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Earnings scorecard

As of Friday, November the 3rd, 402 companies of the S&P500 have reported their 3Q23 results. 82% have beaten estimates on Earnings, but only 60% have beaten on revenue. Sales growth has been an anemic 1.2%, versus 5.7% growth in earnings. Cost cutting and financial engineering are helping companies show resilience on the bottom line, but the top line is showing signs of tiredness. The other component of earnings reports, guidance, has been average to poor, and it’s meant to manage or lower expectations in order for companies to beat on the next quarter. The impact of #ratehikes is permeating on the economy and it’s starting to show on earnings scorecards.

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Chart source: Refinitiv

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