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Wells Fargo and JPMorgan are part of Zacks Earnings Preview
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For Immediate Release
Chicago, IL – January 6, 2025 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes Wells Fargo (WFC - Free Report) and JPMorgan (JPM - Free Report) .
Q4 Earnings Season Looms: A Preview
The first earnings season of the New Year will get underway on January 10th, with the big banks reporting results for the last quarter of 2024.
The expectation is that 2024 Q4 earnings for the S&P 500 index will be up +7.6% on +4.7% higher revenues. This would follow the +8.3% earnings growth in Q3 on +5.5% higher revenues.
As we have noted here all along, the revisions trend ahead of the start of the Q4 earnings season has been fairly stable.
At the sector level, estimates have been cut for 11 of the 16 Zacks sectors since the quarter got underway, with the biggest declines at the Aerospace, Industrial Products, Energy, Conglomerates, and Basic Materials sectors. On the positive side, estimates have increased since the quarter underway for 5 of the 16 Zacks sectors. These sectors are Finance, Consumer Discretionary, Technology, Business Services, and Autos.
The positive revisions trend for the Finance sector can be seen in how estimates for some of the major banks have unfolded. For example, Wells Fargo will kick off the reporting cycle for the sector on January 10th, and JPMorgan will report on January 15th.
Wells Fargo is expected to bring in $1.33 per share in Q4 EPS, up +3.1% from the year-earlier period on essentially flat revenues at $20.5 billion. Wells Fargo's $1.33 per share earnings estimate for the period has inched up from $1.31 per share two months back and $1.27 per share three months back.
JPMorgan is expected to earn $3.86 per share in Q4, down -2.8% from the year-earlier period, on +5% higher revenues at $40.5 billion. Analysts have raised their estimates for JPMorgan steadily, with the current $3.86 per share estimate up +1.3% over the past month and up +2.7% over the past three months.
JPMorgan and Wells Fargo shares are off their late-November 2024 highs but have still been solid performers over the preceding year, handily outperforming the S&P 500 index as well as the Zacks Finance sector.
For the Finance sector as a whole, 2024 Q4 earnings are expected to be up +12.1% from the same period last year on +5% higher revenues. This would follow the sector's +5.9% earnings and revenue growth in 2024 Q3.
The Finance sector is one of only three Zacks sectors that are expected to enjoy double-digit earnings growth in Q4; Technology (earnings growth of +14.9%) and Medical (+15.3%) are the other two.
Tech & The Mag 7 Remain Growth Drivers
The Magnificent 7 group is expected to remain in growth mode in Q4, with total Mag 7 earnings expected to be up +20.7% from the same period last year on +12.3% higher revenues. Total index earnings would be up only +3.6% instead of +7.6% had it not been for the substantial Mag 7 contribution.
For a detailed look at the overall earnings picture, including expectations for the coming periods, please check out our weekly Earnings Trends report >>>> Earnings Growth Expected to Broaden Beyond Tech
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.
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Wells Fargo and JPMorgan are part of Zacks Earnings Preview
For Immediate Release
Chicago, IL – January 6, 2025 – Zacks.com releases the list of companies likely to issue earnings surprises. This week’s list includes Wells Fargo (WFC - Free Report) and JPMorgan (JPM - Free Report) .
Q4 Earnings Season Looms: A Preview
The first earnings season of the New Year will get underway on January 10th, with the big banks reporting results for the last quarter of 2024.
The expectation is that 2024 Q4 earnings for the S&P 500 index will be up +7.6% on +4.7% higher revenues. This would follow the +8.3% earnings growth in Q3 on +5.5% higher revenues.
As we have noted here all along, the revisions trend ahead of the start of the Q4 earnings season has been fairly stable.
At the sector level, estimates have been cut for 11 of the 16 Zacks sectors since the quarter got underway, with the biggest declines at the Aerospace, Industrial Products, Energy, Conglomerates, and Basic Materials sectors. On the positive side, estimates have increased since the quarter underway for 5 of the 16 Zacks sectors. These sectors are Finance, Consumer Discretionary, Technology, Business Services, and Autos.
The positive revisions trend for the Finance sector can be seen in how estimates for some of the major banks have unfolded. For example, Wells Fargo will kick off the reporting cycle for the sector on January 10th, and JPMorgan will report on January 15th.
Wells Fargo is expected to bring in $1.33 per share in Q4 EPS, up +3.1% from the year-earlier period on essentially flat revenues at $20.5 billion. Wells Fargo's $1.33 per share earnings estimate for the period has inched up from $1.31 per share two months back and $1.27 per share three months back.
JPMorgan is expected to earn $3.86 per share in Q4, down -2.8% from the year-earlier period, on +5% higher revenues at $40.5 billion. Analysts have raised their estimates for JPMorgan steadily, with the current $3.86 per share estimate up +1.3% over the past month and up +2.7% over the past three months.
JPMorgan and Wells Fargo shares are off their late-November 2024 highs but have still been solid performers over the preceding year, handily outperforming the S&P 500 index as well as the Zacks Finance sector.
For the Finance sector as a whole, 2024 Q4 earnings are expected to be up +12.1% from the same period last year on +5% higher revenues. This would follow the sector's +5.9% earnings and revenue growth in 2024 Q3.
The Finance sector is one of only three Zacks sectors that are expected to enjoy double-digit earnings growth in Q4; Technology (earnings growth of +14.9%) and Medical (+15.3%) are the other two.
Tech & The Mag 7 Remain Growth Drivers
The Magnificent 7 group is expected to remain in growth mode in Q4, with total Mag 7 earnings expected to be up +20.7% from the same period last year on +12.3% higher revenues. Total index earnings would be up only +3.6% instead of +7.6% had it not been for the substantial Mag 7 contribution.
For a detailed look at the overall earnings picture, including expectations for the coming periods, please check out our weekly Earnings Trends report >>>> Earnings Growth Expected to Broaden Beyond Tech
Why Haven't You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Zacks.com provides investment resources and informs you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms and Conditions of Service" disclaimer. www.zacks.com/disclaimer.
Past performance is no guarantee of future results. Inherent in any investment is the potential for loss.This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performancefor information about the performance numbers displayed in this press release.