Earnings watch – Notable companies due on to report Monday, June 17 include Lennar (LEN), and La-z-boy (LZB).

Monday, June 17:
Lennar (LEN):
Lennar (LEN) is set to report its 2nd quarterly earnings on June 17, 2024 after market close.
Estimated EPS $3.24 and estimated revenue is $8.52B.
For the second quarter of fiscal year 2024, the company now expects net sales to be in the range of $8.77B to $9.05B.
The expected option implied volatility is 7.16%.

La-Z-Boy Incorporated (LZB):
La-z-boy (LZB) is set to report its 4th quarterly earnings on June 17, 2024 after market close.
Estimated EPS $0.7 and estimated revenue is $516.44M.
For the fourth quarter of fiscal 2024, company expects sales to be in the range of $505 million -$535 million.
The expected option implied volatility is 8.33%.

Tuesday, June 18:
Earnings watch – Notable companies due to report on Tuesday, June 18 include America’s Car-Mart (CRMT), Cognyte (CGNT), Patterson Companies, Inc (PDCO) and kb Home (KBH).

America’s Car-Mart (CRMT):
America’s Car-Mart (CRMT) is set to report its 4th quarterly earnings on June 11, 2024 before market open.
Estimated EPS $0.89 and estimated revenue is $361.47M.
America’s Car Mart’s leadership discusses several key initiatives and their anticipated impact on the company’s performance. These initiatives include the full implementation of their loan origination system (LOS), which is expected to drive better financial outcomes through improved deal structures and stronger consumer profiles. They also highlight a new strategic partnership with Cox Automotive, aimed at improving vehicle movement, repairs, acquisitions, and remarketing, which is expected to enhance efficiency and profitability. Additionally, the company is actively pursuing further acquisitions and expects to close more deals within the calendar year. The executives expressed confidence that these efforts will address affordability challenges in the industry and contribute to long-term profitable growth. They are optimistic about the future, despite current challenges, and believe that their initiatives will ultimately lead to improved shareholder returns and a stronger market position.

Cognyte Software, LTD (CGNT):
Cognyte Software, LTD (CGNT) is set to report its 1st quarterly earnings on June 18, 2024 before market open.
Estimated EPS -$0.06 and estimated revenue is $82.5M.
For the FY2025 company expects $340 million revenue at the midpoint with a range of +/-2%, approximately 8.5% growth from previous year non-GAAP revenue and diluted eps of -$0.13 at the midpoint.
The expected option implied volatility is 14.83%.

Patterson Companies, Inc (PDCO):
Patterson Companies, Inc (PDCO) is set to report its 4th quarterly earnings on June 18, 2024 before market open.
Estimated EPS $0.82 and estimated revenue is $1.87B.
For 2024 company revises its Non-GAAP adjusted earnings and now expected earnings are in the range of $2.30 to $2.35 per diluted share.
The expected option implied volatility is 8.25%.

KB Home (KBM):
KB Home (KBH) is set to report its 2nd quarterly earnings on June 18, 2024 after market close.
Estimated EPS $1.8 and estimated revenue is $1.65B.
For 2024 company expects housing revenues in the range of $6.50 billion to $6.90 billion.
The expected option implied volatility is 7.11%.

Wednesday, June 19:
Earnings watch – Notable companies due to report on Wednesday, June 18 include Steelcase (SCS).

Steelcase (SCS):
Steelcase (SCS) is set to report its 1st quarterly earnings on June 18, 2024 after market close.
Estimated EPS $0.1 and estimated revenue is $729.12M.
the company expects first quarter fiscal 2025 revenue to be in the range of $715 to $740 million. The company expects to report earnings per share of between $0.05 to $0.09 for the first quarter of fiscal 2025 and adjusted earnings per share of between $0.08 to $0.12.
For fiscal 2025, the company is targeting organic revenue growth of 1 to 5 percent compared to fiscal 2024 and adjusted earnings per share of between $0.85 to $1.00.
The expected option implied volatility is 9.7%.

Thursday, June 20:
Earnings watch – Notable companies due to report on Thursday, June 18 include Aurora Cannabis, Inc (ACB), Accenture PLC (ACN), Kroger (KR), Darden Restaurants (DRI), Jabil Inc. (JBL), Winnebago Industries, Inc (WGO), Tsakos Energy Navigation Limited (TNP), Gypsum Management and Supply (GMS), Commercial Metals Company (CMC), Smith & Wesson (SWBI) and Algoma Steel Group, Inc (ASTL).

Aurora Cannabis, Inc (ACB):
Aurora Cannabis, Inc (ACB) is set to report its 4th quarterly earnings for FY2024 on June 20th before market opens.
Estimated EPS -$0.17 and estimated revenue is $51.23M.
The expected option implied volatility is 9.2%.

Accenture PLC (ACN):
Accenture PLC (ACN) is set to report its 3rd quarterly earnings on June 20 2024 before market opens.
Estimated EPS $3.15 and estimated revenue is $16.54B.
Accenture expects revenues for the third quarter of fiscal 2024 to be in the range of $16.25 billion to $16.85 billion.
For fiscal 2024, the company now expects revenue growth to be in the range of 1% to 3%. The company now expects GAAP diluted EPS to be in the range of $11.41 to $11.64 and adjusted EPS to be in the range of $11.97 to $12.20.
The expected option implied volatility is 6.83%.

Kroger (KR):
Kroger (KR) is set to report its FY2024 1st quarterly earnings on June 20 2024 before market opens.
Estimated EPS $1.34 and estimated revenue is $45.04B.
For the FY2024 company expects adjusted net earnings per diluted share of $4.30 – $4.50.
The expected option implied volatility is 5.75%.

Darden Restaurants (DRI):
Darden Restaurants (DRI) is set to report its FY2024 4th quarterly earnings on June 20 2024 before market opens.
Estimated EPS $2.61 and estimated revenue is $2.97B.
For the FY2024 company expects total sales of approximately $11.4 billion and adjusted diluted net earnings per share from continuing operations of $8.80 to $8.90.
The expected option implied volatility is 5.05%.

Jabil Inc. (JBL):
Jabil Inc. (JBL) is set to report its FY2024 3rd quarterly earnings on June 20 2024 before market opens.
Estimated EPS $1.85 and estimated revenue is $6.53B.
For the Q3 FY2024 company expects $6.2 billion to $6.8 billion of net revenue and GAAP diluted earnings per share of $0.82 to $1.38.
The expected option implied volatility is 9.5%.

Winnebago Industries, Inc (WGO):
Winnebago Industries, Inc (WGO) is set to report its FY2024 3rd quarterly earnings on June 20 2024 before market opens.
Estimated EPS $1.33 and estimated revenue is $804.31M.
CEO Commentary
“Winnebago Industries performed in line with our expectations for the quarter, navigating the effects of ongoing softness in the RV and marine markets,” said President and Chief Executive Officer Michael Happe. “As anticipated, wholesale shipments were constrained in the quarter, as dealers continued to closely manage inventory levels amid a higher interest rate environment and seasonal demand trends. Despite these macroeconomic challenges, we continue to demonstrate resilient profitability and an unwavering commitment to operational discipline that is reflected in the Company’s diversified portfolio of premium brands, investments in new products and technologies, and healthy balance sheet.”
“Purposeful innovation remains a core driver of our growth strategy, delivering customer-centric design and thoughtful, affordable technology to delight customers,” Happe continued. “In recent months we have introduced new models and features across our motorized and towable RV portfolios, enabling Winnebago, Grand Design RV and Newmar to further enhance our customers’ ability to be great outdoors. On the marine side, Chris-Craft recently launched a special 150th anniversary edition of its iconic Launch 27, while our Barletta brand continues to expand its product reach as the industry’s fastest-growing pontoon business.”
The expected option implied volatility is 7.4%.

Tsakos Energy Navigation Limited (TNP):
Tsakos Energy Navigation Limited (TNP) is set to report its FY2024 1st quarterly earnings on June 20 2024 before market opens.
Estimated EPS $1.81 and estimated revenue is $199.88M.
The expected option implied volatility is 7.94%.

Gypsum Management and Supply (GMS):
Gypsum Management and Supply (GMS) is set to report its FY2024 4th quarterly earnings on June 20 2024 before market opens.
Estimated EPS $2.04 and estimated revenue is $1.4B.
The expected option implied volatility is 7.52%.

Commercial Metals Company (CMC):
Commercial Metals Company (CMC) is set to report its FY2024 3rd quarterly earnings on June 20 2024 before market opens.
Estimated EPS $1.02 and estimated revenue is $2.02B.
Management Comments:
Mr. Matt said, “Finished steel shipments within our North America Steel Group are expected to follow a typical seasonal pattern during the third quarter, while adjusted EBITDA margin should be largely stable on a sequential basis. Conditions in Europe are expected to remain challenging, but adjusted EBITDA is anticipated to approach breakeven levels during the third quarter. Financial results for our Emerging Businesses Group should improve meaningfully, driven by the normal seasonal uptick in demand, strong underlying market fundamentals and a healthy order book.”
Mr. Matt added, “We continue to expect robust spring and summer construction activity driven by increased infrastructure investments, which we anticipate will support an already strong demand backdrop in both the North America Steel Group and the Emerging Businesses Group. Business conditions for our Europe Steel Group are slowly improving, and should further benefit from increased residential construction activity as a government program aimed at first-time homebuyers, and other government sponsored investment programs, begin to impact steel demand.”
The expected option implied volatility is 6.76%.

Smith & Wesson (SWBI):
Smith & Wesson (SWBI) is set to report its FY2024 4th quarterly earnings on June 20 2024 after market close.
Estimated EPS $0.34 and estimated revenue is $156.8M.
Mark Smith, President and Chief Executive Officer, commented, “Our team delivered another strong quarter on both the top and bottom line. We believe we gained market share as our shipments outpaced the overall firearm market, reflecting the continuing robust demand for our best-in-class, innovative new products and sustained momentum in our core product portfolio. We continue to expect the firearm market to experience healthy demand through the 2024 election cycle. With our deep pipeline of new products, leading brand, new state-of-the-art facility in Tennessee, strong balance sheet, and most importantly, world-class dedicated employees, we are well positioned to continue delivering value for our stockholders.”
Deana McPherson, Executive Vice President and Chief Financial Officer, commented, “Net sales for our third quarter were 6.5% above the prior year comparable quarter. During the quarter, inventory in the distribution channel declined from October levels, in terms of actual units and weeks of inventory, indicating strong sell through of our products at retail. Cash generated by operations was $25.4 million, $18.5 million better than last year, primarily due to receivables remaining relatively flat to last quarter while inventory declined by $9.8 million. We repurchased nearly 71,000 shares during the third quarter, utilizing $916,000 of our $50 million authorization, and paid $5.5 million in dividends. Consistent with our capital allocation strategy, our board of directors has authorized a $0.12 per share quarterly dividend, which will be paid to stockholders of record on March 21, 2024 with payment to be made on April 4, 2024.”
The expected option implied volatility is 13.16%.

Algoma Steel Group, Inc (ASTL):
Algoma Steel Group, Inc (ASTL) is set to report its FY2024 4th quarterly earnings on June 20 2024 after market close.
Estimated EPS -$0.01 and estimated revenue is $575M.
Michael Garcia, the Company’s Chief Executive Officer, commented, “We delivered results in the fiscal third quarter that were consistent with our previously disclosed outlook, accomplished against a challenging backdrop that included the remaining impact of the UAW strike and a heavy seasonal maintenance quarter. Improved market fundamentals coupled with the settlement of the strike in October led to a rebound in pricing which based on the lagging nature of our order book is expected to positively impact pricing realizations beginning in our fiscal fourth quarter.”
Mr. Garcia added, “As an update to our January 20th and January 23rd announcements regarding the collapse of a structure supporting utilities piping at our coke-making plant corridor, limited coke making operations continue and, as we develop our revised production plan, we will continue to evaluate our requirement for purchased coke to supplement our current inventories. We’ve finished all of the necessary repairs at the blast furnace following the related operational outage and have begun gradually restarting the furnace, increasing energy input as conditions permit. Based on our current assessment, we anticipate producing usable hot metal within the next seven days. We aim to return to full production within the next two weeks. The outage at the blast furnace and limited coke production are collectively expected to negatively impact shipments, costs and profitability in the fourth fiscal quarter.”
“Our transformative EAF project continues to advance in line with our expectations with commissioning expected to start by late 2024. As of December 31, 2023, we had invested a total of $509.9 million in its development, which represents approximately 60% of the anticipated total project cost. Importantly, project commitments to date total approximately $750 million with approximately 7% tied to time and material contracts, while the balance is fixed price in nature. We expect to contract the majority of the remaining costs by the end of the current quarter. We look forward to what promises to be an important and exciting year in the story of Algoma.”
The expected option implied volatility is 8.69%.

Earnings watch – Notable companies due on to report Friday, June 21 include Carmax (KMX), and Factset Research Systems, Inc (FDS).
Carmax, Inc (KMX):
Carmax, Inc (KMX) is set to report its FY2025 1st quarterly earnings on June 21 2024 before market opens.
Estimated EPS $0.98 and estimated revenue is $7.25B.
The company expects to achieve the $33 billion annual revenue target.
The expected option implied volatility is 9.7%.

Factset Research Systems, Inc (FDS):
Factset Research Systems, Inc (FDS) is set to report its FY2024 3rd quarterly earnings on June 21 2024 before market opens.
Estimated EPS $3.9 and estimated revenue is $552.71M.
Organic ASV plus professional services is expected to grow in the range of $110 million to $150 million during fiscal 2024.
Adjusted diluted EPS is expected to be in the range of $15.60 to $16.00.
The expected option implied volatility is 5.87%.