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 second note for Q3 2011 reporting season, and covers results from the 133 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 Two
CONTENTS
- Earnings results...page 1
- Sales & margins...page 2
- Surprises, composition and valuation metrics...page 3
- Past, present & future earnings...page 4
HIGHLIGHTS:
With over one quarter of S&P500 firms having reported results, index earnings are forecast to grow by $28.2 billion, or 14.7%, vs. 3Q10. Energy (XLE) was the largest contributor to profit growth, but all sectors except Utilities (XLU) are likely to report increases...chart below.
The biggest positive surprises by far have come from Financials (XLF), where expectations are admittedly low. Firms in XLF have beaten on both the top and bottom lines...page 3.
Sales increased about 8.8% YoY (7.0% excluding Energy), but as in recent quarters revenue growth for Financials was about flat (including the positive surprises)...page 2.
Margins for the Materials sector (XLB) probably fell rather steeply from the prior quarter as commodity prices have eased a bit, but they are still forecast up vs. 3Q10...page 2.
Download the full report here
Chart: 3Q11 YoY Change in Net Profits by sector (% and $mns)
Source: AltaVista Research
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