There’s going to be a stack of US corporate earnings reports arriving over the next few days.
As seen in the chart below from Bank of America Merill Lynch (BAML), a whopping 39% of S&P 500 firms will report this week, making it the busiest five-day stretch in the March quarter earnings calendar.
BAML has been impressed by the results received so far.
“Analysts are now expecting earnings growth of nearly 18% year-on-year, with double-digit earnings growth across all but three sectors,” it says.
“Sales are expected to grow by 7% year-on-year, with sales so far coming in slightly above expectations.”
As of Friday last week, BAML notes that 73% of companies have beaten on earnings per share (EPS), 67% have beaten on sales and 51% have beaten on both.
“This is the second-highest proportion of top and bottom line beats we’ve seen following Week two since we began tracking the data in late 2011,” it says.
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