At least nine sectors, including energy, have downgraded their earnings expectations for the quarter, an indication of a deteriorating macro-economic outlook.
together brought in $46 billion in earnings in the second quarter, with all three setting new records for quarterly earnings.It’s early innings into the earnings season, with just 7% ofcompanies having reported third-quarter 2022 earnings. Unlike the first two quarters of the year, the current one is shaping up asdespite 69% of S&P 500 companies having reported a positive EPS surprise and 67% having reported a positive revenue surprise.
Indeed, FactSet says that downward revisions to revenue estimates for companies in the Energy sector have been a substantial contributor to the decline in the overall revenue growth rate for the S&P 500.Still, the Energy sector is expected to report the highest earnings growth of all eleven sectors at 119.4%.
Chevron Corporation is expected to report earnings on 10/28/2022 before the market opens. The report will be for the fiscal Quarter ending Sep 2022. According to Zacks Investment Research, based on 8 analysts' forecasts, the consensus EPS forecast for the quarter is $5.06 vs. $2.96 for Q3 2021. is expected* to report earnings on 11/03/2022 before the market opens. The report will be for the fiscal Quarter ending Sep 2022.
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