Aggregate Estimates and Revisions

First quarter earnings are expected to increase 1.5% from 18Q1. Excluding the energy sector, the earnings growth estimate is 2.9%.
Of the 483 companies in the S&P 500 that have reported earnings to date for 19Q1, 75.2% have reported earnings above analyst expectations. This compares to a long-term average of 65% and prior four quarter average of 76%.
19Q1 revenue is expected to increase 5.6% from 18Q1. Excluding the energy sector, the growth estimate is 6.2%.
57.1% of companies have reported 19Q1 revenue above analyst expectations. This compares to a long-term average of 60% and prior four quarter average of 67%.
For 19Q2, there have been 60 negative EPS preannouncements issued by S&P 500 corporations compared to 20 positive, which results in an N/P ratio of 3.0 for the S&P 500.
The forward four-quarter (19Q2 –20Q1) P/E ratio for the S&P 500 is 16.4.
During the week of May 27, nine S&P 500 companies are expected to report earnings.