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Earnings season begins to ramp up next week, with a schedule packed with reports from a long list of big-name companies. The slate includes releases from major financial institutions, consumer staple bellwethers and airlines.
Banks will provide the biggest theme of the week, with earnings due out from JP Morgan (NYSE:JPM), Citi (C), Wells Fargo (WFC) and Morgan Stanley (MS), among others. Meanwhile, from other sectors, Wall Street will receive updates from the likes of PepsiCo (NASDAQ:PEP), Delta Air Lines (NYSE:DAL) and UnitedHealth (UNH).
Below is a curated list of earnings results due for the week of July 11 to 15.
Monday, June 11
PriceSmart (PSMT)
Discount retailer PriceSmart (PSMT) has confirmed it expects to release its fiscal third quarter results on July 11, after the market close.
The earnings release expected from the San Diego-based warehouse club follows strong results from discount peers in both Dollar General (DG) and Dollar Tree (DLTR) as well as positive prints from warehouse club contemporaries Costco (COST) and BJ’s Wholesale Club (BJ). Thus far in 2022, PriceSmart (PSMT) stock’s performance has been in the middle of the pack for low-cost retailers. Shares have traded essentially flat since the start of 2022, dramatically outperforming the broader market.
- Consensus EPS Estimates: $0.82
- Consensus Revenue Estimates: $951.87
- Earnings Insight: PriceSmart (PSMT) has beaten EPS estimates in 6 of the past 8 quarters while surpassing revenue expectations in 7 of those quarters.
Also reporting: The Greenbrier Companies (GBX)
Tuesday, June 12
PepsiCo (PEP)
PepsiCo (PEP) will post its fiscal second quarter earnings results before the market open on Tuesday. Recent signs have pointed to robust sales for PEP’s key product. Beverage sales data compiled by Evercore ISI revealed the non-alcoholic beverage category remained strong into the close of June.
Meanwhile, Pepsi’s (PEP) stock outperformed the broader market throughout the month. In the weeks prior to its earnings release, Stifel suggested the company could be keen to acquire smaller beverage players, building upon its acquisitive track record that has included purchases like Sodastream and Rockstar Energy in recent years.
- Consensus EPS Estimates: $1.74
- Consensus Revenue Estimates: $19.52B
- Earnings Insight: Pepsi has beaten on both earnings per share and revenue estimates for the past 8 quarters.
Also reporting: Unity Bancorp (UNTY)
Wednesday, July 13
Delta Air Lines (DAL)
Delta Air Lines (DAL) is the first major airline to offer its update for the recently finished second quarter. The results are set to come out in Wednesday’s premarket.
In the firm’s prior release, CEO Ed Bastian touted record travel demand emerging from the COVID-19 lockdowns. However, the stock has encountered turbulence in recent weeks after openly warning customers of delays related to labor shortages and rising ticket prices amid surging fuel costs. This has caused some market watchers to worry about potential “recession turbulence” if the economy begins to retreat.
- Consensus EPS Estimates: $1.63
- Consensus Revenue Estimates: $13.40B
- Earnings Insight: Delta has beaten revenue estimates in all but one of the past 8 quarters. However, EPS figures have missed estimates in 50% of those reports.
Fastenal Company (FAST)
Industrial and construction supplies company Fastenal (FAST) will report its second quarter earnings on Wednesday before the market open. Ahead of the anticipated results, the Minnesota-based supply chain solutions company reported that its May sales rose 23.5% compared to last year. The company’s last earnings report came in well above analyst consensus, sparking a post-release surge for the stock. Options data compiled by Bloomberg suggests a 4.7% move is expected in the wake of the upcoming report.
- Consensus EPS Estimates: $0.49
- Consensus Revenue Estimates: $1.77B
- Earnings Insight: Fastenal has beaten EPS estimates in 8 straight quarters, missing revenue expectations in only 2 of those quarters.
Also reporting: BancFirst Corporation (BANF)
Thursday, July 14
J.P. Morgan (JPM)
J.P. Morgan kicks off the bank-heavy back-half of the earnings week, announcing its second quarter report on Thursday before the open. Leading the largest bank by market capitalization in the U.S., CEO Jamie Dimon will be the first major bank executive to offer commentary following a quarter that included recent stress tests and a more aggressive turn by the Federal Reserve.
The bank, alongside Citi (C) and Bank of America (BAC), tested relatively poorly in the stress test of 34 institutions in late June. However, some market experts have spotlighted JPMorgan as a potential stalwart in a difficult economic time, given its ability to deliver cash to shareholders.
- Consensus EPS Estimates: $2.95
- Consensus Revenue Estimates: $31.72B
- Earnings Insight: JPM has beaten EPS estimates in 6 of the past 8 quarters, missing revenue expectations only once over that period.
Taiwan Semiconductor (NYSE:TSM)
The world’s largest semiconductor foundry company will report its earnings on Thursday. TSM shares have tumbled in 2022, falling nearly 40% year-to-date. The slide has come as industry CEOs, such as Micron CEO Sanjay Mehrotra, warn of slowing demand and U.S. government support in the form of the CHIPS Act comes into question.
On the positive side, TSM recently reported that prices for its products are due to rise, although this comes amid cost increases. Shortly before the quarterly report, Taiwan’s Economy Minister stated that TSMC order books remain “very full”.
- Consensus EPS Estimates: $1.48
- Consensus Revenue Estimates: $17.43B
- Earnings Insight: TSMC has beaten EPS estimates in each of the past 8 quarters, missing revenue expectations just twice.
Also reporting: Morgan Stanley (MS), Charles Schwab (SCHW), and Ericsson (ERIC)
Friday, June 15
United Health (UNH)
America’s largest health insurer will report its second quarter earnings before Friday’s market open. Along with many insurers, shares of the Minnesota-based firm has far outperformed the market in 2022. The stock has posted a year-to-date gain, starkly contrasting with the sharp declines seen in many other sectors. In the weeks ahead of the earnings release, the insurer has dealt with requests from regulators to review its acquisition of LHC Group (LHCG).
- Consensus EPS Estimates: $5.22
- Consensus Revenue Estimates: $79.68B
- Earnings Insight: UnitedHealth (UNH) has beaten EPS estimates in 8 straight quarters, missing revenue expectations only once.
Wells Fargo (WFC)
Wells Fargo (WFC) will round out a busy week for financial earnings. The San Francisco-based bank recently indicated its intention to continue raising its dividend significantly. However, the recent cooling of the housing market could provide a major headwind. CFO Mike Santomassimo has remarked that the bank’s mortgage business could fall “close to 50%” in the quarter.
- Consensus EPS Estimates: $0.85
- Consensus Revenue Estimates: $17.63B
- Earnings Insight: Wells Fargo (WFC) has exceeded EPS expectations in 7 of the past 8 quarters. However, it has also missed revenue estimates on 3 of those occasions.
Also reporting: BlackRock (BLK), Citigroup(C), and U.S. Bancorp (USB)
