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Earnings season scorecard

22% of the companies of the S&P500 have reported results for 2023. 63% of them, have reported above (watered down) expectations on revenue, but 83% of all of them have managed to beat on earnings, which is financial engineering at its best. Average top line growth has been an anemic 2.7%, while earnings growth has increased by 4.8%. The best sector in terms of earnings growth has been Utilities, while Energy keeps being the laggard. Financials have been able to manage a 4.9% growth on earnings, helped by #btfp, but banks are not out of the woods yet. This earnings season is key for the year, as valuations are tight, particularly for the #magnificent7 as the index keeps playing with all time highs.

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Source: Lipper Alpha

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