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The bulk of the Q4 earnings season is now behind us, with results from 358 S&P 500 members, or 71.6% of the index’s total membership, already out. With another 53 index members on deck to report results next week, we will have seen results from more than 80% of the index’s members by then.
This earnings season has turned out to be good one. Not only is growth on track to be the highest in two years, but total earnings for the quarter are also on track to be a new quarterly record.
Please recall that earnings growth turned positive only in 2016 Q3, having declined in each of the preceding 5 quarters, as the chart below of year-over-year earnings growth for the S&P 500 index shows.
Importantly, the positive Q4 growth isn’t a result of easy comparisons, but actually a function of strong gains in actual earnings. In fact, the overall tally of Q4 earnings for the S&P 500 index is on track to reach an all-time record for the index, surpassing the previous record achieved in 2014 Q4. The chart below shows the quarterly earnings totals for index, contrasting the highlighted Q4 tally with actual results from the last 8 quarters and expected tallies in the coming 4 quarters.
As you can see, this record isn’t expected to last very long, with growth expected to ramp up notably in the coming quarters.
One other positive for this earnings season is the relatively modest negative revisions to current-quarter (2017 Q1) estimates; they have come down, but not by as much as has historically been the case. The chart below shows evolution of Q1 estimates since the start of the period.
Q4 Scorecard (as of February 10, 2017)
We now have Q4 results from 358 S&P 500 members, or 71.6% of the index’s total membership. With 53 index members on deck to report results next week, we will have seen Q4 results from 80.2% of the index’s total membership by the end of next week. The notable reports this week include Cisco (CSCO - Free Report) , Deere & Co. (DE - Free Report) , Pepsi (PEP - Free Report) , AIG (AIG - Free Report) and others.
Total earnings for these 358 index members are up +6.1% on +4.6% higher revenues, with 69% beating EPS estimates and 54.7% coming ahead of top-line expectations.
The table below provides the current Q4 scorecard
The charts below provide a comparison of the results thus far with what we have seen from this same group of 358 S&P 500 members in other recent periods.
As you can see, the Q4 growth pace is notably tracking above what we had seen from the same group of 358 index members in other recent periods. But positive surprises (right-hand chart above) are tracking on the low side relative to historical periods, particularly on the earnings front. The 69% proportion of Q4 companies beating EPS estimates compares to 75.1% in the preceding quarter, 74.1% as the 4-quarter average and 72.4% as the 12-quarter average. Positive revenue surprises are tracking below what we had seen from the same group of companies in Q3, but are roughly in-line with historical periods.
The chart below compares the proportion of companies reporting Q4 results that are beating both EPS and revenue estimates with what this same group of companies had reported in other recent periods.
Standout Sectors
Sectors with strong growth and better than expected results (earnings & revenues) include the Finance, Construction, Technology, Utilities, And Business Services. Positive surprises for all of these sectors are tracking above the index level.
Finance: With results from 79.9% of the sector’s market cap in the S&P 500 index already out, total earnings for the sector are up +11.8% from the same period last year on +5% higher revenues, with +73.3% beating EPS estimates and +56% beating top-line estimates.
This is better growth performance than we have seen from the sector in other recent periods, as the comparison charts below show. Please note that positive surprises are as hard to come by in the Finance sector as they are elsewhere.
Strong Finance sector growth is a big driver of the aggregate growth performance for the S&P 500 index as a whole. Excluding the Finance sector, the Q4 growth pace still compares favorably with other recent periods, but a lot less so, as the right-hand chart below shows.
Technology: For the Technology sector, we now have Q4 results from 88.6% of the sector’s total market cap. Total earnings for these companies are up +8.2% from the same period last year on +6% higher revenues, with 71.4% beating EPS estimates and 71.4% beating revenue estimates.
This is better earnings growth than we have seen from this same group of Tech companies in Q3 or the preceding four quarters, but is about in-line with the 12-quarter average. Revenue growth, on the other hand, is tracking above historical periods. The revenue outperformance is visible in terms of positive surprises as well, with the proportion of Tech sector positive surprises notably tracking above Q3, the 4-quarter and 12-quarter averages, as you can see in the right-hand side chart. Earnings surprises (green bards in the right-hand chart) are tracking below historical periods, as is the case with other sectors as well.
Q4 Expectations As a Whole
For Q4 as a whole, combining the actual results from the 358 S&P 500 members that have reported with estimates for the still-to-come 142 companies, total earnings are expected to be up +7.5% from the same period last year on +3.9% higher revenues. This would follow the +3.7% growth in Q3 earnings on +2.2% higher revenues, the first instance of positive earnings growth for the index after five quarters of back-to-back declines. Comparisons for the Energy sector, a big driver of the earnings recession, turn positive in Q4, with the sector’s earnings growth turning positive for the first time after 8 quarters of declines.
The chart below shows the Q3 earnings growth contrasted with declines in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to ramp up in 2017.
The table below shows the summary picture Q4 contrasted with what was actually achieved in the preceding quarter.
For a complete analysis of the Q4 earnings season, please check out our weekly Earnings Trends report - Positive Earnings Picture.
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here >>>
Here is a list of the 380 companies reporting this week, including 53 S&P 500 members.
Company
Ticker
Current Qtr
Year-Ago Qtr
Last EPS Surprise %
Report Day
Time
HCP INC
HCP
0.57
0.8
1.41%
Monday
BTO
BANK OF NT BUTR
NTB
0.55
N/A
22.45%
Monday
BTO
WEX INC
WEX
1.17
1.11
11.32%
Monday
BTO
VERSUM MATERLS
VSM
0.4
N/A
N/A
Monday
BTO
NATL RETAIL PPT
NNN
0.59
0.57
1.67%
Monday
BTO
FIRST DATA CORP
FDC
0.3
-0.07
7.41%
Monday
BTO
INSPERITY INC
NSP
0.42
0.25
4.76%
Monday
BTO
USA COMPRESSION
USAC
0.03
1.5
-25.00%
Monday
BTO
CSW INDUSTRIALS
CSWI
0.3
0.24
6.67%
Monday
BTO
DIANA CONTAINER
DCIX
-0.77
-0.24
-10.26%
Monday
BTO
ON SEMICON CORP
ON
0.23
0.19
-4.17%
Monday
BTO
SCORPIO TANKERS
STNG
-0.2
0.21
0.00%
Monday
BTO
SNYDERS-LANCE
LNCE
0.4
0.32
16.67%
Monday
BTO
RESTAURANT BRND
QSR
0.42
0.33
4.88%
Monday
BTO
VORNADO RLTY TR
VNO
1.31
1.37
-3.12%
Monday
AMC
FED RLTY INV
FRT
1.44
1.37
-0.70%
Monday
AMC
BRIDGELINE DGTL
BLIN
-0.03
-0.12
40.00%
Monday
AMC
TIER REIT INC
TIER
0.36
0.38
2.70%
Monday
AMC
DDR CORP
DDR
0.31
0.31
6.45%
Monday
AMC
GULFPORT ENGY
GPOR
0.21
-0.01
60.00%
Monday
AMC
BRUKER CORP
BRKR
0.37
0.38
60.00%
Monday
AMC
ONEMAIN HOLDNGS
OMF
0.8
0.77
-15.89%
Monday
AMC
RINGCENTRAL INC
RNG
-0.09
-0.09
0.00%
Monday
AMC
ARCH CAP GP LTD
ACGL
1.01
1.15
11.76%
Monday
AMC
CHEGG INC
CHGG
-0.01
0.07
23.53%
Monday
AMC
CORNERSTONE OND
CSOD
-0.28
-0.25
46.15%
Monday
AMC
QUANTENNA COMMS
QTNA
0.01
N/A
N/A
Monday
AMC
GUIDANCE SOFTWR
GUID
-0.05
-0.11
23.08%
Monday
AMC
T2 BIOSYSTEMS
TTOO
-0.45
-0.56
5.56%
Monday
AMC
ARGO GROUP INTL
AGII
0.63
0.82
67.16%
Monday
AMC
GIGPEAK INC
GIG
0.04
0.03
50.00%
Monday
AMC
PDF SOLUTIONS
PDFS
0.08
0.11
20.00%
Monday
AMC
AMKOR TECH INC
AMKR
0.27
0.02
25.00%
Monday
AMC
CUTERA INC
CUTR
0.24
0.17
700.00%
Monday
AMC
MULTI PCKG SOL
MPSX
0.17
-0.05
-26.09%
Monday
AMC
MASSROOTS INC
MSRT
N/A
N/A
N/A
Monday
AMC
FLOWERS FOODS
FLO
0.16
0.16
-4.55%
Monday
AMC
RENT-A-CENTER
RCII
-0.24
0.54
22.22%
Monday
AMC
SERVICE CORP IN
SCI
0.42
0.37
-3.70%
Monday
AMC
CORIUM INTRNTNL
CORI
-0.43
-0.42
-7.69%
Monday
AMC
INVITAE CORP
NVTA
-0.69
-0.76
-14.93%
Monday
AMC
ELLINGTON FINL
EFC
0.27
0.39
-35.48%
Monday
AMC
AZURE POWER GLB
AZRE
-0.19
N/A
N/A
Monday
AMC
DYNATRONICS CP
DYNT
N/A
-0.08
N/A
Monday
AMC
BROOKDALE SENR
BKD
0.47
0.58
-17.74%
Monday
AMC
STUDENT TRANSPT
STB
0.07
0.07
-30.00%
Monday
N/A
RECRUIT HLDGS
RCRRF
N/A
N/A
N/A
Monday
N/A
TEVA PHARM ADR
TEVA
1.32
1.28
0.00%
Monday
N/A
RECKITT BENCKSR
RBGLY
N/A
N/A
N/A
Monday
N/A
NOBLE ENERGY
NBL
-0.09
0.44
68.18%
Tuesday
BTO
MARTIN MRT-MATL
MLM
1.65
1.15
-5.68%
Tuesday
BTO
DR PEPPER SNAPL
DPS
1.06
1
5.41%
Tuesday
BTO
DISCOVERY COM-A
DISCA
0.51
0.38
-6.98%
Tuesday
BTO
MOLSON COORS-B
TAP
0.88
0.49
1.98%
Tuesday
BTO
DISCOVERY COM-C
DISCK
0.47
0.38
-6.98%
Tuesday
BTO
NOVA MEASURING
NVMI
0.37
0.19
33.33%
Tuesday
BTO
BRIXMOR PPTY GP
BRX
0.51
0.51
0.00%
Tuesday
BTO
LINCOLN ELECTRC
LECO
0.81
0.75
7.23%
Tuesday
BTO
WATSCO INC
WSO
0.87
0.75
-6.32%
Tuesday
BTO
TRANSUNION
TRU
0.32
0.28
0.00%
Tuesday
BTO
CAE INC
CAE
0.17
0.17
0.00%
Tuesday
BTO
IPG PHOTONICS
IPGP
1.4
1.14
4.88%
Tuesday
BTO
SEQUANS COMM
SQNS
-0.06
-0.07
22.22%
Tuesday
BTO
AU OPTRONCS-ADR
AUO
N/A
-0.26
50.00%
Tuesday
BTO
CREDIT SUISSE
CS
N/A
-1.02
N/A
Tuesday
BTO
T-MOBILE US INC
TMUS
0.29
0.34
22.73%
Tuesday
BTO
CHARLES RVR LAB
CRL
1.11
1
3.51%
Tuesday
BTO
QUINTILES TRANS
Q
1.06
0.9
0.00%
Tuesday
BTO
INCYTE CORP
INCY
0.14
0.29
1000.00%
Tuesday
BTO
ITT INC
ITT
0.42
0.58
0.00%
Tuesday
BTO
ACORDA THERAPT
ACOR
-0.18
0.21
-7.69%
Tuesday
BTO
DIANA SHIPPING
DSX
-0.4
-0.3
-130.23%
Tuesday
BTO
MONEYGRAM INTL
MGI
0.17
0.16
40.00%
Tuesday
BTO
NAVIOS MARIT LP
NMM
0
0.09
600.00%
Tuesday
BTO
RETAILMENOT INC
SALE
0.24
0.28
200.00%
Tuesday
BTO
TILE SHOP HLDGS
TTS
0.09
0.08
11.11%
Tuesday
BTO
AMAG PHARMA INC
AMAG
0.24
0.2
19.44%
Tuesday
BTO
AIRCASTLE LTD
AYR
0.48
0.63
-12.20%
Tuesday
BTO
CAPELLA EDUCATN
CPLA
0.95
0.96
30.65%
Tuesday
BTO
DISCOVERY COM-B
DISCB
0.5
0.38
2.56%
Tuesday
BTO
H2O INNOVATION
HEOFF
-0.01
0.01
100.00%
Tuesday
BTO
NEWSTAR FIN INC
NEWS
0.12
0.09
72.73%
Tuesday
BTO
NETSOL TECH INC
NTWK
0.03
0.08
137.50%
Tuesday
BTO
RADCOM LTD
RDCM
0.03
-0.23
-100.00%
Tuesday
BTO
STATE AUTO FINL
STFC
0.5
0
-81.13%
Tuesday
BTO
MICHELIN COMP G
MGDDY
N/A
N/A
N/A
Tuesday
BTO
ROLLS ROYCE PLC
RYCEY
N/A
N/A
N/A
Tuesday
BTO
GENERAC HOLDING
GNRC
1.03
0.97
7.89%
Tuesday
BTO
VONAGE HOLDINGS
VG
0.05
0.06
60.00%
Tuesday
BTO
DIEBOLD INC
DBD
0.33
0.78
17.24%
Tuesday
BTO
TOWER INTL INC
TOWR
0.96
0.67
12.50%
Tuesday
BTO
ALLIANCEBERNSTN
AB
0.48
0.5
2.27%
Tuesday
BTO
DCP MIDSTREAM
DCP
0.49
0.81
18.60%
Tuesday
BTO
MERUS LABS INTL
MSLI
-0.01
-0.01
-200.00%
Tuesday
BTO
EXPRESS SCRIPTS
ESRX
1.87
1.56
0.00%
Tuesday
AMC
DEVON ENERGY
DVN
0.19
0.77
80.00%
Tuesday
AMC
FLIR SYSTEMS
FLIR
0.55
0.47
-2.27%
Tuesday
AMC
AMER INTL GRP
AIG
1.24
-1.1
-17.36%
Tuesday
AMC
AGILENT TECH
A
0.49
0.46
13.46%
Tuesday
AMC
DIAMONDBACK EGY
FANG
0.54
0.58
54.29%
Tuesday
AMC
FOSSIL GRP INC
FOSL
1.21
1.74
40.00%
Tuesday
AMC
RETAIL PROPERTS
RPAI
0.25
0.25
3.85%
Tuesday
AMC
CENTURY COMMUNT
CCS
0.67
0.62
5.00%
Tuesday
AMC
KORNIT DIGITAL
KRNT
0.12
0.08
50.00%
Tuesday
AMC
HUBSPOT INC
HUBS
-0.47
-0.3
16.67%
Tuesday
AMC
ON ASSIGNMENT
ASGN
0.67
0.76
-11.90%
Tuesday
AMC
BOYD GAMING CP
BYD
0.24
0.16
16.67%
Tuesday
AMC
ENLINK MIDST LP
ENLK
0
0.18
-200.00%
Tuesday
AMC
LENDINGCLUB CP
LC
-0.09
0.02
20.00%
Tuesday
AMC
MASIMO CORP
MASI
0.51
0.15
11.90%
Tuesday
AMC
ENLINK MIDS LLC
ENLC
0.08
1.81
-100.00%
Tuesday
AMC
OWENS & MINOR
OMI
0.5
0.56
0.00%
Tuesday
AMC
AMER ASSETS TR
AAT
0.49
0.45
-2.08%
Tuesday
AMC
CAI INTL INC
CAI
0.11
0.52
-30.43%
Tuesday
AMC
CALIX INC
CALX
-0.11
-0.09
-25.00%
Tuesday
AMC
AEROHIVE NETWRK
HIVE
-0.2
-0.14
0.00%
Tuesday
AMC
VIPER ENERGY
VNOM
0.15
0.06
20.00%
Tuesday
AMC
BLACKSTONE MRTG
BXMT
0.6
0.64
8.20%
Tuesday
AMC
FRANKLIN ST PPT
FSP
0.25
0.27
0.00%
Tuesday
AMC
PAN AMER SILVER
PAAS
0.12
-0.12
84.62%
Tuesday
AMC
SOLAREDGE TECH
SEDG
0.23
0.41
10.26%
Tuesday
AMC
CHIMERA INVEST
CIM
0.64
0.53
21.43%
Tuesday
AMC
HAWAIIAN ELEC
HE
0.42
0.41
18.37%
Tuesday
AMC
WORLD FUEL SVCS
INT
0.62
0.84
5.56%
Tuesday
AMC
ADESTO TECH CP
IOTS
-0.12
-0.15
0.00%
Tuesday
AMC
RPX CORP
RPXC
0.16
0.16
11.76%
Tuesday
AMC
TRUPANION INC
TRUP
-0.05
-0.11
14.29%
Tuesday
AMC
TECHTARGET
TTGT
0.01
0.06
-50.00%
Tuesday
AMC
CEMENTOS PACASM
CPAC
0.3
0.17
-7.69%
Tuesday
AMC
ENSYNC INC
ESNC
-0.07
-0.1
-25.00%
Tuesday
AMC
HOLLYSYS AUTOMT
HOLI
0.51
0.59
-30.19%
Tuesday
AMC
INNOSPEC INC
IOSP
0.9
1.24
-2.50%
Tuesday
AMC
LUXOFT HOLDING
LXFT
0.63
0.52
-5.71%
Tuesday
AMC
MAM SOFTWARE GP
MAMS
0.03
0.06
233.33%
Tuesday
AMC
NORTH AMER EGY
NOA
0.01
-0.01
42.86%
Tuesday
AMC
NATL RESEARCH-A
NRCIA
0.22
0.24
0.00%
Tuesday
AMC
VASCO DATA SEC
VDSI
0.1
0.15
12.50%
Tuesday
AMC
GENOMIC HEALTH
GHDX
0
-0.1
-14.29%
Tuesday
AMC
INVUITY INC
IVTY
-0.56
-0.76
9.68%
Tuesday
AMC
TANGER FACT OUT
SKT
0.61
0.58
3.33%
Tuesday
AMC
ACADIA RLTY TR
AKR
0.42
0.35
5.88%
Tuesday
AMC
POTBELLY CORP
PBPB
0.06
0.08
20.00%
Tuesday
AMC
PROTHENA CP PLC
PRTA
-1.24
-0.76
-2.44%
Tuesday
AMC
ORCHIDS PAPER
TIS
0.25
0.36
-30.00%
Tuesday
AMC
SEMICON MFG-ADR
SMI
N/A
0.05
50.00%
Tuesday
AMC
DIODES INC
DIOD
0.17
0.14
0.00%
Tuesday
AMC
NOBLE MIDSTREAM
NBLX
0.76
N/A
-77.78%
Tuesday
N/A
RANDSTAD HOLDNG
RANJY
N/A
N/A
N/A
Tuesday
N/A
TOKIO MARINE HL
TKOMY
N/A
1.07
N/A
Tuesday
N/A
TUI AG ADR
TUIFY
N/A
N/A
N/A
Tuesday
N/A
ANALOG DEVICES
ADI
0.74
0.56
16.67%
Wednesday
BTO
ENTERGY CORP
ETR
0.11
1.58
18.46%
Wednesday
BTO
WYNDHAM WORLDWD
WYN
1.3
0.98
1.07%
Wednesday
BTO
PEPSICO INC
PEP
1.16
1.06
6.06%
Wednesday
BTO
TECK RESOURCES
TECK
1.43
0.02
-13.04%
Wednesday
BTO
CERAGON NETWRKS
CRNT
0.05
0.02
66.67%
Wednesday
BTO
NOW INC
DNOW
-0.37
-0.25
12.82%
Wednesday
BTO
CEDAR FAIR
FUN
0.06
-0.13
-12.18%
Wednesday
BTO
WIX.COM LTD
WIX
-0.16
-0.27
-9.52%
Wednesday
BTO
ALCOBRA LTD
ADHD
-0.25
-0.2
-3.70%
Wednesday
BTO
US FOODS HLDG
USFD
0.48
N/A
0.00%
Wednesday
BTO
AKZO NOBEL NV
AKZOY
N/A
0.26
N/A
Wednesday
BTO
TARGA RESOURCES
TRGP
0
0.48
-130.00%
Wednesday
BTO
GROUPON INC
GRPN
-0.02
-0.02
25.00%
Wednesday
BTO
SHOPIFY INC
SHOP
-0.12
-0.08
-10.00%
Wednesday
BTO
CINCINNATI BELL
CBB
0.03
0.1
0.00%
Wednesday
BTO
LITHIA MOTORS
LAD
1.87
1.74
-4.63%
Wednesday
BTO
ALLETE INC
ALE
0.73
0.37
3.13%
Wednesday
BTO
ANGIES LIST INC
ANGI
0.03
0.24
-86.67%
Wednesday
BTO
MANITOWOC FOODS
MFS
0.17
N/A
17.65%
Wednesday
BTO
OCH-ZIFF CAPTL
OZM
0.01
-0.07
66.67%
Wednesday
BTO
PHOTRONICS INC
PLAB
0.04
0.17
150.00%
Wednesday
BTO
SODASTREAM INTL
SODA
0.31
0.24
187.50%
Wednesday
BTO
SONUS NETWORKS
SONS
-0.05
0.13
0.00%
Wednesday
BTO
ALKERMES INC
ALKS
-0.19
-0.3
0.00%
Wednesday
BTO
COMPUGEN LTD
CGEN
-0.18
-0.01
-15.38%
Wednesday
BTO
CROWN CRAFTS
CRWS
0.13
0.21
-37.50%
Wednesday
BTO
COLLIERS INT GP
CIGI
1.1
1.04
-29.09%
Wednesday
BTO
SYNERON MED LTD
ELOS
0.03
0.05
200.00%
Wednesday
BTO
CREDIT AGRICOLE
CRARY
N/A
N/A
N/A
Wednesday
BTO
DANONE-ADR
DANOY
N/A
N/A
N/A
Wednesday
BTO
HEINEKEN NV
HEINY
N/A
N/A
N/A
Wednesday
BTO
BUNGE LTD
BG
1.6
1.49
-9.88%
Wednesday
BTO
HUNTSMAN CORP
HUN
0.25
0.51
8.57%
Wednesday
BTO
HILTON WW HLDG
HLT
0.65
0.66
0.00%
Wednesday
BTO
CIMAREX ENERGY
XEC
0.58
-0.25
10.81%
Wednesday
AMC
CBS CORP
CBS
1.1
0.92
7.14%
Wednesday
AMC
NETAPP INC
NTAP
0.59
0.52
10.53%
Wednesday
AMC
APPLD MATLS INC
AMAT
0.66
0.26
1.54%
Wednesday
AMC
MARRIOTT INTL-A
MAR
0.83
0.77
1.11%
Wednesday
AMC
MARATHON OIL CP
MRO
-0.13
-0.48
42.11%
Wednesday
AMC
CF INDUS HLDGS
CF
-0.06
0.76
160.00%
Wednesday
AMC
KRAFT HEINZ CO
KHC
0.87
0.62
9.21%
Wednesday
AMC
WILLIAMS COS
WMB
0.2
0.01
25.00%
Wednesday
AMC
CISCO SYSTEMS
CSCO
0.5
0.53
1.85%
Wednesday
AMC
STERICYCLE INC
SRCL
0.92
1.11
5.08%
Wednesday
AMC
EQUINIX INC
EQIX
3.41
2.85
16.52%
Wednesday
AMC
INTL F & F
IFF
1.16
1.05
-4.96%
Wednesday
AMC
TRIPADVISOR INC
TRIP
0.18
0.36
-2.38%
Wednesday
AMC
ANNALY CAP MGMT
NLY
0.3
0.31
3.57%
Wednesday
AMC
RUSH ENTRPRS-A
RUSHA
0.3
0.33
27.59%
Wednesday
AMC
CHOICE HTL INTL
CHH
0.54
0.51
6.33%
Wednesday
AMC
COPA HLDGS SA-A
CPA
1.35
0.73
1.56%
Wednesday
AMC
JAMES RIVER GRP
JRVR
0.65
0.6
7.46%
Wednesday
AMC
LAREDO PETROLM
LPI
0.16
0.06
-7.69%
Wednesday
AMC
GODADDY INC-A
GDDY
0.08
0
66.67%
Wednesday
AMC
LIFE STORAGE
LSI
1.3
1.28
-2.90%
Wednesday
AMC
MOLINA HLTHCR
MOH
0.75
0.65
11.84%
Wednesday
AMC
BARRICK GOLD CP
ABX
0.21
0.08
26.32%
Wednesday
AMC
COVANTA HOLDING
CVA
0.12
0.03
28.57%
Wednesday
AMC
OIL STATES INTL
OIS
-0.22
0.13
17.39%
Wednesday
AMC
TALLGRASS ENRGY
TEP
0.61
0.4
-15.00%
Wednesday
AMC
CONFORMIS INC
CFMS
-0.3
-0.37
13.89%
Wednesday
AMC
CURTISS WRIGHT
CW
1.48
1.53
0.99%
Wednesday
AMC
MARTIN MIDSTRM
MMLP
0.34
N/A
-175.00%
Wednesday
AMC
WILLIAMS PTR LP
WPZ
0.41
0.2
68.00%
Wednesday
AMC
AGNICO EAGLE
AEM
0.14
0
26.32%
Wednesday
AMC
CLOUD PEAK EGY
CLD
-0.05
0.37
150.00%
Wednesday
AMC
KINROSS GOLD
KGC
0.03
-0.06
100.00%
Wednesday
AMC
AVIS BUDGET GRP
CAR
0.18
0.18
5.56%
Wednesday
AMC
CRYOLIFE INC
CRY
0.08
0.13
225.00%
Wednesday
AMC
CASTLIGHT HLTH
CSLT
-0.11
-0.21
28.57%
Wednesday
AMC
SYNOPSYS INC
SNPS
0.48
0.39
2.17%
Wednesday
AMC
ANDERSONS INC
ANDE
0.72
0.18
-73.91%
Wednesday
AMC
ANIKA THERAPEUT
ANIK
0.52
0.72
25.53%
Wednesday
AMC
CHEMOURS COMPNY
CC
0.32
0.03
74.29%
Wednesday
AMC
COMMERCEHUB-A
CHUBA
0.13
N/A
N/A
Wednesday
AMC
BLACKHAWK NETWK
HAWK
0.99
1.08
-76.19%
Wednesday
AMC
IRHYTHM TECH
IRTC
-0.28
N/A
-937.04%
Wednesday
AMC
NEENAH PAPER
NP
0.9
0.91
-1.98%
Wednesday
AMC
ENPRO INDUS INC
NPO
0.56
0.44
-10.42%
Wednesday
AMC
NETEASE INC
NTES
3.55
2.52
0.65%
Wednesday
AMC
PARKER DRILLING
PKD
-0.38
-0.19
11.90%
Wednesday
AMC
Q2 HOLDINGS INC
QTWO
-0.15
-0.15
5.88%
Wednesday
AMC
SS&C TECHNOLOGS
SSNC
0.39
0.32
8.57%
Wednesday
AMC
CHEMED CORP
CHE
2.11
1.9
-3.89%
Wednesday
AMC
JMP GROUP INC
JMP
0.1
0.04
-40.00%
Wednesday
AMC
LATTICE SEMICON
LSCC
0.11
-0.08
-50.00%
Wednesday
AMC
NMI HOLDINGS-A
NMIH
N/A
-0.08
42.86%
Wednesday
AMC
OMNICELL INC
OMCL
0.07
0.33
15.38%
Wednesday
AMC
QUICKLOGIC CORP
QUIK
-0.07
-0.09
0.00%
Wednesday
AMC
SUNPOWER CORP-A
SPWR
-0.51
1.62
-16.42%
Wednesday
AMC
TIVO CORP
TIVO
0.45
0.52
267.86%
Wednesday
AMC
HEALTHCARE TRST
HTA
0.41
0.39
0.00%
Wednesday
AMC
HEALTHCARE RLTY
HR
0.4
0.41
-2.50%
Wednesday
AMC
NEW GOLD INC
NGD
0.02
0.01
50.00%
Wednesday
AMC
HORNBECK OFFSHR
HOS
-0.52
-0.07
27.42%
Wednesday
AMC
CARRIAGE SVCS-A
CSV
0.45
0.39
13.16%
Wednesday
AMC
DENNY'S CORP
DENN
0.13
0.11
0.00%
Wednesday
AMC
EQUITY COMMONWL
EQC
0.21
0.27
-14.81%
Wednesday
AMC
SUN LIFE FINL
SLF
0.71
0.73
11.27%
Wednesday
AMC
VANDA PHARMACT
VNDA
-0.06
-0.28
160.00%
Wednesday
AMC
PHH CORP
PHH
-0.17
-0.39
-150.00%
Wednesday
AMC
GLADSTONE COMML
GOOD
N/A
0.39
N/A
Wednesday
AMC
GOLDCORP INC
GG
0.09
-0.15
-8.33%
Wednesday
AMC
TALLGRASS ENRGY
TEGP
0.17
0.37
-28.57%
Wednesday
AMC
AGEAS-ADR
AGESY
N/A
0.87
N/A
Wednesday
N/A
CONS PORTFOLIO
CPSS
0.22
0.29
18.18%
Wednesday
N/A
KNOT OFFSHOR LP
KNOP
0.44
0.68
15.56%
Wednesday
N/A
BANCO MACRO-ADR
BMA
1.62
3.37
13.66%
Wednesday
N/A
AIR LIQUIDE-ADR
AIQUY
N/A
N/A
N/A
Wednesday
N/A
AMEREN CORP
AEE
0.15
0.12
10.14%
Thursday
BTO
SCANA CORP
SCG
0.93
0.83
25.71%
Thursday
BTO
CHARTER COMM-A
CHTR
1.06
-1.21
11.29%
Thursday
BTO
LABORATORY CP
LH
2.13
1.98
-1.75%
Thursday
BTO
DUKE ENERGY CP
DUK
0.81
0.87
7.69%
Thursday
BTO
WASTE MGMT-NEW
WM
0.77
0.71
5.00%
Thursday
BTO
PG&E CORP
PCG
1.29
0.5
-14.55%
Thursday
BTO
ALEXION PHARMA
ALXN
1.1
0.84
13.46%
Thursday
BTO
ZOETIS INC
ZTS
0.45
0.43
13.04%
Thursday
BTO
CYS INVESTMENTS
CYS
0.24
0.27
4.00%
Thursday
BTO
CABELAS INC
CAB
1.23
1.26
-33.75%
Thursday
BTO
CONE MIDSTREAM
CNNX
0.38
0.38
8.11%
Thursday
BTO
MGM RESORTS INT
MGM
0.17
-0.01
625.00%
Thursday
BTO
HUNTINGTON INGL
HII
2.48
2.24
-5.02%
Thursday
BTO
BLUERCK RG REIT
BRG
0.14
0.21
320.00%
Thursday
BTO
LIBERTY GLBL-A
LBTYA
N/A
-0.32
-1700.00%
Thursday
BTO
HYATT HOTELS CP
H
0.24
0.21
67.86%
Thursday
BTO
ICON PLC
ICLR
1.26
1.11
0.85%
Thursday
BTO
DEAN FOODS CO
DF
0.41
0.36
0.00%
Thursday
BTO
ON DECK CAPITAL
ONDK
-0.23
-0.06
-15.00%
Thursday
BTO
WENDYS CO/THE
WEN
0.09
0.12
10.00%
Thursday
BTO
RELIANCE STEEL
RS
0.75
0.87
-4.58%
Thursday
BTO
AGIOS PHARMACT
AGIO
-1.55
-1.08
-7.95%
Thursday
BTO
AVON PRODS INC
AVP
0.1
0
-33.33%
Thursday
BTO
GENESIS ENERGY
GEL
0.31
0.21
-9.68%
Thursday
BTO
GNC HOLDINGS
GNC
0.37
0.63
-16.90%
Thursday
BTO
HUDSON PAC PPTY
HPP
0.46
0.44
4.55%
Thursday
BTO
ENCANA CORP
ECA
0.03
0.13
500.00%
Thursday
BTO
GENOCEA BIOSCI
GNCA
-0.47
-0.37
-4.65%
Thursday
BTO
NAVIGANT CONSLT
NCI
0.26
0.28
27.59%
Thursday
BTO
WEST PHARM SVC
WST
0.55
0.47
1.92%
Thursday
BTO
BUILD-A-BEAR WK
BBW
0.69
0.62
0.00%
Thursday
BTO
MGM GROWTH PPTY
MGP
0.5
N/A
-4.00%
Thursday
BTO
NICE LTD
NICE
1.03
1.01
5.88%
Thursday
BTO
PBF LOGISTICS
PBFX
0.54
0.5
-3.85%
Thursday
BTO
POOL CORP
POOL
0.05
0.06
4.04%
Thursday
BTO
ENDURANCE INTL
EIGI
-0.29
0.1
59.09%
Thursday
BTO
MAZOR ROBOTICS
MZOR
-0.18
-0.14
16.67%
Thursday
BTO
STRAYER EDUC
STRA
1.16
1.21
19.05%
Thursday
BTO
STILLWATER MNG
SWC
0.06
0.04
400.00%
Thursday
BTO
TEXTAINER GROUP
TGH
-0.37
0.22
-666.67%
Thursday
BTO
TRADE DESK INC
TTD
0.2
N/A
4.35%
Thursday
BTO
CVR PARTNERS LP
UAN
0.03
0.26
-33.33%
Thursday
BTO
BRASKEM SA
BAK
-2.1
0.15
107.79%
Thursday
BTO
BLUCORA INC
BCOR
-0.27
-0.33
20.59%
Thursday
BTO
CBIZ INC
CBZ
-0.04
0.09
0.00%
Thursday
BTO
CRA INTL INC
CRAI
0.22
0.03
21.88%
Thursday
BTO
LIBERTY LILAC A
LILA
0.38
-0.3
-571.43%
Thursday
BTO
YANDEX NV-A
YNDX
N/A
0.13
50.00%
Thursday
BTO
COCA-COLA HBC
CCHGY
N/A
N/A
N/A
Thursday
BTO
PETROLEUM GEO
PGSVY
N/A
-0.68
N/A
Thursday
BTO
SCHNEIDER ELECT
SBGSY
N/A
N/A
N/A
Thursday
BTO
PBF ENERGY INC
PBF
-0.46
0.7
-30.00%
Thursday
BTO
HIMAX TECH-ADR
HIMX
0.07
0.04
-20.00%
Thursday
BTO
CIRCOR INTL
CIR
0.41
0.63
6.98%
Thursday
BTO
INDEP REALTY TR
IRT
0.16
0.22
0.00%
Thursday
BTO
EPAM SYSTEMS
EPAM
0.55
0.56
3.70%
Thursday
BTO
SELECT INCOME
SIR
0.71
0.76
-4.17%
Thursday
BTO
FORTIS INC
FTS
0.36
0.37
7.89%
Thursday
BTO
TIME INC
TIME
0.76
0.58
0.00%
Thursday
BTO
TEMPUR SEALY
TPX
1.13
0.99
8.20%
Thursday
BTO
AIR FRANCE-ADR
AFLYY
N/A
0.07
N/A
Thursday
BTO
DIGITAL RLTY TR
DLR
1.43
1.38
-0.69%
Thursday
AMC
FLOWSERVE CORP
FLS
0.65
0.89
-14.75%
Thursday
AMC
DAVITA INC
DVA
0.91
1.01
1.06%
Thursday
AMC
REPUBLIC SVCS
RSG
0.55
0.5
6.90%
Thursday
AMC
CONSOL EDISON
ED
0.65
0.61
0.67%
Thursday
AMC
CYTOKINETCS INC
CYTK
-0.27
-0.24
374.07%
Thursday
AMC
US ECOLOGY INC
ECOL
0.45
0.36
-16.07%
Thursday
AMC
KEYSIGHT TECH
KEYS
0.5
0.45
5.26%
Thursday
AMC
TRINITY INDS IN
TRN
0.38
1.3
5.77%
Thursday
AMC
TIMKENSTEEL CP
TMST
-0.46
-0.58
-2.70%
Thursday
AMC
URBAN EDGE PROP
UE
0.33
0.3
0.00%
Thursday
AMC
ULTRAGENYX PHAR
RARE
-1.74
-1.42
-5.13%
Thursday
AMC
ALLSCRIPTS HLTH
MDRX
0.12
0.11
10.00%
Thursday
AMC
WHITEWAVE FOODS
WWAV
0.42
0.36
-7.89%
Thursday
AMC
ARISTA NETWORKS
ANET
0.67
0.68
16.95%
Thursday
AMC
CUBESMART
CUBE
0.37
0.33
5.56%
Thursday
AMC
MRC GLOBAL INC
MRC
-0.11
0.12
60.00%
Thursday
AMC
STAG INDUSTRIAL
STAG
0.4
0.4
5.26%
Thursday
AMC
WEBMD HEALTH CP
WBMD
0.67
0.6
17.50%
Thursday
AMC
COGNEX CORP
CGNX
0.3
0.22
2.08%
Thursday
AMC
BRIGHTCOVE
BCOV
-0.02
0
0.00%
Thursday
AMC
COOPER-STANDARD
CPS
2.32
3.01
6.44%
Thursday
AMC
AMN HLTHCR SVCS
AMN
0.55
0.47
10.71%
Thursday
AMC
YAMANA GOLD INC
AUY
0.03
-0.01
-60.00%
Thursday
AMC
FIVE9 INC
FIVN
-0.08
-0.07
50.00%
Thursday
AMC
NORTHWESTERN CP
NWE
0.96
0.98
17.24%
Thursday
AMC
UNIVL ELECTRS
UEIC
0.7
0.91
2.17%
Thursday
AMC
CA RESOURCES CP
CRC
-1.52
-2
-4.79%
Thursday
AMC
CATCHMARK TB TR
CTT
-0.11
-0.08
36.36%
Thursday
AMC
GRAND CANYON ED
LOPE
0.98
0.81
13.56%
Thursday
AMC
AMBER ROAD INC
AMBR
-0.14
-0.24
27.78%
Thursday
AMC
COHU INC
COHU
0.04
0.08
50.00%
Thursday
AMC
IMPINJ INC
PI
0.09
N/A
-66.67%
Thursday
AMC
GRPO SUPERV-ADR
SUPV
0.39
N/A
8.11%
Thursday
AMC
TRUECAR INC
TRUE
-0.13
-0.26
30.77%
Thursday
AMC
INTRICON CORP
IIN
-0.04
0.19
-18.75%
Thursday
AMC
MARCHEX INC
MCHX
-0.07
-0.02
0.00%
Thursday
AMC
NAVIGATORS GRP
NAVG
0.62
0.67
-11.95%
Thursday
AMC
TREND MICRO INC
TMICY
N/A
0.25
-2.70%
Thursday
AMC
REXFORD IND RTY
REXR
0.23
0.21
4.76%
Thursday
AMC
WASHINGTON REIT
WRE
0.44
0.46
2.27%
Thursday
AMC
NU SKIN ENTERP
NUS
0.8
0.62
30.49%
Thursday
AMC
VEECO INSTRS-DE
VECO
-0.03
-0.09
46.43%
Thursday
AMC
GLOBANT SA
GLOB
0.29
0.24
-6.90%
Thursday
AMC
TELSTRA CRP-ADR
TLSYY
N/A
N/A
N/A
Thursday
N/A
CENOVUS ENERGY
CVE
-0.05
-0.4
-214.29%
Thursday
N/A
SHIRE PLC-ADR
SHPG
3.25
2.97
-0.31%
Thursday
N/A
CVR REFINING LP
CVRR
-0.09
-0.83
-59.26%
Thursday
N/A
TRANSCDA CORP
TRP
0.73
0.48
22.92%
Thursday
N/A
GOLD FIELDS-ADR
GFI
N/A
0.02
N/A
Thursday
N/A
CAPGEMINI SA
CGEMY
N/A
N/A
N/A
Thursday
N/A
VALEO SA-ADR
VLEEY
N/A
N/A
N/A
Thursday
N/A
NESTLE S A REG
NSRGY
N/A
N/A
N/A
Thursday
N/A
CAMPBELL SOUP
CPB
0.88
0.87
5.26%
Friday
BTO
SPECTRA ENERGY
SE
0.33
0.28
19.23%
Friday
BTO
DEERE & CO
DE
0.51
0.8
150.00%
Friday
BTO
FLUOR CORP-NEW
FLR
0.79
0.68
29.89%
Friday
BTO
MOODYS CORP
MCO
1.12
1.09
13.56%
Friday
BTO
V F CORP
VFC
0.98
0.95
-0.87%
Friday
BTO
SMUCKER JM
SJM
2
1.76
5.67%
Friday
BTO
GOL LINHAS-ADR
GOL
-0.12
-0.9
100.00%
Friday
BTO
GASLOG LTD
GLOG
0.05
-0.02
66.67%
Friday
BTO
PIONEER EGY SVC
PES
-0.31
-0.25
12.12%
Friday
BTO
PORTLAND GEN EL
POR
0.64
0.57
-9.52%
Friday
BTO
ESSILOR INTL SA
ESLOY
N/A
N/A
N/A
Friday
BTO
SPECTRA EGY PTR
SEP
0.8
1.05
-1.30%
Friday
BTO
WABCO HOLDINGS
WBC
1.44
1.43
4.76%
Friday
BTO
AARONS INC
AAN
0.45
0.41
6.38%
Friday
BTO
NATL HEALTH INV
NHI
1.26
1.17
-1.60%
Friday
BTO
RUTHS HOSPITLTY
RUTH
0.29
0.26
11.11%
Friday
BTO
MATERION CORP
MTRN
0.33
0.36
31.43%
Friday
BTO
GIBRALTAR INDUS
ROCK
0.25
0.29
10.00%
Friday
BTO
ASTRONICS CORP
ATRO
0.43
0.53
-8.89%
Friday
BTO
REWALK ROBOTICS
RWLK
-0.42
-0.62
-3.51%
Friday
BTO
MONOTYPE IMAGNG
TYPE
0.12
0.25
-8.33%
Friday
BTO
ENBRIDGE INC
ENB
0.42
0.43
2.86%
Friday
BTO
CONTROLADORA VL
VLRS
0.28
0.38
37.84%
Friday
BTO
AEGON N V
AEG
N/A
0.2
N/A
Friday
BTO
SEGRO PLC REIT
SEGXF
N/A
N/A
N/A
Friday
BTO
LIFEPOINT HOSP
LPNT
1.07
1.11
11.90%
Friday
BTO
BLOOMIN BRANDS
BLMN
0.32
0.3
0.00%
Friday
BTO
BARNES GRP
B
0.64
0.6
5.97%
Friday
BTO
COOPER TIRE
CTB
0.93
1.04
2.97%
Friday
BTO
IMMUNOGEN INC
IMGN
-0.38
-0.38
-21.05%
Friday
BTO
GRANITE CONSTRU
GVA
0.53
0.72
-2.13%
Friday
AMC
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Plenty of Positive Earnings News
The bulk of the Q4 earnings season is now behind us, with results from 358 S&P 500 members, or 71.6% of the index’s total membership, already out. With another 53 index members on deck to report results next week, we will have seen results from more than 80% of the index’s members by then.
This earnings season has turned out to be good one. Not only is growth on track to be the highest in two years, but total earnings for the quarter are also on track to be a new quarterly record.
Please recall that earnings growth turned positive only in 2016 Q3, having declined in each of the preceding 5 quarters, as the chart below of year-over-year earnings growth for the S&P 500 index shows.
Importantly, the positive Q4 growth isn’t a result of easy comparisons, but actually a function of strong gains in actual earnings. In fact, the overall tally of Q4 earnings for the S&P 500 index is on track to reach an all-time record for the index, surpassing the previous record achieved in 2014 Q4. The chart below shows the quarterly earnings totals for index, contrasting the highlighted Q4 tally with actual results from the last 8 quarters and expected tallies in the coming 4 quarters.
As you can see, this record isn’t expected to last very long, with growth expected to ramp up notably in the coming quarters.
One other positive for this earnings season is the relatively modest negative revisions to current-quarter (2017 Q1) estimates; they have come down, but not by as much as has historically been the case. The chart below shows evolution of Q1 estimates since the start of the period.
Q4 Scorecard (as of February 10, 2017)
We now have Q4 results from 358 S&P 500 members, or 71.6% of the index’s total membership. With 53 index members on deck to report results next week, we will have seen Q4 results from 80.2% of the index’s total membership by the end of next week. The notable reports this week include Cisco (CSCO - Free Report) , Deere & Co. (DE - Free Report) , Pepsi (PEP - Free Report) , AIG (AIG - Free Report) and others.
Total earnings for these 358 index members are up +6.1% on +4.6% higher revenues, with 69% beating EPS estimates and 54.7% coming ahead of top-line expectations.
The table below provides the current Q4 scorecard
The charts below provide a comparison of the results thus far with what we have seen from this same group of 358 S&P 500 members in other recent periods.
As you can see, the Q4 growth pace is notably tracking above what we had seen from the same group of 358 index members in other recent periods. But positive surprises (right-hand chart above) are tracking on the low side relative to historical periods, particularly on the earnings front. The 69% proportion of Q4 companies beating EPS estimates compares to 75.1% in the preceding quarter, 74.1% as the 4-quarter average and 72.4% as the 12-quarter average. Positive revenue surprises are tracking below what we had seen from the same group of companies in Q3, but are roughly in-line with historical periods.
The chart below compares the proportion of companies reporting Q4 results that are beating both EPS and revenue estimates with what this same group of companies had reported in other recent periods.
Standout Sectors
Sectors with strong growth and better than expected results (earnings & revenues) include the Finance, Construction, Technology, Utilities, And Business Services. Positive surprises for all of these sectors are tracking above the index level.
Finance: With results from 79.9% of the sector’s market cap in the S&P 500 index already out, total earnings for the sector are up +11.8% from the same period last year on +5% higher revenues, with +73.3% beating EPS estimates and +56% beating top-line estimates.
This is better growth performance than we have seen from the sector in other recent periods, as the comparison charts below show. Please note that positive surprises are as hard to come by in the Finance sector as they are elsewhere.
Strong Finance sector growth is a big driver of the aggregate growth performance for the S&P 500 index as a whole. Excluding the Finance sector, the Q4 growth pace still compares favorably with other recent periods, but a lot less so, as the right-hand chart below shows.
Technology: For the Technology sector, we now have Q4 results from 88.6% of the sector’s total market cap. Total earnings for these companies are up +8.2% from the same period last year on +6% higher revenues, with 71.4% beating EPS estimates and 71.4% beating revenue estimates.
This is better earnings growth than we have seen from this same group of Tech companies in Q3 or the preceding four quarters, but is about in-line with the 12-quarter average. Revenue growth, on the other hand, is tracking above historical periods. The revenue outperformance is visible in terms of positive surprises as well, with the proportion of Tech sector positive surprises notably tracking above Q3, the 4-quarter and 12-quarter averages, as you can see in the right-hand side chart. Earnings surprises (green bards in the right-hand chart) are tracking below historical periods, as is the case with other sectors as well.
Q4 Expectations As a Whole
For Q4 as a whole, combining the actual results from the 358 S&P 500 members that have reported with estimates for the still-to-come 142 companies, total earnings are expected to be up +7.5% from the same period last year on +3.9% higher revenues. This would follow the +3.7% growth in Q3 earnings on +2.2% higher revenues, the first instance of positive earnings growth for the index after five quarters of back-to-back declines. Comparisons for the Energy sector, a big driver of the earnings recession, turn positive in Q4, with the sector’s earnings growth turning positive for the first time after 8 quarters of declines.
The chart below shows the Q3 earnings growth contrasted with declines in the preceding 5 quarters. As you can see in the chart below, the growth pace is expected to ramp up in 2017.
The table below shows the summary picture Q4 contrasted with what was actually achieved in the preceding quarter.
For a complete analysis of the Q4 earnings season, please check out our weekly Earnings Trends report - Positive Earnings Picture.
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here >>>
Here is a list of the 380 companies reporting this week, including 53 S&P 500 members.