Earnings week ahead: Disney, Palantir, Plug Power, Roblox, Six Flags and more

Wall Street Tumbles After Chinese Stocks Plunge 9 Percent

Stephen Chernin

Although the heart of earnings season has passed, a number of closely watched companies are prepared to release their quarterly results in the second week of August. Disney (NYSE:DIS) represents the highest-profile firm set to report.

The list also includes gold miner Barrick Gold (GOLD), video game developers Take-Two Interactive (TTWO) and Roblox (RBLX), vaccine manufacturers Novavax (NVX) and BioNTech (BNTX), and travel and leisure companies Norwegian Cruise Line (NYSE:NCLH), Wynn Resorts (WYNN), and Hyatt Hotels Corporation (H).

Below is a curated list of earnings reports due in the week of August 8 to August 12:

Monday, August 8

Barrick Gold (GOLD)

The world’s second-largest gold mining company is set to report its second quarter earnings prior to Monday’s market open. Shares of the Canadian-based miner have underperformed the S&P slightly in 2022, despite a spate of geopolitical issues and inflation pressures that have historically buoyed gold prices.

Shortly before the earnings release, the company indicated it is close to reaching a deal with the Pakistani government to develop the $7B Reko Diq copper-gold deposit, one of the world's largest undeveloped open pit copper-gold deposits.

  • Consensus EPS Estimates: $0.22

  • Consensus Revenue Estimates: $2.85B

  • Earnings Insight: Barrick has beaten analyst estimates on EPS in 8 straight quarters, rising above revenue expectations in 5 of those reports.

Take-Two Interactive (TTWO)

Take-Two Interactive (TTWO) will report its results on Monday, following a previously announced report from key competitor Activision Blizzard (ATVI) that outdid analyst expectations. While shares have declined sharply in 2022 thus far, the stock has seen a more than 20% rebound from its May nadir despite recessionary concerns.

Nonetheless, Wall Street remains divided on the prospects for video game developers into an economic slowdown. For example, Truist Securities anticipates the industry to hold up well even if consumers tighten belts. However Wedbush analyst Michael Pachter told clients in July that inflation is likely to curb consumer appetites for gaming spend.

  • Consensus EPS Estimates: $0.86

  • Consensus Revenue Estimates: $1.09B

  • Earnings Insight: Take-Two has exceeded expectations for EPS in each of the past 8 quarters, beating revenue expectations in 6 of those quarters.

Palantir (NYSE:PLTR)

Palantir Technologies (PLTR) will present its second quarter report in premarket hours on Monday, offering insight into the business since its first quarter report and guidance sent shares sliding. Shortly before the report, The U.S. Army Research Laboratory expanded its existing contract with Palantir (PLTR) by two years, adding to a contract award from US Space Command in June.

  • Consensus EPS Estimates: $0.03

  • Consensus Revenue Estimates: $471.72M

  • Earnings Insight: Palantir has beaten EPS estimates in 5 of the past 7 reports, exceeding revenue estimates in 100% of those reports.

Also reporting: Canoo (GOEV), Tyson Foods (TSN), AllBirds (BIRD), American International Group (AIG), Blink Charging (BLNK), Novavax (NVAX), Upstart Holdings (UPST), EVGo Inc. (EVGO), and BioNTech SE (BNTX)

Tuesday, August 9

Norwegian Cruise Line Holdings (NCLH)

Norwegian Cruise Line (NCLH) will start off Tuesday’s busy earnings day, providing an update on its second quarter results amid unsteady seas for cruise line operators. Shares of the Miami-based cruise line operator remain well-below their pre-pandemic levels, tumbling over 40% in 2022 alone despite loosened restrictions on passengers. The report follows shortly after sizable stock and debt offerings from both Royal Caribbean (RCL) and Carnival Corporation (CCL).

  • Consensus EPS Estimates: $-0.83

  • Consensus Revenue Estimates: $1.25B

  • Earnings Insight: Norwegian has beaten EPS estimates in just 2 of the past 8 quarters, while revenue has only exceeded expectations once in that span.

Plug Power (PLUG)

Plug Power Inc. (PLUG) is set to post its second quarter results on Tuesday after the market close. The New York-based fuel cell solutions company’s stock has surged this summer, jumping nearly 40% in the month of July as climate spending looks likely to increase rapidly.

The company also announced the construction of a 120 MW industrial-scale green hydrogen plant in Texas just one week prior to its earnings report. The project is expected to be one of the largest of its kind in North America.

  • Consensus EPS Estimates: $-0.21

  • Consensus Revenue Estimates: $163.97M

  • Earnings Insight: Plug Power has exceeded EPS estimates in just 1 of the past 8 reports, exceeding revenue forecasts in 5 of those quarters

Wynn Resorts (WYNN)

Coming shortly after surprisingly strong reports from key competitors MGM Resorts (MGM), Caesars Entertainment (CZR) and Penn National Gaming (PENN), the casino operator is set to post its second quarter results after Tuesday’s close.

Shares of Wynn (WYNN) have roared nearly 20% higher in the month ahead of its earnings report, as gambling demand appears resilient to recession risks and regulations on the industry relax, offering inroads to markets like New York for the gaming giant. Still, record low revenues in Macau have been a consistent concern given the company’s operations in that key area of China.

  • Consensus EPS Estimates: $-0.97

  • Consensus Revenue Estimates: $980.84M

  • Earnings Insight: Wynn Resorts has exceeded EPS estimates in 3 of the past 8 quarters, beating consensus revenue expectations in 5 of those reports.

Also reporting: Roblox (RBLX), Hyatt (H), GlobalFoundries (GFS), Celsius Holdings (CELH), ChargePoint Holdings (CHPT), Planet Fitness (PLNT), The RealReal (REAL), Red Rock Resorts (RRR), Ralph lauren (RL), The Trade Desk (TTD), Sysco (SYY), and Workhorse (WKHS).

Wednesday, August 10

Bumble (BMBL)

Bumble (BMBL) has significantly outperformed the market thus far in 2022, marking a modest gain year to date against double-digit declines in the major indices. According to Jefferies, foreign exchange headwinds could be a major problem in the coming earnings release. Meanwhile, analyst Donovan Jones argued that growth risks are rising for the company, even as it reaches operating breakeven.

Additionally, key competitor and Tinder parent Match (MTCH) fell more than 20% after posting a disappointing earnings result about a week prior to Bumble’s anticipated print.

  • Consensus EPS Estimates: $0.10

  • Consensus Revenue Estimates: $219.37M

  • Earnings Insight: Bumble has beaten EPS estimates in 2 of the past 6 reports, exceeding expectations in 5 of the past 6 reports.

The Walt Disney Corporation (DIS)

In perhaps the most-closely watched earnings report of the week, The Walt Disney Company (DIS) will post its fiscal third quarter earnings results after the close on Wednesday. The entertainment giant’s stock has fallen sharply in 2022 amid spending concerns on streaming efforts. As part of this trend, the company said streaming growth could slow into the back half of 2022 during the company’s second quarter earnings call. Meanwhile, Netflix (NFLX) reported the loss of nearly 1M subscribers.

Looking at some other competitors, both Roku (ROKU) and Warner Brothers Discovery (WBD) saw double-digit declines after their respective earnings releases disappointed the market.

Elsewhere, the company updated park and experience operations post-pandemic in the weeks leading up to the release. The possibility for an upside surprise from the parks division encouraged analyst firm BOOX Research to predict an earnings beat that could “kickstart a new rally” in the stock.

  • Consensus EPS Estimates: $0.99

  • Consensus Revenue Estimates: $21.01B

  • Earnings Insight: Disney has exceeded earnings 6, 4

Spirit Airlines (SAVE)

About a week after its prospective acquirer JetBlue Airways (JBLU) came in below expectations, Spirit Airlines (SAVE) will update investors for the first time since choosing JBLU over a competing merger deal with Frontier Air Group (ULCC). Shortly before the release, S&P Ratings revised its outlook on the airline from Positive to Stable. Amid the merger discussions throughout 2022, the low-cost carrier’s stock has outperformed the broader market.

  • Consensus EPS Estimates: $-0.46

  • Consensus Revenue Estimates: $1.35B

  • Earnings Insight: Spirit has exceeded EPS estimates in 5 of the past 8 quarters, beating revenue in 6 of those instances.

Also Reporting: Wendy’s (WEN), Jack in the Box (JACK), Wolverine World Wide Holdings (WWW), Honda Motors (HMC) Wix.com (WIX), CyberArk Software (CYBR), and Jumia Technologies (JMIA).

Thursday, August 11

Illumina, Inc. (ILMN)

Genomic analysis company Illumina (ILMN) is set to report earnings after the market close on Thursday. The former Cathie Wood favorite has severely underperformed major indices in 2022, falling more than 40% in the first seven months of the year. Shares touched a 52-week low of $173.45 in mid-July, down drastically from its 2021 high of $526. Amid the slide, EU antitrust regulators have voiced opposition to its proposed acquisition of cancer test developer Grail.

  • Consensus EPS Estimates: $0.64

  • Consensus Revenue Estimates: $1.22B

  • Earnings Insight: Illumina has exceeded EPS and revenue estimates in 7 of the past 8 quarters.

Six Flags Entertainment (SIX)

Following about a week after a miss on earnings from rival Cedar Fair (FUN), amusement park operator Six Flags (SIX) will post its second quarter earnings results on Thursday before the market open. In the first quarter, the company notched an earnings beat, driven by higher prices and park attendance. However, the stock was downgraded by Citi in the month prior to earnings as the bank expects a disappointing print.

  • Consensus EPS Estimates: $1.05

  • Consensus Revenue Estimates: $527.46M

  • Earnings Insight: Six Flags has exceeded EPS and revenue estimates in 6 of the past 8 quarters.

Also reporting: Brookfield Asset Management (BAM), Utz Brands (UTZ), Canada Goose (GOOS), Phunware (PHUN), Rivian Automotive (RIVN), and Poshmark (POSH)

Friday, August 12

Spectrum Brands (SPB)

Spectrum Brands (SPB), the Wisconsin-based consumer products manufacturer, will offer its earnings report in Friday’s pre-market trading. Amid concerns on the strength of the US consumer, shares of the parent of Black & Decker, Remington and George Foreman grills have slid more than 35% in 2022. Trading volume has been particularly elevated ahead of the earnings release, with daily volume spiking to as high as 5 times the average in the weeks ahead of the release.

  • Consensus EPS Estimates: $1.42

  • Consensus Revenue Estimates: $917.88M

  • Earnings Insight: Spectrum Brands has beaten EPS estimates in 6 of the past 8 quarters, beating revenue expectations in 7 of those reports.

Broadridge Financial (BR)

Rounding out earnings week, Broadridge Financial (BR) will post its fiscal first quarter earnings results on Friday. Shares of the financial services and financial technology company have rocketed higher from a 52-week low reached in mid-June, gaining over 25% from that point. Ahead of the result, the company appointed a new Chief Technology Officer.

  • Consensus EPS Estimates: $2.65

  • Consensus Revenue Estimates: $1.66B

  • Earnings Insight: Broadridge has beaten EPS estimates in 6 of the past 8 quarters, notching revenue beats in 7 of those reports.

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