Qorvo, Inc.
QRVO
is scheduled to report fourth-quarter fiscal 2022 results on
May 4
, after the closing bell. In the last reported quarter, the company delivered an earnings surprise of 8.4%. It pulled off a trailing four-quarter earnings surprise of 10.4%, on average.
The Greensboro, NC-based company is expected to have recorded year-over-year higher revenues driven by broad-based demand across markets, customer smartphone ramp up and growth in Infrastructure and Defense products.
During the quarter, Qorvo introduced the wideband Wi-Fi front-end module covering the 5.1 GHz to 7.1 GHz bands for customer premises equipment. Qorvo’s wideband QPF4730 provides full-frequency support for both Wi-Fi 6 and Wi-Fi 6E enterprise solutions.
Qorvo secured a $4.1 million follow-on contract with the National Institutes of Health through the Rapid Acceleration of Diagnostics initiative. The contract, awarded to Qorvo Biotechnologies, a wholly owned subsidiary of QRVO, will help advance the clinical trials and market launch of both a SARS-CoV-2/ Flu Combo Assay and SARS-CoV-2 Antigen Pooling on the Qorvo Omnia diagnostic test platform.
For the March quarter, the Zacks Consensus Estimate for total revenues is pegged at $1,150 million, which indicates growth of 7.2% from the year-ago quarter’s reported figure. The consensus estimate for adjusted earnings per share is pegged at $2.94, suggesting an increase of 7.3%.
What Our Model Says
Our proven model doesn’t conclusively predict an earnings beat for Qorvo. The combination of a positive
Earnings ESP
and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our
Earnings ESP Filter
.
Earnings ESP:
Qorvo’s Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is 0.00%, as both are pegged at $2.94.
Zacks Rank:
Qorvo currently has a Zacks Rank #4 (Sell).
Stocks to Consider
Here are some companies that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this quarter:
Westlake Corporation
WLK
is slated to release first-quarter 2022 results on May 3. Westlake has an Earnings ESP of +12.98% and a Zacks Rank #2. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Computer Programs and Systems, Inc.
CPSI
is scheduled to release first-quarter 2022 results on May 3. Computer Programs has an Earnings ESP of +1.52% and a Zacks Rank #2.
EnLink Midstream, LLC
ENLC
has an Earnings ESP of +18.52% and a Zacks Rank #2. EnLink is set to report first-quarter 2022 results on May 3.
Stay on top of upcoming earnings announcements with the
Zacks Earnings Calendar
.
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