Things You Need to Know Before Corteva's (CTVA) Q2 Earnings
Corteva, Inc. CTVA is slated to release second-quarter 2023 results on Aug 4, after market close. The Zacks Consensus Estimate for the company’s second-quarter revenues is pegged at $6.5 billion, suggesting 3.1% growth from the prior-year period’s reported figure.
The consensus mark for earnings has moved down 1.3% in the past seven days to $1.58 per share. It suggests a decrease of 3.7% from the year-ago reported figure.
Factors to Consider
Corteva has been gaining from a better product mix, and high-value areas of bio-fuels, specialty oils and proteins, and biologicals. It has been witnessing buying pattern normalization, driven by improvement in the supply chain and higher interest rates.
On its last earnings call, management expected continued pricing momentum and increased U.S. corn acres to lead to first-half seed growth. Strong demand, along with tight supply and crop prices above historical averages, is likely to have aided its second-quarter performance.
However, the company has been reeling under currency headwinds and higher input costs. In its last earnings report, it expected cost inflation to be in the high-single digits in the first half of the year due to the sell-through of higher crop protection inventory and the seasonal timing of higher seed input costs. Currency headwinds are anticipated to have weighted heavily in the first half of the year, owing to European currencies and the seasonal pattern of sales in EMEA.
Corteva, Inc. Price and EPS Surprise
Corteva, Inc. price-eps-surprise | Corteva, Inc. Quote
Zacks Model
Our proven model doesn’t conclusively predict an earnings beat for Corteva this season. 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’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Corteva currently has a Zacks Rank #3 and an Earnings ESP of -2.46%.
Stocks With the Favorable Combination
Here are three companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat:
Beyond Meat BYND currently has an Earnings ESP of +14.60% and a Zacks Rank of 2. BYND is expected to register a top-line decrease when it reports second-quarter 2023 numbers. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Beyond Meat’s quarterly revenues is pegged at $111.3 million, indicating a decline of 24.3% from the prior-year quarter’s reported figure. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 81 cents, which suggests an improvement of 47.1% from the figure reported in the year-ago quarter. BYND has a trailing four-quarter negative earnings surprise of 14.1%, on average.
Celsius Holdings, Inc. CELH currently has an Earnings ESP of +10.04% and a Zacks Rank #2. The company’s top and bottom lines are expected to increase year over year when it reports second-quarter 2023 results. The Zacks Consensus Estimate for Celsius Holdings’ quarterly revenues is pegged at $278.9 million, implying growth of 81.1% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for the quarterly EPS is pegged at 31 cents, indicating an improvement from the 12 cents reported in the year-ago quarter. CELH has a trailing four-quarter negative earnings surprise of 99.1%, on average.
Inter Parfums IPAR has an Earnings ESP of +11.74% and a Zacks Rank #1 at present. The company is expected to report its second-quarter 2023 results on Aug 8. IPAR’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters, missing once, the average surprise being 37.2%.
The Zacks Consensus Estimate for Inter Parfums’ second-quarter earnings is pegged at 88 cents per share, indicating a 2.3% increase from the year-ago quarter’s earnings of 86 cents. The consensus mark for revenues is pegged at $309.1 million, suggesting a year-over-year increase of 26.3%.
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Inter Parfums, Inc. (IPAR) : Free Stock Analysis Report
Celsius Holdings Inc. (CELH) : Free Stock Analysis Report
Beyond Meat, Inc. (BYND) : Free Stock Analysis Report
Corteva, Inc. (CTVA) : Free Stock Analysis Report
