NKLA - Earnings Week Ahead: Fox Corporation Disney Airbnb and more

2023-05-05 14:00:36 ET

Earnings season continues next week, although the pace of releases begins to slow. Entertainment companies provide key highlights during the period, with reports due out from Disney ( DIS ) and Fox ( FOX ).

Outside of media, both the pharmaceutical and EV sectors are well represented. For the former, BioNTech ( BNTX ), Takeda ( TAK ), Teva ( TEVA ), Mallinckrodt ( MCK ) and Viatris ( VTRS ) are among the anticipated reports. For electric vehicles, Lucid Group ( LCID ), Rivian Automotive ( RIVN ), Li Auto ( LI ) and Fisker ( FSR ) will announce results, with reports also slated from EV charging names Blink ( BLNK ) and EVgo ( EVGO ).

Elsewhere, Tyson Foods ( TSN ), Airbnb ( NASDAQ: ABNB ), PayPal ( PYPL ), and Roblox ( RBLX ) are among other updates that will attract attention during the week.

Below is a rundown of major reports due in the week ahead.

Monday, May 8

Tyson Foods ( TSN )

Tyson Foods ( TSN ) is set to post its fiscal second quarter update on Monday before the opening bell. Shares of the Arkansas-based protein producer have plunged over 30% in the past year, nearing the low-end of its 52-week range between $55.81 and $94.77 ahead of the print.

The company has focused on cost-cutting efforts in 2023, significantly reducing senior leadership staff , closing multiple poultry plants, laying off 1700 employees and consolidating corporate operations . Still, EPS estimates have seen 8 downward revisions in the 90 days ahead of earnings.

• Consensus EPS Estimates: $0.80
• Consensus Revenue Estimates: $13.62B
• Earnings Insight: Tyson has topped EPS expectations in 5 of the past 8 quarters, missing revenue estimates in just one of those reports.

Also reporting: BioNTech SE ( BNTX ), Devon Energy ( DVN ), Genie Energy ( GNE ), KKR ( KKR ), Lumber Liquidators ( LL ), Lucid Group ( LCID ), PayPal ( PYPL ), Six Flags ( SIX ), Treehouse Foods ( THS ), and Viatris ( VTRS )

Tuesday, May 9

Fox ( FOX ) ( FOXA )

Fox ( FOX ) is set to report its fiscal third quarter results before the opening bell on Tuesday. Shares have fallen sharply since late April, accelerating declines following a blockbuster settlement with Dominion Voting Systems and the cutting of ties with former top anchor Tucker Carlson .

Further, the communication services sector was hit hard ahead of the anticipated report after a disappointing report from Paramount Global ( PARA ) ( PARAA ), which came out in the week prior to Fox’s earnings update.

• Consensus EPS Estimates $0.86
• Consensus Revenue Estimates: $4.03B
• Earnings Insight: Fox has topped revenue estimates in 7 of the past 8 quarters.

Airbnb ( ABNB )

Airbnb ( ABNB ) is set to update investors on its first quarter performance after the market close on Tuesday. Shares of Airbnb ( ABNB ) have climbed nearly 40% on resilient travel demand. Robust lodging demand was reported just a week prior by Marriott International.

In its last earnings report, released in mid-February, ABNB popped over 10% on positive results and strong guidance, which projected between $1.75B to $1.82B in revenue for the first quarter driven by a resurgence in European travel. That said, the stock has come under scrutiny from short seller The Bear Cave in early April. Elsewhere, the company laid off 30% of its recruiting staff in early May.

• Consensus EPS Estimates: $0.10
• Consensus Revenue Estimates: $1.79B
• Earnings Insight: Airbnb has beaten EPS and revenue expectations in 7 of the past 8 quarters

Also reporting: Apollo Global Management ( APO ), Bluebird Bio ( BLUE ), Blink Charging ( BLNK ), Choice Hotels International ( CHH ), Coty Inc. ( COTY ), Cronos Group ( CRON ), Duke Energy ( DUK ), Electronic Arts ( EA ), EVgo ( EVGO ), Fisker ( FSR ), GlobalFoundries ( GFS ), Jacobs ( J ), Mallinckrodt ( MNK ), Nikola ( NKLA ), Oatly ( OTLY ), Olaplex ( OLPX ), Perrigo ( PRGO ), SeaWorld ( SEAS ), Toast ( TOST ), Under Armour ( UAA ), Warner Music Group ( WMG ), and WeWork ( WE )

Wednesday, May 10

Disney ( DIS )

Disney ( DIS ) is scheduled to unveil its fiscal second quarter earnings results before the opening bell on Wednesday. Shares of the House of Mouse have climbed about 11% so far this year, although on a 12-month timeline, the stock has slumped about 13%.

The company’s streaming service faces headwinds in terms of both the first writers’ strike in nearly two decades and inauspicious commentary on streaming trends from rival Paramount. Layoffs in the company are also in focus, with its ESPN segments among the businesses trimming roles in successive rounds of job cuts totaling in the thousands . Deutsche Bank pointed to the cost-cutting measures as a key factor for guidance in the upcoming report.

“We expect cost reduction initiatives to really start to kick in during the June and Sept. quarters, driving loss improvement in Streaming and smaller y/y [operating income] declines in Linear Networks,” equity analyst Bryan Kraft said .

Elsewhere, the company remains embroiled in legal battles with the state of Florida as Governor Ron DeSantis seeks to rein in the company’s special privileges.

• Consensus EPS Estimates: $0.94
• Consensus Revenue Estimates: $21.80B
• Earnings Insight: Disney has topped EPS expectations in 5 of the past 8 quarters, while revenue has beaten estimates in half of those prints.

Also reporting: Audacy ( AUD ), CareMax ( CMAX ), Li Auto ( LI ), MasterCraft Boat Holdings ( MCFT ), New York Times ( NYT ), Roblox ( RBLX ), Teva Pharmaceuticals ( TEVA ), Toyota Motor ( TM ), The Trade Desk ( TTD ), Valvoline ( VVV ), Wendy’s Corporation ( WEN ), and Wolverine World Wide ( WWW )

Thursday, May 11

JD.com ( JD )

Chinese e-commerce giant JD.com ( JD ) is due to report its fiscal first quarter results before the bell on Thursday. Shares of the Beijing-based company have tumbled over 35% since the start of the year, accelerating declines since a bleak outlook on consumer spending offered in March. The consensus sell-side rating remains a Strong Buy , though the Seeking Alpha Quant team retains a Hold rating after a February downgrade .

• Consensus EPS Estimates: $0.50
• Consensus Revenue Estimates: $35.08B
• Earnings Insight: JD.com has topped EPS expectations in 8 consecutive quarters, rising above revenue expectations in 6 of those reports.

Also reporting: Bakkt Holdings ( BKKT ), Blade Air Mobility ( BLDE ), Buzzfeed ( BZFD ), Fiverr International ( FVRR ), Krispy Kreme ( DNUT ), National Vision Holdings ( EYE ), Tapestry ( TPR ), Takeda Pharmaceuticals ( TAK ), Utz ( UTZ ), and YETI Holdings ( YETI )

Friday, May 12

Spectrum Brands ( SPB )

Spectrum Brands ( SPB ) is set to provide an update for the fiscal second quarter in premarket hours on a quiet Friday for earnings reports. The company has fielded 5 downward EPS and 6 downward revenue revisions in the 90 days ahead of the print . Spectrum Brands ( SPB ) shares have jumped significantly in the weeks ahead of the report amid the Department of Justice’s repeated actions to block the sale of its door hardware unit to Assa Abloy ( OTCPK:ASAZF ).

• Consensus EPS Estimates: $ -0.14
• Consensus Revenue Estimates: $761.67M
• Earnings Insight: Spectrum has exceeded EPS expectations in 5 of the past 8 quarters, while rising above revenue estimates in 4 of those reports

Also reporting: Charlotte’s Web Holdings ( OTCQX:CWBHF ) and Isuzu Motors ( OTCPK:ISUZY )

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