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Upcoming Earnings: Tesla, Netflix, P&G, Bank of America

Earnings Reports Update

This week marks the third-quarter earnings season, with more than 60 S&P 500 companies set to report. The housing market indicators are also on their radar as well as New Zealand’s CPI data and Australia’s Monetary Policy process meeting minutes; these items may have an effect on investor confidence moving forward into next year.

Before that, here are the released and expected earnings for this week.

Released and expected earnings

Bank of America Corporation Earnings Report

Bank of America’s profit dropped 8% to $7.1 billion in the third quarter, but despite this decrease it still managed an impressive 81 cents per share thanks largely due its net interest margin which exceeded analysts expectations by 3%. 

The bank’s revenue also grew over last year with 2461 million dollars on a non-GAAP basis. After adjusting certain expenses and other factors the Bank Of America may exceed investors expectations in the coming quarter.

The Federal Reserve’s recent run of interest rate hikes has been good news for banks like Bank Of America who benefit from increased net income due to higher lending rates.

Bank of America reported an unexpectedly high performance this week, with its investment banking segment slowing but still turning out better than expected thanks largely in part because clients are requiring less borrowing power as the economy tries to adjust due to effects caused by inflation. 

The Charles Schwab Corporation Earnings Report

In comparison to the consensus estimate of $1.05 per share, the Charles Schwab Corporation (SCHW) reported quarterly earnings of $1.10 per share. In the prior year, earnings per share were $0.84. These numbers have non-recurring expenses taken into account.

An earnings surprise of 4.76% is represented in this quarterly report. This company surprised analysts by 6.59% last quarter when it reported earnings of $0.97 per share as opposed to the $0.91 per share that had been anticipated. 

Johnson & Johnson Earnings Report

Due to high demand for its cancer drug Darzalex and its Crohn’s disease drug Stelara, Johnson & Johnson (JNJ.N) surpassed Wall Street projections for quarterly revenue and profit on Tuesday.

The company, which also offers consumer health items including Band-Aids and the painkiller Tylenol, has narrowed the range of its full-year adjusted profit prediction.

In premarket trade, the company disclosed its third-quarter profits, and its shares increased 2.1% to $170.02. Third-quarter sales increased 2.6% to $13.21 billion.

Mueller Industries, Inc. Earnings Report

Mueller Industries, Inc. (MLI), a manufacturer of copper, brass, aluminum, and plastic products reported net income of $154.54 million, or $2.74 per share, for the third quarter. That was less than the previous quarter’s $170.98 million or $3.01 per share.

The company’s net sales for the quarter decreased from $982.25 million in the same period last year to $944.83 million in Collierville, Tennessee. 

Lockheed Martin Corporation Earnings Report

Global aerospace and security giant Lockheed Martin Corp. (LMT) reported third-quarter earnings that climbed from the same period last year and beyond Wall Street expectations.

The business’s revenue totalled $1.78 billion, or $6.71 per share. This contrasts with the third quarter of last year’s third year’s $614 million, or $2.21 per share. Lockheed Martin Corp. announced adjusted earnings of $1.82 billion or $6.87 per share for the quarter, excluding certain charges.

According to data gathered by Thomson Reuters, analysts had projected that the company would make $6.67 per share on average. Estimates from analysts often don’t include unique items. Revenue for the quarter increased by 3.4% to $16.58 billion from $16.03 billion the previous year. 

Netflix, Inc. Earnings Report

Netflix, Inc. is a Los Gatos, California-based production and streaming service operated by Americans. On 18th October 2022, following the closing of the market, the company is anticipated to announce earnings

The financial quarter covered by the report will expire in September 2022. The consensus EPS expectation for the quarter is $2.11, based on analyst projections. For the same period previous year, the reported EPS was $3.19. 

Tesla, Inc. Earnings Report

Tesla is a transnational American automotive and clean energy corporation with its main office in Austin, Texas. On 19th October 2022 after market close, Tesla, Inc. is anticipated to release its earnings. 

The report will cover the financial quarter that ends in September 2022. The consensus estimate for EPS for the quarter, based on analyst projections, is $0.87. For the same quarter a year ago, the reported EPS was $0.48. 

Procter & Gamble Company (The) Earnings Report

Procter & Gamble is an American consumer goods conglomerate that specializes in personal care and hygiene products. The company is slated to announce profits before the market opens on October 19th 2022.

The report will cover the fiscal quarter ending September 30, 2022. The consensus EPS expectation for the quarter is $1.55, according to analyst estimates. Last year, the reported EPS for the same quarter was $1.60. 

Abbott Laboratories Earnings Report

Abbott Laboratories is a multinational medical device and healthcare conglomerate that focuses on cardiology, diagnostics, diabetes, and neuromodulation products. The company is expected to announce profits before the market opens on October 19, 2022.

The report will cover the fiscal quarter ending September 30, 2022. The consensus EPS projection for the quarter is $0.9, according to investment research analysts’ forecasts. Last year, the reported EPS for the same quarter was $1.4. 

American Express Company Earnings Report

American Express is a major provider of credit cards for individuals, small businesses, and corporations. The company is likely to announce profits before the market opens on October 21, 2022. 

The report will cover the fiscal quarter ending September 30, 2022. The consensus EPS expectation for the quarter is $2.39, according to analyst estimates. Last year, the reported EPS for the same quarter was $2.27. 

What’s Happening in the World Economy Amidst Rising Inflation

New Zealand CPI q/a

In New Zealand, the CPI increased 7.2% on an annualized basis in the three months ending September 30. This is higher than the 7.3% increase seen in the previous quarter and the predicted 6.6% increase.

As a result of supply chain interruptions, increased gasoline and food prices, and price increases, the reading stayed close to 32-year highs. Additionally, CPI inflation increased by 2.2% from the prior quarter, exceeding forecasts for an increase of 1.6%.

Australia’s Monetary Policy Meeting Minutes

The Reserve Bank of Australia (RBA) Board considered several justifications for raising the cash rate by 50 basis points, as it had for four months in a row, but ultimately chose to raise it by 25 basis points to 2.6%, according to minutes of the Oct. 4 policy meeting released on Tuesday.

The RBA Board highlighted that since May, rates had already increased by 250 basis points, and the majority of those increases had not yet been reflected in mortgage payments. 

In addition to affecting home prices and household wealth, the tightening could eventually slow down consumption.

However, the Board emphasized that Australia’s inflation rate of 6.1% was too high and that it was anticipated to reach 7.75% by year’s end, with rents and utilities contributing to the pressure on prices.

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Author

  • Zahari Rangelov

    Zahari Rangelov is an experienced professional Forex trader and trading mentor with knowledge in technical and fundamental analysis, medium-term trading strategies, risk management and diversification. He has been involved in the foreign exchange markets since 2005, when he opened his first live account in 2007. Currently, Zahari is the Head of Sales & Business Development at TraderFactor's London branch. He provides lectures during webinars and seminars for traders on topics such as; Psychology of market participants’ moods, Investments & speculation with different financial instruments and Automated Expert Advisors & signal providers. Zahari’s success lies in his application of research-backed techniques and practices that have helped him become a successful forex trader, a mentor to many traders, and a respected authority figure within the trading community.

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