Research Detail
| 2023/10/27 / Erste Group Research |
USA Earnings Season so far above Expectations Rating Changes: Shell, Arthur J. Gallagher, Alfa Laval, PepsiCo The reporting season in the USA has so far been well above expectations. The earnings growth forecast for 3Q23 is now +2.6% year-on-year. Excluding the energy sector, the growth rate for the index is +7.4%. Moreover, of the 146 corporations in the S&P 500 that have reported earnings to date, 80% have done so above market expectations. This compares to a long-term average of 66%. The forecast for 3Q sales growth is +1.2% (excl. energy: +3.6%). In Europe, earnings are expected to decline by -9.7% year-on-year in 3Q23 (excl. energy: +1.7%). Sales for the final quarter are expected to fall by 5.3% compared to 3Q22 (excl. energy: -1.3%). So far, 58 out of 600 companies have reported Q3 results. Only 40% achieved earnings that exceeded forecasts. On historical average, 54% beat earnings per share expectations. Alphabet: Advertising revenue up in 3Q, Google Cloud revenue up +22% Y/Y JPMorgan: Strong 3Q, profit incl. First Republic up +35%, provisions down significantly |
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General information
| Author | Erste Group Research |
| Date | 2023/10/27 |
| Language |  |
| Product name | Recommendation List |
| Topic in focus | Equities |
| Economy in focus | Germany, Japan, Switzerland, United Kingdom, United States |
| Currency in focus | British Pound, Euro, Swiss Franc, US Dollar |
| Sector in focus | Automobiles & 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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| Name | ISIN | # Erste Group products |
| Walmart | US9311421039 | 0 |
| Walt Disney | US2546871060 | 0 |