Procore (PCOR) Q1 Earnings Report Preview: What To Look For

StockStory
13 hours ago
Procore (PCOR) Q1 Earnings Report Preview: What To Look For

Construction management software maker Procore (NYSE:PCOR) will be reporting results tomorrow afternoon. Here’s what to look for.

Procore beat analysts’ revenue expectations by 1.4% last quarter, reporting revenues of $302 million, up 16.2% year on year. It was a weaker quarter for the company, with full-year guidance of slowing revenue growth. It added 113 customers to reach a total of 17,088.

Is Procore a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Procore’s revenue to grow 12.3% year on year to $302.7 million, slowing from the 26.2% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.18 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Procore has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 3.8% on average.

Looking at Procore’s peers in the vertical software segment, only Cadence has reported results so far. It met analysts’ revenue estimates, delivering year-on-year sales growth of 23.1%. The stock traded up 5.7% on the results.

Read our full analysis of Cadence’s earnings results here.

Investors in the vertical software segment have had steady hands going into earnings, with share prices flat over the last month. Procore is down 6.2% during the same time and is heading into earnings with an average analyst price target of $79.16 (compared to the current share price of $63.25).

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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