Not every company has reported second-quarter earnings
J.C. Penney (
), Target (
Toll Brothers (
are among the big names still to report this week. But with 93%
of companies in the S&P 500 having already reported, it's not
premature to draw conclusions about this earnings season.
FactSet did just that last Friday. Here are some of the more
compelling numbers they came up with about the nearly-completed
72% of companies reported earnings above the mean
Financials fared the best
, with 79% of them beating estimates. Telecommunications
companies performed the worst, with only 57% of them beating
53% of companies beat revenue estimates. Utilities
performed the best at 65%. Consumer staples fared the worst,
Earnings were up 2.1% and revenues were up 1.8%
versus a year ago.
Financials also exhibited the most earnings growth,
improving 28% year over year. Financials are also expected to
grow the fastest in the third quarter, with an anticipated
growth rate of 11.6%.
The current 12-month forward P/E is 14.2, a tick
above the 10-year average of 14.1 and up from 12.6 a year
Among nonfinancials, operating profit margins climbed
to 13.6%, up from the 12.1% historical average.