders: 61
Shares of Analog Devices, Inc. (NASDAQ:ADI) fell nearly five percent on Wednesday, August 17, 2022, despite surpassing profit and sales expectations for its fiscal third quarter.
Analog Devices, Inc. (NASDAQ:ADI) reported adjusted earnings of $2.52 per share on revenue of $3.1 billion. On the other hand, analysts expected the semiconductor company to earn $2.43 per share on revenue of $3.06 billion.
For the fourth quarter, Analog Devices, Inc. (NASDAQ:ADI) projected adjusted earnings of around $2.57 per share on revenue of about $3.15 billion. In comparison, Wall Street analysts, on average, are calling for earnings of $2.50 per share and revenue of $3.09 billion.
1. Cisco Systems, Inc. (NASDAQ:CSCO)
Number of Hedge Fund Holders: 63
Cisco Systems, Inc. (NASDAQ:CSCO) delivered better-than-expected results for its fiscal fourth quarter, as the tech giant benefitted from the ease in supply-chain disruptions during the quarter. Shares of Cisco Systems, Inc. (NASDAQ:CSCO) rose over five percent in the pre-market trading session on Thursday, August 18, 2022, following the results.
For the second quarter, Cisco Systems, Inc. (NASDAQ:CSCO) reported adjusted earnings of 83 cents per share, beating expectations by 1 cent. Revenue came in at $13.1 billion, while analysts were looking for $12.73 billion.
Moving forward, Cisco Systems, Inc. (NASDAQ:CSCO) expects adjusted earnings of 82 – 84 cents per share and revenue growth of 2 – 4 percent for its fiscal first quarter. In addition, it projected adjusted earnings of $3.49 – $3.56 per share and revenue growth of 4 – 6 percent for its fiscal year 2023.
Speaking on the results, CFO Scott Herren said:
“Total revenue exceeded our expectations in Q4, as a result of our strong execution and the numerous initiatives we have taken to reduce the impact of the global supply situation. Our operational discipline is reflected in our healthy operating margin and strong cash flow generation, enabling us to return nearly $4 billion to our shareholders in Q4. And we continue to make good progress in our business model transformation with RPO of over $31 billion, which, coupled with our record backlog, provide us with substantial visibility and confidence in our future revenue.”
You can also take a peek at Analyst Are Cutting Estimates on These 10 Tech Stocks and Jim Cramer Recommends These 10 Stocks For Recession.
