The Juneteenth week witnessed several S&P companies revealing their earnings performance across various sectors. Let's take a quick look at the financial outcomes for the week concluded on June 21.
Positive Results Across the Board
Out of the seven companies that disclosed their earnings, only Accenture (ACN) fell short on both EPS and revenue figures. Conversely, Lennar (LEN), Kroger (KR), Darden Restaurants (DRI), Jabil (JBL), CarMax (KMX), and FactSet (FDS) exceeded expectations on both the top and bottom lines.
Overall, nearly 78.9% of the 493 companies that reported earnings this quarter surpassed the earnings per share estimates, while approximately 55% of them outperformed the revenue consensus.
Key Earnings Highlights
On Monday, Lennar (LEN) announced better-than-expected earnings for the second quarter, effectively navigating a challenging mortgage rate environment. The homebuilder remains focused on delivering 80,000 homes this year with a consistent gross margin.
The most significant developments unfolded on Thursday, starting with Kroger (KR), whose premarket trading surged after beating Q1 earnings estimates. The grocery chain reported a 0.5% rise in identical-store sales, exceeding analyst forecasts.
Darden Restaurants (DRI) achieved earnings estimates for Q4 but provided a subdued full-year guidance. The company anticipates total restaurant sales to fall short of estimates, with projected earnings between $9.40 and $9.60 per share.
Encouraging Outlook
Accenture (ACN) lifted its revenue outlook for fiscal year 2024 and offered fourth-quarter revenue guidance that surpassed expectations, propelling its shares higher.
Jabil (JBL) exceeded profit and revenue projections for the third quarter, aiming for robust core margins and EPS in FY24.
CarMax (KMX) also surpassed Q1 earnings estimates, albeit facing challenges like declining used vehicle unit sales and various economic headwinds.
FactSet (FDS) reported positive results for the third quarter, raising its guidance for fiscal year 2024 earnings and profit margins.
Upcoming Reports
Next week, eight S&P 500 companies are set to announce their earnings, including industry heavyweights like FedEx (FDX), Carnival Corp. (CCL), Micron Technology (MU), Nike (NKE), and Walgreens (WBA).