The second-quarter earnings season is nearing its end, with 87% of the S&P 500 index members having already released their results as of Aug 5. We are expecting 26 S&P 500 members to release their second-quarter earnings this week.

The picture which has emerged so far shows clearly that we are into another season of an earnings decline for the S&P 500 index. Earnings growth is projected to be in negative territory for the fifth straight quarter. Earnings have declined 4.1% on a 0.9% drop in revenues from the same period last year. As for the beat ratios, 70.7% of the companies have come in ahead of earnings estimates and 52.7% have surpassed revenue expectations.

Six out of the 16 sectors in the Zacks coverage universe are expected to witness an earnings decline. Overall, earnings are expected to be down 3.5% from the same period last year on a 0.4% decline in revenues. The biggest laggard will be the Energy sector where earnings are expected to plunge 78.9% from the same period last year on a 26.0% decline in revenues (read more in our weekly Earnings Preview report).

Among the remaining 10 sectors in our coverage, which are expected to witness earnings growth, Utility looks to be featuring among the top this season. Utilities are expected to grow second-quarter earnings by 8% supported by a 5.2% top-line improvement.

Nearly 90% of the utilities have already reported second-quarter results registering earnings growth of 8.3% year over year.

These capital intensive utilities have been benefiting from rock-bottom interest rates. Moreover, warmer-than-normal weather that prevailed in the U.S. during the second quarter gave a boost to sales.

Here, let us focus on a few utilities reporting on Aug 9.

NRG Yield, Inc. , a Zacks Rank #4 (Sell) stock, owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the U.S. The company reported a negative earnings surprise of 68.75% in the previous quarter.

NRG Yield Inc.’s Earnings ESP  which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate is 0.00%, as both estimates are pegged at 35 cents.

Our proven model does not conclusively show that NRG Yield is likely to beat estimates this quarter. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) to be able to beat consensus estimates.

Exelon Corporation (EXC Quick QuoteEXC - Free Report) , a Zacks Rank #3 (Hold) stock, reported a positive earnings surprise of 3.03% in the previous quarter. Exelon’s Earnings ESP which represents the difference between the Most Accurate estimate of 57 cents and the Zacks Consensus Estimate of 56 cents is +1.79% (read more: Will Exelon Corp Beat Earnings Estimates in Q2?)

PPL Corporation (PPL Quick QuotePPL - Free Report) , also a Zacks Rank #3 (Hold) stock, reported a negative earnings surprise of 10.67% in the previous quarter. PPL Corporation’s Earnings ESP which represents the difference between the Most Accurate estimate of 52 cents and the Zacks Consensus Estimate of 53 cents is -1.89% (read more: PPL Corporation Q2 Earnings: Stock to Disappoint?)

NRG Energy Inc. (NRG Quick QuoteNRG - Free Report) , another Zacks Rank #3 (Hold) stock, reported a positive earnings surprise of 241.18% in the previous quarter. NRG Energy’s Earnings ESP which represents the difference between the Most Accurate estimate of 8 cents and the Zacks Consensus Estimate of 5 cents is +60.0%. In our previous article it was uncertain if NRG Energy will beat earnings this quarter. (read more:NRG Energy Q2 Earnings: Will the Stock Surprise?).

However, estimates have changed thereafter and we are reasonably confident of an earnings beat now.

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