[1/2] Jams, preserves and jellies are on sale at a store in Manhattan, New York, USA on November 22, 2021. REUTERS/Andrew Kelly
The latest data showed S&P 500 (.SPX) earnings per share in the first quarter remained virtually unchanged, a significant improvement from the pessimistic forecasts that started the reporting season.
As the Q1 reporting season draws to a close, the S&P 500′s earnings per share are averaging 0.03% year-on-year, according to Refinitiv’s I/B/E/S data. By comparison, in early April, ahead of most companies’ earnings reports, analysts on average had forecast a 5.1% decline in earnings per share and a 3.2% decline in earnings per share in the fourth quarter of 2022.
Notably, S&P 500 companies’ net income fell 2.9% in the first quarter, according to Refinitiv data, indicating that their overall profits have indeed fallen. Flat earnings per share in the same quarter reflected the repurchase of the company’s shares, which boosted earnings per share.
US recession fears have weighed heavily on investor sentiment as the Federal Reserve raises interest rates to fight inflation, buoyed by company earnings reports in recent weeks.
But corporate results were mostly better than expected, even as executives warned that heavy economic clouds were looming ahead. Nearly 77% of companies reported earnings that beat analysts’ expectations, according to Refinitiv, up from 74% in the previous four quarters and 66% in the long run.
A week ago, Q1 earnings per share were expected to fall 0.01%. Two packaged food retailers reported that JM Smucker (SJM.N) and Campbell Soup Co (CPB.N) were among the companies that helped bring S&P 500 earnings out of negative territory in recent days. Earnings per share came in above analysts’ expectations.
Shares of JM Smucker rose 2.5% as peanut butter maker Jif forecast a smaller-than-expected drop in full-year revenue on Tuesday, betting that prices for ready-to-eat meals and snacks will rise and demand will remain stable. Shares of Campbell Soup have fallen more than 8% since Wednesday’s report, when the company maintained sales and earnings guidance for the full year even as quarterly earnings beat expectations and disappointed investors.
While first-quarter earnings beat expectations, analysts on average remain pessimistic about the earnings outlook, forecasting a 5.4% decline in second-quarter earnings per share, according to Refinitiv data.
Amazon has excluded its new competitor Temu from its pricing algorithm, which checks whether products sold on its platform are competitive with competitors, saying the site does not meet its standards.
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Post time: Jun-14-2023