Earnings Reports for the Week of Oct. 19-23 (NFLX, PG, TSLA)

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.

Below is a weekly earnings calendar of the most important upcoming quarterly reports schedule to be released by publicly traded companies. There are also earnings previews for select companies. Please check back often. This earnings calendar is updated weekly.

(Editor's Note: Many earnings dates are tentative but may be moved due to coronavirus-related concerns. However, companies featured in "Earnings Spotlights" have officially announced their earnings dates.)

Earnings Calendar Highlights



Noteworthy Earnings Reports


Earnings estimate

Agree RealtyADC$0.42 per share
F.N.B. Corp.FNB$0.21
International Business MachinesIBM$2.58
Lennox InternationalLII$3.15
PPG IndustriesPPG$1.76
Steel DynamicsSTLD$0.46
Zions BancorpZION$0.88



Earnings Spotlight: Procter & Gamble

"PG's recent investments in its brands, capabilities, and organization make it a post-pandemic winner, in our view."

So says CFRA analyst Arun Sundaram ahead of Procter & Gamble's (PG, $144.39) fiscal first-quarter report, due out before the Oct. 20 open. And it's true – PG has been a post-pandemic winner, including for investors, who have seen shares gain 16% year-to-date.

The consumer staples giant has enjoyed solid growth during the pandemic -- its previous-quarter revenues grew 4% to $17.7 billion, while core earnings per share (EPS) improved by 5% to $1.16 per share. For the quarter to be reported, analysts are looking for similarly modest gains: revenues of $18.35 billion (+3.1%) and profits of $1.41 per share (+2.9%).

And in general, there are plenty of signals that business is still booming.

"Although consumer demand has somewhat moderated from the initial stock-up peak, the fact that retail inventory levels are still low should be a sizable tailwind for at least the next few quarters," says CFRA's Sundaram, who has a Buy rating on shares. "We also expect PG to see a strong recovery in China (its second largest market) given its exposure to premium beauty brands in this market and China's economic recovery from Covid-19 is a few months ahead of the rest of the world."

Stifel analysts are similarly optimistic: "Our Buy rating reflects upside risk to organic sales growth near-term reflecting coronavirus-related buying, particularly in Health Care, Fabric and Home Care, and Baby, Feminine, and Family Care, categories accounting for 71% of sales, offset by potential sales weakness in Beauty and Grooming."

Earnings Spotlight: Netflix

P&G has been good, but Netflix (NFLX, $530.79) has been great. Shares have rocketed higher by 64% year-to-date amid a COVID-driven boom in business for most streaming services. Last quarter, for instance, Netflix boasted 10.09 million global paid net subscriber additions, versus 8.26 million expected.

For the quarter to be reported after the Oct. 20 close, JPMorgan analyst Doug Anmuth thinks the company will add 5.1 million more accounts. That estimate is based in part on data from app analytics company Apptopia, which points to 5.4 million adds in Q3.

And broadly speaking, the Street believes Netflix had a productive third quarter. The pros are modeling 21.6% revenue growth to $6.38 billion, and a 44.9% pop in profits to $2.13 per share.

While the Street is broadly bullish on the stock, with 25 Buys vs. 10 Holds and five Sells, some caution is warranted given Netflix's already soaring stock price and high valuation. So, let's see what Wall Street thinks could derail NFLX shares.

"Netflix faces the potential for materially higher churn going forward due to a gap in content production," writes Wedbush analyst Michael Pachter (Underperform, equivalent of Sell). The extraordinary level of consumption of Netflix content multiplied by its large subscriber base suggests to us that some meaningful percentage of subscribers will 'finish' Netflix before a large quantity of new content can be produced."

He also points out the likelihood of "a return to large cash burn" as it increases its sales and marketing expenses.

UBS's Eric Sheridan, at Neutral, raises similar concerns: "NFLX is now a stock at or near its all-time highs with the very real prospect of substantially slower sub net adds in the coming 3-4 qtrs, a need to continue high levels of content spend in an increasingly competitive environment (while navigating content production challenges as COVID persists globally) and a heated debate among investors about the prospect for price increases in coming qtrs (esp. as to whether such increases are demonstrable evidence of pricing power and/or whether those increases might cause gross addition headwinds or more pronounced churn)."

Other Noteworthy Reports


Earnings estimate

AlbertsonsACI$0.26 per share
America MovilAMX$6.07
Canadian National RailwayCNI$1.45
Canadian Pacific RailwayCP$4.23
CIT GroupCIT$0.09
Interactive Brokers GroupIBKR$0.55
Iqvia HoldingsIQV$1.52
Lockheed MartinLMT$6.09
Philip Morris InternationalPM$1.36
Regions FinancialRF$0.32
Synchrony FinancialSYF$0.75
Tenet HealthcareTHC$0.26
Texas InstrumentsTXN$1.27
UBS GroupUBS$0.36



Earnings Spotlight: Tesla

Tesla (TSLA, $439.67), of course, is one of 2020's best stories, and a particularly sweet one if you've held on for the stock's 425% gains across the year.

Tesla delivered 88,400 vehicles in its first quarter, 90,650 in Q2 and 139,300 in Q3, with every one of those numbers beating expectations. The company finally reached profitability for four consecutive quarters, which led to speculation it would be included in the S&P 500 (though it wasn't), and it further ginned up excitement via a 5-for-1 stock split at the end of August.

Analysts also are expecting big things for its Q3 report, due out after the Oct. 21 close: They see revenues up 31.0% to $8.26 billion, and they anticipate profits will shoot 51.4% higher to 56 cents per share.

Here's what to watch for, according to several analysts:

Credit Suisse's Dan Levy (Neutral): "We are ahead of consensus into Tesla 3Q EPS, forecasting non-GAAP EPS 73c ... driven by gross margins; we believe a 3Q beat could be a positive catalyst for the stock. We believe gross margins will be at the center of the beat, benefiting from higher volume."

Wedbush's Daniel Ives (Neutral): "We believe Tesla with a very strong end to the quarter likely could now be in the 140k+ range which could put the bottom-line in the area code of $0.55-$0.60 of EPS, another major feather in the cap for Musk & Co. in this soft macro backdrop with competitors across the board struggling to hit numbers."

Baird's Ben Kallo (Neutral): "Regulatory credits a significant swing factor, and we think guidance may be conservative. TSLA guided to credit revenue roughly doubling y/y, implying ~ $1.2B of revenue for 2020. Based on 1H:20 credit revenue of $782M, this implies ~$200M of revenue quarterly, a decline of 53% sequentially in Q3 (assuming linear distribution). While there is admittedly not a significant amount of visibility on timing of credit sales, we do think the guidance could be somewhat conservative."

Other Noteworthy Reports


Earnings estimate

Abbott LaboratoriesABT$0.90 per share
Baker HughesBKR$0.04
Chipotle Mexican GrillCMG$3.43
Crown Castle InternationalCCI$0.49
Discover Financial ServicesDFS$1.55
Edwards LifesciencesEW$0.44
Globe LifeGL$1.75
Kinder MorganKMI$0.20
Lam ResearchLRCX$5.20
Las Vegas SandsLVS-$0.59
Lithia MotorsLAD$5.85
Manchester UnitedMANU-$0.20
NextEra EnergyNEE$2.62
Sun CommunitiesSUI$0.58
Thermo Fisher ScientificTMO$4.31
Verizon CommunicationsVZ$1.22
Winnebago IndustriesWGO$0.90



Noteworthy Earnings Reports


Earnings estimate

Alaska AirALK-$2.99 per share
American AirlinesAAL-$5.88
American Electric PowerAEP$1.45
BJ's RestaurantsBJRI-$0.69
Boston BeerSAM$4.58
Citrix SystemsCTXS$1.24
Fifth Third BancorpFITB$0.59
Genuine PartsGPC$1.38
Huntington BancsharesHBAN$0.25
Limelight NetworksLLNW$0.02
M&T BankMTB$2.59
Northrop GrummanNOC$5.62
People's United FinancialPBCT$0.29
Quest DiagnosticsDGX$3.71
Robert Half InternationalRHI$0.58
Seagate TechnologySTX$0.88
Sirius XM HoldingsSIRI$0.05
Southwest AirlinesLUV-$2.35
Tractor SupplyTSCO$1.34
Union PacificUNP$2.05
Valero EnergyVLO-$1.31
W.W. GraingerGWW$4.14
West PharmaceuticalWST$1.00



Noteworthy Earnings Reports


Earnings estimate

ABBABB$0.16 per share
American ExpressAXP$1.133
Bloomin' BrandsBLMN-$0.33
Illinois Tool WorksITW$1.46
Reporting schedules provided by and company websites. Earnings estimate data provided by Thomson Reuters via Yahoo! Finance, and FactSet via MarketWatch.

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