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2023/07/21 / Erste Group Research

Industrial stocks with good 2Q results so far

Rating changes: Intuit, Hershey Co.

The 2Q23 reporting season has started in Europe and the USA. In the USA, a decline in profits of -7% Y/Y is expected. The falling profits of the US index arise from the partly very strong falling profits in the sectors: energy (-47%), commodities (-31%) and health care (-17%). In Europe, profits are also expected to decline by -8% compared to the same quarter last year. However, excluding the EUR 16.5 billion drop in profits in the energy sector, profits in Europe should have increased by +4.4%.

Corporate forecasts for the coming quarters in the course of the reporting season in the US and Europe are crucial. The market consensus is currently for accelerated earnings growth of +11% Y/Y in 2024 in the US, following +7% earnings growth this year.

Alfa Laval: High order intake in Energy and Marine segment, sales up +17% y/y in 2Q

ASML: Order intake up again in 2Q, sales guidance for 2023 raised
JPMorgan: Solid 2Q23, net interest income up +4.7% Q/Q

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General information

AuthorErste Group Research
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, 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