Stock Market Briefing: S&P vs. Thomson Reuters Earnings

Transcription

1 Stock Market Briefing: S&P vs. Thomson Reuters Earnings December, 1 Dr. Edward Yardeni 1-- eyardeni@ Joe Abbott -- jabbott@ Please visit our sites at www. blog. thinking outside the box

2 Table Of Contents Table Of Contents S&P Revenues 1 S&P Operating Earnings S&P Profits Margin S&P Earnings S&P Margin - S&P Operating & Reported Earnings S&P Sectors Quarterly Operating and Reported EPS S&P Sectors Thomson & S&P Operating EPS S&P Sectors TR & SP Operating EPS (% difference) 1 S&P Sectors TR & SP Operating EPS (y/y % growth) 11 S&P Sectors TR Operating and SP Reported EPS 1 S&P Write-Offs 1 S&P Trailing Earnings 1 S&P Earnings With & Without Energy 1 December, 1 / S&P vs. Thomson Reuters www.

3 S&P Revenues Figure 1. S&P REVENUES PER SHARE (dollars, quarterly) Latest (.) Source: Standard & Poor s Figure. S&P REVENUES PER SHARE (yearly percent change) Latest (.) Source: Standard & Poor s. - - Page 1 / December, 1 / S&P vs. Thomson Reuters www.

4 S&P Operating Earnings Figure. S&P OPERATING EARNINGS PER SHARE (Thomson Reuters data) (dollars, quarterly) Latest (.) Source: Thomson Reuters I/B/E/S Figure. S&P OPERATING EARNINGS PER SHARE (Thomson Reuters data)* (yearly percent change) Latest (.) * Due to extreme values, Q- s -.% is capped at -% and Q- s +1.% is capped at %. Source: Thomson Reuters I/B/E/S. Page / December, 1 / S&P vs. Thomson Reuters www.

5 S&P Profits Margin Figure. S&P REVENUES & OPERATING EARNINGS PER SHARE (dollars, quarterly) Revenues (.) Earnings (Thomson Reuters) (.) Source: Standard & Poor s and Thomson Reuters I/B/E/S. 1 1 Figure. S&P OPERATING MARGIN (Thomson Reuters data) (percent, quarterly) Latest (1.) Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page / December, 1 / S&P vs. Thomson Reuters www.

6 S&P Earnings Figure. S&P OPERATING EPS: S&P data vs. Thomson Reuters data (dollars, quarterly) Thomson Reuters Operating (.) S&P Operating (1.) S&P OPERATING EPS (Thomson Reuters data) vs. REPORTED EPS (S&P data) (dollars) Thomson Reuters Operating (.) -1 - S&P Reported (.) S&P OPERATING EPS (S&P data) vs. REPORTED EPS (S&P data) (dollars) S&P Operating (1.) -1 - S&P Reported (.) Source: Standard & Poor s and Thomson Reuters I/B/E/S. - Page / December, 1 / S&P vs. Thomson Reuters www.

7 S&P Margin 1 1 Figure. S&P OPERATING MARGIN: S&P data vs. Thomson Reuters data (percent, quarterly) 1 1 Thomson Reuters Operating (1.) S&P Operating (1.) S&P OPERATING MARGIN (Thomson Reuters data) vs. REPORTED MARGIN (S&P data) (percent, quarterly) Thomson Reuters Operating (1.) S&P Reported (.) S&P OPERATING MARGIN (S&P data) vs. REPORTED MARGIN (S&P data) (percent, quarterly) S&P Operating (1.) S&P Reported (.) Source: Standard & Poor s and Thomson Reuters I/B/E/S Page / December, 1 / S&P vs. Thomson Reuters www.

8 S&P Margin 1 Figure. S&P OPERATING PROFIT MARGIN (S&P vs. Thomson Reuters earnings data) (percent, quarterly) S&P Operating Profit Margin Thomson Reuters data (1.) S&P data (1.) Source: Standard & Poor s (revenues and operating EPS) and Thomson Reuters I/B/E/S (operating EPS). 1 Figure 1. S&P PROFIT MARGIN (S&P reported vs. Thomson Reuters operating earnings data) (percent, quarterly) S&P Profit Margin Thomson Reuters operating data (1.) S&P reported data (.) Source: Standard & Poor s (revenues and operating EPS) and Thomson Reuters I/B/E/S (operating EPS). -1 Page / December, 1 / S&P vs. Thomson Reuters www.

9 S&P Operating & Reported Earnings Figure 11. S&P OPERATING & REPORTED EARNINGS PER SHARE (S&P data) (dollars, quarterly) Operating (S&P data) (1.) Reported (S&P data) (.) Source: Standard & Poor s. - - Figure 1. S&P OPERATING EPS (Thomson Reuters data) vs. REPORTED EPS (S&P data) (dollars) Thomson Reuters Operating (.) S&P Reported (.) Source: Standard & Poor s (reported EPS) and Thomson Reuters I/B/E/S (operating EPS). - - Page / December, 1 / S&P vs. Thomson Reuters www.

10 S&P Sectors Quarterly Operating and Reported EPS Figure 1. S&P CONSUMER DISCRETIONARY S&P Operating EPS S&P Reported EPS INDUSTRIALS INFORMATION TECHNOLOGY CONSUMER STAPLES MATERIALS ENERGY REAL ESTATE FINANCIALS HEALTH CARE TELECOMMUNICATION SERVICES UTILITIES Source: Standard & Poor s. Page / December, 1 / S&P vs. Thomson Reuters www.

11 Figure 1. S&P Operating EPS S&P Operating EPS CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY S&P Sectors Thomson & S&P Operating EPS INDUSTRIALS INFORMATION TECHNOLOGY MATERIALS REAL ESTATE FINANCIALS TELECOMMUNICATION SERVICES HEALTH CARE UTILITIES Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page / December, 1 / S&P vs. Thomson Reuters www.

12 S&P Sectors TR & SP Operating EPS (% difference) Figure 1. S&P % difference between TR and SP Operating EPS (.) CONSUMER DISCRETIONARY (-.1) CONSUMER STAPLES (-.) ENERGY (.) FINANCIALS HEALTH CARE (.) (-1.) Source: Standard & Poor s Corporation and Thomson Reuters I/B/E/S. INDUSTRIALS INFORMATION TECHNOLOGY (.) (-.) MATERIALS (-.) REAL ESTATE (.) TELECOMMUNICATION SERVICES (1.) UTILITIES (-.) Page 1 / December, 1 / S&P vs. Thomson Reuters www.

13 S&P Sectors TR & SP Operating EPS (y/y % growth) Figure 1. S&P Operating EPS (y/y %) TR (.) S&P (.) CONSUMER DISCRETIONARY (.) (.) CONSUMER STAPLES (-.) (.) ENERGY (1.) (1.) FINANCIALS Capped at 1% and -1% HEALTH CARE (-.) (-1.) Source: Standard & Poor s and Thomson Reuters I/B/E/S. (.) (.) INDUSTRIALS (.) (.) INFORMATION TECHNOLOGY (1.1) (.1) MATERIALS (-11.) (.) REAL ESTATE (-.) (.) Capped at % and -%. Capped at 1% TELECOMMUNICATION SERVICES UTILITIES (-.) (-.) (-.) (.) Capped at -% and % Page 11 / December, 1 / S&P vs. Thomson Reuters www.

14 S&P Sectors TR Operating and SP Reported EPS Figure 1. S&P CONSUMER DISCRETIONARY Thomson Operating EPS S&P Reported EPS CONSUMER STAPLES ENERGY FINANCIALS INDUSTRIALS INFORMATION TECHNOLOGY MATERIALS REAL ESTATE TELECOMMUNICATION SERVICES HEALTH CARE UTILITIES Source: Standard & Poor s and Thomson Reuters I/B/E/S. Page 1 / December, 1 / S&P vs. Thomson Reuters www.

15 Figure 1. S&P NET WRITE-OFFS PER SHARE (dollars, -quarter sum) S&P Write-Offs S&P Net Write-Offs S&P Data* Thomson Reuters Data** * S&P operating less S&P reported earnings per share. ** Thomson operating less S&P reported earnings per share. Source: Standard & Poor s (reported earnings) and Thomson Reuters I/B/E/S (operating earnings). 1 Figure 1. S&P WRITE-OFFS PER SHARE (dollars, actual x ) S&P Operating* Thomson Operating** * S&P operating less S&P reported earnings per share. ** Thomson operating less S&P reported earnings per share. Source: Standard & Poor s (reported earnings) and Thomson Reuters I/B/E/S (operating earnings). Page 1 / December, 1 / S&P vs. Thomson Reuters www.

16 1 Figure. S&P Trailing Earnings S&P TRAILING -QUARTER OPERATING EPS THOMSON VS. S&P Thomson (1.1) 1 S&P (11.) Source: Standard & Poor s and Thomson Reuters I/B/E/S. 1 Figure 1. S&P TRAILING -QUARTER OPERATING EPS THOMSON VS. S&P 1 1 Dollar Difference in -Quarter Operating EPS Thomson less S&P Percent Difference in -Quarter Operating EPS Thomson divided by S&P Source: Standard & Poors and Thomson Reuters I/B/E/S Page 1 / December, 1 / S&P vs. Thomson Reuters www.

17 S&P Earnings With & Without Energy Figure. S&P TOTAL EARNINGS WITH & WITHOUT ENERGY: Thomson Reuters data (billion dollars, quarterly) 1 1 TR S&P (.) TR S&P ex-energy (.) S&P TOTAL EARNINGS WITH & WITHOUT ENERGY: S&P data (billion dollars, quarterly) 1 1 SP S&P (.) SP S&P ex-energy (.) S&P TOTAL EARNINGS WITHOUT ENERGY: S&P and Thomson Reuters data (billion dollars, quarterly) TR S&P ex-energy (.) SP S&P ex-energy (.) Source: Standard & Poor s and Thomson Reuters I/B/E/S Page 1 / December, 1 / S&P vs. Thomson Reuters www.

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