While guidance keeps getting worse and worse as earnings season progresses, the backward-looking earnings and revenue beat rates continue to come in strong.  So far this earnings season, 65% of companies that have reported have beaten consensus analyst earnings per share estimates.  As shown in the first chart below, 65% would be the strongest reading seen since Q3 2010 if it holds through the end of earnings season on February 21st (2/21 is when Wal-Mart reports — WMT marks the unofficial end to earnings season).

For top-line revenues, 57% of companies have beaten estimates this season.  While not as strong as the bottom-line EPS beat rate, a revenue beat rate of 57% would be good enough for the strongest reading since Q4 2014.

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