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2023/05/24 / Erste Group Research

Mostly positive EPS surprises in 1Q


Rating Changes: ICICI Bank, Meta Platforms, WW Grainger, Deere & Co, Factset Research Systems , Morgan Stanley.

In the US, 95% of the companies in the S&P 500 released their 1Q results. 78% of the companies reported a positive earnings surprise. Thus, the earnings decline for the S&P 500 was only -2.2% y/y, significantly better than expected at the beginning of the quarter. (-6,6%). In Europe, 84% of Stoxx 600 companies reported 1Q results. Earnings were higher than expected for 66% of the companies. Overall, profits rose by +9.5% y/y. The financials, technology, and utilities sectors in particular contributed to the growth with profit increases of around 50% y/y.

It is apparent that with the expected end of interest rate hikes in the USA, investors are again significantly increasing the weighting of growth stocks (technology/healthcare/industry). We expect this trend to continue, especially as energy and commodity prices (including oil, gas, copper) fell, in some cases significantly, in Q2 and no trend reversal is apparent.

Meta Platforms: Costs reduced and significant sales and earnings growth expected in 2023

SAP: Cloud revenue growth remains very strong in 2023

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General information

AuthorErste Group Research
Date2023/05/24
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, 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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