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 first note for Q3 2011 reporting season, and covers results from the 36 firms in the S&P500 that have reported so far, combined with expectations for the rest.
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In this week's issue
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Q3 2011 Earnings Reports - Week One
CONTENTS
- Earnings results...page 1
- Sales & margins...page 2
- Surprises, composition and valuation metrics...page 3
- Past, present & future earnings...page 4
HIGHLIGHTS:
As we begin Q3 reporting season in earnest, overall S&P500 earnings are expected to grow by $24.7 billion, or 12.9% vs. 3Q10 (chart below). That would be the smallest increase since the earnings recovery began, but still respectable at this point in the cycle.
Energy (XLE) was the main driver of earnings growth, but Tech (XLK) remains the largest component of overall index profit (page 3).
Sales are forecast to increase 8.2% YoY (6.5% excluding Energy), but as in recent quarters the Financial sector (XLF) is finding revenue growth a challenge...page 2.
For most sectors, margins are expected to be on par or slightly above the levels of the same quarter last year...page 2.
To download the full report click here
Chart: 3Q11 YoY Change in Net Profits by sector (% and $mns)
Source: AltaVista Research
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