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2022/08/08 / Erste Group Research

2Q Earnings Season better than expected

Rating Changes: Deutsche Post, Waste Management, EOG Resources, Roche Holding.

After the declines of the previous months, the global stock market index rose by +10.9% in EUR terms in July. Volatility fell sharply at the same time. For the global equity index, the forecast for 2023 is revenue growth of +8.2% and earnings growth of +6.7%.

The 2Q earnings reporting season has gone well in the US. 73% of companies have published results above expectations so far. For 2Q, earnings are expected to rise +6.0% y/y. This year, US companies' sales should rise +10.6% and profits +6.1%. In Europe, 2Q earnings growth is expected to be high at +28% y/y. However, the longer outlook shows a slowdown in sales and profit growth over the year. Profits are then forecast to decline in the first three quarters of 2023. The risk of a shortage of natural gas for industry is weighing on the planning security of many companies in Europe. We expect the relative weakness of the European stock market versus the US market to continue.

Deutsche Post: Profitable air and sea freight business

Waste Management: Sales forecast raised sharply, operating margin expected to remain stable

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General information

AuthorErste Group Research
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, United States
Currency in focusEuro, 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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