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Earnings Trends: Archive

Sheraz Mian

Analyzing Recent Earnings Estimate Revisions

Since the start of April 2023, full-year 2023 earnings estimates have not only stabilized but have actually started going up modestly for several sectors. What is this telling us?

AMZNNegative Net Change MSFTNegative Net Change KBHPositive Net Change

Sheraz Mian

Analyzing the Q1 Earnings Landscape

Earnings growth is on track to be negative for the second consecutive quarter, with the trend of declining profits expected to continue in the current period. Where do we go from here?

MSFTNegative Net Change UALNegative Net Change CMGNegative Net Change PEPPositive Net Change

Sheraz Mian

2023 Q1 Earnings: Good Enough, but Not Great

The picture emerging from the Q1 earnings season continues to be one of resilience and stability, with companies not only beating estimates but also providing a good-enough outlook in an uncertain macro environment.

MSFTNegative Net Change UALNegative Net Change CMGNegative Net Change PEPPositive Net Change

Sheraz Mian

2023 Q1 Earnings Season Off to a Promising Start

The 2023 Q1 earnings picture emerging at this early stage is one of resilience and stability, with an above-average proportion of companies beating estimates and providing a good-enough outlook in an uncertain macro environment.

BACPositive Net Change JPMNegative Net Change CNegative Net Change PNCPositive Net Change USBPositive Net Change MTBNegative Net Change

Sheraz Mian

2023 Q1 Earnings Season Likely to Reflect Continued Margin Pressures

2023 Q1 will be the 5th consecutive quarter of declining year-over-year net margins, with S&P 500 net margins expected to compress 147 basis points from the year-earlier level. With profitability in a crunch, where do we go from here?

JPMNegative Net Change CNegative Net Change FRCPositive Net Change

Sheraz Mian

Bank Earnings Looming: What Can Investors Expect?

The Finance sector enjoyed modest upward revisions to estimates in the first two months of the quarter until the Silicon Valley Bank episode. Are investors in for a surprise?

JPMNegative Net Change CNegative Net Change FRCPositive Net Change

Sheraz Mian

Analyzing the Evolving Q1 Earnings Landscape

As has been the case in recent quarters, estimates for 2023 Q1 have been steadily coming down. With negative sentiment taking hold, where do we go from here?

JPMNegative Net Change CNegative Net Change

Sheraz Mian

What Should Investors Expect For the 2023 Q1 Earnings Season?

Total S&P 500 earnings for 2023 Q1 are expected to be down -9.4% year-over-year on +1.8% higher revenues. Given these expectations, where does the market head from here?

NVDANegative Net Change GOOGLNegative Net Change METANegative Net Change

Sheraz Mian

Will Tech Sector Earnings Growth Resume in Q1?

The Tech sector has gotten off to a great start in 2023, handily outperforming the S&P 500 index in the year-to-date period. Can a strong 2023 Q1 season push them even higher?

NVDANegative Net Change GOOGLNegative Net Change METANegative Net Change

Sheraz Mian

Q4 Earnings Season Is Winding Down, Let's See What's Next

Looking at 2022 Q4 as a whole, aggregate S&P 500 earnings are currently expected to be down -5.6% on +5.8% higher revenues. But what's next is crucial...

AMZNNegative Net Change TGTPositive Net Change WMTPositive Net Change HDPositive Net Change

Sheraz Mian

Exploring the Retail Sector and Looking Ahead to 2023 Earnings

The only remaining points of interest in the 2022 Q4 reporting cycle pertain to results from traditional retailers, with Walmart (WMT) and Home Depot (HD) already out and the others on deck to report in the coming days.

AMZNNegative Net Change WMTPositive Net Change HDPositive Net Change

Sheraz Mian

Making Sense of Earnings Estimate Revisions for Q1 FY23 and Beyond

For 2023 Q1, S&P 500 earnings are currently expected to be down -8.3% on +2.1% higher revenues. This is down from -4% on January 6th and -2.9% in mid-December 2022.

AMZNNegative Net Change MSFTNegative Net Change GOOGLNegative Net Change

Sheraz Mian

Breaking Down the Q4 Scorecard and the Evolving Earnings Outlook

Looking at 2022 Q4 as a whole, aggregate S&P 500 earnings are currently expected to be down -5.8% on +5.3% higher revenues

INTCPositive Net Change AMDNegative Net Change MSFTNegative Net Change

Sheraz Mian

A Steady Earnings Picture, Without a 'Cliff' In Sight

The Q4 earnings season continues to show that while growth is moderating and decelerating, it isn't falling off the cliff that many appeared to fear could be in store for us.

INTCPositive Net Change AMDNegative Net Change MSFTNegative Net Change

Sheraz Mian

Digging into the Early Q4 Earnings Season Scorecard

Looking at 2022 Q4 as a whole, aggregate S&P 500 earnings are currently expected to be down -7.2% on +3.9% higher revenues. The question now is what's to come?

AMZNNegative Net Change MSFTNegative Net Change GOOGLNegative Net Change

Sheraz Mian

A Good Enough Start to the Q4 Earnings Season

We are off to a good-enough start to the 2022 Q4 season, with no signs yet of an impending earnings cliff that will prompt management teams to overwhelmingly guide lower. That said, companies appear to be struggling to beat consensus estimates...

BACPositive Net Change WFCPositive Net Change JPMNegative Net Change

Sheraz Mian

Are Earnings Estimates at Risk of Big Cuts in the Days Ahead?

Many in the market consider current earnings expectations to be too high and fear that the Q4 earnings season will cause estimates to be significantly lowered. Let's investigate...

BACPositive Net Change WFCPositive Net Change JPMNegative Net Change CNegative Net Change

Sheraz Mian

2022 Q4 Earnings Season Preview: Will Estimates Hold Their Ground?

Many in the market consider current earnings expectations to be too high and fear that the Q4 earnings season will cause estimates to be lowered significantly. We strongly dispute the notion that earnings estimates remain out of sync with the economic ground reality...

BACPositive Net Change WFCPositive Net Change JPMNegative Net Change CNegative Net Change

Sheraz Mian

Have Earnings Estimates Come Down Enough?

We strongly dispute the notion that earnings estimates remain out of sync with the economic ground reality, particularly if the economic slowdown turns out to be moderate.

QQQNegative Net Change SPYNegative Net Change OILPositive Net Change

Sheraz Mian

Earnings Estimates Keep Coming Down

The trend of negative estimate revisions that was already firmly in place ahead of the start of the Q3 earnings season has further accelerated since then

TGTPositive Net Change WMTPositive Net Change

Sheraz Mian

Evaluating Further Downside Risks to Earnings Estimates

Full year 2023 earnings estimates have been coming down after peaking in mid-April, with the aggregate total down -8.4% from the peak for the index

TGTPositive Net Change WMTPositive Net Change LOWPositive Net Change

Sheraz Mian

Making Sense of the Earnings Picture and Estimate Revisions

Looking at 2022 Q3 as a whole, total S&P 500 earnings are currently expected to be up +1.5% from the same period last year on +11.4% higher revenues. Excluding contributions from the Energy sector, Q3 earnings for the rest of the index would be -6.0%

DDPositive Net Change TTWONegative Net Change DISNegative Net Change VTRSPositive Net Change

Sheraz Mian

Breaking Down the Earnings Picture as Estimates Fade

Overall corporate profitability isn't great, but it isn't bad either. That said, estimates for the coming periods are steadily coming down, with the revisions trend accelerating in recent days.

AMZNNegative Net Change AAPLNegative Net Change MSFTNegative Net Change GOOGLNegative Net Change METANegative Net Change

Sheraz Mian

The Earnings Picture Is Good, But Not Great

The picture emerging from the 2022 Q3 earnings season continues to go against pre-season fears of an impending earnings cliff. Overall corporate profitability isn't great, but it isn't bad either.

AMZNNegative Net Change MSFTNegative Net Change UPSPositive Net Change FDXPositive Net Change GOOGLNegative Net Change

Sheraz Mian

The Earnings Picture Is Good Enough, So Far

The picture emerging from the 2022 Q3 earnings season belies pre-season fears of an impending earnings cliff. The overall corporate profitability picture isn't great, but it isn't bad either.

BACPositive Net Change UALNegative Net Change PGPositive Net Change JBHTPositive Net Change GISPositive Net Change PEPPositive Net Change