PG&E, 3M Q1 Earnings: Unusual Reporting Dates Signal Potential Volatility
Earnings season continues to unfold, and investors are paying close attention to companies facing idiosyncratic volatility. Two such companies are PG&E (PCG) and 3M (MMM), which have scheduled their first-quarter 2024 earnings reports on unusual dates.
PG&E: Earlier-Than-Usual Reporting
PG&E, a California-based utility company, typically releases its first-quarter results on May 2nd. However, this year, the company has confirmed that it will report on April 25th, seven days earlier than its historical trend. This deviation from the norm has earned PG&E a positive DateBreaks Factor*, indicating a potential for positive stock returns.
3M: Later-Than-Usual Reporting
In contrast, 3M, an industrial conglomerate, will release its first-quarter numbers on April 30th, a week later than its usual schedule. This results in a negative DateBreaks Factor of -3, suggesting that investors may need to adjust their expectations for the company’s earnings.
Challenges and Opportunities
Both PG&E and 3M have faced their share of legal and operational challenges in recent years. PG&E has been dealing with wildfire-related liabilities, while 3M has faced lawsuits related to its earplugs and other products. These issues have weighed on their stock performance, but they also present potential opportunities for investors if the companies can successfully navigate these challenges.
Investor Implications
Identifying unusual earnings dates can help investors spot potentially significant stock price moves. However, it’s important to note that other macro and micro factors also play a role in determining stock price action. Investors should carefully consider all available information before making any investment decisions.
*Wall Street Horizon DateBreaks Factor: statistical measurement of how an earnings date (confirmed or revised) compares to the reporting company’s 5-year trend for the same quarter. Negative means the earnings date is confirmed to be later than historical average while Positive is earlier.
