In this article, we will take a look at the 10 most anticipated earnings to watch in October. If you want to see some other much-awaited quarterly reports, go directly to 5 Most Anticipated Earnings to Watch in October.
The third-quarter earnings season will commence this week. Analysts expect factors like the dwindling economy, spiking costs and supply-chain challenges to negatively impact the profitability of most U.S. stocks. Moreover, investors are also not expecting any big surprises due to these factors.
Financial stocks, including Wells Fargo & Company (NYSE:WFC) and JPMorgan Chase & Co. (NYSE:JPM), will officially kick off the Q3 earnings season this week.
In addition, sector giants, including Apple Inc. (NASDAQ:AAPL), Meta Platforms, Inc. (NASDAQ:META), Exxon Mobil Corporation (NYSE:XOM) and UnitedHealth Group Incorporated (NYSE:UNH), will also post their quarterly reports in the coming days.
Check out the complete article to see the 10 most anticipated earnings to watch in October.
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10. The Procter & Gamble Company (NYSE:PG)
Number of Hedge Fund Holders: 71
The Procter & Gamble Company (NYSE:PG) plans to release its fiscal first-quarter report before the opening bell on October 19, 2022. Analysts expect a strong dollar to weigh on the profitability of consumer goods stocks, including Procter & Gamble.
Meanwhile, Deutsche Bank analyst Steve Powers also thinks rising costs and currency headwinds would drag down the margins of The Procter & Gamble Company (NYSE:PG). He recently trimmed his price target for the stock from $157 per share to $155 per share.
The Procter & Gamble Company (NYSE:PG) shares are currently trading around $125. The stock has lost about 23 percent of its value so far in 2022.
9. Exxon Mobil Corporation (NYSE:XOM)
Number of Hedge Fund Holders: 72
Exxon Mobil Corporation (NYSE:XOM) is scheduled to announce its financial results for the third quarter on October 28, 2022. The oil giant is expected to post solid results primarily due to elevated prices of natural gas.
However, recent weakness in oil prices may partially impact its profitability. Analysts, on average, expect Exxon Mobil Corporation (NYSE:XOM) to post earnings of $3.44 per share for Q3, compared to $4.21 per share in the prior quarter.
Energy stocks, including Exxon Mobil Corporation (NYSE:XOM), have capitalized on the higher energy prices this year. Meanwhile, the company also benefitted from a sharp surge in gas prices following the Russia-Ukraine war. The stock has climbed more than 50 percent on a year-to-date basis.
8. Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM)
Number of Hedge Fund Holders: 72
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) will report its financial results for the third quarter before the opening bell on October 13, 2022. Analysts expect the Taiwanese semiconductor giant to beat expectations due to favorable currency exchange and recently released sales data.
Analysts are looking for a profit of $8.39 billion, representing a surge of 71 percent on a year-over-year basis. Moreover, they expect Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) to post revenue of $19.4 billion, up 48 percent versus the corresponding period of 2021.
Moving forward, Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) could face some hurdles amid new U.S. guidelines. The latest regulations prevent international semiconductor firms from supplying chips to Beijing designed with U.S. technology.
7. Tesla, Inc. (NASDAQ:TSLA)
Number of Hedge Fund Holders: 72
Tesla, Inc. (NASDAQ:TSLA) plans to post its financial results for the third quarter on October 19, 2022. The electric vehicle (EV) giant has already announced its delivery numbers for the period.
The company delivered 343,830 EVs in the third quarter, marking a record. Yet, the numbers missed analysts’ average estimate of 359,162. Nevertheless, Tesla, Inc. (NASDAQ:TSLA) did pretty well in China in terms of vehicle production during the last month.
According to a recent report from the China Passenger Car Association, Tesla, Inc. (NASDAQ:TSLA) sold 83,135 China-manufactured units in September, beating its previous monthly sales record of 78,906.
Other than Tesla, Inc. (NASDAQ:TSLA), investors are also eagerly waiting for earnings reports from Apple Inc. (NASDAQ:AAPL), Wells Fargo & Company (NYSE:WFC) and JPMorgan Chase & Co. (NYSE:JPM).
6. Johnson & Johnson (NYSE:JNJ)
Number of Hedge Fund Holders: 83
Johnson & Johnson (NYSE:JNJ) is set to post its third-quarter results on October 18, 2022. Analysts expect the healthcare giant to post earnings of $2.52 per share on revenue of $23.47 billion.
Meanwhile, Citi analyst Joanne Wuensch recently trimmed his price target for Johnson & Johnson (NYSE:JNJ) from $201 per share to $198 per share. The analyst was primarily moved by macroeconomic challenges.
Separately, Johnson & Johnson (NYSE:JNJ) also appeared in the second-quarter 2022 investor letter of investment management firm Distillate Capital Partners LLC. Here’s what the firm said:
“Johnson & Johnson was among the 2 largest trims at around 1% each. Each stock was up 1% in the quarter compared to the 16% price decline for the S&P 500 and the positions were reduced as the valuations became somewhat less appealing, though still attractive enough to warrant inclusion.”
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Disclosure: None. 10 Most Anticipated Earnings to Watch in October is originally published on Insider Monkey.