News

Earnings season continues to roll along, with the period primarily positive so far. We’ve heard from over 400 S&P 500 companies so far, and many more are on the reporting docket in the coming days.

Total earnings for the S&P 500 members that have reported are up +5.0% from the same period last year on +4.2% higher revenues. The earnings growth pace reflects an acceleration relative to other periods, undoubtedly a positive development.

Estimates for the coming 2024 Q2 cycle have been trending higher, reflecting optimism among analysts. Full-year 2024 estimates are trending higher as well, alluding to a 9% rebound after last year’s decline.

So far, several companies, including Apple AAPL, Texas Instruments TXN, and Crocs CROX, have seen post-earnings positivity. Let’s take a closer look at each.

Apple

Apple’s results brought post-earnings fireworks. Concerning headline figures, the company posted a 1.3% beat relative to the Zacks Consensus EPS estimate and posted sales 1% ahead of expectations.

To the surprise of many, the tech titan announced the biggest buyback in corporate history totaling $110 billion. Reflecting further positivity, Apple also unveiled a 4% boost to its quarterly payout, reflecting the 12^th consecutive year of higher payouts.

Earnings expectations have drifted higher following the release, reflecting analysts’ optimistic view.

Image Source: Zacks Investment Research

Texas Instruments

Concerning headline figures, TXN posted a sizable 13% beat relative to the Zacks Consensus EPS estimate and posted sales 1.5% ahead of expectations, reflecting its first double-beat in several periods.

Impressively, the company reported $6.3 billion in cash flow from operations in the trailing twelve-month period. Shares have been range bound for years, now looking to breakout following the favorable set of quarterly results.

Image Source: Zacks Investment Research

Crocs

Crocs continued its earnings positivity, posting a 34% beat relative to the Zacks Consensus EPS estimate and reporting sales 6% ahead of expectations. Impressively, the company has exceeded our consensus EPS estimate by an average of 17% across its last four quarterly releases.

Q1 revenue of $939 million grew 6% year-over-year, also reflecting a quarterly record. The company raised its adjusted EPS guidance following the favorable quarter, further showing positivity. Below is a chart illustrating the company’s revenue on a quarterly basis.

Image Source: Zacks Investment Research

Bottom Line

Earnings season continues to chug along, with a wide variety of companies reporting over the last week.

And concerning post-earnings fireworks, all three companies above - Apple AAPL, Texas Instruments TXN, and Crocs CROX – enjoyed buying pressure following the release of their quarterly results.

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