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As the earnings reporting season unfolds, investors’ attention turns toward the bottom line. But we would like to emphasize that sales deserve equal attention. We’ll tell you why.

For Q2, six out of the Zacks classified 16 sectors of the S&P 500 will likely witness a decline in earnings while just three are expected to witness a revenue decline. Total earnings are expected to grow 7.2% from the same period last year on 4.5% higher revenues as per the Earnings Trends issued on July 19, 2017.

Further, investors should note that sales are harder to be influenced in an income statement than earnings. A company can land up on decent earnings numbers by adopting cost-cutting or some other measures that do not speak for its core strength. But it is harder for a company to mold its revenue figure.

Below, we highlight four sectors and their related ETFs that could be used to book some profits on revenue growth potential.

Energy – VanEck Vectors Oil Refiners ETF (CRAK - Free Report)

Prolonged oil woes are known to all. But probably thanks to the easy comparison, the sector is expected to log a 14.1% expansion in Q2 of 2017, the highest among the Zacks classified 16 sectors under the S&P 500 index.

Though playing this sensitive area is a little bit tricky, investors should note that the oil refining industry is performing exceptionally well. This is because it is negatively correlated with the price of oil with players in this industry using oil as an input for processing refined petroleum products like gasoline. Thus, lower oil prices are boosting margins for refiners and in turn their stocks (read: Oil Refiner ETF (CRAK - Free Report) : A Star Pick Amid Weak Oil Price).

Industrial Products — Industrial Innovation ETF (ARKQ - Free Report)

Though the Trump rally seems to have left its best period behind, industrial stocks (one of best Trump beneficiaries) can see a few more days of the bull run. The U.S. manufacturing sector is in decent shape right now. Factory activity shot up sharply in June to its highest level in almost three years.

Global economic improvement also points to an expected uptick in demand. All these may be beneficial to industrial ETFs. The sector is expected to log the second-best revenue growth of 12.8%.

Transportation – SPDR S&P Transportation ETF (XTN - Free Report)

The sector is expected to witness the third highest revenue growth of 9.3% in the ongoing Q2 earnings reporting season. The transportation sector is best positioned to take advantage of falling crude. This is especially true as energy costs form a major portion of the overall costs of this sector and as such falling oil prices are likely to boost earnings of airlines and shipping companies (read: 5 ETFs to Buy as Crude Crashes on Inventory Built).

Construction – Global X U.S. Infrastructure Development ETF (PAVE - Free Report)

The sector is expected to record 8.4% revenue growth in Q2. After all, the Federal government’s spending on construction projects have been hovering at about four-year highs. This makes PAVE an intriguing pick (read: Housing Stands Tall in 2017: ETFs in Focus).

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