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Earnings Previews: Array Technologies, Schnitzer Steel, Tilray

For the fiscal second quarter of 2022 that ended in February, the sales estimate is $779.39 million, down 2.4% sequentially and up 30% year over year. Adjusted EPS are forecast at $1.38, down about 13% sequentially and 10.4% lower year over year. For the full fiscal year ending in August, EPS are currently forecast at $7.06, up 15.2%, on sales of $3.44 billion, up 24.6%.

The stock trades at 7.3 times expected 2022 EPS, 8.2 times estimated 2023 earnings of $6.35 and 6.7 times estimated 2024 earnings of $7.77 per share. The stock’s 52-week range is $35.34 to $59.34. Schnitzer Steel pays an annual dividend of $0.75 (yield of 1.45%). Total shareholder return for the past 12 months is 23.4%.

Tilray

Shares of cannabis grower Tilray Inc. (NASDAQ: TLRY) have dropped by about 53% over the past year. The stock was up 3.4% briefly last week before closing out the five-day period down 12.6%. The company reports results first thing Wednesday morning.

The industry got some good news last week when the U.S. House passed legislation (the MORE Act) that would decriminalize marijuana, remove it from the U.S. list of dangerous drugs and slap an excise tax on sales of cannabis products. The less good news is that the legislation is unlikely to get the 60 votes it needs to make it through the U.S. Senate and on to the president’s desk.

Of 20 analysts covering the stock, 14 have a Hold rating on the stock while three have Buy ratings and one has a Strong Sell rating. At a share price of around $7.50, the upside potential to the median price target of $8.00 is 6.7%. At the high price target of $23.00, the upside potential is 207%.


For Tilray’s third quarter of fiscal 2022, analysts are looking for revenue of $159.36 million, up 2.7% sequentially and 30.3% year over year. Analysts expect the company to post a loss per share of $0.08, compared to the prior quarter’s breakeven finish and a loss per share of $0.21 in the year-ago quarter. For the full fiscal year ending in May, analysts currently forecast a loss per share of $0.26, compared to last year’s loss per share of $0.93. Full-year sales are expected to rise by 28.2% to $657.62 million.

Tilray is not expected to post a profit in 2022, 2023 or 2024. The multiple of the company’s enterprise value to sales is 6.2 times in 2022, 5.3 times in 2023 and 4.5 times in 2024. The stock’s 52-week range is $4.78 to $23.04. Tilray does not pay a dividend.

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