Earnings Digest - Week of June 26th
An overview of last week's earnings and things to watch for next week's announcements, powered by chatGPT.
Last Week in a Nutshell
Summary by Company
To Watch Next Week
Dictionary
Last Week In a Nutshell
FDX: FedEx reported mixed Q4 results with a drop in earnings, decline in revenue, and concerns over fiscal 2024 guidance, while also announcing the retirement of its CFO.
KBH: KB Home exceeded expectations in earnings and revenues, but provided lower guidance for fiscal 2023 with reduced housing revenues and expected operating and housing gross margins.
ACN: Accenture reported better-than-expected earnings but disappointed with new bookings, causing ACN stock to fall; the company trimmed its revenue growth target and emphasised its focus on artificial intelligence.
SWBI: decline in net sales and gross margin, but expressed optimism about the future of the firearm market and its performance.
Summary by Company
FDX 0.00%↑ FedEx
FedEx reported mixed results for its late Q4 report, with a 28% drop in earnings and a 10.2% decline in revenue compared to the previous year. This marks the third consecutive quarter of sales declines for the company.
Despite optimism surrounding FedEx's DRIVE initiative, which aims to generate $4 billion in cost reductions by 2025, analysts expressed concerns about the company's fiscal 2024 guidance.
Jefferies warned that an "overly optimistic" earnings target from FedEx could have a negative impact on Wall Street's perception, emphasizing a more realistic earnings range of $15 to $21 per share.
Additionally, FedEx announced the retirement of its Chief Financial Officer, Michael Lenz, effective July 31, 2023.
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