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More than 700 US companies reported earnings this week, which more than doubled the total number of companies that have reported since earnings season started on April 7th. But even though so many companies reported, the percentage of those beating earnings estimates rose from 60% to 62%. With three quarters of companies having already reported, this earnings season is shaping up to be one of the best in years.
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Just goes to show how little visibility companies and analysts had late last year and into the first quarter.
What this says is that analysts were wrong 62% of the time.
Great track record, unless you figure they were low balling estimates in the hopes that their estimates would be beat and stock would rally as they have.
So maybe we're better off without estimates and guidance, considering what a lousy job they do for investors and speculators.
More important, how much are earnings down from a year ago and two years ago? I'm sure that chart is here somewhere?
Posted by: Donald Johnson | May 02, 2009 at 01:27 PM
This chart would be great for CNBC they love numbers like this that pull wool over peoples eyes.
Posted by: Nick | May 02, 2009 at 01:41 PM
Beat estimates! No, beat the estimators because they always, on purpose, get it wrong.
Posted by: PTDBD | May 03, 2009 at 01:26 PM
Anyone can beat estimates one quarter by cutting costs. I am looking at sales and those were terrible.
From WSJ today: while only 30% of S&P 500 companies have failed to top earnings-per-share forecasts, 62% fell short on sales
Posted by: BankPencil | May 03, 2009 at 08:49 PM