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Companies Reporting: Reckitt Benckiser, AVEVA Group, Facebook

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Here’s our regular look at the FTSE 350 & other companies reporting from 25 to 29 October

  • Reckitt Benckiser faces challenging comparisons from last year, but has finally got rid of its Chinese millstone
  • Facebook reveals how users and advertisers have responded to recent headlines
  • We are expecting a solid set of results from AVEVA
  • Anheuser-Busch Inbev looks to build back its balance sheet as bars reopen.

Reckitt Benckiser, Q3 Trading Update, Tuesday 26 October

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Nicholas Hyett, Equity Analyst

“Rising input costs are expected to eat into Reckitt Benckiser [LON:RKT] profit margins in the second half. With volume growth also somewhat lacklustre at the half year, the group has its work cut out. Part of the challenge the group faces is the very strong results reported in 2020 – as coronavirus concerns drove uptake of its health and hygiene products. That will remain the case in the second half, and in all honesty, we would view flat numbers as a positive result in products like Dettol and Lysol. Reckitt also completed the disposal of its Chinese infant nutrition business in September. As a long-term detractor from performance, the completion of that bit of housekeeping should mean management have more time to focus on core business going forwards. That can only be good news.”

AVEVA Group, Q3 Trading Update, Wednesday 27 October

Steve Clayton, Manager of the HL Select Funds

Aveva [LON:AVV] is set to report half year results on Oct 27 and we expect them to be solid enough. But the outlook is harder to predict. Last year Aveva reported 26% growth in its third quarter and that sets a tough comparative for the group to guide against. Underlying it all though, there should be robust demand for the group’s industrial automation software.”

Facebook, Q3 Results, Wednesday 27 October

Nicholas Hyett, Equity Analyst

“The regulatory and reputational heat on Facebook [NASDAQ:FB] has been increasing in the last quarter. Facebook, Instagram and WhatsApp faced a major outage in early October, the group was accused of covering up research suggesting its products are bad for users’ mental health and WhatsApp was fined for incorrect use of customer data. All in all, a pretty horrible set of headlines.

The question next week is whether the bad news has had much impact on users. The group’s no stranger to bad press, and that hasn’t stopped daily user’s rising 79% in just two years. Advertisers too seem to be willing to overlook bad press to access Facebook’s audience, with average revenue per user up 43.5% in just one year. Management will hope this latest round of negative headlines is no different.”

Anheuser-Busch Inbev, Q3 Results, Thursday 28 October

Nicholas Hyett, Equity Analyst

“The re-opening of pubs and bars around the world should be good news for Anheuser-Busch Inbev [EBR:ABI] – brewer of Budweiser, Corona and Leffe (to name just a few). Profits were already showing a dramatic improvement at the half year stage, and that trend could gather pace. That would be something of a relief, because the real story at AB Inbev is the truly eyewatering level of debt the group’s lugging around. Back in June, net debt stood at $83.4bn, or 4.4 times cash profits. While this may have been trimmed slightly, full year free cash flow is forecast to be just $7.7bn suggesting it could take years to get back under control. Given the monumental task ahead, even positive third quarter results will be just a small step on a long road to recovery.”

FTSE 100, FTSE 250 and selected other companies scheduled to report

25-Oct
HSBC Q3 Results
Petropavlovsk Q3 Production Report
26-Oct
Alphabet Q3 Results
Bunzl Q3 Trading Update
Essentra Q3 Trading Update
Hochschild Q3 Production Report
Microsoft Q1 Results
Polymetal International Q3 Production Report
Reckitt Benckiser Q3 Trading Update
Softcat Full Year Results
Visa Full Year Results
Whitbread Half Year Results
27-Oct
AVEVA Group Q3 Trading Update
Centamin Q3 Production Report
Coca-Cola Q3 Results
ContourGlobal Q3 Trading Update
Facebook Q3 Results
Fresnillo Q3 Production Report
GlaxoSmithKline Q3 Results
Heineken Q3 Trading Update
McDonalds Q3 Results
Network International Q3 Trading Update
Spotify Q3 Results
28-Oct
AB InBev Q3 Results
Airtel Africa Half Year Results
Amazon Q3 Results
Apple Full Year Results
C&C Group Half Year Results
Elementis Q3 Trading Update
EVRAZ Q3 Trading Update
Helios Towers Q3 Results
Inchcape Q3 Trading Update
Indivior Q3 Results
Lloyds Q3 Interim Management Statement
Royal Dutch Shell* Q3 Results
Travis Perkins Q3 Trading Update
WPP Q3 Trading Update
29-Oct
Computacenter Q3 Trading Update
ConvaTec Group Q3 Trading Update
Glencore Q3 Production Report
Natwest Q3 Results

This article is brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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