Earnings Previews: Constellation Brands, Field Trip Health, NovaGold, Walgreens

The three major U.S. equity indexes closed lower Monday, with the Nasdaq dipping by 0.72%, the S&P 500 sliding 0.3% and the Dow Jones industrials closing down 0.2%. The only sectors to close the day with gains were energy (2.9%), utilities (0.8%) and health care (0.4%). All three indexes traded up by less than 1% in Tuesday’s premarket session.

After markets closed on Monday, Dow component Nike beat estimates for both profits and revenue. Shares traded down 2.5% in Tuesday’s premarket due to lowered revenue guidance for the August quarter. Even a $3 billion boost (to $18 billion) in share buybacks did not completely sway investors. reported a smaller than expected loss, and revenue came in as expected. The stock traded up more than 16% on news that the Chinese government relaxed its COVID-19 quarantine rules. China’s airline stocks also saw a boost from the change.

We already have previewed four companies on deck to report quarterly results before markets open on Wednesday: Bed Bath & Beyond, General Mills, Paychex and Schnitzer Steel.

Here is a look at four companies scheduled to release quarterly results late Wednesday or early Thursday.

Constellation Brands

Constellation Brands Inc. (NYSE: STZ) produces, imports and sells beer, wine and spirits in the United States and other countries. With a market cap of around $46.3 billion, it is the country’s largest publicly traded alcoholic beverage stock. The shares have added about 9.7% to their value over the past 12 months, following a spurt two weeks ago.

Constellation’s free cash flow over the past four quarters was nearly $1.7 billion, and even though the company recently raised its dividend payment, shareholders would probably like to hear about a better return on their investment. The company reports results first thing Thursday morning.

Of 24 analysts covering the company, 17 rate the stock a Buy or Strong Buy and the other seven have Hold ratings. At a recent share price of around $247.40, the upside potential based on a median price target of $272.00 is 9.9%. At the high price target of $305.00, the upside potential rises to 23.3%.

Analysts expect Constellation to report fiscal first-quarter revenue of $2.16 billion, which would be up 2.9% sequentially and by 6.4% year over year. Adjusted earnings per share (EPS) are pegged at $2.52, up 6.5% sequentially and 8.2% year over year. For the full 2023 fiscal year ending in February, estimates call for EPS of $11.13, up by 9.1%, and revenue of $9.39 billion, up 6.5%.

The stock trades at 22.6 times expected 2023 EPS, 19.7 times estimated 2024 earnings of $12.74 and 17.4 times estimated 2025 earnings of $14.42 per share. The stock’s 52-week range is $207.35 to $261.52. Constellation pays an annual dividend of $3.20 (yield of 1.41%). Total shareholder return for the past 12 months is 9.7%.

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