Kiplinger's Weekly Earnings Calendar (8/3-8/7): BP, DIS, FSLY, SQ

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.

• Monday (8/3)
• Tuesday (8/4)
• Wednesday (8/5)
• Thursday (8/6)
• Friday (8/7)

(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

MONDAY

Noteworthy Earnings Reports

TUESDAY

Earnings Spotlight: BP

BP's (BP, $22.04) second-quarter report, due out before the Aug. 4 open, isn't so much in the spotlight for what Wall Street expects out of its quarterly financials, but what it expects to happen to the dividend. Namely, several analysts believe the energy blue chip will cut its regular payout.

"We also include in our forecast a cut in the quarterly dividend to 6c/share from 10.5c/share previously," writes UBS's Jon Rigby (Buy). "We see a combination of a challenging payout, debt levels, changed view of macro, peer precedent plus impending strategy shift as suggesting the Board decides the cut with 2Q. Consensus, the futures market and our own discussions imply a cut is widely expected among investors."

Jefferies analyst Jason Gammel, like DB, rates BP a Buy despite seeing a "good chance" of a dividend reduction. "(This is) the first time our team has ever upgraded a stock to Buy when the risk of an imminent dividend cut was possible, but we believe a cut of 65% is already priced into the stock," he writes.

As for the report itself, Wall Street is collectively looking for a 41.1% decline in revenues to $42.78 billion. Meanwhile, earnings are expected to flip from an 84-cent profit in the year-ago quarter to a $1.10 deficit in the most recent Q2.

Earnings Spotlight: Disney

Disney (DIS, $116.94) shareholders are likely hoping for some sign of a turnaround in the company's fiscal third-quarter report, due out after Tuesday's closing bell.

However, while the company has reopened its parks, the near-term outlook could remain foggy thanks to Florida's continued issues containing the coronavirus.

"Based on our proprietary dbDIG geolocation data, Disney World attendance has remained stable from the prior weekend, down 83% yr/yr in aggregate across the four properties," writes Deutsche Bank's Bryan Kraft. "COVID cases continue to fluctuate in Florida, but the overall surge in cases remains. We believe the enhanced safety measures are helpful in encouraging people to visit the parks, but we assert that a better handle on COVID is needed to see a positive step change in attendance."

Disney also continues to navigate uncertainty in the theater business, delaying Mulan's Aug. 21 release indefinitely and pushing back all of its untitled Star Wars movies by a year.

For the quarter to be reported, analysts are looking for $12.39 billion in revenues (-38.8%) and a loss of 64 cents per share, down from a $1.35 profit in 2019.

Other Noteworthy Reports

WEDNESDAY

Earnings Spotlight: Fastly

Fastly (FSLY, $96.49), a relatively new name for many investors, is a cloud stock focused on content delivery that has simply taken off in 2020, exploding for more than 380% gains through 2020's first seven months.

Naturally, that kind of movement is usually going to raise some valuation concerns, and that's exactly what has happened with FSLY.

Bank of America's Tal Liani gave the stock a rare double downgrade in July, from Buy to Underperform, saying that while the stock has solid fundamentals, "risks around execution and competition remain and are not reflected in the current valuation." Craig-Hallum analyst Jeff Van Rhee actually is excited about the company's execution but thinks shares are just too pricey, at an enterprise value that's 26 times expected 2021 revenues.

The pros believe Fastly, which will report after the Aug. 5 close, will say revenues grew by 58.2% year-over-year to $71.4 million, and that its net loss shrunk from 16 cents per share to just a penny per share.

Earnings Spotlight: Square

Payments technology company Square (SQ, $129.85), which also reports after Wednesday's close, has more than doubled in 2020 and hopes to keep the party going despite what's expected to be a less-than-thrilling earnings report.

Square's point-of-sale technology has taken a hit amid the COVID-19 outbreak, though its e-commerce solutions have unsurprisingly been in higher demand. Still, Q2 results are expected to include a 3.4% year-over-year decline in sales to $1.13 billion, and a significant bottom-line drop from 21 cents per share to a 5-cent loss.

Piper Sandler analysts Christopher Donat and Crispin Love (Neutral) point out the dangers in a recent note:

"We think Square is one of the best growth stories in the payments space, as demonstrated by annual gross profit growth that has exceeded 40% for the past five years," they write. "However, we are concerned that Square's growth with small businesses who were underserved by traditional payments companies has left it overly exposed to at-risk companies. This has negative implications for not just payment volumes but also credit costs."

BofA analyst Jason Kupferberg (Underperform) adds that SQ's valuation has exploded, from a 14.3 EV/gross profit multiple to 22.5. He also says "once small-business stimulus runs out, and if many of these SMBs are not allowed to fully re-open for a long time, it seems likely that an ample number of them could go under."

Other Noteworthy Reports

THURSDAY

Noteworthy Earnings Reports

FRIDAY

Noteworthy Earnings Reports

Reporting schedules provided by Briefing.com and company websites. Earnings estimate data provided by Thomson Reuters via Yahoo! Finance, and FactSet via MarketWatch.