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Earnings Overview: 2023 Q2: Difference between revisions
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* '''The estimated earnings decline for the S&P 500 for Q2 2023 of -7.2% y/y today is larger than the estimate of -4.7% y/y at the start of the quarter (March 31)''', as estimated earnings for the index of $455.9 billion today are 2.6% below the estimate of $467.9 billion at the start of the quarter. | * '''The estimated earnings decline for the S&P 500 for Q2 2023 of -7.2% y/y today is larger than the estimate of -4.7% y/y at the start of the quarter (March 31)''', as estimated earnings for the index of $455.9 billion today are 2.6% below the estimate of $467.9 billion at the start of the quarter. | ||
* In terms of estimate revisions, analysts lowered earnings estimates for Q2 2023 by a smaller margin than average during the quarter. '''On a per-share basis, estimated earnings for the second quarter decreased by 3.0% from March 31 to June 30'''. This decrease is smaller than the 5-year average of -3.4% and smaller than the 10-year average of -3.4%. | * In terms of estimate revisions, analysts lowered earnings estimates for Q2 2023 by a smaller margin than average during the quarter. '''On a per-share basis, estimated earnings for the second quarter decreased by 3.0% from March 31 to June 30'''. This decrease is smaller than the 5-year average of -3.4% and smaller than the 10-year average of -3.4%. | ||
* In terms of revenues, analysts have also lowered their estimates during the quarter. As of today, the '''S&P 500 is expected to report a (year-over-year) revenue decline of -0.3%''', compared to the expectations for flat revenues (0.0%) on March 31. | * In terms of revenues, analysts have also lowered their estimates during the quarter. As of today, the '''S&P 500 is expected to report a (year-over-year) revenue decline of -0.3%''',compared to the expectations for flat revenues (0.0%) on March 31. | ||
* '''The estimated net profit margin for the S&P 500 for Q2 2023 is 11.4%''', which is equal to the 5-year average of 11.4%, but below the previous quarter’s net profit margin of 11.5% and below the year-ago net profit margin of 12.2%. | * '''The estimated net profit margin for the S&P 500 for Q2 2023 is 11.4%''', which is equal to the 5-year average of 11.4%, but below the previous quarter’s net profit margin of 11.5% and below the year-ago net profit margin of 12.2%. | ||
* The percentage of S&P 500 '''companies issuing negative EPS guidance for Q2 2023 is 59% (67 out of 113)''', which is equal to the 5-year average of 59% and below the 10-year average of 64%. | * The percentage of S&P 500 '''companies issuing negative EPS guidance for Q2 2023 is 59% (67 out of 113)''', which is equal to the 5-year average of 59% and below the 10-year average of 64%. | ||
* '''The forward 12-month P/E ratio is 18.9''', which is above the 5-year average (18.6) and above the 10-year average (17.4) | * '''The forward 12-month P/E ratio is 18.9''', which is above the 5-year average (18.6) and above the 10-year average (17.4) | ||
* Looking ahead, analysts still expect earnings growth for the second half of 2023. '''For Q3 2023 and Q4 2023, analysts are projecting earnings growth of 0.3% and 7.8%, respectively. For all of CY 2023, analysts predict earnings growth of 0.8%.''' | * Looking ahead, analysts still expect earnings growth for the second half of 2023. '''For Q3 2023 and Q4 2023, analysts are projecting earnings growth of 0.3% y/y and 7.8% y/y, respectively. For all of CY 2023, analysts predict earnings growth of 0.8%.''' | ||
=== '''Refinitiv''' === | === '''Refinitiv''' === | ||
=== References === | === References === | ||