Earnings week ahead: Constellation Brands, Conagra, Walgreens and more
Matteo Colombo

A holiday-shortened week kicks off 2023. While investors will likely be excited to put a dismal 2022 behind them, the new year gets off to a slow start on the earnings front. 
Still, even with a thin release calendar, Wall Street will receive quarterly updates from names like Conagra Brands (NYSE:CAG), Constellation Brands (NYSE:STZ), and Lamb Weston Holdings (LW), giving key insight on food and beverage industry dynamics. Meanwhile, Dow component Walgreens Boots Alliances (NASDAQ:WBA) and freight railcar manufacturer Greenbrier Companies (NYSE:GBX) are likely to attract market attention as well.
Below is a curated list of reports due for the first week of 2023:
Monday, January 2
Market closed
Tuesday, January 3
SMART Global Holdings, Inc. (SGH)
The week of earnings starts slow on Tuesday with SMART Global Holdings (SGH) among the only names due to report. The California-based computing solutions company is set to post its results after the bell on Tuesday. While shares have plunged nearly 60% in 2022, the consensus rating among Wall Street analysts remains a âStrong Buyâ ahead of earnings.

Consensus EPS Estimates: $0.57
Consensus Revenue Estimates: $445.86M
Earnings Insight: SMART Global has beaten EPS estimates in 8 straight quarters, missing revenue expectations only once in that span.

Wednesday, January 4
Richardson Electronics (RELL)
Richardson Electronics (RELL) is due to post earnings after the bell on Wednesday. Shares of the power and microwave technology provider have been a winner in 2022, rising over 70%. The stock was boosted going into the end of the year by a new agreement with Singapore-based Gallium Semiconductor. 

Consensus EPS Estimates: $0.29
Consensus Revenue Estimates: $64.50M
Earnings Insight: Richardson has exceeded revenue and EPS estimates in 2 straight quarters.

Also reporting: UniFirst Corporation (UNF) and Resource Connection (RGP)
Thursday, January 5
Constellation Brands (STZ)
Alcoholic beverage producer Constellation Brands (STZ) is due to post its earnings results prior to the market open on Thursday. The stock was a relative outperformer in 2022, declining in the single digits as compared to a much steeper drop for the S&P 500. 
STZ was also selected as a top pick at Wedbush and cited as a pick insulated from foreign exchange pressure by Goldman Sachs ahead of the results. The World Cup will be a focus for the most recent quarter, which Nielsen data suggested was a boost to beer sales for the month of December â a possible windfall for the maker of Corona and other brands.

Consensus EPS Estimates: $2.90
Consensus Revenue Estimates:$2.38B
Earnings Insight: Constellation has beaten revenue estimates in 8 consecutive quarters, missing EPS expectations twice in that span.

Conagra Brands (CAG)
Another consumer staple name in Conagra Brands (CAG) will post its earnings results in Thursdayâs premarket hours. Shares of the Illinois-based consumer packaged goods provider have risen over 13% in 2022, defying a nearly 20% drop for the S&P. Amid the strong performance, Morgan Stanley upgraded the stock to Overweight in late December, forecasting gains to continue into 2023.
âCAG faces limited private label competition in frozen dinners. We expect CAG to report above consensus Q2 results and expect upward guidance revisions. We believe CAG can be an earlier beneficiary of lower commodity prices, supporting improving gross margins,â the bankâs analysts wrote.
However, Deutsche Bank took a dimmer view, cutting the stock to a Sell rating based on the expectation of increased belt-tightening into 2023.

Consensus EPS Estimates: $0.66
Consensus Revenue Estimates: $3.25B
Earnings Insight: Conagra has beaten EPS and revenue estimates in 7 of the past 8 quarters.

Walgreens Boots Alliance (WBA)
Walgreens Boots Alliance is due to post its fiscal first quarter earnings prior to the opening bell on Thursday. The pharmacy chainâs stock has been a laggard in the Dow for 2022, declining nearly 30% in contrast to about a 10% drop for the index as a whole.
Ahead of the quarterly report, the Illinois-based company was hit with a $120.3M fine for its role in the opioid crisis. Profit expectations for the quarter have been revised downward 11 times ahead of the earnings report, as the chain reorients its focus via major acquisitions like the $8.9B deal for Summit Health inked in November. Meanwhile, WAG is also working to shore up a labor shortage.
Despite the earnings revisions, analysts at Deutsche Bank, JP Morgan, and Cowen each upgraded the stock to Buy after the Summit Health deal in November. According to Seeking Alpha data, the consensus rating on Wall Street remains a Hold.

Consensus EPS Estimates: $1.14
Consensus Revenue Estimates: $32.97B
Earnings Insight: Walgreens has exceeded EPS estimates in 8 consecutive quarters, missing revenue expectations only once in that timeframe.

Also reporting: Lamb Weston Holdings (LW), Helen of Troy (HELE), and Simply Good Foods Company (SMPL)
Friday, January 6
The Greenbrier Companies (GBX)
Rounding out the week is freightcar and transportation manufacturer Greenbrier Companies (GBX). While shares of the Oregon-based company crashed over 20% in 2022, the stock enjoyed a late year surge after a strong Q4 earnings report. From that report until the close of 2022, shares rose about 25%, lightening losses on the year. 
Amid the year-end run, analysts have revised EPS and revenue estimates upward 4 and 3 times, respectively, in the 90 days ahead of the report.

Consensus EPS Estimates: $0.49
Consensus Revenue Estimates: $765.87M
Earnings Insight: Greenbrier has exceeded EPS estimates in 6 of the past 8 quarters, rising above revenue estimates in 4 of those reports.