Earnings Season Update – May 10, 2019

To date, 90% of the companies in the S&P 500 have reported actual results for Q1 2019

 

In terms of earnings, the percentage of companies reporting actual EPS above estimates (76%) is above the five-year average. In aggregate, companies are reporting earnings that are 5.5% above the estimates, which is also above the five-year average. In terms of sales, the percentage of companies (59%) reporting actual sales above estimates is equal to the five-year average. In aggregate, companies are reporting sales that are 0.4% above estimates, which is below the five-year average.

The blended revenue growth rate for Q1 2019 is 5.3% today, which is slightly above the revenue growth rate of 5.2% last week. Positive revenue surprises reported by companies in the Financial sector were mainly responsible for the slight increase in the overall revenue growth rate during the week. Nine of the 11 sectors are reporting year-over-year growth in revenues, led by the Health Care and Communication Services sectors. Two sectors are reporting a year-over-year decline in revenues, led by the Information Technology sector.

Looking at future quarters, analysts expect a decline in earnings in the second quarter, low single-digit earnings growth in the third quarter, and high single-digit earnings growth in the fourth quarter.

 

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