Earnings Watch: Nike, FedEx, and Carnival Earnings Watch: Nike, FedEx, and Carnival Earnings Watch: Nike, FedEx, and Carnival

Earnings Watch: Nike, FedEx, and Carnival

Peter Garnry

Head of Saxo Strats

Summary:  Our earnings focus next week is Nike, FedEx, and Carnival, and with recent sell-side analyst upgrades on Nike the pressure is on to deliver on the outlook for 2023. For FedEx the situation is completely opposite with revenue expectations having come down to zero growth over the two next quarters suggesting a hangover for the logistics company following the boom days of the pandemic. In today's earnings watch we are also taking a look Adobe earnings which were releases last night and positively surprised investors.

Can Nike deliver on recent rise in expectations?

The Q3 earnings season is done and we find ourselves in the transition period to the Q4 figures which will begin to roll in around mid-January. In the meantime, earnings releases are still being released from companies which fiscal year does not following the calendar year. Next week’s most important earnings release is Nike which has recently seen several sell-side analysts increasing their price target and betting on margin recovery in 2023. Nike report FY23 Q2 (ending 30 November) on Tuesday with revenue expected at $12.6bn up 11% y/y, but it is really the outlook for the holiday season quarter ending in February 2023 that is the most interesting. Is the consumer still keeping up its spending on discretionary items such as those Nike is selling. Analysts covering Nike seem more optimistic on 2023 that the US banking CEOs on the industry conference last week suggesting US consumer spending is coming down.

Nike share price | Source: Saxo

The list below shows the most important earnings releases next week. Except from Nike earnings described above, FedEx and Carnival earnings are also key to watch. FedEx is now on the backside of the pandemic boom in logistics and expectations for revenue growth has collapsed to zero revenue growth over the next two quarters which in real terms is very low expectations. This means that the bar is set low for FedEx when it reports earnings on Tuesday. The cruise line operator Carnival is reporting earnings on Wednesday and is still riding the strong rebound wave from the pandemic lows with revenue growth expected at 206% y/y for the quarter that ended in November.

  • Monday: HEICO
  • Tuesday: Nike, FedEx, General Mills, FactSet Research Systems
  • Wednesday: Toro, Micron Technology, Cintas, Carnival
  • Thursday: Paychex, CarMax
  • Friday: Nitori

Adobe sounds confident on Figma acquisition

Adobe, the software maker of creative content creation, reported FY22 Q4 (ending 2 December) revenue of $4.5bn which was in line with estimates and adjusted EPS of $3.60 vs est. $3.50 was better than expected. The recent cost reductions have already improved profitability relative to consensus so that was a positive thing for investors. However, the 2023 revenue outlook at $19.2bn was a bit below estimates, so why were shares up 5% in extended trading when overall results and the outlook were mixed at best? Management sounded very confident on its acquisition of Figma, which is a fast growing competitor, which investors believe is crucial for Adobe to maintain its long-term growth prospects. Adobe expects the Figma acquisition to go through in 2023.
Adobe share price | Source: Saxo


The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
Full disclaimer (https://www.home.saxo/legal/disclaimer/saxo-disclaimer)
Full disclaimer (https://www.home.saxo/legal/saxoselect-disclaimer/disclaimer)

Saxo Bank (Schweiz) AG
The Circle 38

Contact Saxo

Select region


All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.