Fsi Er Earnings Preview

Earnings Preview

Workflow

Step 1: Gather Context

• Identify the company and reporting quarter
• Pull consensus estimates via web search (revenue, EPS, key segment metrics)
• Find the earnings date and time (pre-market vs. after-hours)
• Review the company's prior quarter earnings call for any guidance or commentary

Step 2: Key Metrics Framework

Build a "what to watch" framework specific to the company:

Financial Metrics:

• Revenue vs. consensus (total and by segment)
• EPS vs. consensus
• Margins (gross, operating, net) — expanding or contracting?
• Free cash flow
• Forward guidance vs. consensus

Operational Metrics (sector-specific):

• Tech/SaaS: ARR, net retention, RPO, customer count
• Retail: Same-store sales, traffic, basket size
• Industrials: Backlog, book-to-bill, price vs. volume
• Financials: NIM, credit quality, loan growth, fee income
• Healthcare: Scripts, patient volumes, pipeline updates

Step 3: Scenario Analysis

Build 3 scenarios with stock price implications:

For each scenario:

• What would need to happen operationally
• What management commentary would signal this
• Historical context — how has the stock moved on similar prints?

Step 4: Catalyst Checklist

Identify the 3-5 things that will determine the stock's reaction:

1. [Metric] vs. [consensus/whisper number] — why it matters
2. [Guidance item] — what the buy-side expects to hear
3. [Narrative shift] — any strategic changes, M&A, restructuring

Step 5: Output

One-page earnings preview with:

• Company, quarter, earnings date
• Consensus estimates table
• Key metrics to watch (ranked by importance)
• Bull/base/bear scenario table
• Catalyst checklist
• Trading setup: recent stock performance, implied move from options

Important Notes

• Consensus estimates change — always note the source and date of estimates
• "Whisper numbers" from buy-side surveys are often more relevant than published consensus
• Historical earnings reactions help calibrate expectations (search for "[company] earnings reaction history")
• Options-implied move tells you what the market expects — compare to your scenarios