New Oriental Education & Technology Group Inc. (EDU) Management on Q1 2021 Results – Earnings Call Transcript

New Oriental Education & Technology Group Inc. (NYSE:EDU) Q1 2021 Results Earnings Conference Call October 13, 2020 8:00 AM ET

Company Participants

Sisi Zhao – Director, Investor Relations

Stephen Yang – Chief Financial Officer

Conference Call Participants

Tian Hou – T.H. Capital

Felix Liu – UBS

Jin Yoon – Newstreet Research

Mark Li – Citi

Alex Xie – Credit Suisse

Sheng Zhong – Morgan Stanley

Lucy Yufrom – Bank of America Securities

Alex Liu – China Renaissance

DS Kim – JPMorgan

Tommy Wong – China Merchant Securities

Liping Zhao – CICC

Operator

Good evening and thank you for standing by for New Oriental’s FY 2021 First Quarter Results Earnings Conference Call. At this time all participants are in a listen-only mode. After managements prepared remarks there will be a question-and-answer session. Today’s conference call is being recorded. If you have any objections, you may disconnect at this time.

I’d now

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Citigroup Stock, JPMorgan Gain on Earnings, Apple Amazon Rise. Dow Still Falls.

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Stock indexes were modestly lower Tuesday after a big Monday for technology shares. There was some bad news on the Covid-19 vaccine front and little progress toward a fiscal stimulus bill in Washington, but most of Tuesday’s action was on the individual stock level, as third-quarter earnings season kicks off.

On Tuesday morning, the

Dow Jones Industrial Average

fell 110 points, or 0.4%, the

S&P 500

also dipped 0.4%, and the

Nasdaq Composite

ticked down less than 0.1%.

It was a contrast to Monday, when stocks jumped on little news during a light Columbus Day holiday and the technology-heavy Nasdaq rallied 2.6% to its third-highest close in history.

Contributing to the lackluster trading on Tuesday was an announcement from

Johnson & Johnson

(ticker: JNJ) on Monday night that it paused its trial of a coronavirus vaccine after an unexplained illness in a trial participant.

It isn’t uncommon for

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Daily Markets: Stocks Face Earnings Showdown Amid Apple and Amazon Events

Today’s Big Picture

The major equity indices in Asia closed mostly in the green today. Trading in Hong Kong was suspended due to Typhoon Nangka – because it is still 2020. China’s Shenzhen Component rose 0.7%, Japan’s Nikkei closed up 0.2%, South Korea’s Kospi closed slightly below flat, and Australia’s S&P/ASX 200 rose 1.0%. By midday trading, European equities were mostly in the red, and U.S. equity futures point to a mixed session at the open.

Investors have a full plate ahead of them today that includes a helping of corporate earnings as the September quarter earnings season gets underway and the two high profile events that are Apple’s (AAPL) “Hi, Speed” event and Amazon’s (AMZN) 2020 Prime Day event. The accompanying side dishes for this full course will be the Supreme Court confirmation hearing for Amy Coney Barrett, potential new pandemic restrictions, and fiscal stimulus conversations in Washington.

Data

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Week Ahead Brings Earnings Season, Amazon Prime Day, Apple Event

Key Takeaways:

  • Broken record time as stimulus hopes continue to provide early market support
  • Earnings season gets underway tomorrow with big banks beginning to report
  • Big week for FAANGs as Amazon
    AMZN
    Prime Day, Apple
    AAPL
    event coming up

If Wall Street had a seat belt sign, now’s when the captain would tell us to buckle up for possible turbulence ahead.

Even if earnings season didn’t begin tomorrow, there’s plenty to keep investors on their toes. Amazon’s (AMZN) Prime Day, Apple’s (AAPL) long-awaited product event, continued stimulus negotiations in Washington, and mounting virus cases in the U.S. and Europe all get mixed into the recipe.

Ordinarily, those ingredients would be enough for anyone, but this time it’s happening while investors and the entire world have one eye on polls three weeks ahead of the U.S. presidential election. Despite all this, volatility is the lowest since late

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S&P 500 Gains 57 Points Ahead of Earnings, Huge Apple and Amazon Events, Ford Stock Gets an Upgrade

The S&P 500 Index (SNPINDEX: ^GSPC) gained nearly 1.7% on Oct. 12, a huge day for the index that makes up some 80% of the entire U.S. stock market’s value. With the exception of materials, every sector closed higher today, but tech did the heavy lifting. The Technology Select Sector SPDR ETF gained 3%. Apple (NASDAQ: AAPL) gained 6.2% today, while Amazon.com (NASDAQ: AMZN) closed up 4.5% and Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG) and Facebook (NASDAQ: FB), picked up 4%. Combined, that’s $7.4 trillion in market cap gaining more than 4.5% on average.

Why the big day? A combination of factors, including Wall Street analyst upgrades, optimism that Congress could reach a deal on stimulus, and high hopes as earnings season gets under way — not to mention a couple of big events coming up for Apple and Amazon. Shares of auto giant Ford (NYSE: F) joined Apple in

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JPMorgan Set to Kick Off Third-Quarter Earnings Season

Third-quarter earnings season gets underway in the week ahead with results from big banks and healthcare companies among the heavy hitters on tap.

Here’s a look at some of the more notable results expected beginning on Tuesday.

JPMorgan

JPMorgan Chase & Co.  (JPM) – Get Report is expected to report adjusted net income of $6.9 billion, or $2.23 a share, on sales of $28.2 billion before the market opens on Tuesday, based on a FactSet survey of 23 analysts.

In the same period a year ago, the company posted earnings of $2.68 a share on sales of $30.1 billion. It reported net income of $9.6 billion.

The stock has risen 3.6% since the company last reported earnings on July 14.

In the upcoming quarter, analysts are forecasting adjusted net income of $6.1 billion, or $1.91 a share, on sales of $26.8 billion.

For the year, analysts project revenue

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Samsung earnings soar on smartphone sales rebound, US sanctions on Huawei

Samsung predicts its profit jumped nearly 60% last quarter, suggesting it could soon retake its position as the world’s top smartphone seller from embattled Chinese rival Huawei.



a person standing in front of a mirror: A man wearing a protective mask walks past an advertisement for the Samsung Electronics Co. Galaxy Z Fold2 5G and Z Flip 5G smartphones at the company's D'light flagship store in Seoul, South Korea, on Tuesday, Oct. 6, 2020. Photographer: SeongJoon Cho/Bloomberg via Getty Images


© Cho/Bloomberg via Getty Images
A man wearing a protective mask walks past an advertisement for the Samsung Electronics Co. Galaxy Z Fold2 5G and Z Flip 5G smartphones at the company’s D’light flagship store in Seoul, South Korea, on Tuesday, Oct. 6, 2020. Photographer: SeongJoon Cho/Bloomberg via Getty Images

The South Korean conglomerate said on Thursday that it expects to make an operating profit of roughly 12.3 trillion won ($10.6 billion) for the July-September quarter. That’s up 58% from the same period a year ago. The estimates also beat the 26% profit bump analysts polled by data provider Refinitiv had predicted.

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Samsung said it expects sales for the third quarter will rise about 6% to 66 trillion won ($57 billion).

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Looking at the Improving Outlook Ahead of Q3 Earnings Season

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>

Here are the key points:

  • The outlook for corporate earnings has been steadily improving since early July, driven mostly by a better-than-expected economic recovery. This trend has been confirmed by the early 2020 Q3 recent earnings releases.
     
  • For 2020 Q3, total S&P 500 earnings are expected to decline -22.8% on -2.8% lower revenues. This is an improvement from the -26.5% earnings decline expected at the start of July and follows the -32.4% earnings drop in Q2.
     
  • Sectors with the weakest Q3 growth outlook remain the social-distancing exposed spaces like Transportation (-122.5% earnings decline), Energy (-102.2%), and Consumer Discretionary (-85.7%).
     
  • Out of the total 16 Zacks sectors, 14 sectors are expected to experience earnings declines in Q3,
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Countdown To Earnings Season Starts

Apple’s fiscal fourth quarter has come to an end. We are now about two weeks away from the start of the earnings season in the US, and about four weeks from Apple’s earnings day – see Apple Maven’s coverage of last season for a refresher.

Today, I kick off the countdown to earnings day with a look at what Wall Street analysts expect to see regarding headline financial results. These estimates are likely to change over the next few weeks, as new reports come out. It will be interesting to watch the evolution from here to there and see how much more bullish or bearish experts may become until earnings day.

Expectations are set low

First, let me remind the reader that Apple has not provided guidance for its fiscal fourth quarter, as it used to do before the COVID-19 crisis. As a result, revenue and EPS estimates now range

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Micron Technology, Inc.’s (MU) CEO Sanjay Mehrotra on Q4 2020 Results – Earnings Call Transcript

Micron Technology, Inc. (NASDAQ:MU) Q4 2020 Results Earnings Conference Call September 29, 2020 4:30 PM ET

Company Participants

Farhan Ahmad – Vice President, Investor Relations

Sanjay Mehrotra – President and CEO

Dave Zinsner – Chief Financial Officer

Conference Call Participants

Toshiya Hari – Goldman Sachs

John Pitzer – Credit Suisse

C.J. Muse – Evercore

Blayne Curtis – Barclays

Harlan Sur – JP Morgan

Timothy Arcuri – UBS

Mitch Steves – RBC Capital

Ambrish Srivastava – BMO

Operator

Good afternoon. My name is Sheri, and I will be your conference facilitator today. At this time, I would like to welcome everyone to Micron’s Fourth Quarter 2020 Financial Release Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer period. [Operator Instructions]

Thank you. It is now my pleasure to turn the floor over to your host, Farhan Ahmad,

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