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Iris Energy (IREN) to Post Q2 Earnings: What's in Store?
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Iris Energy, Inc. (IREN - Free Report) is scheduled to report second-quarter and half-year fiscal 2024 results on Feb 15, after the closing bell.
The company has a trailing four-quarter average negative earnings surprise of 563.64%.
Factors to Note
Solid growth in operating hashrate and an increase in Bitcoin mined must have bolstered the company’s revenues in the soon-to-be-reported quarter.
The Zacks Consensus Estimate for IREN’s fiscal second-quarter revenues is pegged at $36.3 million, indicating an improvement of 163.7% from the year-ago quarter’s level.
On the earnings front, higher electricity costs, driven by growth in operating hashrate, might have had some adverse impact on IREN’s quarterly bottom line. Nevertheless, solid revenue growth expectations, as well as improved operational performance, must have boosted its overall earnings in the fiscal second quarter.
The Zacks Consensus Estimate for fiscal second-quarter earnings per share is pegged at breakeven, indicating a significant improvement from the prior-year reported loss of 73 cents.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Iris Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: Iris Energy’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Here are three companies from the same sector that you may want to consider as these have the right combination of elements to post an earnings beat this reporting cycle.
Cheniere Energy (LNG - Free Report) currently has an Earnings ESP of +5.55% and a Zacks Rank #3. The Zacks Consensus Estimate for fourth-quarter sales is pegged at $4.50 billion.
The consensus estimate for LNG’s fourth-quarter earnings is pegged at $2.70 per share. The stock has a four-quarter average earnings surprise of 91.99%.
FuelCell Energy (FCEL - Free Report) currently has an Earnings ESP of +31.03% and a Zacks Rank #3. The Zacks Consensus Estimate for FCEL’s first-quarter fiscal 2024 sales is pegged at $21.8 million.
The consensus mark for the company’s fiscal first-quarter earnings is pegged at a loss of 7 cents per share. FCEL has a four-quarter average earnings surprise of 13.39%.
Energy Transfer (ET - Free Report) currently has an Earnings ESP of +0.69% and a Zacks Rank #1. The Zacks Consensus Estimate for Energy Transfer’s fourth-quarter 2023 sales is pegged at $23.59 billion, implying an improvement of 15% from the prior-year reported figure.
ET delivered an earnings surprise of 6.90% in the last reported quarter. The consensus estimate for fourth-quarter earnings is pegged at 29 cents per share.
Image: Bigstock
Iris Energy (IREN) to Post Q2 Earnings: What's in Store?
Iris Energy, Inc. (IREN - Free Report) is scheduled to report second-quarter and half-year fiscal 2024 results on Feb 15, after the closing bell.
The company has a trailing four-quarter average negative earnings surprise of 563.64%.
Factors to Note
Solid growth in operating hashrate and an increase in Bitcoin mined must have bolstered the company’s revenues in the soon-to-be-reported quarter.
The Zacks Consensus Estimate for IREN’s fiscal second-quarter revenues is pegged at $36.3 million, indicating an improvement of 163.7% from the year-ago quarter’s level.
Iris Energy Limited Price and EPS Surprise
Iris Energy Limited price-eps-surprise | Iris Energy Limited Quote
On the earnings front, higher electricity costs, driven by growth in operating hashrate, might have had some adverse impact on IREN’s quarterly bottom line. Nevertheless, solid revenue growth expectations, as well as improved operational performance, must have boosted its overall earnings in the fiscal second quarter.
The Zacks Consensus Estimate for fiscal second-quarter earnings per share is pegged at breakeven, indicating a significant improvement from the prior-year reported loss of 73 cents.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Iris Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat, which is not the case here.
Earnings ESP: Iris Energy’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: IREN currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks to Consider
Here are three companies from the same sector that you may want to consider as these have the right combination of elements to post an earnings beat this reporting cycle.
Cheniere Energy (LNG - Free Report) currently has an Earnings ESP of +5.55% and a Zacks Rank #3. The Zacks Consensus Estimate for fourth-quarter sales is pegged at $4.50 billion.
The consensus estimate for LNG’s fourth-quarter earnings is pegged at $2.70 per share. The stock has a four-quarter average earnings surprise of 91.99%.
FuelCell Energy (FCEL - Free Report) currently has an Earnings ESP of +31.03% and a Zacks Rank #3. The Zacks Consensus Estimate for FCEL’s first-quarter fiscal 2024 sales is pegged at $21.8 million.
The consensus mark for the company’s fiscal first-quarter earnings is pegged at a loss of 7 cents per share. FCEL has a four-quarter average earnings surprise of 13.39%.
Energy Transfer (ET - Free Report) currently has an Earnings ESP of +0.69% and a Zacks Rank #1. The Zacks Consensus Estimate for Energy Transfer’s fourth-quarter 2023 sales is pegged at $23.59 billion, implying an improvement of 15% from the prior-year reported figure.
ET delivered an earnings surprise of 6.90% in the last reported quarter. The consensus estimate for fourth-quarter earnings is pegged at 29 cents per share.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.