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Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.
We know earnings results are vital, but how a company performs compared to bottom line expectations can be even more important when it comes to stock prices, especially in the near-term. This means that investors might want to take advantage of these earnings surprises.
Hunting for 'earnings whispers' or companies poised to beat their quarterly earnings estimates is a somewhat common practice. But that doesn't make it easy. One way that has been proven to work is by using the Zacks Earnings ESP tool.
The Zacks Earnings ESP, Explained
The Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.
The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction. The Zacks Rank is also factored into the ESP metric to better help find companies that appear poised to top their next bottom-line consensus estimate, which will hopefully help lift the stock price.
In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.
Stocks with a #3 (Hold) ranking, which is most stocks covered at 60%, are expected to perform in-line with the broader market. But stocks that fall into the #2 (Buy) and #1 (Strong Buy) ranking, or the top 15% and top 5% of stocks, respectively, should outperform the market. Strong Buy stocks should outperform more than any other rank.
Should You Consider Cintas?
The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to quickly look at a qualifying stock. Cintas (CTAS) holds a #2 (Buy) at the moment and its Most Accurate Estimate comes in at $1.01 a share nine days away from its upcoming earnings release on September 25, 2024.
By taking the percentage difference between the $1.01 Most Accurate Estimate and the $1 Zacks Consensus Estimate, Cintas has an Earnings ESP of +0.74%. Investors should also know that CTAS is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
CTAS is one of just a large database of Industrial Products stocks with positive ESPs. Another solid-looking stock is Stanley Black & Decker (SWK).
Stanley Black & Decker is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on October 25, 2024. SWK's Most Accurate Estimate sits at $1.03 a share 39 days from its next earnings release.
The Zacks Consensus Estimate for Stanley Black & Decker is $1.02, and when you take the percentage difference between that number and its Most Accurate Estimate, you get the Earnings ESP figure of +1.28%.
Because both stocks hold a positive Earnings ESP, CTAS and SWK could potentially post earnings beats in their next reports.
Find Stocks to Buy or Sell Before They're Reported
Use the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>
Zacks Investment Research
Stanley Black & Decker, Inc.’s SWK cost-reduction program is expected to aid its bottom line and drive margin performance in the quarters ahead. The program comprises a series of initiatives to resize the organization, reduce inventory and optimize the supply chain with the goal of repositioning it to pursue sustainable long-term growth.
In the first six months of 2024 and since the inception of the program, SWK realized pre-tax run rate savings of $295 million and $1.3 billion, respectively. The savings were driven by lower headcount, reductions of indirect spending and supply-chain transformation.
Stanley Black has been divesting non-core operations to drive growth. In April 2024, the company divested its STANLEY Infrastructure (Infrastructure) business to Epiroc AB for a cash consideration of $760 million. The divestment will help the company to focus on its core businesses, reduce debt and support capital-allocation priorities.
It remains focused on rewarding its shareholders through dividend payments and share buybacks. In the first six months of 2024, the firm paid dividends of $243.6 million, up 1.7% year over year. It also bought back shares worth $7.7 million. In July 2024, SWK hiked its quarterly dividend by a penny to 82 cents per share.
SWK’s Price Performance
In the past three months, the Zacks Rank #3 (Hold) company has gained 20.2% compared with the industry’s 9.4% growth.
Despite the positives, lower consumer outdoor and do-it-yourself market demand is a concern for the Tools & Outdoor segment. Within the segment, the power tools business has been experiencing weaknesses due to reduced demand for consumer tools. Weakening automotive end markets, owing to headwinds in the global automotive OEM light vehicle production, are another setback.
Further, the low liquidity level remains a concern. Exiting the second quarter, the company’s cash and cash equivalents were $318.5 million, lower than the short-term borrowings of $492.4 million. Its current maturities of long-term debt totaled $500.1 million. This implies that SWK does not have sufficient cash to meet its current debt obligations. Also, the stock looks more leveraged than the industry. Its long-term debt/capital ratio is currently 0.39, higher than 0.36 of the industry.
Stocks to Consider
Some better-ranked companies from the same space are discussed below.
Flowserve Corporation FLS currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FLS delivered a trailing four-quarter average earnings surprise of 18.2%. In the past 60 days, the Zacks Consensus Estimate for Flowserve’s 2024 earnings has increased 3.8%.
Crane Company CR presently carries a Zacks Rank of 2. The company delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the Zacks Consensus Estimate for CR’s 2024 earnings has increased 2%.
Parker-Hannifin Corporation PH currently carries a Zacks Rank of 2. PH delivered a trailing four-quarter average earnings surprise of 11.2%.
In the past 60 days, the consensus estimate for Parker-Hannifin’s fiscal 2025 earnings has increased 1.2%.
Zacks Investment Research
Hudson Technologies HDSN announced that it collaborated with LG Air Conditioning Technologies to supply EMERALD Refrigerants to LG's customer base. The agreement demonstrates Hudson Technologies' dedication to responsible and sustainable refrigerant management techniques.
Hudson Technologies & LG Combining Strengths
LG is an international player in the air conditioning business, committed to providing solutions that reduce energy consumption, boost efficiency and improve comfort.
LG will use Hudson Technologies' established expertise in refrigerant recovery and reclamation to provide lower Global Warming Potential ("GWP") reclaimed refrigerants to LG's customer base.
The alliance will benefit from the combination of Hudson Technologies' expertise in refrigerant recovery, reclamation and redistribution with LG's large customer network. The agreement will increase the HVAC industry's recognition and adoption of environmentally friendly products and practices.
HDSN’s Strategic Partnership to Reduce Carbon Emissions
Hudson Technologies' EMERALD Refrigerants are certified reclaimed refrigerants. They have much lower environmental effects and GWP values than virgin refrigerants. Approved reclaimed refrigerants have the same in-system performance as virgin refrigerants.
The partnership supports LG's efforts to reduce carbon emissions and drive the future of cleaner energy through sustainable solutions, including the adoption of refrigerants with lower GWP.
Hudson Technologies’ Q2 Top Line Declines Y/Y
HDSN reported second-quarter earnings of 20 cents per share, missing the Zacks Consensus Estimate of 26 cents. The metric was down from earnings of 41 cents per share a year ago.
Hudson Technologies posted revenues of $75.3 million for the quarter ended June 2024, missing the Zacks Consensus Estimate of $79 million. The metric was down from the year-ago quarter’s $90.5 million.
HDSN Shares Dip While Industry Grows
In the past year, HDSN shares have lost 36.3% against the industry’s 3.1% growth.
Hudson Technologies’ Zacks Rank & Stocks to Consider
HDSN currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Industrial Products sector are Crane Company CR, Flowserve Corporation FLS and Cintas Corporation CTAS. These three companies have a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for 2024 earnings has moved north by 6% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR shares have gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’ 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for 2024 earnings has moved north by 4% in the past 60 days. The company’s shares have gained 27.5% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $16.64 per share. The consensus estimate for 2024 earnings has moved north by 1% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4%. CTAS shares have gained 60.4% in a year.
Zacks Investment Research
The Timken Company TKR declared that it completed its previously announced acquisition of CGI, Inc. The acquisition of CGI will strengthen TKR's position as an international player in automation and robotics solutions.
On Aug. 5, 2024, Timken revealed that it signed a deal to acquire CGI. TKR funded the deal using cash on hand and existing committed credit facilities.
CGI's Portfolio Complements Timken
CGI, founded in 1967, is a family-owned company with a compelling product portfolio, a strong presence in high-growth medical applications and cutting-edge production. This makes CGI an ideal strategic fit for Timken, aligning with its 125-year history of innovation.
With its headquarters and production facilities in Carson City, NV, CGI employs around 130 people. It is projected to achieve $45 million in revenues in 2024, further solidifying Timken’s expanding portfolio.
TKR’s Previous Acquisitions Bode Well
The company acquired Cone Drive in 2018, which marked its foray into the precision drives market. In 2022, Timken acquired Spinea. TKR's industrial motion capabilities increased with these two deals.
Buying Cone Drive and Spinea helped Timken grow its automation business, which became the company's second-largest individual end-market in 2023. The company is focused on diversifying and expanding its capabilities in industrial motion.
Timken Q2 Top Line Declines Y/Y
TKR reported adjusted earnings per share of $1.63 for the second quarter of 2024, which marked an 18.9% year-over-year decline. However, the bottom line beat the Zacks Consensus Estimate of $1.60. The company recorded year-over-year declines in its top and bottom lines, reflecting significantly lower renewable energy demand in China.
Total revenues in the quarter were $1.182 billion, down 7.1% from the year-ago quarter. The top line beat the Zacks Consensus Estimate of $1.180 billion.
TKR Sees Lesser Share Price Appreciation Than Its Industry
In the past year, TKR shares have gained 11.1% compared with the industry’s 28.3% growth.
Timken’s Zacks Rank & Stocks to Consider
TKR currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Industrial Products sector are Crane Company CR, Flowserve Corporation FLS and Cintas Corporation CTAS. These three companies have a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Crane’s 2024 earnings is pegged at $5.07 per share. The consensus estimate for 2024 earnings has moved north by 6% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 11.2%. CR shares have gained 75.2% in a year.
Flowserve has an average trailing four-quarter earnings surprise of 18.2%. The Zacks Consensus Estimate for FLS’ 2024 earnings is pinned at $2.76 per share, which indicates year-over-year growth of 31.6%. The consensus estimate for 2024 earnings has moved north by 4% in the past 60 days. The company’s shares have gained 27.5% in a year.
The Zacks Consensus Estimate for Cintas’ 2024 earnings is pegged at $16.64 per share. The consensus estimate for 2024 earnings has moved north by 1% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4%. CTAS shares have gained 60.4% in a year.
Zacks Investment Research
PR Newswire
LYON, France, Sept. 11, 2024
LYON, France, Sept. 11, 2024 /PRNewswire/ -- DEWALT, a Stanley Black & Decker brand and leader in total jobsite solutions, today announced its $5 million commitment over four years to support growing skills for tradespeople in the United Kingdom, France, Poland and The Czech Republic. In addition, DEWALT will collaborate with WorldSkills to distribute over $1 million in tools utilized during the WorldSkills Competition to technical and vocational schools across France.
The 2024 WorldSkills Competition, the world's biggest international skills competition, unites more than 1,400 competitors representing 69 countries and regions to showcase and exchange vocational expertise. Held biennially by WorldSkills International, this event is the pinnacle of vocational skill competitions.
Chris Nelson, Chief Operating Officer at Stanley Black & Decker, announced the $5 million commitment to Grow the Trades at the 2024 WorldSkills Competition during a panel discussion addressing the vital role of technical and vocational education and training in sustainable development across the globe.
"At DEWALT, we recognize that the skilled labor shortage has reached critical levels posing significant challenges for local economies throughout Europe," said Nelson. "To address this pressing need, we are equipping the next generation of tradespeople with the tools and resources they need to launch fulfilling careers in the trades."
The 47th edition of WorldSkills is taking place in Lyon, France, 10 to 15 September 2024, aims to inspire and support young people in their pursuit of careers in the trades, through skill development and by transforming views on vocational education and training.
DEWALT, which has supported WorldSkills International for ten years, is the Platinum Partner of WorldSkills Lyon 2024.
To learn more about DEWALT's dedication to closing the skilled trades gap and the Company's Grow the Trades commitment, please visit DEWALT Grow the Trades.
About DEWALTDEWALT, a Stanley Black & Decker brand, celebrates 100 years in business by continuing to provide our customers with total jobsite and landscaping solutions. By applying its latest technology to the challenges of today's skilled trades, DEWALT is leading the charge for the jobsite of the future and pioneering the next generation of tools, outdoor equipment and forward-looking technologies. DEWALT products. GUARANTEED TOUGH®. For more information, visit www.dewalt.com or follow DEWALT on Facebook, Instagram, and LinkedIn.
About Stanley Black & DeckerFounded in 1843 and headquartered in the USA, Stanley Black & Decker (NYSE: SWK) is a worldwide leader in Tools and Outdoor, operating manufacturing facilities globally. The Company's approximately 50,000 diverse and high-performing employees produce innovative end-user inspired power tools, hand tools, storage, digital jobsite solutions, outdoor and lifestyle products, and engineered fasteners to support the world's builders, tradespeople and DIYers. The Company's world class portfolio of trusted brands includes DEWALT®, CRAFTSMAN®, STANLEY®, BLACK+DECKER®, and Cub Cadet®. To learn more visit: www.stanleyblackanddecker.com or follow Stanley Black & Decker on Facebook, Instagram, LinkedIn and X.
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View original content:https://www.prnewswire.co.uk/news-releases/dewalt-announces-5-million-commitment-to-grow-the-trades-across-europe-302245060.htmlWhite Label
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