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Electronic Stocks Earnings Slated on Nov 2: ITRI, FIT & More
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The technology sector is poised to grab the spotlight as we head into the busiest week of the Q3 earnings cycle. Major Internet companies are scheduled to report earnings this week.
Per the latest Earnings Preview report, as of Oct 28, out of the 291 S&P 500 companies that have come up with their quarterly numbers, approximately 73.5% posted positive earnings surprises, while 57.4% beat top-line expectations. According to the report, earnings of these companies are up 2.2% from the same period last year, while revenues have increased 1.3%.
The trend this earnings season indicates that we may finally see a positive earnings picture after five straight quarters of decline. The report projects that earnings for the total S&P 500 companies will improve 2% from the year-ago period, while total revenue will grow 1.4%. We will have a clearer picture by the end of this week.
Talking about the technology sector, per the Earnings Preview report, as of Oct 28, 72.2% of the sector’s total market capitalization in the S&P 500 index has already reported results. Total earnings of these tech companies are up 1.6% from the same period last year on 1.5% higher revenues, with 87.5% beating earnings estimates and 75% surpassing revenue expectations.
Apple Inc.’s (AAPL - Free Report) dismal results proved to be a drag on the overall performance of the sector. The company’s Q3 earnings were down 19% from the same period last year on 9% lower revenues. However, according to our model, if we exclude Apple, earnings for the rest of the companies that have reported to date were up 8.8% on 4.5% higher revenues.
Moving ahead, as per the Earnings Preview report, technology earnings are expected to be up 2.9% in spite of 1% lower revenues.
Let’s see what’s in store for four Electronic stocks, all of which are expected to release quarterly numbers on Nov 2.
Itron Inc. (ITRI - Free Report) , which provides integrated system solutions for collecting, communicating, analyzing and managing information about energy and water usage, will report third-quarter 2016 results. The stock sports a Zacks Rank #1 (Strong Buy) and has an Earnings ESP of 0.00%. Please check our Earnings ESP Filter that enables you to find stocks that are expected to come out with earnings surprises.
The Zacks Consensus Estimate for the quarter is pegged at 63 cents. Last quarter, the company posted a positive earnings surprise of 62.50%.
Orbotech Ltd. , the world leader in the design, development, manufacture and marketing of imaging solutions for PCB production, and AOI systems for use in the electronics assembly industry, will report third-quarter 2016 results. The stock has a Zacks Rank #3 (Hold) and an Earnings ESP of 0.00%. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for the quarter is pegged at 63 cents. Last quarter, the company posted a positive earnings surprise of 9.43%. Notably, Orbotech has outperformed the Zacks Consensus Estimate thrice in the trailing four quarters with an average positive earnings surprise of 6.07%.
Fitbit Inc. , which manufactures and markets wearable fitness-tracking devices, will report its third-quarter 2016 results. The stock carries a Zacks Rank #4 (Sell) and an Earnings ESP of 9.09%.
The Zacks Consensus Estimate for the quarter is pegged at 11 cents. Last quarter, the company posted a positive earnings surprise of 75.00%. Notably, Fitbit has outperformed the Zacks Consensus Estimate in all the trailing four quarters with an average positive earnings surprise of 143.75%.
TE Connectivity Ltd. (TEL - Free Report) , formerly known as Tyco Electronics Ltd., operates as a global provider of engineered electronic components; network solutions and systems; and wireless systems. The stock, which will report its fourth-quarter fiscal 2016 results, has a Zacks Rank #4 and an Earnings ESP of -1.68%.
The Zacks Consensus Estimate for the quarter is pegged at $1.19. Last quarter, the company posted a positive earnings surprise of 3.85%. Notably, TE Connectivity has outperformed the Zacks Consensus Estimate thrice in the trailing four quarters with an average positive earnings surprise of 3.07%. (Read more: Will TE Connectivity Disappoint in Q4 Earnings?)
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Electronic Stocks Earnings Slated on Nov 2: ITRI, FIT & More
The technology sector is poised to grab the spotlight as we head into the busiest week of the Q3 earnings cycle. Major Internet companies are scheduled to report earnings this week.
Per the latest Earnings Preview report, as of Oct 28, out of the 291 S&P 500 companies that have come up with their quarterly numbers, approximately 73.5% posted positive earnings surprises, while 57.4% beat top-line expectations. According to the report, earnings of these companies are up 2.2% from the same period last year, while revenues have increased 1.3%.
The trend this earnings season indicates that we may finally see a positive earnings picture after five straight quarters of decline. The report projects that earnings for the total S&P 500 companies will improve 2% from the year-ago period, while total revenue will grow 1.4%. We will have a clearer picture by the end of this week.
Talking about the technology sector, per the Earnings Preview report, as of Oct 28, 72.2% of the sector’s total market capitalization in the S&P 500 index has already reported results. Total earnings of these tech companies are up 1.6% from the same period last year on 1.5% higher revenues, with 87.5% beating earnings estimates and 75% surpassing revenue expectations.
Apple Inc.’s (AAPL - Free Report) dismal results proved to be a drag on the overall performance of the sector. The company’s Q3 earnings were down 19% from the same period last year on 9% lower revenues. However, according to our model, if we exclude Apple, earnings for the rest of the companies that have reported to date were up 8.8% on 4.5% higher revenues.
Moving ahead, as per the Earnings Preview report, technology earnings are expected to be up 2.9% in spite of 1% lower revenues.
Let’s see what’s in store for four Electronic stocks, all of which are expected to release quarterly numbers on Nov 2.
Itron Inc. (ITRI - Free Report) , which provides integrated system solutions for collecting, communicating, analyzing and managing information about energy and water usage, will report third-quarter 2016 results. The stock sports a Zacks Rank #1 (Strong Buy) and has an Earnings ESP of 0.00%. Please check our Earnings ESP Filter that enables you to find stocks that are expected to come out with earnings surprises.
ITRON INC Price and EPS Surprise
ITRON INC Price and EPS Surprise | ITRON INC Quote
The Zacks Consensus Estimate for the quarter is pegged at 63 cents. Last quarter, the company posted a positive earnings surprise of 62.50%.
Orbotech Ltd. , the world leader in the design, development, manufacture and marketing of imaging solutions for PCB production, and AOI systems for use in the electronics assembly industry, will report third-quarter 2016 results. The stock has a Zacks Rank #3 (Hold) and an Earnings ESP of 0.00%. You can see the complete list of today’s Zacks #1 Rank stocks here.
ORBOTECH LTD Price and EPS Surprise
ORBOTECH LTD Price and EPS Surprise | ORBOTECH LTD Quote
The Zacks Consensus Estimate for the quarter is pegged at 63 cents. Last quarter, the company posted a positive earnings surprise of 9.43%. Notably, Orbotech has outperformed the Zacks Consensus Estimate thrice in the trailing four quarters with an average positive earnings surprise of 6.07%.
Fitbit Inc. , which manufactures and markets wearable fitness-tracking devices, will report its third-quarter 2016 results. The stock carries a Zacks Rank #4 (Sell) and an Earnings ESP of 9.09%.
FITBIT INC Price and EPS Surprise
FITBIT INC Price and EPS Surprise | FITBIT INC Quote
The Zacks Consensus Estimate for the quarter is pegged at 11 cents. Last quarter, the company posted a positive earnings surprise of 75.00%. Notably, Fitbit has outperformed the Zacks Consensus Estimate in all the trailing four quarters with an average positive earnings surprise of 143.75%.
TE Connectivity Ltd. (TEL - Free Report) , formerly known as Tyco Electronics Ltd., operates as a global provider of engineered electronic components; network solutions and systems; and wireless systems. The stock, which will report its fourth-quarter fiscal 2016 results, has a Zacks Rank #4 and an Earnings ESP of -1.68%.
TE CONNECT-LTD Price and EPS Surprise
TE CONNECT-LTD Price and EPS Surprise | TE CONNECT-LTD Quote
The Zacks Consensus Estimate for the quarter is pegged at $1.19. Last quarter, the company posted a positive earnings surprise of 3.85%. Notably, TE Connectivity has outperformed the Zacks Consensus Estimate thrice in the trailing four quarters with an average positive earnings surprise of 3.07%. (Read more: Will TE Connectivity Disappoint in Q4 Earnings?)
Now See Our Private Investment Ideas
While the above ideas are being shared with the public, other trades are hidden from everyone but selected members. Would you like to peek behind the curtain and view them? Starting today, for the next month, you can follow all Zacks' private buys and sells in real time from value to momentum . . . from stocks under $10 to ETF and option moves . . . from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors. Click here for Zacks' secret trades >>