In this article, we discuss the 5 most anticipated earnings to watch on Wednesday. If you want to see some more companies reporting earnings this week, go directly to 10 Most Anticipated Earnings to Watch on Wednesday.
5. Crown Castle International Corp. (NYSE:CCI)
Number of Hedge Fund Holders: 50
Crown Castle International Corp. (NYSE:CCI) is set to post its financial results for the second quarter after the closing bell on Wednesday, July 20, 2022. The shared communications infrastructure provider is expected to report earnings of 96 cents per share on revenue of $1.71 billion.
For the first quarter, Crown Castle International Corp. (NYSE:CCI) surpassed profit and sales expectations. It reported earnings of 97 cents per share on revenue of $1.74 billion, while analysts were looking for earnings of 94 cents per share on revenue of $1.69 billion.
Separately, investment management firm ClearBridge Investments talked about Crown Castle International Corp. (NYSE:CCI) in its Q1 2022 investor letter, stating:
“U.S. communications company Crown Castle International (NYSE:CCI) was the largest detractor from quarterly performance. Crown Castle is the leading independent owner and operator of wireless communications infrastructure in the U.S. with a portfolio of approximately 40,000 towers. The stock underperformed as, driven by rising interest rates, investors rotated away from defensive into more value-oriented sectors. Communications infrastructure remains attractive, however, as companies continue to deploy greater capital spend to support the strong tailwinds from 5G.”
4. Alcoa Corporation (NYSE:AA)
Number of Hedge Fund Holders: 50
Alcoa Corporation (NYSE:AA) is scheduled to announce its second-quarter results after the market close on Wednesday, July 20, 2022. Analysts expect Alcoa Corporation (NYSE:AA) to post earnings of $2.44 per share on revenue of $3.16 billion.
Industry experts expect Alcoa Corporation (NYSE:AA) to meet financial expectations for Q2, as the company is likely to have benefitted from higher prices and shipment volume of aluminum during the quarter.
3. Biogen Inc. (NASDAQ:BIIB)
Number of Hedge Fund Holders: 61
Biogen Inc. (NASDAQ:BIIB) is a biotechnology firm primarily engaged in the development of therapies for neurological diseases. The Cambridge-based firm plans to announce its second-quarter results before the opening bell on Wednesday, July 20, 2022.
Analysts expect Biogen Inc. (NASDAQ:BIIB) to report earnings of $4.10 per share on revenue of $2.48 billion. The company had posted adjusted earnings of $5.68 per share on revenue of $2.77 billion for the comparable period of 2021.
Biogen Inc. (NASDAQ:BIIB) also received a price-target hike from Oppenheimer on Monday, July 18, 2022, just a couple of days before its earnings report. Oppenheimer analyst Jay Olson lifted his price target for Biogen Inc. (NASDAQ:BIIB) from $225 per share to $230 per share, citing the company’s increased efforts to grow its sales from therapies other than Aduhelm.
2. Abbott Laboratories (NYSE:ABT)
Number of Hedge Fund Holders: 68
Abbott Laboratories (NYSE:ABT) is one of the largest medical devices and health care companies in the U.S. The company is set to post its second-quarter results before the market opens on Wednesday, July 20, 2022.
Analysts are calling for earnings of $1.12 per share and revenue of $10.31 billion. Abbott Laboratories (NYSE:ABT) is expected to beat the consensus for earnings as its medical devices segment is likely to have benefitted from a spike in the number of procedures carried out during the quarter. However, the company faced production hurdles at one if its facilities that could hurt some of its sales growth.
Earlier this year, investment management firm Diamond Hill Capital also discussed Abbott Laboratories (NYSE:ABT) in its first-quarter 2022 investor letter. Here’s what the firm said:
“Abbott Labs announced a recall of its infant formula brand Similac® in the US. Though the recall will impact near-term revenues, we are not concerned about any long-term impacts. We remain optimistic about the company’s prospects over the long run because, in our view, it is one of the highest quality names in health care with a talented management team that makes smart capital allocation decisions. Abbott also has leading health care and consumer franchises with a particularly strong competitive position in the medical device business. Abbott continues to launch innovative products in key strategic areas (such as diabetes, structural heart and diagnostics), which should help drive not only revenue growth but margin expansion.”
1. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 80
All eyes are on Tesla, Inc. (NASDAQ:TSLA) as the electric vehicle (EV) giant gears up to announce its second-quarter results on Wednesday, July 20, 2022. Analysts are expecting Tesla, Inc. (NASDAQ:TSLA) to post earnings of $2.30 per share on revenue of $17.39 billion.
Tesla, Inc. (NASDAQ:TSLA) has already announced its vehicle deliveries for the June quarter. The company delivered 254,695 vehicles for the quarter, missing the consensus estimate of 295,078. The numbers were also lower than the 310,048 vehicles delivered by Tesla, Inc. (NASDAQ:TSLA) in the first quarter of 2022.
The drop was mainly attributed to the pandemic-related shutdowns in China. While the demand for the company’s vehicles is strong, Tesla, Inc. (NASDAQ:TSLA) continues to face supply-chain disruptions.
You can also take a peek at Top 10 Stock Picks of Jeffrey Diehl’s Adams Street Partners and Jim Cramer Recommends These 10 Stocks For Recession.
