Greetings!
Below is a link to download our research note, Reporting Monitor. It breaks down S&P500 earnings reports as they come in, and groups them by Select Sector SPDR.
Reporting Monitor is published 3-4 times each quarter during the height of earnings season, and replaces the weekly ETF Spotlight newsletter during these times. This is the FINAL note for Q2 2011 reporting season, and covers results from the 439 firms in the S&P500 that have reported so far, and expectations for the remaining firms.
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In this week's issue
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Q2 2011 Earnings Reports - Week Three
CONTENTS
- Earnings results...page 1
- Sales & margins...page 2
- Surprises, composition and valuation metrics...page 3
- Past, present & future earnings...page 4
HIGHLIGHTS:
The real story of 2Q11 reports is how strong sales were. While overall sales grew 11.4%, excluding Energy (XLE) they still gained 8.0%, compared with 6.1% and 6.2% for 1Q11 and 4Q10, respectively.
Strong sales helped S&P firms cope with higher input prices: margins improved YoY in all sectors except Utilities (XLU)...page 2.
With 88% of firms having reported results, earnings likely grew 16.9%, with Energy and Tech (XLK) sectors contributing the most. Only Utilities (XLU) earnings declined...cover chart.
Earnings "surprises" were not particularly large at 4.1% of overall index earnings, but they were widespread. Financials (XLF) had the largest positive surprises...page 3.
To download the full report click here
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