Earnings season
Estimates, results, guidance, calls and analyst ratings.
Start
- 5 lessons
- 22 min
About this section4 goals5 key words
Four times a year each company reports: before it, analysts publish estimates; on the day, the result meets the consensus; after it, guidance, the call and the analysts' revisions set the next expectations.
What you will be able to do
- Find when a company reports and how big a move options expect (
ERN,EVTS). - Read estimates, the consensus, beats and misses, and the revisions after a report (
EE,EM). - Read guidance and how it compares with the consensus (
GUIDE,GUID). - Read an earnings-call transcript (
CALLS) and analyst ratings and targets (ANR).
Five words to know
- EPS
- earnings per share: profit divided by the number of shares
- consensus
- the average of analysts' estimates
- surprise
- the gap between the result and the consensus
- guidance
- the company's own forecast for coming periods
- revision
- an analyst changing an estimate
- 01The earnings calendar and implied moves (ERN, EVTS)
EVTSlists who reports this week with the move options are pricing and the move the stock usually makes, andERN <ticker>shows one company's next report and its history.5 min - 02Estimates, surprises and revisions (EE, EM)
EEsets analysts' consensus estimates next to the results actually reported, andEMtracks how that consensus is being revised.4 min - 03Guidance (GUID, GUIDE)Guidance is the company's own forecast, and
GUIDandGUIDEset it next to the consensus and track each guided number, its raises and cuts, and the actual result.4 min - 04Earnings calls (CALLS)
CALLSlists a company's earnings calls and opens each transcript with speakers, the analyst Q&A, a tone score, and the guidance and quotes pulled out of it.4 min - 05Analyst ratings and price targets (ANR)
ANRshows sell-side ratings and 12-month price targets: the average target and its history, the upside to it, and every recent action by firm.4 min
Educational material about reading market data, not investment advice.