3 Stocks To Watch After Impressive Earnings Beats This Week


black android smartphone turned on screenImage Source: UnsplashOutside of Nvidia (NVDA), there are several stocks standing out this week after surpassing their quarterly bottom-line expectations.After beating earnings estimates on Monday, here are three stocks to consider as these companies look poised to take market share in their respective industries.Central Garden & Pet (CENT)Central Garden & Pet’s fiscal fourth quarter tends to be a down period for the company but was able to post exhilarating Q4 results as one of the leading companies in the U.S. pet supplies, lawn, and garden supplies space.Fourth quarter earnings of $0.10 per share reassuringly surpassed expectations of $0.08 a share and soared from an adjusted loss of -$0.04 a share in the prior-year quarter. Plus, Q4 sales of $750.15 million beat estimates by 2% and rose 6% from $707.44 million a year ago.Zacks Investment ResearchImage Source: Zacks Investment ResearchLooking ahead, annual earnings are forecasted to be up 3% in Central Garden’s current fiscal 2024 and rise another 7% in FY25 to $2.86 per share. More appealing is that Central Garden’s stock trades at a reasonable 14.8X forward earnings multiple and less than 1X price to sales. Zacks Investment ResearchImage Source: Zacks Investment ResearchReNew Energy Global (RNW)Several alternative energy players are standing out this week with ReNew Energy Global being one to consider after surpassing its fiscal second-quarter earnings expectations on Monday. ReNew Energy is a renewable power producer that operates utility-scale wind energy projects and RNW shares look intriguing as the company approaches profitability.ReNew Energy’s Q2 earnings of $0.11 a share more than doubled estimates of $0.06 a share and soared from an adjusted loss of -$0.03 per share a year ago. More impressive, sales of $345 million easily surpassed estimates of $298.92 million by 15% and climbed 25% from $275 million last year.Zacks Investment ResearchImage Source: Zacks Investment ResearchAfter going public through a special purpose acquisition merger (SPAC) in 2021, ReNew Energy is now expected to turn a profit of $0.01 a share in its current FY24 compared to an adjusted loss of -$0.15 a share in FY23. Fiscal 2025 EPS is forecasted to rise to $0.06 per share as the risk to reward looks favorable considering ReNew Energy’s growth potential with RNW shares trading around $6 at the moment.Zacks Investment ResearchImage Source: Zacks Investment ResearchEnlight Renewable Energy (ENLT)   Going public earlier in the year, Enlight Renewable Energy’s stock looks promising as a provider of a renewable energy platform that operates utility-sale renewable energy projects.Already profitable, Enlight Renewable’s third quarter earnings of $0.13 per share reassuringly surpassed expectations of $0.09 a share despite sales of $58.32 million missing estimates of $65.78 million.Zacks Investment ResearchImage Source: Zacks Investment ResearchStill, Enlight Renewable’s annual earnings are now forecasted at $0.57 per share and FY24 EPS is expected to jump another 20% to $0.69 a share. It’s also noteworthy that total sales are projected to climb 39% this year and soar another 50% in FY24 to $401.41 million. Zacks Investment ResearchImage Source: Zacks Investment ResearchBottom Line At the moment, Central Garden & Pet, ReNew Energy Global, and Enlight Renewable Energy’s stock are three to watch after impressive earnings beats helped reconfirm their intriguing growth potential.More By This Author:3 Real Estate Funds To Buy On Surging Building Permit Buy These 3 Energy Mutual Funds For Attractive Returns Alphabet Up 10.3% Since Last Earnings Report: Can It Continue?

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