Analysts tone down forecasts for US earnings decline

Business | 26 Apr 2019 11:30 am

Coming into this corporate earnings reporting season, Wall Street was expecting a dud. Partially because of slowing economic growth around the world, analysts were forecasting the first drop in earnings for the S&P 500 in nearly three years.

Companies, though, have been surprising analysts with not-as-bad results. So far, about 190 of the companies in the S&P 500 have reported their earnings for the first three months of the year. Among them, earnings actually grew by 2.1 percent from a year earlier.

All the better-than-expected results mean analysts are now forecasting a drop of 2.8 percent in earnings for S&P 500 companies this reporting season. That is not as bad as the 4 percent decline they were expecting a few weeks ago.-AP


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