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 recession 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 11.

TerraForm Power, Inc. , a Zacks Rank #2 (Buy) stock, owns and operates renewable electricity generation assets and serves utility, commercial and residential customers. The company has clean generation capacity in excess of 1,500 megawatts.  

TerraForm Power’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 19 cents.

Our proven model does not conclusively show that TerraForm Power 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 or 3 (Hold) to be able to beat consensus estimates.

Spark Energy, Inc. , a Zacks Rank #3 stock, is a growing independent retail energy services company that provides residential and commercial customers in competitive markets across the United States. The company is involved in the retail distribution of natural gas and electricity to residential, commercial and industrial customers. The company reported a negative earnings surprise of 17.07% in the previous quarter.

Spark Energy’s Earnings ESP is 0.00%, as both estimates are pegged at 29 cents.

Global Water Resources, Inc. (GWRS Quick QuoteGWRS - Free Report) , a Zacks Rank #3 stock, is a water resource management company, owns, operates and manages regulated water, wastewater and recycled water utilities primarily in metropolitan Phoenix, AZ. The company reported a positive earnings surprise of 33.33% in the previous quarter.

Global Water Resources’ Earnings ESP is 0.00%, as both estimates are pegged at 2 cents.

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