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The Q4 earnings season will pick up with a few notable top-ranked Zacks stocks set to release their quarterly results next Tuesday, January 23.
Three stocks stand out in particular and now looks like a good time to invest in these familiar names as they continue to be sound long-term investments.
Leading steel producer Steel Dynamics covets a Zacks Rank #1 (Strong Buy) ahead of its Q4 report next week as rising earnings estimates help justify that STLD shares are undervalued. Steel Dynamics' bottom line is naturally expected to contract as steel prices drop along with easing inflation but at a 10.5X forward earnings multiple it is hard to overlook Q4 EPS estimates soaring 18% in the last 60 days from projections of $2.23 a share to $2.63 per share.
As Steel Dynamics wraps up its fiscal 2023 annual earnings estimates are now up 2% over the last two months and FY24 EPS estimates have risen 10% which suggests the company may be able to offer better-than-expected guidance.
Although Netflix no longer provides an outlook for its subscriber growth the shift of focusing on its financial performance should keep investors locked in. Netflix sports a Zacks Rank #2 (Buy) and is expecting substantial quarterly growth that supports the company’s lofty but reasonable valuation.
To that point, Q4 EPS is projected to skyrocket to $2.20 a share compared to $0.12 a share in the prior-year quarter. Plus, Q4 sales are expected to rise 11% to $8.72 billion. Rounding out fiscal 2023 annual earnings are now projected to be up 22% and FY24 EPS is forecasted to expand another 32% to $18.07 per share. This is also accompanied by top-line expansion of 6% growth in FY23 and total sales are expected to jump another 14% this year to $38.4 billion.
Multi-sector conglomerate General Electric is also worthy of investors' consideration ahead of its fourth quarter report next Tuesday and sports a Zacks Rank #2 (Buy). General Electric's extensive reach continues to sustain the company's bottom line despite Q4 earnings projected to decline to $0.90 a share versus $1.24 per share in the comparative quarter.
Still, annual earnings are expected to be up 1% for FY23 and General Electric’s EPS is forecasted to accelerate and soar 69% in FY24 to $4.49 per share. Furthermore, General Electric has now surpassed earnings expectations for four straight quarters posting an average earnings surprise of 53.42%.
Image Source: Zacks Investment Research
Bottom Line
Investors will certainly want to keep Steel Dynamics, Netflix, and General Electric on their radars next week as these stocks could rip higher if they post favorable Q4 results and offer positive financial guidance.
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Top Stocks to Buy as Earnings Approach
The Q4 earnings season will pick up with a few notable top-ranked Zacks stocks set to release their quarterly results next Tuesday, January 23.
Three stocks stand out in particular and now looks like a good time to invest in these familiar names as they continue to be sound long-term investments.
Steel Dynamics (STLD - Free Report)
Leading steel producer Steel Dynamics covets a Zacks Rank #1 (Strong Buy) ahead of its Q4 report next week as rising earnings estimates help justify that STLD shares are undervalued. Steel Dynamics' bottom line is naturally expected to contract as steel prices drop along with easing inflation but at a 10.5X forward earnings multiple it is hard to overlook Q4 EPS estimates soaring 18% in the last 60 days from projections of $2.23 a share to $2.63 per share.
As Steel Dynamics wraps up its fiscal 2023 annual earnings estimates are now up 2% over the last two months and FY24 EPS estimates have risen 10% which suggests the company may be able to offer better-than-expected guidance.
Image Source: Zacks Investment Research
Netflix (NFLX - Free Report)
Although Netflix no longer provides an outlook for its subscriber growth the shift of focusing on its financial performance should keep investors locked in. Netflix sports a Zacks Rank #2 (Buy) and is expecting substantial quarterly growth that supports the company’s lofty but reasonable valuation.
To that point, Q4 EPS is projected to skyrocket to $2.20 a share compared to $0.12 a share in the prior-year quarter. Plus, Q4 sales are expected to rise 11% to $8.72 billion. Rounding out fiscal 2023 annual earnings are now projected to be up 22% and FY24 EPS is forecasted to expand another 32% to $18.07 per share. This is also accompanied by top-line expansion of 6% growth in FY23 and total sales are expected to jump another 14% this year to $38.4 billion.
Image Source: Zacks Investment Research
General Electric (GE - Free Report)
Multi-sector conglomerate General Electric is also worthy of investors' consideration ahead of its fourth quarter report next Tuesday and sports a Zacks Rank #2 (Buy). General Electric's extensive reach continues to sustain the company's bottom line despite Q4 earnings projected to decline to $0.90 a share versus $1.24 per share in the comparative quarter.
Still, annual earnings are expected to be up 1% for FY23 and General Electric’s EPS is forecasted to accelerate and soar 69% in FY24 to $4.49 per share. Furthermore, General Electric has now surpassed earnings expectations for four straight quarters posting an average earnings surprise of 53.42%.
Image Source: Zacks Investment Research
Bottom Line
Investors will certainly want to keep Steel Dynamics, Netflix, and General Electric on their radars next week as these stocks could rip higher if they post favorable Q4 results and offer positive financial guidance.