What’s coming up in the business week ahead
A slew of results from tech giants like Apple coincide with figures from Ryanair and Smurfit Kappa
Ryanair: results due out on Monday with an egm on Wednesday
Results: Christian Dior; Gilead Sciences; Hammerson; Ryanair.
Meetings: Kenmare Resources annual general meeting and extracurricular general meeting (Fitzwilliam Hotel, Dublin 2).
Indicators: Irish residential property prices (June); Japanese balance of trade (June); Irish retail sales (June); German Ifo Institute for Economic Research business climate (July).
A slew of technology companies including Apple, Facebook, Twitter and Google’s parent company Alphabet have results out this week.
Apple and Twitter are set to report their quarterly results on Tuesday, with Alphabet’s result out on Thursday. Facebook is expected to announce its second quarter earnings on Wednesday.
Analysts expect the social network to post earnings per share of $0.81, up 62 per cent year over year, with revenue up 50 per cent to $6 billion.
Facebook’s adjusted earnings for the same period last year came in at 50 cents per share on revenues of $4.04 billion.
Wall Street analysts had forecast Facebook to deliver earnings of 47 cents per share on $3.99 billion in revenue.
In April this year, the social network reported adjusted first quarter earnings of 77 cents per share on revenue of about $5.38 billion, better than analyst expectations.
Analysts are expecting a 25 per cent year over year decline in Apple’s earnings per share. Analysts have been revising their earnings expectations downwards, with consensus earnings estimates now at $1.39 per share.
Alphabet reports results after the close on Thursday, with analysts forecasting the company to report earnings of $8.06 per share for the current fiscal quarter, an increase of 15 per cent.
Revenue is expected to be up 17 per cent at $20.75 billion.
Twitter also reports after close this Tuesday, with analysts expecting earnings per share of $0.10 on revenues of $606.6 million.
Results: Apple; BP; Chubb; Caterpillar; Colliers International; Eli Lilly; Icon; McDonald’s; Twitter.
Meetings: Hibernia REIT annual general meeting (Shelbourne Hotel, Dublin 2).
Indicators: German import prices and retail sales (June); US new home sales (June).
Other: Hibernia REIT interim management statement.
Paper and packaging group Smurfit Kappa is due to report second-quarter earnings on Wednesday, with strong results forecast.
Davy Stockbrokers is forecasting ebitda of €303.6 million, behind consensus estimates of €310 million, but up 7 per cent from the €285 million reported for the second quarter last year.
Davy was forecasting ebitda of €227.4 million in Europe, 2 per cent ahead of the €223 million reported last year, Davy analyst Barry Dixon said.
For the Americas division, it is forecasting ebitda of €86 million, up from €72 million during the same quarter last year.
“While we do not forecast net debt on a quarterly basis, we expect that the figure will be higher than at the end of 2015,” Mr Dixon said.
Net debt at the end of 2015 was almost €3.05 billion, and it was €3.03 billion at the end of the first quarter.
Smurfit Kappa sees its debt level falling from 2.5 times ebitda over the course of the year as recent acquisitions boost earnings and cash flow.
Davy noted the share price of Smurfit Kappa is down more than 5 per cent over the past month, underperforming the European sector which is up 1.3 per cent.
Results: Air France KLM; Airbus; Banco Santander; Boeing; Capita; Deutsche Bank; Endesa; Facebook; Garmin; GlaxoSmithKline; Ingersoll- Rand; Kia Motors; Marriott International; Peugeot; Smurfit Kappa Group; Wizz Air; Xilinx.
Meetings: Ryanair extraordinary general meeting (Ryanair Dublin Office, Co Dublin); Circle Oil agm and egm (Clarion Hotel, Cork); Providence Resources agm (Ballsbridge Hotel, Dublin 4).
Indicators: German Gfk consumer confidence (August); US MBA mortgage applications; US Dallas Fed manufacturing index (July).
Other: US Federal Reserve interest rate decision.
Results: AIB; Alkermes; Alphabet; Amazon.com; Anglo American; AstraZeneca; Bristol-Myers Squibb; CBRE Group; Danone; Domino’s Pizza; JustEat; Lloyds Banking Group; LogMeIn; MasterCard; Renault; Samsung Electronics; Saint-Gobain; Volkswagen; Wincor Nixdorf.
Meetings: Irish Exporters Association Brexit briefing seminar (William Fry, Dublin 2).
Indicators: German unemployment rate (June); Euro zone economic sentiment, consumer confidence and industrial sentiment (July).
Results: AbbVie; Audi; Bank of Ireland; Chevron; HeidelbergCement; Fortis; IAG; Imperial Oil; Italcementi; Merck; Pearson; Phillips 66; Revlon; Sanofi; UBS Group; United Parcel Service; Xerox.
Meetings: Build your Business breakfast series.
Indicators: UK mortgage lending and mortgage approvals (June); Euro zone unemployment rate (June); US Michigan consumer sentiment (July).