As we pass through the 3Q earnings season, most analyst earnings forecasts have been proven too conservative, with 81% of companies surpassing forecasts as of October 28th.
Yet it’s not just Q3 earnings that are being beaten. CEOs are also raising future profit guidance like few times before:
About 1.5 U.S. companies boosted earnings estimates above analysts’ forecasts for each that cut projections in October. That’s about three times the average of 0.59 in the past 10 years, data tracked by Bloomberg show. The ratio fell to a record low of 0.1 in December 2008, three months after New York- based Lehman Brothers Holdings Inc. filed for bankruptcy.
Q3 earnings season in two words — beat and raise.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.