The second-quarter earnings season is nearing its end, with 82.8% of the S&P 500 index members having already released their results as of Aug 4. Another 4% of the index members are expected to release earnings today.

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 4.5% on a 1% drop in revenues from the same period last year. As for the beat ratios, 70.3% of the companies have come ahead of earnings estimates and 51.9% have surpassed revenue expectations.

Seven out of the 16 sectors in the Zacks coverage universe are expected to witness an earnings decline. Overall, earnings are expected to be down 3.1% from the same period last year on a 0.9% decline in revenues. The biggest laggard will be the Energy sector where earnings are expected to plunge 79.4% from the same period last year on a 29.3% decline in revenues (read more in our weekly Earnings Trends report).

Among the remaining eight 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 26.5% supported by a 5.2% top-line improvement.

Nearly 76.7% of the utilities have already reported second-quarter earnings, registering earnings growth of 9.2% 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 should give a boost to sales.

Here, let us focus on a few utilities reporting on Aug 8.

Southwest Gas Corporation (SWX Quick QuoteSWX - Free Report) , a Zacks Rank #3 (Hold) stock, purchases, distributes, and transports natural gas in the U.S. As of Dec 31, 2015, it had 1,956,000 residential, commercial, and industrial natural gas customers. The company reported a negative earnings surprise of 2.47% in the previous quarter.

Southwest Gas Corporation’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 18 cents.

Our proven model does not conclusively show that Southwest Gas Corporation 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.

Otter Tail Corporation (OTTR Quick QuoteOTTR - Free Report) , a Zacks Rank #2 stock, is involved in the electric, manufacturing and plastics business in the United States, Canada, Mexico and Panama. The company reported a positive earnings surprise of 22.58% in the previous quarter.

Otter Tail’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 38 cents. The combination of a Zacks Rank #2 and 0.000% ESP makes prediction uncertain this season.

PNM Resources, Inc. (PNM Quick QuotePNM - Free Report) , a Zacks Rank #4 (Sell) stock, is involved in the generation, transmission and distribution of electricity. The company reported a negative earnings surprise of 7.14% in the previous quarter.

PNM Resources’ Earnings ESP which represents the difference between the Most Accurate estimate of 36 cents and the Zacks Consensus Estimate of 37 cents is -2.70%. Given the negative ESP and Zacks Rank #4, PNM Resources is unlikely to beat estimates this season.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>