Earnings week ahead: Levi Strauss, Constellation Brands, Tilray, Conagra Brands and more

Sep. 30, 2022 10:45 AM ETConagra Brands, Inc. (CAG)HELE, STZ, MKC, RPM, AYI, TLRY, LEVIBy: Brian Stewart, SA News Editor3 Comments

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As October gets underway, the pace of earnings releases remains slow, with a couple weeks to go before the true start of the quarterly reporting season. Still, a handful of notable companies are slated to announce their financial figures, representing areas like consumer staples, retail and cannabis.

In the consumer staples sector, ConAgra Brands (NYSE:CAG) and McCormick (MKC) will announce their results, along with Helen of Troy (HELE) and Constellation Brands (STZ). Elsewhere, Levi Strauss (LEVI) and Tilray Brands (TLRY) will issue results as well.

Below is a curated list of earnings to be reported in the week of October 3 to October 7:

Tuesday, October 4

Acuity Brands (AYI)

After a light schedule of earnings releases on Monday, Acuity Brands (AYI) is due to report its fiscal fourth quarter earnings results in pre-market hours on Tuesday. The Atlanta-based lighting and building management firm has seen its stock fall over 25% in 2022, outpacing the declines experienced by broader market.

However, analysts have become more optimistic on the upcoming results, revising EPS and revenue estimates upward at least eight times in the past 90 days. The revisions follow a strong earnings result in June that sent shares surging upward.

  • Consensus EPS Estimates: $3.61
  • Consensus Revenue Estimates: $1.08B
  • Earnings Insight: Acuity Brands (AYI) has beaten EPS estimates in 8 straight quarters, missing revenue expectations only once in that period.

Wednesday, October 5

RPM International (RPM)

RPM International (RPM) is due to update investors on its quarterly results prior to Wednesday’s market open. Shares of the Ohio-based manufacturer have risen modestly in the past 6 months, a rarity in a market that has seen generally seen dramatic declines in 2022.

Ahead of the results, the company outlined initiatives pointing to $8.5B in annual sales. The ambitious targets also encouraged bullishness among Wall Street analysts, with 5 analysts advising a Buy rating on the stock against only one issuing a Sell rating.

  • Consensus EPS Estimates: $1.33
  • Consensus Revenue Estimates: $1.88B
  • Earnings Insight: RPM International (RPM) has beaten revenue expectations in 8 straight quarters, rising above EPS estimates in 6 of those reports.

Also reporting: Helen of Troy (HELE)

Thursday, October 6

Constellation Brands (STZ)

Beverage giant Constellation Brands (STZ) is due to report earnings on Thursday prior to the market open. While shares of the Victorville, New York-based producer of beer, wine and spirits have fallen over 8% in 2022, that decline is dwarfed by the drawdown in the S&P 500 during the same period of time.

Analysts remain optimistic on the stock ahead of the results, despite some concerns on production problems and regulatory shifts in Mexico. For instance, research firm Value Quest praised the company's capital restructuring as a "strong foundation for growth."

  • Consensus EPS Estimates: $2.81
  • Consensus Revenue Estimates: $2.50B
  • Earnings Insight: Constellation Brands (STZ) has beaten revenue expectations in 8 straight quarters, rising above EPS estimates in 6 of those reports.

Levi Strauss & Co. (LEVI)

Jeans and denim wear manufacturer Levi Strauss (LEVI) will provide a fiscal third quarter report after the market close on Thursday. Despite strong results in its last quarterly update, Morgan Stanley turned cautious on the stock ahead of the upcoming report, citing macroeconomic uncertainty. By contrast, UBS named the stock a “top conviction idea.”

  • Consensus EPS Estimates: $0.37
  • Consensus Revenue Estimates: $1.59B
  • Earnings Insight: Levi Strauss (LEVI) has beaten revenue and EPS expectations in 8 straight quarters.

ConAgra Brands (CAG)

Packaged food company ConAgra Brands (CAG) is slated to announce its quarterly results before the start of trading on Thursday. Shares of the owner of such brands as Chef Boyardee and Slim Jim have held up relatively well in 2022. The stock has dropped about 3% since the end of 2021, compared to a slide of more than 20% for the S&P 500.

Given market conditions, some analysts have highlighted the value of CAG’s yield, especially with the company raising its dividend in July. However, there are skeptics as well. After the firm’s last mixed earnings report, analyst Stephen Simpson characterized the stock as “not all that appetizing right now.”

  • Consensus EPS Estimates: $0.52
  • Consensus Revenue Estimates: $2.84B
  • Earnings Insight: ConAgra Brands (CAG) has seen mixed results lately, beating EPS expectations with its Q4 results, but generating an in-line figure in Q3 and missing the consensus estimate in Q2.

Also reporting: McCormick & Co. (MKC)

Friday, October 7

Tilray Brands (TLRY)

Tilray Brands (TLRY) is due to round out earnings week with a report in the premarket hours on Friday. Shares of the Canadian cannabis and pharmaceutical-focused company have declined nearly 80% in the past year and are down nearly 30% in the past month.

This drop has come despite the approval of exports to Italy, promising Canadian recreational cannabis sales figures and the launch of a new medical cannabis program. Shortly before the earnings report, the Canadian legislature launched a review of the 2018 law that legalized cannabis.

  • Consensus EPS Estimates: $-0.07
  • Consensus Revenue Estimates: $158.22M
  • Earnings Insight: Tilray has beaten EPS estimates 4 times in the past 8 quarters while beating revenue estimates in only 2 of those reports.

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