Markets closed flat to lower on Monday, primarily due to some heavy last-minute selling. Out of 22 companies we tracked that reported earnings after markets closed, 10 missed revenue expectations and four missed on earnings, while three missed on both. Among stocks announcing results Tuesday morning, another 10 missed revenue estimates.
Four notable earnings reports are due out after markets close Tuesday: Chipotle, Enphase, Global Foundries and Lyft. We also have previewed three firms set to report quarterly results before markets open on Wednesday: Cameco, Canopy Growth and CVS Health.
Here is a look at four firms scheduled to report results after Wednesday’s closing bell.
Disney
Walt Disney Co. (NYSE: DIS) has had a tough year. Over the past 12 months, the Dow Jones industrial average component has posted a share price decline of more than 21%. The stock set a new 52-week low in late January, and its 52-week high will roll off in another month. With business at its theme parks and resorts stuttering, the company’s Disney+ streaming service has had to carry a big load. It couldn’t handle the job in the fiscal fourth quarter, coming up with just 2 million new subscribers. Something more than triple that total is expected for the fourth quarter.
Analysts are mostly bullish on the stock. Of 29 brokerages covering the firm, 21 have a Buy or Strong Buy rating and the rest rate the stock at Hold. At a recent share price of around $142.50, the upside potential based on a median price target of $196 is about 37.5%. At the high target of $263, the upside potential is 84.6%.
First-quarter revenue is forecast at $20.96 billion, up 13.1% sequentially and almost 29% higher year over year. Adjusted earnings per share (EPS) are pegged at $0.63, up 65.8% sequentially and 97% year over year. For the 2022 fiscal year, analysts currently expect Disney to report EPS of $4.06, up 74.5%, on sales of $83.48 billion, up 23.8%.
Disney stock trades at 35.11 times expected 2022 earnings, 25.8 times estimated 2023 earnings of $5.53 per share and 20.9 times estimated 2024 earnings of $6.83 per share. The stock’s 52-week range is $129.26 to $203.02. Disney has suspended its dividend. Total shareholder return for the past year was negative 25%.
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