Q2 Earnings Highs And Lows: Matthews (NASDAQ:MATW) Vs The Rest Of The Consumer Discretionary Stocks
The end of an earnings season is a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Matthews (NASDAQ:MATW) and the rest of the consumer discretionary stocks fared in Q2.
This sector includes everything from cable TV services to hotel stays to gym memberships. Consumer discretionary companies are working to adapt to trends such as streaming video, online marketplaces for lodging accommodations, and connected fitness.
The 4 consumer discretionary stocks we track reported a solid Q2; on average, revenues missed analyst consensus estimates by 0.6%. However, the beginning of 2024 has seen more volatile stock performance for these companies, with share prices down 8.7% on average since the previous earnings results.
Matthews International (NASDAQ:MATW) is a diversified company offering ceremonial services, brand solutions, and industrial technologies. Matthews reported revenues of $471.2 million, flat year on year, falling short of analysts’ expectations by 1.6%. The company had an ok quarter overall with an impressive beat of analysts’ earnings estimates.
Carnival scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is up 10.4% since reporting and currently trades at $18.10.
Nike (NYSE:NKE) reported revenues of $12.61 billion, down 1.7% year on year, falling short of analysts’ expectations by 1.9%. It was a mixed quarter for the company with a solid beat of analysts’ earnings estimates but a miss of analysts’ constant currency revenue estimates. The stock is down 21.9% since the results and currently trades at $73.63.
Levi’s (NYSE:LEVI) reported revenues of $1.44 billion, up 7.8% year on year, in line with analysts’ expectations. It was a decent quarter for the company with an impressive beat of analysts’ earnings estimates but underwhelming earnings guidance for the full year. The stock is down 17% since reporting and currently trades at $19.24.