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2024/02/14 / Erste Group Research

New all-time high in the USA after strong earnings season

Rating changes: Home Depot, Equinor, Amgen

Coverage terminated: AmBev, Kering

In the current US reporting season for 4Q 2023, 75% of the companies in the S&P 500 have published positive earnings surprises. The energy, technology and industrial sectors had the highest proportion of positive earnings surprises. US earnings growth should total +2.9% (y/y) in the 4Q. Earnings growth rates of +4% (y/y) and +9.1% (y/y) are forecast for 1Q and 2Q respectively. The S&P 500 recently reached a new all-time high of over 5,000 points on the back of the companies' good results and prospects. The 4Q reporting season is going worse in Europe than in the USA. Only 53% of companies were able to report profits that exceeded expectations. Profits of European companies should fall by a total of -5.5% year-on-year in the 4Q. For 1Q 2024, a decline in profits of -8.4% is expected. Profits will only grow slightly again from 2Q onwards (2Q 2024e: +2.2%).

BP: sales down -13% in 2023, number of shares reduced by 6%, further high buybacks announced

Novo Nordisk: 4Q23 sales: +37%, guidance of +18% to +26% in 2024
McDonalds: Solid year 2023, sales: +10%, EBIT: +24%, target: 2,000 new stores worldwide p.a. in the next four years

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General information

AuthorErste Group Research
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Switzerland, United States
Currency in focusEuro, Swiss Franc, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities

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