Earnings week ahead: Micron, Nike, Bed Bath & Beyond, CarMax and more

Sep. 23, 2022 12:27 PM ETNIKE, Inc. (NKE), MUKMX, BB, BBBY, RAD, JBL, THO, PAYX, CBRL, CTAS, UNFI, MTN, PLUR, CALM, ASTC, GMBL, KTRA, BYSI, CGNT, NAPABy: Kevin P. Curran, SA News Editor2 Comments

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For the final week of September, a number of high-profile earnings reports are expected. Quarterly results are slated from a wide variety of players across the semiconductor, packaged food, restaurant, retail and leisure industries.

Nike (NYSE:NKE) and Micron (NASDAQ:MU) will headline the week, which will also include updates from the likes of restaurant chain Cracker Barrel Old Country Store (CBRL), RV manufacturer Thor Industries (THO) and HR solutions provider Paychex Corporation (PAYX). Carmax (KMX), Bed Bath & Beyond (BBBY) and Rite Aid (RAD) are also on the itinerary.

Below is a curated list of earnings results to come in the week of September 26 to September 30:

Monday, September 26

Earnings are expected from Pluri Inc. (PLUR), Kintara Therapeutics (KTRA), and BeyondSpring (BYSI), per Seeking Alpha earnings calendar forecasts. However, these events have yet to be confirmed by the companies themselves.

Tuesday, September 27

Cracker Barrel (CBRL)

Cracker Barrel (CBRL) is due to report its fiscal fourth quarter results on Tuesday, with the announcement slated to take place prior to the market open. The Tennessee-based restaurant and gift store chain has staged a stark rally since mid-summer, rising nearly 30% from its 52-week low in June. Still, even with the recent upswing, shares remain about 21% lower than where they ended 2021.

Ahead of the fourth quarter report, Deutsche Bank told clients that the chain’s older clientele is a negative with both inflation and pandemic concerns keeping the demographic away from booths and tables. Quarterly EPS and revenue estimates have each been revised down 3 times each, according to Seeking Alpha data.

  • Consensus EPS Estimates: $1.39
  • Consensus Revenue Estimates: $838.28M
  • Earnings Insight: Cracker Barrel has beaten EPS estimates in 4 of the past 8 quarters, rising above revenue expectations in 5 of those reports.

Cal-Maine Foods (CALM)

After the bell on Tuesday, Cal-Maine Foods (CALM) is due to give investors an update on its fiscal first quarter. The stock has been a significant outperformer in 2022, rising more than 60% year to date against significant declines in the major equity indices.

The Mississippi-based egg distributor posted record net income in its last earnings report, citing strong pricing power amid unprecedented inflation. Ahead of the results, Wall Street analysts remain divided. The stock has its advocates as a strong defensive play, but analyst Evin Rohrbaugh calls the stock “highly overvalued.”

  • Consensus EPS Estimates: $2.55
  • Consensus Revenue Estimates: $617.40M
  • Earnings Insight: Cal-Maine Foods has exceeded EPS estimate in 5 of the past 8 quarters, beating revenue expectations in 6 of those reports.

Also reporting: Jabil Inc. (JBL), United Natural Foods (UNFI), and Blackberry Limited (BB)

Wednesday, September 28

Thor Industries (THO)

Recreational vehicle manufacturer Thor Industries (THO) is due to report earnings prior to Wednesday’s market open. Shares of the Indiana-based company have fallen over 30% in 2022, with analysts growing cautious on consumer spending and realigning to a Hold consensus. While the company crushed earnings expectations in July, sliding RV sales have been reported into the end of the summer by Baird.

  • Consensus EPS Estimates: $3.84
  • Consensus Revenue Estimates: $3.68B
  • Earnings Insight: Thor industries has exceeded EPS and revenue estimates in 8 straight quarters.

Paychex (PAYX)

Paychex (PAYX) is due to update investors on its quarterly performance in Wednesday’s premarket hours. Shares of the Rochester, New York-based HR solutions provider have pushed about 7% higher in the past year, outpacing the market. However, the stock has seen a double-digit plunge in the month prior to its earnings announcement.

About two weeks prior to the report, PAYX entered a partnership with Managed Health to offer companies a new healthcare solution. The report will be the final call to feature outgoing CEO Martin Mucci.

  • Consensus EPS Estimates: $0.97
  • Consensus Revenue Estimates: $1.17B
  • Earnings Insight: Paychex has pushed past EPS and revenue estimates in 8 straight quarters.

Also reporting: The Duckhorn Portfolio (NAPA), Vail Resorts (MTN), Cintas Corporation (CTAS), and Cognyte Software (CGNT)

Thursday, September 29

Micron Technology (MU)

Semiconductor giant Micron Technology (MU) is set to report earnings after the market close on Thursday. Shares of Micron have been nearly halved in 2022 as memory prices have plunged. The stock has been subject to downgrades at numerous firms, including Mizuho, amid concerns on demand dynamics. Meanwhile, analyst Robert Castellano has predicted that memory chips won’t recover until 2024.

Despite the expectation of cost-cutting, CEO Sanjay Mehrotra told Reuters the company is due to break ground on its newly announced $15B factory in Idaho. The company also expects to unveil another U.S.-based plant soon.

  • Consensus EPS Estimates: $1.38
  • Consensus Revenue Estimates: $6.81B
  • Earnings Insight: Micron has exceeded EPS estimates in 8 straight quarters, missing revenue expectations only once.

Nike (NKE)

Nike (NKE) is due to offer its fiscal fourth quarter results on Thursday evening -- perhaps the most closely-watched report of the week. Shares of the Oregon-based footwear and apparel manufacturer have fallen over 40% in 2022 amid inflation and inventory concerns as well as shutdowns in China.

Ahead of the results, battle lines have been drawn on Wall Street. For example, RBC Capital Markets indicated its expectation of a strong result and continued progress ahead. Along the same lines, UBS told clients an inflection point is coming near for the stock. However, both BNP Paribas and Barclays moved to downgrade the stock shortly before the results as they worry about outsized China impacts and weak guidance, respectively.

  • Consensus EPS Estimates: $0.92
  • Consensus Revenue Estimates: $12.31B
  • Earnings Insight: Nike has exceeded EPS estimates in 8 straight quarters, missing revenue expectations twice in that span.

Also reporting: Carmax (KMX), Bed Bath & Beyond (BBBY), and Rite Aid Corporation (RAD)

Friday, September 30

Esports Entertainment Group (GMBL) and Astrotech Corporation (ASTC) are anticipated to report, per Seeking Alpha data.

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