Earnings week ahead: Nike, Micron, and more
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As the second quarter comes to a close, footwear and sports apparel giant Nike (NKE) leads next weekâs slate of earnings releases. Semiconductor maker Micron Technology (MU) also makes the list of bellwether companies announcing their results, along with a pair of household names in the consumer staples sector, General Mills (GIS) and McCormick & Co. (MKC).
Below is a curated list of companies due to update investors on their financial figures during the week:
Monday, June 27
Nike (NKE)
Nike (NKE) will provide its earnings report after the close on Monday. In its last quarterly update, released in March, NKE gave Wall Street a pleasant surprise, overcoming supply chain issues and inflationary pressures to beat expectations and expand margins. However, since that release, shares of the shoe maker have dropped more than 20%, amid general market fears of a recession.
Meanwhile, analysts have recently focused on NKEâs performance in China, with both Barclays and Morgan Stanley publishing notes recently forecasting softer-than-expected revenue in the region. On the other side of the argument, Baird analyst Jonathan Komp expects China sales to come in above the consensus and lead a top-line beat.


Consensus EPS Estimates: $0.82

Consensus Revenue Estimates: $12.13B

Earnings Insight: Nike has bested analyst estimates on EPS in 7 of the last 8 quarters, while beating revenue expectations 5 times in that same span.

Also Reporting: Jefferies Financial (JEF) and Trip.com (TCOM)
Tuesday June, 28
National Beverage Corporation (FIZZ)
Soft drink maker National Beverage (FIZZ) is projected to offer its quarterly update on Tuesday. While the stock is well off of its 2021 highs, the name has nonetheless outperformed the market in 2022. Shares have traded essentially flat since the start of the year as compared to an over-20% drop for the S&P 500.
In its last earnings report, the owner of the La Croix and Shasta brands reported a quarterly profit that dropped from last year, despite 5% growth in revenue. The company raised prices 10% compared with the previous year but still fell behind the rise in costs caused by inflation.


Consensus EPS Estimates: $0.43

Consensus Revenue Estimates: $285.90M

Earnings Insight: National Beverage Corp. (FIZZ) has beaten EPS estimates in 6 of the past 8 quarters while exceeding revenue estimates in 5 of those quarters.

Also Reporting: Shaw Communications (SJR) and Extra Space Storage (EXR)
Wednesday, June 29
Bed Bath & Beyond (BBBY)
Prior to Wednesdayâs market open, Bed Bath & Beyond (BBBY) will update investors on its first quarter results. Shares of the chain of home products stores have suffered in 2022 along with the rest of the retail sector, falling over 50% since the start of the year.
Ahead of the earnings release, analysts have revised estimates downward 11 times. Despite the lowered bar, both Wells Fargo and UBS published notes in the week ahead of the report that assigned Sell ratings on the stock.


Consensus EPS Estimates: $-1.37

Consensus Revenue Estimates: $1.51B

Earnings Insight: Bed Bath & Beyond has exceeded EPS estimates in only 25% of earnings reports in the past two years.

McCormick & Company (MKC)
McCormick & Company (MKC) will report its fiscal second quarter results during the premarket period on Wednesday. The 133-year-old distributor of spices, seasonings and condiments has outperformed the broader market thus far in 2022, although it has encountered a period of turbulence since late May.
The firmâs last quarterly report, which came out in late March, showed that the company was holding onto progress it made during the cook-at-home trend that marked the pandemic. As part of this, sales rose 3% from the previous year.


Consensus EPS Estimates: $0.65

Consensus Revenue Estimates: $1.61B

Earnings Insight: McCormick has beaten EPS estimates in 7 of the past 8 quarters while besting revenue expectations in 100% of those reports.

General Mills (GIS)
Rounding out the busy day for consumer staples stocks, General Mills (GIS) will offer its fiscal fourth quarter report ahead of Wednesdayâs open. Shares of the producer of Cheerios, Chex and other packaged food products have risen just over 2% in 2022, even as the broader market has shown a dramatic fall.
The earnings print will be the first since the Minnesota-based food giant offloaded its Helper main meals and Suddenly Salad side dish businesses to Eagle Family Foods Group for $610M. The report also comes shortly after its close competitor Kelloggâs (K) announced a breakup of its business to separate snacks, cereal, and plant-based businesses.


Consensus EPS Estimates: $1.01

Consensus Revenue Estimates: $4.80B

Earnings Insight: General Mills has reported above-consensus revenue in 7 of the past 8 quarters, beating EPS estimates in 6 of those quarters.

Also reporting: Paychex Inc. (PAYX)
Thursday, June 30
Micron Technology (MU)
After the market close on the final day in June, Micron Technology (MU) will report its fiscal third quarter results. The semiconductor company, which specializes in DRAM and NAND memory storage, has seen shares fall sharply since the start of June, hurt by a cautious outlook by industry heavyweight Intel (INTC). Last quarter, MU topped expectations with its financial figures and offered an upbeat forecast.


Consensus EPS Estimates: $2.47

Consensus Revenue Estimates: $8.69B

Earnings Insight: Micron has beat on EPS and revenue estimates in each of its past 8 quarterly reports.

Walgreens Boots Alliance (WBA)
Drug store chain Walgreens Boots Alliance (WBA) will report its fiscal third quarter earnings during Thursdayâs premarket trading. The figures will come one week after rival Rite Aid (RAD) topped expectations with its results and raised its full-year forecast. WBA has seen its stock fall over 20% in the past year, with the bulk of the slowdown in shares taking place since March. The earnings report will be the first since the company announced a roll-out of a clinical trial business in mid-June.


Consensus EPS Estimates: $0.92

Consensus Revenue Estimates: $32.23B

Earnings Insight: Walgreens Boots Alliance has beaten analyst expectations for revenue in each of the past 8 quarters while missing on EPS only once.

Also reporting: Constellation Brands (STZ) and Simply Good Foods (SMPL)
Friday, July 1

No earnings of note