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Analysts have recently increased their Q2 earnings projections from 9% to 9.8% growth, a positive change as projections are typically lowered at this point in the quarter. This marks the first increase since Q4 2021. Despite this, earnings estimates for the S&P 500 in 2024 remain unchanged from fall 2022, with first-quarter estimates back to their starting point in 2024. However, estimates for 2Q and 3Q are now decreasing. JPM Equity Strategist notes that with 80-90% of companies reporting, earnings growth exceeded consensus expectations, reaching +5% year-over-year. The low hurdle rate at the start of the earnings season, along with improved Q1 fundamentals, contributed to higher S&P500 blended EPS.
JPM Equity Strategist: "With 80-90% of companies having reported... earnings growth came in better than consensus expected, at +5% y/y... The low hurdle rate entering the earnings season, combined with the better fundamentals in Q1, helped S&P500 blended EPS inflect higher." https://t.co/qbVb03oZL0
Earnings season is so great that earnings estimates for the S&P 500 in 2024 are in the same place they started in the fall of 2022, and first-quarter estimates are back to where they started in 2024, and now 2Q and 3Q are coming down. https://t.co/X0Ac8HPp3w
Earnings season is so great that earnings estimates for 2024 are in the same place they started in the fall of 2022, and first-quarter estimates are back to where they started in 2024, and now 2Q and 3Q are coming down. https://t.co/1HXCrw9WnR
