Earnings week ahead: Nike, BlackBerry, Micron, Carnival, Costco and more

In the final week of September, several high-profile earnings reports are expected from various players in the semiconductor, cybersecurity, retail, and leisure industries. The highest-profiled results come from Nike (NYSE:NKE), the footwear and sports apparel giant; chip maker Micron Technology (NASDAQ:MU); and big box retailer Costco Wholesale (NASDAQ:COST).

Additionally, the upcoming week will also see earnings reports from BlackBerry (NYSE:BB), Carnival Corporation (NYSE:CCL), Paychex (PAYX) and Accenture (NYSE:ACN). Market participants will closely assess these reports for insights into the global economy’s health and the prospects of certain sectors.

Below is a rundown of major quarterly updates anticipated in the week of September 25 to 29:

Monday, September 25

Thor Industries (THO)

Thor Industries (THO) is all set to release its Q4 results on Monday, after the bell. Despite outperforming in Q3, the company trimmed its FY2023 outlook, citing macro-economic challenges. Both sell-side analysts and Seeking Alpha’s Quant Rating system take a cautious stance of the stock, rating the company as a Hold.

• Consensus EPS Estimates: $0.96
• Consensus Revenue Estimates: $2.43B
• Earnings Insight: The company has beaten EPS and revenue expectations in 7 of the past 8 quarters.

Also reporting: Xiao-I Corporation (AIXI), and more.

Tuesday, September 26

Costco Wholesale (COST)

Washington-based Costco Wholesale (COST) is set to update investors on its Q4 results after the closing bell on Tuesday. Recently, the company reported sales growth of 5% in August, and comparable sales rose 3.4% during the month, led by international growth.

Despite the stock rising more than 22% YTD, Seeking Alpha’s Quant Rating system views the stock conservatively, with a Hold rating, citing valuation concerns. Meanwhile, Wall Street analysts are optimistic about the stock, giving it a Buy recommendation.

“Costco has the potential for expansion into new markets, particularly in China, where it has seen success and has access to a large customer base,” claims SA author M Ramirez.

• Consensus EPS Estimates: $4.82
• Consensus Revenue Estimates: $77.96B
• Earnings Insight: Costco has beaten EPS expectations in 6 of the past 8 quarters, missing revenue expectations twice in that span.

Also reporting: United Natural Foods (UNFI), TD Synnex (SNX), Cintas (CTAS), Ferguson (FERG), AAR Corp (AIR), MillerKnoll (MLKN), Progress Software (PRGS) and more.

Wednesday, September 27

Micron Technology (MU)

Micron Technology (MU) is slated to deliver its Q4 print after the closing bell on Wednesday. Analysts expect revenue and EPS to decline Y/Y due to China’s Cybersecurity Administration’s continuing investigation into its devices.

The stock continues to get a Buy recommendation from Wall Street analysts, as opposed to a Hold rating from Seeking Alpha’s Quant Rating system.

“Micron could benefit from higher prices and increased shipments once market pricing rebounds,” writes SA contributor Khaveen Investments.

• Consensus EPS Estimates: -$1.18
• Consensus Revenue Estimates: $3.91B
• Earnings Insight: Micron has beaten EPS expectations in 6 of the past 8 quarters and has beaten revenue estimates in half of those reports.

Also reporting: Paychex (PAYX), Concentrix (CNXC), H.B. Fuller (FUL), Jefferies (JEF), Worthington (WOR) and more.

Thursday, September 28

Nike (NKE)

Nike (NKE) is scheduled to post its Q1 results on Thursday, after the closing bell. Following mixed Q4 results for the first time in three years, the Oregon-based footwear giant provided a conservative outlook for FY2024.

The stock gets a Hold rating from Seeking Alpha’s Quant Rating system, a more cautious view than the consensus Buy rating from Wall Street Analysts. “Nike’s valuation is currently below its 10-year average, presenting a potential buying opportunity,” guides SA author Luco Socci.

• Consensus EPS Estimates: $0.76
• Consensus Revenue Estimates: $13.02B
• Earnings Insight: The company has beaten EPS and revenue estimates 7 times in the past 8 quarters.

Also reporting: BlackBerry (BB), Accenture (ACN), CarMax (KMX), Jabil (JBL), Vail Resorts (MTN) and more.

Friday, September 29

Carnival Corporation (CCL)

Carnival (CCL) is due to release its Q3 earnings before the opening bell on Friday. After two years of pandemic-related restrictions, the company is well-positioned to benefit from the continued rebound in the cruise industry. Analysts anticipate higher sales and EPS compared to the previous year.

SA author Manika Premsingh predicts that while Carnival Corporation’s stock price may have dropped in recent months, its fundamentals are improving. The company’s Q3 results are expected to show improved occupancy rates, revenue growth, and potentially positive net adjusted income. Even conservative forward revenue estimates suggest a small upside to the stock.

Overall, Carnival’s stock performed well so far in 2023, gaining more than 80% because of pent-up demand for cruises, high bookings, and improved financial performance, garnering a Strong Buy recommendation from Seeking Alpha’s Quant Rating system and a Buy rating from sell-side analysts.

• Consensus EPS Estimates: $0.74
• Consensus Revenue Estimates: $6.69B
• Earnings Insight: The company has beaten EPS estimates in 3 of the past 8 quarters and revenue expectations in just 2 of those reports.