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1 EARNINGS INSIGHT Key Metrics John Butters, VP, Sr. Earnings Analyst Media Questions/Requests S&P 500 December 4, Earnings Growth: For Q4 2015, the estimated earnings decline is -4.3%. If the index reports a decline in earnings for Q4, it will mark the first the index has seen three consecutive quarters of year-overyear declines in earnings since Q through Q Earnings Revisions: On September 30, the estimated earnings decline for Q was -0.6%. Eight sectors have lower growth rates today (compared to September 30) due to downward revisions to earnings estimates, led by the Materials sector. + Earnings Guidance: For Q4 2015, 83 companies have issued negative EPS guidance and 26 companies have issued positive EPS guidance. + Valuation: The 12-month forward P/E ratio is This P/E ratio is based on Thursday s closing price ( ) and forward 12-month EPS estimate ($127.17). + Earnings Scorecard: With 99% of the companies in the S&P 500 reporting earnings to date for Q3 2015, 74% of the companies in the index have reported earnings above the mean estimate and 45% of the companies have reported sales above the mean estimate. To receive this report via , please go to: All data published in this report is available on FactSet. Please contact media_request@factset.com or FACTSET for more information. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 1
2 Topic of the Week: EARNINGS INSIGHT December 4, 2015 Cuts to S&P 500 Earnings Estimates For Q4 To Date Within Average Levels During the first two months of the fourth quarter, analysts lowered earnings estimates for companies in the S&P 500 for the quarter. The Q4 bottom-up EPS estimate (which is an aggregation of the estimates for all the companies in the index) dropped by 3.4% (to $29.61 from $30.65) during this period. How significant is a 3.4% decline in the bottom-up EPS estimate during the first two months of the quarter? How does this decrease compare to recent quarters? During the past year (4 quarters), the average decline in the bottom-up EPS estimate during the first two months of the quarter has been 4.2%. During the past five years (20 quarters), the average decline in the bottom-up EPS estimate during the first two months of the quarter has been 2.7%. During the past ten years, (40 quarters), the average decline in the bottom-up EPS estimate during the first two months of the quarter has been 3.6%. Thus, the decline in the bottom-up EPS estimate recorded during the course of the first two months of the fourth quarter was lower than the 1-year average and the 10-year average, but above the 5-year average. While the bottom-up EPS estimate declined over the first two months of the fourth quarter, the value of the S&P 500 increased during this same time frame. From September 30 through November 30, the value of the index increased by 8.4% (to from ). This marked the 14 th time out of the past 20 quarters in which the bottom-up EPS estimate decreased while the value of the index increased during the first two months of a quarter. At the sector level, eight of the ten sectors recorded a decline in the bottom-up EPS estimate for the first two months of the fourth quarter, led by the Materials (-18.8%) and Energy (-10.6%) sectors. Despite recording the largest decreases in the sector-level bottom-up EPS estimates for Q4, these two sectors witnessed double-digit increases in value over this same time frame. The price of the Materials sector increased by 14.1% during this period, while the price of the Energy sector increased by 10.4%. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 2
3 Q Earnings Season: By the Numbers Overview In terms of earnings estimate revisions for the S&P 500, analysts have lowered earnings estimates for Q within average levels to date. On a per-share basis, estimated earnings for the fourth quarter have fallen by 3.4% since September 30. This percentage decline is larger than the trailing 5-year average (-2.7%), but smaller than the trailing 10-year average (-3.6%) for this same point in time in the quarter. However, a higher percentage of S&P 500 companies have lowered the bar for earnings for Q relative to recent averages. Of the 109 companies that have issued negative EPS guidance, 83 have issued negative EPS guidance and 26 have issued positive EPS guidance. The percentage of companies issuing negative EPS guidance is 76% (83 out of 109), which is above the 5-year average of 72%. As a result of the downward revisions to earnings estimates, the estimated year-over-year earnings decline for Q is -4.3% today, which is higher than the expected decline of -0.6% at the start of the quarter (June 30). The Energy and Materials sectors are expected to report the largest year over-year decreases in earnings of all ten sectors, while the Telecom Services and Financials sectors are predicted to report the largest year-over-year earnings growth rates of all ten sectors for the quarter. As a result of downward revisions to sales estimates, the estimated sales decline for Q is -3.0%, which is also higher than the estimated year-over-year sales decline of -1.2% at the start of the quarter. The Energy and Materials sectors are expected to report the largest year-over-year decrease in sales of all ten sectors, while the Telecom Services and Health Care sectors are expected to report the largest growth in sales of all ten sectors for the quarter. Looking at future quarters, analysts currently project earnings growth to return in However, analysts also expect the net profit margins for Q to be below the levels reported for Q and Q (based on per-share estimates). The forward 12-month P/E ratio is now 16.1, which is still above the 5-year and 10-year averages. During the upcoming week, 1 S&P 500 company is scheduled to report results for the third quarter and three S&P 500 companies are scheduled to report results for the fourth quarter. Small Increase in Projected Earnings Decline This Week Small Increase in Projected Earnings Decline This Week The estimated earnings decline for the fourth quarter is -4.3% this week, which is slightly higher than the estimated earnings decline of -4.2% last week. Small downward revisions to earnings estimates for companies across multiple sectors accounted for the slight increase in the expected earnings decline for the index during the week. Materials Sector Has Seen Largest Cuts to Earnings Growth Expectations since September 30 The estimated earnings decline for Q of -4.3% is higher than the estimated earnings decline of -0.6% at the start of the quarter (September 30). Eight sectors have recorded a decline in expected earnings growth since the beginning of the quarter due to downward revisions to earnings estimates, led by the Materials sector. Two sectors have recorded an increase in expected earnings growth due to upward revisions to earnings estimates, led by the Telecom Services sector. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 3
4 The Materials sector has recorded the largest decrease in estimated earnings growth (to -22.9% from -6.1%) since the start of the quarter. Overall, 25 of the 27 companies in this sector have seen downward revisions to EPS estimates cut to date. Of these 25 companies, 9 have recorded EPS estimate cuts of 10% or more, led by Monsanto (to -$0.15 from $0.50), Freeport-McMoRan (to $0.01 from $0.14), Alcoa (to $0.05 from $0.16), and DuPont (to $0.27 from $0.52). The downward revisions to estimates for Monsanto and DuPont have also been the largest contributors to the increase in the projected earnings decline for this sector. Despite recording the largest drop in expected earnings growth, the Materials sector has witnessed the largest increase in price (+12.4%) of all ten sectors since the start of the quarter. On the other hand, the Telecom Services sector has seen the largest improvement in expected earnings growth since the start of the quarter (to 27.3% from 25.9%). Overall, 3 of the 5 companies in this sector have seen an increase in EPS estimates to date. The upward revisions to estimates for AT&T (to $0.63 from $0.62) have been the largest contributors to the increase in the earnings growth rate for the sector. Despite recording the largest improvement in estimated earnings since September 30, the Telecom Services sector has witnessed the 9th largest increase in the price (+2.6%) out of the ten sectors since the start of the quarter. EPS Estimate Cuts: Cuts to Estimates In Line With Recent Averages to Date Downward revisions to earnings estimates in aggregate for the fourth quarter to date have been in line with recent averages. The percentage decline in the Q4 bottom-up EPS estimate (which is an aggregation of the earnings estimates for all 500 companies in the index and can be used as a proxy for the earnings for the index) from September 30 through November 30 was 3.4% (to $29.61 from $30.65). This decline in the EPS estimate for the quarter was below the trailing 1-year (-4.2%) average, above the trailing 5-year (-2.7%), and below the trailing 10-year average (-3.6%) for the bottom-up EPS estimate through approximately this same point in time in the quarter. Guidance: Negative EPS Guidance (76%) for Q4 Above Average At this point in time, 109 companies in the index have issued EPS guidance for Q Of these 109 companies, 83 have issued negative EPS guidance and 26 have issued positive EPS guidance. Thus, the percentage of companies issuing negative EPS guidance to date for the fourth quarter is 76% (83 out of 109). This percentage is above the 5-year average of 72%. Third Consecutive Quarter of Earnings Declines (-4.3%) The estimated earnings decline for Q is -4.3%. If this is the final earnings decline for the quarter, it will mark the first time the index has seen three consecutive quarters of year-over-year declines in earnings since Q through Q It will also mark the largest year-over-year decline in earnings since Q (-15.5%). Five sectors are projected to report year-over-year growth in earnings, led by the Telecom Services and Financials sectors. Five sectors are projected to report a year-over-year decline in earnings, led by the Energy and Materials sectors. Telecom Services: AT&T Leads Growth The Telecom Services sector is expected to report the highest earnings growth rate at 27.3%. Of the five companies in the sector, AT&T is predicted to be the largest contributor to earnings growth. The mean EPS estimate for Q (which reflects the combination of AT&T and DIRECTV) is $0.63, compared to year-ago EPS (which reflects standalone AT&T) of $0.55. If this company is excluded, the estimated earnings growth rate for the Telecom Services sector would fall to 19.7%. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 4
5 Financials: Citigroup Leads Growth EARNINGS INSIGHT December 4, 2015 The Financials sector is predicted to report the second highest earnings growth of all ten sectors at 10.4%. Five of the seven industries in the sector are expected to report earnings growth for the quarter, led by the Banks (27%) industry. At the company level, Citigroup is projected to be the largest contributor to earnings growth for the sector. The mean EPS estimate for Q is $1.20, compared to year-ago EPS of $0.06. In the year-ago quarter, the company reported legal and related expenses and repositioning charges of $3.5 billion. If Citigroup is excluded, the expected earnings growth rate for the Financials sector would fall to 3.5%. Energy: Largest Contributor to Earnings Decline for the S&P 500 The Energy sector is predicted to report the largest year-over-year decline in earnings (-65.0%) of all ten sectors. Six of the seven sub-industries are expected to report a year-over-year drop in earnings: Oil & Gas Exploration & Production (-147%), Coal & Consumable Fuel (-114%), Oil & Gas Equipment & Services (-70%), Integrated Oil & Gas (-56%), Oil & Gas Drilling (-54%), and Oil & Gas Refining & Marketing (-23%). On the other hand, the Oil & Gas Storage & Transportation (28%) is the only sub-industry expected to report earnings growth for the quarter. This sector is also the largest contributor to the earnings decline for the S&P 500 as a whole. If the Energy sector is excluded, the estimated earnings growth rate for the S&P 500 would jump to 1.0% from -4.3%. Materials: Weakness in Metals & Mining and Chemicals The Materials sector is projected to reported the second largest year-over-year decline in earnings (-22.9%) of all ten sectors. At the industry level, three of the five industries are expected to report a year-over-year decrease in earnings, led by the Metals & Mining (-64%) and Chemicals (-23%) industries. Fourth Consecutive Quarter of Revenue Declines (-3.0%) The estimated revenue decline for Q is -3.0%. If this is the final revenue decline for the quarter, it will mark the first time the index has seen four consecutive quarters of year-over-year revenue declines since Q through Q Six sectors are expected to report year-over-year growth in revenue, led by the Telecom Services and Health Care sectors. Four sectors are expected to report a year-overyear decline in revenues, led by the Energy and Materials sectors. Telecom Services: AT&T Leads Growth The Telecom Services sector expected to report the highest revenue growth of all ten sectors at 12.6%. At the company level, AT&T is predicted to be the largest contributor to revenue growth for the sector. The mean sales estimate for Q (which reflects the combination of AT&T and DIRECTV) is $42.9 billion, compared to year-ago revenue (which reflects standalone AT&T) of $34.4 billion. If AT&T is excluded, the revenue growth rate for the sector would fall to 2.7%. Health Care: Broad-Based Growth The Health Care sector is projected to report the second highest revenue growth of all ten sectors at 7.7%. All six industries in this sector are expected to report sales growth for the quarter, led by the Health Care Technology (27%), Biotechnology (12%), and Health Care Providers & Services (10%) industries. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 5
6 Energy: Largest Contributor to Revenue Decline for the S&P 500 EARNINGS INSIGHT December 4, 2015 On the other hand, the Energy (-34.3%) sector is expected to report the largest year-over-year decrease in sales for the quarter. All seven sub-industries in the sector are predicted to report a decrease in revenue: Oil & Gas Equipment & Services (-40%), Integrated Oil & Gas (-38%), Oil & Gas Drilling (-36%), Oil & Gas Exploration & Production (-36%), Oil & Gas Refining & Marketing (-30%), Coal & Consumable Fuels (-21%), and Oil & Gas Storage & Transportation (-4%). This sector is also the expected to be the largest contributor to the revenue decline for the S&P 500 as a whole. If the Energy sector is excluded, the estimated revenue growth rate for the S&P 500 would jump to 1.2% from -3.0%. Materials: Weakness in Metals & Mining and Chemicals The Materials (-12.1%) sector is predicted to report the second largest year-over-year decrease in revenue of all ten sectors. Three of the five industries in the sector are projected to report a decline in sales for the quarter: Metals & Mining (-17%), Chemicals (-15%), and Paper & Forest Products (-5%). FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 6
7 Q Earnings Season: Themes Overview EARNINGS INSIGHT December 4, 2015 Similar to last quarter, companies will likely discuss the impact of the stronger dollar, lower oil prices, slower global economic growth, and higher wages during their earnings conference calls. I certainly don't want to peg this type of decline in orders to any one thing. It's really sort of weakness on several fronts. I mean, we know that the dollar is strong and that affects certain customers that are selling in dollars. We know that the drop in oil has affected the energy business. We've got weakness in Europe, whether it's due to Greece or other reasons, we're not sure, but Europe is weak and now we're hearing that China is declining. The U.S. economy, it contracted last quarter. I mean, we could say that things are better than last year but things are not great out there. And they haven't been great all year. And I almost think it is sort of like the culmination of a lot of different things. So, I'm just going to attribute it to the macroeconomic environment. Linear Technology (Oct. 13) Currency Themes: Stronger U.S. Dollar The dollar has been stronger in Q to date relative to year-ago values for both the euro and the yen. In the year-ago quarter (Q4 2014), one euro was equal to $1.25 dollars on average. For Q4 2015, one euro has been equal to $1.10 dollars on average. In the year-ago quarter (Q4 2014), one dollar was equal to $ yen on average. For Q to date, one dollar has been equal to $ yen on average. Will companies continue to discuss the negative impact of the stronger dollar during their earnings calls for Q4? Commodity Themes: Lower Oil & Gas Prices During the fourth quarter, the price of crude oil has decreased by 8.2% (to $41.08 today from $45.09 on September 30). As a result, the average price of oil for Q to date ($44.51) is nearly 40% lower than the average price in the year-ago quarter ($73.19). The impact of oil and gas prices varies by sector, industry, and company. The negative impact of lower oil prices relative to last year can already been seen in the Energy sector, where year-over-year earnings are expected to decline by more than 60%. What will be the impact of lower oil and gas prices in other sectors of the index for Q3? Economic Themes: U.S., Europe, and China United States According to FactSet Economic Estimates, real (year-over-year) GDP growth in the U.S. is projected to be 2.5% in 2015, which would be consistent with GDP growth of the past few years. The U.S. remains the key geographic market for the S&P 500. According to FactSet Geographic Revenue Exposure data (based on the most recent fiscal year data), companies in the S&P 500 in aggregate generate about 70% of sales from North America, almost all of which comes from the U.S. Europe According to FactSet Economic Estimates, real (year-over-year) GDP growth in the Eurozone is projected to be 1.5% in 2015, which is a slight improvement relative to Europe is still an important geographic market for the S&P 500. According to FactSet Geographic Revenue Exposure data (based on the most recent fiscal year data), companies in the S&P 500 in aggregate generate about 12% of sales from Europe (combination of European Union and non-european Union countries). FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 7
8 China EARNINGS INSIGHT December 4, 2015 According to FactSet Economic Estimates, real (year-over-year) GDP growth in China is projected to be 6.8%, which would be a continuation of the declining growth seen in recent years. China continues to be a vital geographic market for the S&P 500. According to FactSet Geographic Revenue Exposure data (based on the most recent fiscal year data), companies in the S&P 500 in aggregate generate about 10% of sales from the Asia Pacific region, most of which comes from China and Japan. Cost Themes: Higher Wages A number of companies commented on the impact of higher wages on earnings and revenues as well during their Q3 earnings calls. Will companies continue to discuss this topic during Q4? FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 8
9 Looking Ahead: Forward Estimates and Valuation Earnings and Revenue Growth Expected to Return in 2016 For Q4 2015, companies are expected to report year-over-year declines in both earnings (-4.3%) and revenues (-3.0%). However, analysts do currently project earnings growth and revenue growth to return in 2016, starting in the first quarter. For Q1 2016, analysts are currently predicting earnings growth of 2.0% and revenue growth of 2.9%. For all of 2015, analysts are projecting earnings (-0.5%) and revenues (-3.3%) to decline year-over-year. For all of 2016, analysts are projecting earnings (8.1%) and revenues (4.4%) to increase year-over-year. Decrease in Profit Margins Projected for Q4 Analysts are also expecting profit margins for Q to be below the level reported for Q Using the bottom-up sales-per-share (SPS) and earnings-per-share (EPS) estimates for the S&P 500 as proxies for expected sales and earnings for the index for the fourth quarter, a profit margin estimate can be calculated by dividing the expected EPS by the expected SPS. Using this methodology, the estimated net profit margin for Q is 10.0%. This number is below the net profit margin of 10.4% reported for Q Valuation: Forward P/E Ratio is 16.1, above the 10-Year Average (14.2) The forward 12-month P/E ratio is This P/E ratio is based on Thursday s closing price ( ) and forward 12-month EPS estimate ($127.17). At the sector level, the Energy (27.1) sector has the highest forward 12-month P/E ratio, while the Telecom Services (11.9) sector has the lowest forward 12-month P/E ratio. The P/E ratio of 16.4 for the index as a whole is above the prior 5-year average forward 12-month P/E ratio of 14.3, and above the prior 10-year average forward 12-month P/E ratio of It is also above the forward 12-month P/E ratio of 15.1 recorded at the start of the fourth quarter (September 30). Since the start of the fourth quarter, the price of the index has increased by 6.7%, while the forward 12-month EPS estimate has remained unchanged (0.0%). Nine sectors have forward 12-month P/E ratios that are above their 10-year averages, led by the Energy (27.1 vs. 13.2) sector. The Telecom Services (11.9 vs. 14.7) sector is the only sector with a forward 12- month P/E ratio below the 10-year average. Companies Reporting Next Week: 4 During the upcoming week, 1 S&P 500 company is scheduled to report results for the third quarter and 3 S&P 500 companies are schedule to report results for the fourth quarter. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 9
10 Q3 2015: Scorecard FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 10
11 Q3 2015: Scorecard FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 11
12 Q3 2015: Scorecard FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 12
13 Q3 2015: Projected EPS Surprises (Sharp Estimates) FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 13
14 Q3 2015: Growth FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 14
15 Q4 2015: EPS Guidance EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 15
16 Q4 2015: EPS Revisions EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 16
17 Q4 2015: Growth FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 17
18 CY 2015: Growth FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 18
19 CY 2016: Growth FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 19
20 Bottom-Up EPS Estimates: Revisions EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 20
21 Bottom-Up EPS: Current & Historical EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 21
22 Bottom-Up SPS: Current & Historical EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 22
23 Net Margins: Current & Historical EARNINGS INSIGHT December 4, 2015 FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 23
24 Forward 12M Price / Earnings Ratio: Sector Level FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 24
25 Forward 12M Price / Earnings Ratio: Long-Term Averages FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 25
26 Trailing 12M Price / Earnings Ratio: Long-Term Averages FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 26
27 Important Notice EARNINGS INSIGHT December 4, 2015 The information contained in this report is provided as is and all representations, warranties, terms and conditions, oral or written, express or implied (by common law, statute or otherwise), in relation to the information are hereby excluded and disclaimed to the fullest extent permitted by law. In particular, FactSet and its affiliates disclaim implied warranties of merchantability and fitness for a particular purpose and make no warranty of accuracy, completeness or reliability of the information. This report is for information purposes and does not constitute a solicitation or an offer to buy or sell any securities mentioned within it. The information in this report is not investment advice. FactSet and its affiliates assume no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this report. About FactSet FactSet combines integrated financial information, analytical applications, and client service to enhance the workflow and productivity of the global investment community. The Company, headquartered in Norwalk, Connecticut, was formed in 1978 and now conducts operations from 35 locations worldwide, including Toronto, New York, Chicago, San Francisco, London, Amsterdam, Frankfurt, Paris, Milan, Hyderabad, Mumbai, Dubai, Manila, Tokyo, Hong Kong, and Sydney. To learn more about FactSet, visit FactSet.com and follow us on Twitter: Twitter.com/factset. FactSet.com Copyright 2015 FactSet Research Systems Inc. All rights reserved. 27
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 April 8, 2016 Key Metrics Earnings Growth: For Q1 2016, the estimated
S&P 500 Forward 12-Month EPS vs. Price: 10-Year
EARNINGS INSIGHT John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com March 28, 2013 Key Metrics + Earnings Growth: The estimated earnings growth
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 July 29, 2016 Key Metrics Earnings Scorecard: With 63% of the companies
S&P 500 Forward 12-Month EPS vs. Price: 10-Year
EARNINGS INSIGHT Key Metrics + Earnings Growth: The estimated earnings growth rate for Q4 2013 is 6.3%. The Financials sector is projected to have the highest earnings growth rate for the quarter, while
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EARNINGS INSIGHT Key Metrics John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 October 9, 2015 + Earnings Growth: For Q3 2015, the blended
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 December 9, 2016 Key Metrics Earnings Growth: For Q4 2016, the estimated
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 October 14, 2016 Key Metrics Earnings Scorecard: With 7% of the companies
S&P 500 Forward 12-Month EPS vs. Price: 10-Year
EARNINGS INSIGHT Key Metrics + Earnings Scorecard: Of the 399 companies that have reported earnings to date for Q4 2013, 71% have reported earnings above the mean estimate and 66% have reported sales above
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 October 28, 2016 Key Metrics Earnings Scorecard: As of today (with
Earnings Guidance: For Q3 2016, 77 S&P 500 companies have issued negative EPS guidance and 33 S&P 500 companies have issued positive EPS guidance.
EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 August 26, 2016 Key Metrics Earnings Scorecard: With 98% of the companies
Author s Note: Due to a schedule conflict, the Earnings Insight report is being published one day early this week.
John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 25, 2018 Author s Note: Due to a schedule conflict, the Earnings Insight report is
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com March 16, 2018 Key Metrics Earnings Growth: For Q1 2018, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com November 24, 2017 Key Metrics Earnings Scorecard: For Q3 2017 (with 98% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com August 10, 2018 Author s Note: The FactSet Earnings Insight report will not be published on
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com August 3, 2018 Key Metrics Earnings Scorecard: For Q2 2018 (with 81% of the companies in the
Author s Note: Due to a schedule conflict, the Earnings Insight report is being published one day early this week.
John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com December 14, 2017 Author s Note: Due to a schedule conflict, the Earnings Insight report is
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com October 26, 2018 Key Metrics Earnings Scorecard: For Q3 2018 (with 48% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com April 20, 2018 Key Metrics Earnings Scorecard: For Q1 2018 (with 17% of the companies in the
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com May 19, 2017 Key Metrics Earnings Scorecard: As of today (with 95% of the companies in the
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com June 8, 2018 Key Metrics Earnings Growth: For Q2 2018, the estimated earnings growth rate for
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com March 9, 2018 Key Metrics Earnings Scorecard: For Q4 2017 (with 99% of the companies in the
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com June 1, 2018 Key Metrics Earnings Growth: For Q2 2018, the estimated earnings growth rate for
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com July 20, 2018 Key Metrics Earnings Scorecard: For Q2 2018 (with 17% of the companies in the
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com September 8, 2017 Key Metrics Earnings Growth: For Q3 2017, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com February 9, 2018 Key Metrics Earnings Scorecard: For Q4 2017 (with 68% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com May 4, 2018 Key Metrics Earnings Scorecard: For Q1 2018 (with 81% of the companies in the S&P
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com March 23, 2018 Key Metrics Earnings Growth: For Q1 2018, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 12, 2018 Key Metrics Earnings Scorecard: For Q4 2017 (with 5% of the companies in the
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com December 7, 2018 Key Metrics Earnings Growth: For Q4 2018, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com December 23, 2016 Key Metrics Earnings Growth: For Q4 2016, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com March 31, 2017 Key Metrics Earnings Growth: For Q1 2017, the estimated earnings growth rate
Author s Note: The FactSet Earnings Insight report will not be published on December 28. The next edition will be published on January 4.
John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com December 21, 2018 Author s Note: The FactSet Earnings Insight report will not be published
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 4, 2019 Key Metrics Earnings Growth: For Q4 2018, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com November 2, 2018 Key Metrics Earnings Scorecard: For Q3 2018 (with 74% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 5, 2018 Key Metrics Earnings Growth: For Q4 2017, the estimated earnings growth rate
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 18, 2019 Key Metrics Earnings Scorecard: For Q4 2018 (with 11% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com November 16, 2018 Key Metrics Earnings Scorecard: For Q3 2018 (with 92% of the companies in
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com September 28, 2018 Key Metrics Earnings Growth: For Q3 2018, the estimated earnings growth
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John Butters, Senior Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com January 11, 2019 Key Metrics Earnings Scorecard: For Q4 2018 (with 4% of the companies in the
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