As of this past Friday, just over 10% of the S&P 500 companies had reported earnings. This week we will see roughly 30% more of the S&P report.
Here's how things stand so far:
- Companies Exceeding Estimates: 79%
- Companies Matching Estimates: 11%
- Companies Falling Below Estimates: 10%
Compared to the start of last earnings season, the breakdown has shifted with a significantly larger increase in companies beating vs. missing estimates. At the same point last quarter, ~20% of the companies reporting had missed EPS estimates and just over 70% had beaten estimates. The trend is extending from Q1, when only 60% had beaten estimates at this stage of the season.
Monsanto has had the biggest percent surprise to the upside followed by Jabil Circuit and National Semiconductor . In absolute dollars, financials sit atop the leaderboard. After Citigroup's surprise of over $1.3 billion, JP Morgan Chase and Goldman Sachs follow with ~$1.2 billion and ~$500 million surprises.