As the date for the Q4 earnings report approaches, several major corporations are poised to achieve exceptional growth for this quarter. With a strong foothold in their respective industries, a selection of promising Zacks stocks warrant attention as they near their quarterly results.
The Progressive: PGR
The home and auto insurance behemoth, Progressive, holds much promise ahead of its Q4 results projection of an impressive 58% surge to $2.38 per share from the comparative $1.50 per share. Anticipated fourth quarter sales of $16.1 billion reflect a 19% increase. Moreover, the outlook for substantial double-digit growth in both annual revenue and profit is predicted to persist into fiscal 2024.
Investors should take heed of Progressive’s forthcoming Q4 results and guidance, given that PGR shares have ascended by 35% in the last year, yet remain reasonably valued at a forward earnings multiple of 20.4X, considering their extensive growth potential.
United Rentals: URI
United Rentals, the world’s largest equipment rental company, continues to benefit from heightened construction-related activities. Projections for the company’s Q4 earnings suggest an 11% increase to $10.85 per share, with sales expected to rise by 10% to $3.63 billion. The company is on track to conclude FY23 with earnings per share up by 24% to an impressive $40.40 and total sales expected to reach $14.23 billion, a 22% surge from $11.64 billion in 2022. Positive guidance outlook for FY24 envisions a 7% rise in EPS and a 3% increase in sales.
United Rentals’ Q4 report is eagerly awaited as URI shares have gained 47% over the past year and presently trade at 13.1X forward earnings, slightly below the Zacks Building Products-Miscellaneous industry average of 16.3X.
Other Stocks to Watch
International Business Machines (IBM) and Abbott Laboratories (ABT) are also noteworthy contenders in the upcoming earnings lineup. Both hold strong market positions in computer and healthcare products, with substantial quarterly growth projected. Abbott’s stock performance has remained consistently flat over the last year, while IBM shares have risen by 22%.