Q3 Earnings Continue to Improve

Data Source: Factset

This week we picked up another 30bps in Earnings improvement of Q3 S&P 500 earnings results.  Three weeks ago estimates were at -4.8%.  This week they are at -2.4% with 11% of the S&P left to report.The 75% beat rate on the bottom line is better than the five year average of 72%.

For Calendar Year 2020, analysts are projecting earnings growth of 9.7% and revenue growth of 5.4%.

Energy (23.9%), Industrials (16.7%), and Materials (14.9%) are expected to have the highest earnings growth rates for 2020:

2020 EPS estimates ($179.16) are holding strong (just under double digit growth) for the first time since 2016-2017.