Earnings Previews

Apogee Enterprises heads into its fiscal second-quarter report with a split personality. Management's tone improved noticeably last quarter, helped by a sharp rebound in Metals margins, a growing Services backlog and the margin-accretive CalWall acquisition. Yet the stock has fallen 19.3% since that report while the S&P 500 gained 5.8%. That gap suggests the market is focused less on the new catalysts and more on the problems management acknowledged: a deteriorating Glass business and input costs that are squeezing margins before price increases catch up.

Lamb Weston heads into its fiscal first-quarter report with a split personality. Management closed fiscal 2026 sounding more confident than it had in years, pointing to a resurgent North America business, cost savings ahead of schedule and a new leadership team with skin in the game. The stock has not bought the story. Since that report, shares have fallen about 10% while the S&P 500 gained 4.5%, and they now sit essentially at the bottom of their post-earnings range, a long way from the brief rally that took them to $55.70. The October 6 release, due before the open, is the first chance to show whether the optimism was earned or premature.

RPM International closed its fiscal year with record sales, a record fourth-quarter margin and its first outright full-year outlook in several quarters. The market has not rewarded that turnaround. The stock has fallen about 6% since the last report while the S&P 500 gained more than 3%. The fiscal first quarter, due before the open on October 6, is the first real test of whether management's more confident tone can withstand a jump in raw-material costs that it flagged itself.

Neogen enters its fiscal first-quarter report with something it has lacked for much of the post-3M era: momentum. Food safety growth accelerated through every quarter of fiscal 2026, animal safety climbed back from a supply-driven slump, and management closed the year by guiding fiscal 2027 revenue well above where the Street had been. The catch is that the company is choosing to spend much of that progress on R&D and commercial rebuilding, and the quarter reporting after the close on October 6 is the one management already flagged as the lightest on profit. Whether investors keep looking past that will depend on how convincingly the top line holds up.

Penguin Solutions heads into its fiscal fourth-quarter report with an unusual mismatch between business momentum and stock performance. Management has raised its full-year outlook in consecutive quarters, offered a first look at roughly 30% sales and earnings growth for fiscal 2027, and recast the company as an AI factory platform rather than a cyclical hardware vendor. Yet the shares have fallen about 17% since the last report while the S&P 500 gained nearly 4%. The October 6 release, due after the close, is less about whether demand is strong and more about whether that demand is turning into durable, high-quality earnings.

Saratoga Investment Corp heads into its fiscal second-quarter report with a problem that no amount of portfolio growth has yet solved. The business development company is paying a $0.75 quarterly dividend while earning roughly $0.47 a share in net investment income. That 28-cent gap is being filled by spillover income, and the reservoir is draining. When Saratoga reports after the close on October 6, the key question is whether the earnings slide has found a floor or whether the dividend math keeps getting worse.

Constellation Brands delivered the least troubled quarter in a long string of disappointments last time, yet the stock has since fallen about 20% while the S&P 500 gained 3.5%. That disconnect frames the fiscal second-quarter report due after the close on October 6. The first quarter under new CEO Nick Fink brought beer shipments up 1.8% and beer gross margin near 39%, both ahead of a deliberately low bar. Management declined to raise its outlook, though, and the market appears to have read that caution as a signal. This report should show whether the first quarter marked a floor or merely a pause.

Worthington Steel heads into its fiscal first-quarter report with an unusual problem: the Street is asking for a sharp earnings rebound from a company whose legacy business just delivered a softer quarter and a sizable write-down. The difference is Klockner. The acquisition closed on June 3, so this is the first report to carry nearly a full quarter of the largest deal in company history. That makes the release less a routine quarterly update and more the first real look at what the combined company can earn.

Applied Digital enters its fiscal first-quarter report with one of the more striking disconnects in the data center trade. Last quarter management more than doubled contracted lease value to roughly $36 billion, added three hyperscaler campuses, and pulled its $1 billion net operating income run-rate target forward by about three years. The stock has fallen 8.5% since then while the S&P 500 gained 3.6%. The report due after the close on October 7 is less about whether the story sounds good and more about whether the market can be persuaded that the numbers will follow.

Levi Strauss heads into its fiscal third-quarter report with an unusual disconnect between its business and its stock. Management has raised full-year guidance twice in a row, expanded margins through tariff and currency headwinds, and lifted its dividend by double the usual increment. Yet the shares have fallen nearly 16% since the last report, trailing the S&P 500 by 18 percentage points. The question for the October 7 release, due after the close, is whether the deliberately softer second-half outlook management laid out in July was simple conservatism or an early signal that the strong first half is fading.

Richardson Electronics closed its fiscal year with its best quarter in years, yet the stock has lost nearly a fifth of its value since. That gap between operating momentum and market reception sets up the fiscal first-quarter report, due after the close on October 7. The question is whether the Street's cautious forecast reflects real risk or a failure to credit a record backlog and a new battery storage business that is finally booking orders.

Resources Connection has spent the past year proving it can cut costs. The fiscal first-quarter report on October 7 needs to show something harder: that shrinking revenue is finally approaching a floor. Management finished its restructuring, hired a fresh sales force, and described its markets as stabilizing. Yet the quarterly revenue line still steps down every period, and the promised return to growth has again been pushed to the back half of fiscal 2027. That leaves this report stuck between two stories, and the numbers will decide which one wins.

AngioDynamics heads into its fiscal first-quarter report with two stories pulling in opposite directions. NanoKnife is accelerating on the back of fresh reimbursement support, while the mechanical thrombectomy business that powered much of last year's growth stalled badly enough to trigger a mid-quarter sales overhaul. The shares have rallied anyway, which means this report is less about whether the company can post a loss in line with forecasts and more about whether the growth engine management rebuilt in the spring is already turning over.

Byrna Technologies enters its fiscal third-quarter report with the rarest kind of setup: a company that has already told investors the quarter will be ugly. After revenue collapsed to $16.4 million last quarter and management said outright that fiscal 2026 will not be a growth year, the October 8 release is less about whether results look good and more about whether the decline has stopped getting worse. New chief executive Conn Davis framed the third quarter as another transition period and pushed any recovery hopes into the fourth-quarter holiday season, so this report is effectively a checkpoint on whether that timeline still holds.

Helen of Troy finally gave investors a growth quarter last time, and the stock has held onto most of the goodwill. The harder part comes now. The fiscal second-quarter report, due before the open on October 8, needs to show that the first real top-line inflection under the new operating model can survive the loss of easy comparisons. It also needs to show that the first quarter was indeed the low point for tariff-driven margin damage, as management suggested.

For a company with no revenue, NovaGold's quarterly report is really a progress report on one asset, and this one lands at an awkward moment. Last quarter management framed the Donlin Gold project as steadily de-risking, with a firmer feasibility timeline and financing advisors about to be named. Since then the stock has slipped 4.8% while the S&P 500 gained 4.0%, and sentiment has swung from mildly bullish to mildly bearish. The October 8 release, due before the open, needs to show that the milestones management promised are arriving on schedule and that spending is behaving as advertised.

PepsiCo heads into its third-quarter report with an odd disconnect. Last quarter, management finally delivered the snack volume recovery it had been promising for the better part of a year, and the tone on the call was the most confident in several quarters. Yet the stock has since slid 6.1% while the S&P 500 gained 2.3%, and Wall Street is bracing for earnings that go nowhere. The question on October 8 is whether the operating improvement is real enough, and durable enough, to survive a fresh wave of cost inflation.

Tilray enters its fiscal first-quarter report with a promise to keep and a stock that has not given it much credit for making it. Last quarter management issued its first-ever forward adjusted EBITDA outlook, $68 million to $75 million for fiscal 2027, a meaningful step above both the $61.1 million it just delivered and the range it had reaffirmed all last year. The August quarter is the first real checkpoint on that guidance. Shares have fallen to $3.95, far below a 200-day moving average of $6.29, so the market is clearly waiting to see the numbers.

Delta Air Lines heads into its third-quarter report with an unusual setup: management has promised a return to double-digit margins and earnings growth, yet Wall Street is not fully buying it. The company told investors in July to expect third-quarter earnings of $2.00 to $2.50 per share. Consensus now sits at $1.96, just below the bottom of that range. When analysts park their estimates under a company's floor rather than inside its range, they are signaling doubt that the guidance holds up, and that makes this report a referendum on whether Delta's pricing power can beat its cost problems.

New Horizon Aircraft heads into its next report with the kind of problem most pre-revenue aerospace developers would envy: plenty of cash and a shorter list of technical worries. Yet the stock has slipped below the price at which much of that capital was raised. That gap between an improving operating story and a falling share price frames the quarter. The question is whether the company can show that its fresh balance sheet is buying real engineering progress, and not simply funding a faster burn.