Earnings Previews: Dick’s Sporting Goods, Sea Limited
In early trading Friday, the Dow Jones industrials were up 0.23%, the S&P 500 up 0.46% and the Nasdaq up 0.58%.
After U.S. markets closed on Thursday, Marvell missed the consensus earnings per share (EPS) estimate by a penny and posted better-than-expected revenue. The chipmaker issued downside first-quarter EPS and revenue guidance. Marvell did say that swollen inventory and a wrong product mix affected guidance but that the company expects the issues to be solved later this year. Investors are not waiting around; the shares traded down 7.4% early Friday.
ChargePoint posted a smaller-than-expected loss but missed revenue estimates. The EV charging station provider also issued first-quarter revenue guidance that was well short of the consensus estimate. Shares traded down 8.4%.
Costco reported a beat on EPS and a miss on revenue for its fiscal second quarter. Same-store sales growth came in weaker than expected and e-commerce revenue fell 9.6%. Sales of big-ticket items have fallen while demand for groceries has picked up. Shares traded down 3.7% Friday morning.
Broadcom beat consensus estimates on the top and bottom lines and issued upside revenue guidance for the April quarter. The stock traded up 4.6%.
Dell also beat top-line and bottom-line estimates but issued downside guidance for the current quarter and for its 2024 fiscal year, which ends in January. A long-term commitment to a compound annual growth rate (CAGR) of 3% to 4% in EPS, a CAGR of at least 6% in revenue and a net income to free cash flow ratio of 100% were not enough to convince investors. Shares traded up by about 0.3%.
Hewlett Packard Enterprise also beat consensus estimates on the top and bottom lines, and it issued guidance for the current quarter and its 2023 fiscal year that were in line with expectations. The stock traded up 1.4%.
Nordstrom beat the consensus EPS estimate but missed on revenue. Earnings guidance for the company’s 2024 fiscal year was in line with analysts’ consensus, but revenue guidance was below expectations. The stock traded up 2.1%.
No notable earnings reports are expected on Friday, but Lordstown Motors and Trip.com are on deck first thing Monday morning.
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Here is a look at what to expect when the following two companies report quarterly results before Tuesday’s opening bell.
Dick’s Sporting Goods
Sporting gear retailer Dick’s Sporting Goods Inc. (NYSE: DKS) has posted a share price gain of about 16.5% over the past 12 months, including a jump of nearly 7.7% so far in 2023. Its share price growth for the past year trails rivals Academy Sports and Hibbett Sports.
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