Biggest Q3 Earnings Surprises
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So far this earnings season, 123 companies in the S&P 500 index have reported results. Of those firms, 60 percent beat their estimates, 13 percent matched, and 27 percent missed.
Since 1994, in a typical quarter 62 percent of companies beat estimates, 18 percent match and 20 percent miss estimates, according to figures compiled by Thomson Reuters.
The current earnings surprise factor stands at -4.5 percent, while revenue is 0.3 percent.
In fact, revenue has been anemic, with 61 percent of companies missing analysts' expectations. In a typical quarter since 2000, 62 percent of companies beat, while 38 percent miss estimates.
EPS growth has also been mediocre. Compared to the same period a year ago, consumer discretionary and financial companies have taken the lead, showing EPS growth of 8 percent and 5 percent, respectively.
The biggest surprise factor came from the S&P discretionary and staples sectors.
Sector Growth Rate
| Sector | EPS Growth |
| Consumer Discretionary | 7.90% |
| Financials | 5.40% |
| Industrials | 1.90% |
| Technology | 1.00% |
| Consumer Staples | 0.60% |
| Health Care | -1.30% |
| Utilities | -8.70% |
| Telecom Services | -14.80% |
| Energy | -18.70% |
| Materials | -24.70% |
| Total | -2.40% |
In terms of earnings per share, ETrade Financial had the largest percent surprise, followed by Peabody Energy.
Top 5 Surprises
| Ticker | Company Name | EPS Est | EPS Act | % Difference |
| ETFC | ETRADE FIN. | 0.082 | 0.13 | 59% |
| BTU | PEABODY ENERGY | 0.33 | 0.51 | 55% |
| SNDK | SANDISK | 0.331 | 0.48 | 45% |
| LEN | LENNAR | 0.283 | 0.4 | 41% |
| TRV | TRAVELERS | 1.605 | 2.22 | 38% |
To the downside, First Horizon National had the largest percent miss in earnings per share, followed by Kinder Morgan.
