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July 21, 2006
At Least the Brits Are Impressed
The London Telegraph looks at U.S. corporate earnings reports for the second quarter, and is impressed:
America is on track to record its longest unbroken run of profits growth with most of the country's biggest companies continuing to beat expectations in the unfolding second-quarter results season.
The better than expected numbers will quell fears that high energy prices and a housing slowdown are holding back the US's economic expansion. Figures from Thomson Financial show that for every company disappointing Wall Street forecasts, more than five are coming in ahead of target.
With results already announced by a fifth of the companies in the S&P 500 index, average earnings growth of 13pc so far puts the consensus forecast of 12.8pc growth for the second quarter within reach.
Hitting that target will see Wall Street celebrating a 12th consecutive quarter of double-digit earnings growth, matching the 1992 to 1995 winning streak. With gains of about 15pc already pencilled in for the third and fourth quarters, the current surge is set to be the longest run of success since 1950.
Posted by edelfenbein at July 21, 2006 6:40 AM
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