Strong Earnings Results

| Multi-actifs


Source: Bloomberg, JPM, Unigestion, as of 3 November 2021. Percentage of Firms Beating Estimates.

The bulk of firms in the US and Europe have now reported their results for Q3, and they have been fairly strong: based on the 73% of firms in the S&P 500 that have reported so far, 83% are beating their Q3 earnings estimates and 67% are beating their sales estimates. For the 62% of Stoxx 600 firms reporting, 59% are beating their earnings consensus estimates and 63% are beating on sales. In year-over-year terms, sales are up 18.5% and earnings 39.4% for reporting firms in the S&P 500, while Stoxx 600 firms are seeing 14.3% sales growth and 44.3% earnings growth.

The strong results are also broad-based, at least in the US: the Utilities sector in the S&P 500 has been the laggard in surprises thus far, and 60% of these firms are still beating their earnings estimates. At the other end, over 90% of Technology firms have beat on earnings. In Europe, there is greater variation across sectors, with just 38% of Consumer Discretionary firms beating their earnings estimates while 81% of Financials are beating theirs.

Important Information

The information and data presented in this page may discuss general market activity or industry trends but is not intended to be relied upon as a forecast, research or investment advice. It is not a financial promotion and represents no offer, solicitation or recommendation of any kind, to invest in the strategies or in the investment vehicles it refers to. Some of the investment strategies described or alluded to herein may be construed as high risk and not readily realisable investments, which may experience substantial and sudden losses including total loss of investment.

The investment views, economic and market opinions or analysis expressed in this page present Unigestion’s judgement as at the date of publication without regard to the date on which you may access the information. There is no guarantee that these views and opinions expressed will be correct nor do they purport to be a complete description of the securities, markets and developments referred to in it. All information provided here is subject to change without notice. To the extent that this page contains statements about the future, such statements are forward-looking and subject to a number of risks and uncertainties, including, but not limited to, the impact of competitive products, market acceptance risks and other risks.

Data and graphical information herein are for information only and may have been derived from third party sources. Although we believe that the information obtained from public and third party sources to be reliable, we have not independently verified it and we therefore cannot guarantee its accuracy or completeness. As a result, no representation or warranty, expressed or implied, is or will be made by Unigestion in this respect and no responsibility or liability is or will be accepted. Unless otherwise stated, source is Unigestion.

Past performance is not a guide to future performance. All investments contain risks, including total loss for the investor.