Earnings Expectations For The Week Of June 1

The turn of the calendar page places us in the summer months, but only a handful of notable earnings reports are scheduled for this coming week. The kick-off of the second-quarter earnings season is still a few weeks away. Consensus estimates from Wall Street analysts call for year-on-year earnings growth from Ciena Corporation CIEN and Dollar General Corp. DG, but for Ascena Retail Group Inc ASNA and Medtronic PLC MDT earnings to have declined, when they report this week. In addition, a net loss is anticipated from homebuilder Hovnanian Enterprises, Inc. HOV this week. Below is a quick look at what analysts are looking for from these results, as well as a peek at the week's other most anticipated reports. See also: Why Is The Street So Optimistic About Amazon?

Ascena Retail

The consensus forecast from four Estimize estimates calls for a profit of $0.20 per share, compared to earnings per share (EPS) of $0.27 in the same period of last year. Also, revenues for the three months that ended in April are expected to have crept up less than 2 percent to about $1.16 billion. Note that Wall Street analysts underestimated EPS in two of the previous four periods, by as much as almost 28 percent. Look for the operator of Dressbarn and Layne Bryant stores to release its latest results Tuesday after the regular trading session ends.

Ciena

In its report early Thursday, this telecom equipment and service provider is expected to say that its EPS increased about four cents from a year ago to $0.21, based on three Estimize estimates. Wall Street analysts are a bit more optimistic, placing EPS at $0.23 for the fiscal second quarter. The Estimize forecast has revenues up more than 8 percent to nearly $606.52 million for the most recent quarter, compared to Wall Street expectations of $604.44 million. Looking ahead, analysts expect sequential and year-over-year growth on both the top and bottom lines in the current quarter.

Dollar General

This discount retailer will report $0.82 per share earnings for its fiscal first quarter, up from $0.72 in the year-ago period, according to Wall Street. Five Estimize estimates put the figure at a penny less. Note that the company has not topped Wall Street EPS expectations in the past four quarters. Revenue for the three months that ended in April will be more than 9 percent higher to $4.92 billion, says Estimize. So far, Wall Street sees sequentially higher top line and bottom line results for the current quarter, which ends in July. Look for Dollar General to report earnings before Tuesday's opening bell.

Hovnanian

The Wall Street forecast calls for a net loss of $0.05 and revenue that totaled $533.75 million for the fiscal second quarter when the homebuilder reports Wednesday morning. That would compare the $0.05 per share loss and revenue of $449.93 million reported in the same period of last year. Analysts underestimated the net loss in the previous period by more than a third, yet in the two periods before that Hovnanian offered up better-than-expected EPS. The EPS anticipated in the current quarter are forecast to be smaller than a year ago, but on revenue that surged almost 19 percent. See also: Humana Goes Bananas

Medtronic

When it shares its results first thing Tuesday, this medical device maker is expected to say its EPS for the most recent quarter came in at $1.11, according to 14 Estimize estimates. That would be down from $1.15 per share in the same quarter of last year, but it is in line than company's guidance. The Estimize forecast for Medtronic also calls for revenue to be around 55 percent higher than a year ago to $7.09 billion for the fiscal fourth quarter. Wall Street analysts are calling for revenue for the full year to be almost 66 percent higher than a year ago to $28.20 billion.

And Others

Other companies that will show earnings growth this week, if analysts' forecasts are accurate, include Ambarella, Cracker Barrel Old Country Store and VeriFone Systems, while EPS from Five Below will be the same as a year ago. Shrinking earnings are anticipated from J.M. Smucker, Joy Global and PVH, as well as net losses for Guess?, Navistar International, ReneSola and Yingli Green Energy. Upcoming earnings to watch for include those from FuelCell Energy, H&R Block, Krispy Kreme, Lululemon Athletica and Restoration Hardware. Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.