CoStar Group (CSGP) to Post Q2 Earnings: What's in Store?
CoStar Group CSGP is slated to report its second-quarter 2023 earnings on Jul 25.
CoStar Group expects revenues between $603 million and $608 million, indicating growth of 13% year over year at the midpoint of the range. Earnings are expected between 29 and 30 cents per share.
For the second quarter, the Zacks Consensus Estimate for revenues currently stands at $607.49 million, suggesting growth of 13.27% from the year-ago quarter.
The consensus mark for earnings has remained unchanged at 30 cents per share over the past 30 days, indicating growth of 7.14% from the year-ago quarter.
CoStar Group’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 21.52%.
CoStar Group, Inc. Price and EPS Surprise
CoStar Group, Inc. price-eps-surprise | CoStar Group, Inc. Quote
Let’s see how things have shaped up for the upcoming announcement.
Factors to Note
CoStar Group’s second-quarter performance is likely to have suffered from the negative trends in the multifamily market. Supply has been outweighing demand, which does not bode well for its top-line growth.
Moreover, raging inflation, challenging macroeconomic conditions and higher interest rates have been dampening consumer confidence, which is expected to hurt CoStar Group’s results in the to-be-reported quarter.
Apartments.com (multifamily) is expected to have witnessed revenue growth in the second quarter of 2023, driven by strong traffic and higher ad spending. It is also benefiting from the addition of the Homes.com rental area to its network and the tremendous growth in traffic to Homes.com.
The Zacks Consensus Estimate for Apartments.com second quarter 2023 revenues are pegged at $224 million, indicating 23.1% year-over-year growth. The consensus mark for Loopnet is pegged at $67 million, suggesting 19.6% year-over-year growth.
What Our Model Says
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here.
CoStar Group has an Earnings ESP of 0.00% and currently carries a Zacks Rank #3 (Hold). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Tyler Technologies TYL has an Earnings ESP of +0.54% and sports a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Tyler shares have gained 29.5% year to date. TYL is set to report its second-quarter 2023 results on Jul 27.
Cadence Design Systems CDNS has an Earnings ESP of +0.67% and a Zacks Rank #1.
Cadence Design shares have gained 51% year to date. CDNS is set to report its second-quarter 2023 results on Jul 24.
Meta Platforms META has an Earnings ESP of +6.56% and a Zacks Rank #2.
Meta Platforms shares have gained 161.8% year to date. META is set to report its second-quarter 2023 results on Jul 26.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Cadence Design Systems, Inc. (CDNS) : Free Stock Analysis Report
CoStar Group, Inc. (CSGP) : Free Stock Analysis Report
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Meta Platforms, Inc. (META) : Free Stock Analysis Report
