JPMorgan Says 73% of S&P 500 Companies Beat 4Q EPS Estimates


Among S&P 500 companies that have reported so far, EPS growth is running at 6% y/y, surprising positively by 4%, JPMorgan strategists say in emailed note.

  • So far, in the U.S. about 40% of companies have reported, while in Europe only 16% and in Japan 21% of companies have released 4Q results, JPMorgan strategists Mislav Matejka, Prabhav Bhadani and Nitya Saldanha say
  • In the U.S., most sectors are seeing positive earnings surprises, with tech earnings leading in strength
  • In Europe, 64% of Stoxx 600 companies beat EPS estimates, the highest level since 2017; EPS growth is negative 3% y/y, but 2% ahead of expectations; among sectors, commodity and industrials are weak while tech, discretionary, real estate and utilities are delivering better results
  • In Japan, 53% of Topix companies beat estimates, with overall growth at negative 4% y/y
  • European companies that are beating earnings are being rewarded by investors, while misses aren't being proportionately penalized -- in contrast with what was seen in previous quarters and experienced in the U.S. so far


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