As second-quarter results continue to stream in, we can see a ray of light at the end of the tunnel, as earnings have started to show a slight improvement. Over 60% of the total S&P 500 index members have released their second-quarter results through Jul 29. Following the disappointing trend set in other recent quarters, growth continues to be elusive. The second quarter is expected to be the fifth in a row to suffer an earnings decline for the benchmark index. Having said that, the pace of decline is seen to be moderating from prior periods.

The overall trend has been more or less spelled out for all sectors, except Retail and Utilities, as the two still have considerable reports to churn up. This is turning out to be yet another hectic week as far as earnings releases are concerned with 116 S&P500 companies queued up to report their numbers.

Per the latest Earnings Preview report, 317 S&P 500 companies have reported their second-quarter earnings so far with 72.9% topping bottom-line estimates and 53.6% coming in ahead of top-line expectations. The overall report suggests that earnings results have moved south 3.3%, on a 0.9% decrease in revenues from the same period last year.

The soft earnings picture is majorly attributable to the Energy sector. Eight out of 16 Zacks sectors are expected to see growth in negative territory in Q2, with Energy, Basic Materials, Aerospace and Transportation suffering double-digit declines. However, Autos, Construction, Conglomerates, Utilities, Medical, Retail, Consumer Discretionary and Business Services – eight in all – are projected to land up on the brighter side, booking growth this season.

The Business Services sector is looking reasonably well placed. For the sector, earnings are expected to grow 5.7%, while sales are touted to rise 6.6% over last year. The projected improvement is largely due to a recovery in oil prices in the second quarter and the faded effects of the dollar strength.

Among consulting stocks, which are a part of the broader Business Services sector, slated to report this week, let’s have a sneak peek at a few major industry players to see how things are gearing up for the upcoming quarterly results.

Gartner Inc. (IT Quick QuoteIT - Free Report) is scheduled to report second-quarter results before market open on Aug 4. The company provides research and advisory solutions that helps clients understand technology and drive business growth.

As per our model, a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold) for it to beat estimates.  For the quarter to be reported, this Zacks Rank #4 (Sell) stock has an Earnings ESP of 0.00%, thus making an earnings prediction difficult. As it is, we caution against stocks with a Zacks Rank #4 or #5 (Strong Buy) going into the announcement. Over the trailing four quarters, the company has beaten estimates on all occasions, with an average beat of 12.73%.

Stantec Inc. (STN Quick QuoteSTN - Free Report) is scheduled to report second-quarter results before market open on Aug 4. The company provides professional consulting services in various verticals of infrastructure and provides its services to clients in the public and private sectors across Canada, the U.S., and internationally. For the quarter to be reported, this Zacks Rank #3 stock has an Earnings ESP of -13.89%, thus making an earnings prediction uncertain. Over the trailing four quarters, the company has missed estimates on three occasions, with a negative average surprise of 13.54%.

NV5 Global, Inc. (NVEE Quick QuoteNVEE - Free Report) is scheduled to report second-quarter results before market open on Aug 4. The company offers professional, technical consulting and certification solutions for the public and private sector. For the quarter to be reported, this Zacks Rank #3 stock has an Earnings ESP of 0.00%, thus making an earnings prediction uncertain. Over the trailing four quarters, the company has beaten estimates on all occasions, with an average surprise of 10.44%.

Accretive Health, Inc. is scheduled to report second-quarter results before market open on Aug 4. Headquartered in Chicago, Accretive Health is engaged in providing healthcare revenue cycle management services. For the quarter to be reported, this Zacks Rank #3 stock has an Earnings ESP of 0.00%, thus making an earnings prediction uncertain. Over the trailing four quarters, the company has an average positive surprise of 316.67%.

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