Earnings week ahead: Nike, FedEx, Carnival, Micron and more
Stephen Chernin

Headed into the Christmas holiday, Wall Street will digest a relatively sparse offering of earnings. Still, there are some high-profile firms set to report in the final full week of December.
Consumer-facing names like Nike (NYSE:NKE), General Mills (GIS), CarMax (KMX) and Carnival Corp. (NYSE:CCL) dot the mid-week schedule. Meanwhile, transportation leader FedEx (NYSE:FDX) and semiconductor stalwart Micron Technology (NASDAQ:MU) are also set to announce financial figures.
Below is a curated list of earnings reports due in the week of December 19 to 23:
Monday, December 19
HEICO Corp. (HEI)
HEICO Corp. (HEI) is set to post its fiscal fourth quarter earnings results after the bell on Monday. Shares of the Florida-based aerospace company have significantly outperformed the broader market in 2022, rising over 7% in contrast to an over 18% decline for the S&P 500. 
Just ahead of the results, Morgan Stanley downgraded the stock to a Hold-equivalent from Buy. Truist also revised EPS estimates downward ahead of the results. The analyst consensus remains a Buy, according to Seeking Alpha surveys.

Consensus EPS Estimates: $0.68
Consensus Revenue Estimates: $603.90M
Earnings Insight: HEICO has beaten EPS estimates in 7 of the past 8 quarters, rising above revenue estimates in 6 of those reports.

Also reporting: Steelcase (SCS) and Blade Air Mobility (BLDE)
Tuesday, December 20
Nike (NKE)
Nike is due to post its fiscal second quarter earnings update after the close on Tuesday. Ahead of the earnings results, a warning from VF Corp. (VFC) on inventory levels across the footwear and apparel space added to Adidasâ (OTCQX:ADDYY) warning on the same issue. The inventory concern has also accelerated markdowns in the industry, as reflected in recent CPI data from the Bureau of Labor Statistics. Analysts have revised down EPS estimates 12 times ahead of NKEâs results. 
That said, Wall Street has shown some optimism on the sales front, increasing revenue projections 18 times in the past 90 days. Further, a reopening in China and potential for progress on inventory clearing moved Citi analyst Paul Lejuez to put the stock on âcatalyst watchâ ahead of earnings.

Consensus EPS Estimates: $0.65
Consensus Revenue Estimates: $12.57B
Earnings Insight: Nike has exceeded EPS estimates for 8 straight quarters, beating revenue expectations 6 times in that span.

FedEx (FDX)
Memphis-based transportation giant FedEx (FDX) is due to post its earnings after the bell on Tuesday. FedEx stock has slumped over 33% in 2022, more than double the decline of its nearest peer, UPS (UPS). 
Ahead of the quarterly report, the company announced cost-cutting measures including plans to furlough workers and keeping planes grounded during the holiday season. The upcoming earnings call will be the second such call to be headed by Raj Subramaniam since his accession to the CEO role in March.

Consensus EPS Estimates: $2.83
Consensus Revenue Estimates: $23.72B
Earnings Insight: FedEx has beaten EPS estimates in 4 of the past 8 quarters, rising above revenue expectations in 6 of those reports.

Also reporting: General Mills (GIS) and Cal-Maine Foods (CALM)
Wednesday, December 21
Carnival Corp. (CCL)
Carnival Corp. (CCL) is due to post its earnings results prior to the market open on Wednesday. The cruise operatorâs shares have declined over 60% in 2022 and over 80% from pre-pandemic levels. Sizable debt offerings have weighed down the stock during the year. 
However, the cruise operator reported record Black Friday sales in November. According to Seeking Alpha surveys, analyst ratings remain starkly divided with six Strong Buy ratings matched by four Strong Sells.â

Consensus EPS Estimates: $-0.88
Consensus Revenue Estimates: $3.96B
Earnings Insight: Carnival has missed EPS and revenue expectations in 8 straight quarters.

Micron Technology (MU)
Micron Technology (MU) is due to post its earnings results after the bell on Wednesday. Shares of the Boise-based semiconductor company have fallen over 45% in 2022, dipping nearly 20% in the month prior to its fiscal first quarter earnings update. 
Wall Street analysts have revised both EPS and revenue estimates 24 times in the 90 days ahead of the upcoming earnings. While the Street consensus remains at Buy, the stock has been downgraded by multiple analysts amid concerns on memory demand, a topic that Micron management warned about in November.
"We believe investor optimism that the business will soon reach a cyclical trough now looks premature," Deutsche Bank analyst Sidney Ho wrote in a note to clients one week prior to the expected report. 

Consensus EPS Estimates: $ -0.01
Consensus Revenue Estimates: $4.15B
Earnings Insight: Micron has exceeded EPS estimates in 8 consecutive quarters, rising above revenue expectations in 6 of those quarters.

Also reporting: Cintas (CTAS)
Thursday, December 22
CarMax (KMX)
CarMax (KMX) is due to post its fiscal third quarter results prior to the market open on Thursday. Shares of the Virginia-based online auto retailer have been halved in 2022, with accelerating losses since its September report. 
Recent consumer inflation reports have reflected falling used auto prices. Meanwhile, a key competitor, Carvana (CVNA), has also teetered on the brink of bankruptcy.

Consensus EPS Estimates: $0.70
Consensus Revenue Estimates: $7.28B
Earnings Insight: CarMax has beaten EPS estimates in 5 of the past 8 quarters, exceeding revenue expectations in 6 of those reports.

Also reporting: Paychex (PAYX) and Apogee Enterprises (APOG)
Friday, December 23
The day prior to the Christmas holiday weekend has no confirmed earnings reports of note.