We continue to find it hilarious how much everyone presumed this earnings season was going to be horrible, just based on the results from a few early reporters.
Anyway, it hasn’t been a bad earnings season. Sure, there have been a few misses, but plenty of solid reports.
And as this chart from Bespoke shows, the number of companies upping top-line guidance has been extraordinary.
So far this earnings season, 10% of US companies have raised guidance while 2.7% have lowered guidance. Below is a chart showing the quarterly spread between the percentage of companies raising guidance and lowering guidance. As shown, the 7.3 percentage point spread so far this quarter is higher than any other quarter since 2001. There are still a significant amount of companies left to report this season, but for now, guidance numbers have been very strong.