Earnings Previews: AMC, Diamondback Energy, NXP Semiconductors

More than 300 companies reported earnings after markets closed Thursday and before they opened again on Friday. Of those, Apple and Amazon, both of which missed revenue estimates, are getting the most notice. One firm making a better noise is U.S. Steel, trading up about 12% after also reporting results late Thursday.

No earnings reports are scheduled for release after markets close Friday. First thing Monday morning, there are two reports we have already previewed: ON Semiconductor and PG&E.

Here’s a look at two companies scheduled to report results after markets close Monday, and one more that has not announced a report date yet but that is expected to report some time during the week.


AMC Entertainment Holdings Inc. (NYSE: AMC) does not typically announce a firm date for its quarterly earnings release, but the first week of the second month following the quarterly closing date seems to be its preferred timing. At the beginning of January, AMC stock traded at around $2.00. At the end of the month, the stock traded at more than $13 a share, on its way to an intraday high of more than $72 in June.

Along with GameStop, AMC virtually created the meme stock category of heavily shorted, highly liquid equities that retail investors would invest in to force a squeeze on short sellers. Investment timing is everything, and fundamentals count for much less.

To underscore that point, of nine brokerages covering the stock, only four rate the shares a Hold and the other five have Sell or Strong Sell ratings on the stock. No analyst recommends buying the stock. At the recent price of around $35.20, the stock trades seven times higher than its median price target of $5 and more than double its high price target of $16.

Third-quarter revenue is forecast at $741.63 million, which would be up 67% sequentially and more than 500% year over year. Recall that movie houses were essentially shut down worldwide last year due to the coronavirus pandemic. Analysts expect AMC to report a loss per share in the third quarter of $0.53, better than the prior quarter loss of $0.71 per share and far better than last year’s quarterly loss of $5.70. For the full year, AMC is expected to post a loss per share of $2.84 compared with last year’s loss of $16.15 per share. Revenue is forecast to double to $2.49 billion.

AMC is not expected to post a profit in 2021, 2022 or 2023. The stock trades at 10.9 times its 2021 enterprise value-to-sales ratio, 5.9 times the 2022 ratio and 5.2 times the 2023 ratio. The stock’s 52-week range is $1.91 to $72.62, and AMC does not pay a dividend.

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