This Week in Earnings 18Q3 - Nov. 30

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REPORTING ANALYST: David Aurelio, Tajinder Dhillon November 30, 2018
Media Questions/Earnings Hotline: 617-856 2459 david.aurelio@refinitiv.com
PR team: 646-223-5985 tajinder.dhillon@refinitiv.com
THIS WEEK IN EARNINGS

AGGREGATE ESTIMATES AND REVISIONS
 Third quarter earnings are expected to increase 28.2% from Q3 2017. Excluding the energy sector, the
earnings growth estimate declines to 24.8%.
 Of the 491 companies in the S&P 500 that have reported earnings to date for Q3 2018, 77.4% have
reported earnings above analyst expectations. This is above the long-term average of 64% and in-line
with the average over the past four quarters of 77%.
 Third quarter revenue is expected to increase 8.5% from Q3 2017. Excluding the energy sector, the
revenue growth estimate declines to 7.4%.
 60.9% of companies have reported Q3 2018 revenue above analyst expectations. This is above the
long-term average of 60% and below the average over the past four quarters of 73%.
 For Q4 2018, there have been 64 negative EPS preannouncements issued by S&P 500 corporations
compared to 43 positive, which results in an N/P ratio of 1.5 for the S&P 500 Index.
 The forward four-quarter (4Q18 – 3Q19) P/E ratio for the S&P 500 is 16.0.
 During the week of Dec. 3, ten S&P 500 companies are expected to report quarterly earnings.
 You can find additional commentary and insight on Lipper Alpha Insight
SECTION A: EARNINGS OUTLOOK

Q3 2018: EARNINGS REVISIONS
EXHIBIT 1A. S&P 500: Q3 2018 SHARE-WEIGHTED EARNINGS ($B)

360.0
355.0
350.0
345.0
340.0
335.0
330.0
325.0
11/30
10/19
11/2
9/14
9/7
8/31
10/12
10/5
12/14
12/7
9/28
10/26
11/16
8/17
8/10
9/21
11/23
12/28
11/9
12/21
8/3
8/24
Source: I/B/E/S data from Refinitiv
This Week in Earnings provides analysis and commentary on aggregate earnings estimate revisions, growth rates and valuations. View all Proprietary
Research from Refinitiv subscription channels.
© 2018 Refinitiv. All marks herein are used under license.
PROPRIETARY RESEARCH FROM REFINITIV NOVEMBER 30, 2018
There has been a increase in the share-weighted earnings for the S&P 500 since the start of the quarter (to
$357.8B from $343.9B). Three of the eleven sectors have experienced downward revisions to estimates.
Since Aug. 1, the real estate (-1.4%) and industrials (-0.6%) sectors have recorded the highest percentage
decreases in earnings, while the communications services (8.9%) sector has recorded the highest percentage
increase in earnings. Overall, share-weighted earnings expectations for the S&P 500 are expected have
increased 4.0% from the start of the quarter.
Since Aug. 1, the industrials (-$0.2B) and real estate (-$0.1B) sectors have recorded the highest dollar-level
decreases in earnings, while the information technology ($3.7B) sector has recorded the highest dollar-level
increase in earnings. Overall, expected share-weighted earnings for the S&P 500 have increased by $13.9B
since the start of the quarter.
Q3 2018: EARNINGS SCORECARD
EXHIBIT 2A. S&P 500: Q3 2018 EARNINGS VS. EXPECTATIONS

Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Consumer Discretionary 79% 8% 13% 12.6% 61 64
Consumer Staples 73% 13% 13% 4.4% 30 32
Energy 76% - 24% 11.1% 29 29
Financials 76% 9% 15% 4.8% 67 67
Health Care 81% 10% 10% 5.1% 62 63
Industrials 69% 11% 20% 1.6% 71 71
Materials 67% 8% 25% 4.4% 24 24
Real Estate 72% 16% 13% 1.1% 32 32
Information Technology 89% 6% 5% 7.7% 64 67
Communication Services 82% 9% 9% 10.0% 22 22
Utilities 83% 7% 10% 5.8% 29 29
S&P 500 77.4% 9.0% 13.6% 6.4% 491 500
Through Nov. 30, 491 companies in the S&P 500 Index have reported earnings for Q3 2018. Of these
companies, 77.4% reported earnings above analyst expectations and 13.6% reported earnings below analyst
expectations. In a typical quarter (since 1994), 64% of companies beat estimates and 21% miss estimates.
Over the past four quarters, 77% of companies beat the estimates and 16% missed estimates.
In aggregate, companies are reporting earnings that are 6.4% above estimates, which is above the 3.2%
long-term (since 1994) average surprise factor, and above the 5.3% surprise factor recorded over the past
four quarters.
© 2018 Refinitiv. All marks herein are used under license. TRPR_82221_465 2
Q3 2018: REVENUE SCORECARD
EXHIBIT 3A. S&P 500: Q3 2018 REVENUE VS. EXPECTATIONS

Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Consumer Discretionary 59% - 41% 0.7% 61 64
Consumer Staples 57% - 43% 0.2% 30 32
Energy 76% - 24% 3.1% 29 29
Financials 55% - 45% 4.1% 66 67
Health Care 60% - 40% 0.7% 62 63
Industrials 52% - 48% 0.4% 71 71
Materials 65% - 35% 0.9% 23 24
Real Estate 78% - 22% 1.4% 32 32
Information Technology 71% - 29% 1.4% 63 67
Communication Services 59% - 41% 0.5% 22 22
Utilities 48% - 52% 0.3% 29 29
S&P 500 60.9% - 39.1% 1.3% 488 500
Through Nov. 30, 488 companies in the S&P 500 Index have reported revenues for Q3 2018. Of these
companies, 60.9% reported revenues above analyst expectations and 39.1% reported revenues below analyst
expectations. In aggregate, companies are reporting revenues that are 1.3% above estimates.
Q3 2018: EARNINGS GROWTH RATES
EXHIBIT 4A. S&P 500: Q3 2018 EARNINGS GROWTH

Earnings $B Earnings $B Growth $B Growth %
Sector 18Q3 17Q3 18Q3 18Q3
Consumer Discretionary 28.4 22.6 5.7 25.3%
Consumer Staples 23.4 21.1 2.4 11.2%
Energy 22.4 10.4 12.0 115.8%
Financials 62.7 43.3 19.4 44.7%
Health Care 54.1 46.4 7.7 16.7%
Industrials 34.2 28.8 5.4 18.7%
Materials 9.6 7.5 2.2 29.2%
Real Estate 7.5 7.2 0.4 5.3%
Information Technology 68.7 53.3 15.4 28.9%
Communication Services 33.3 26.4 6.9 26.1%
Utilities 13.4 12.0 1.3 10.9%
S&P 500 357.8 279.0 78.8 28.2%
The estimated earnings growth rate for the S&P 500 for 18Q3 is 28.2%. If the energy sector is excluded, the
growth rate declines to 24.8%. The S&P 500 expects to see share-weighted earnings of $357.8B in 18Q3,
compared to share-weighted earnings of $279.0B (based on the year-ago earnings of the current 505
constituents) in 17Q3.
All of the 11 sectors in the index expect to see an improvement in earnings relative to 17Q3. The energy and
financials sectors have the highest earnings growth rates for the quarter, while the real estate sector has the
weakest anticipated growth compared to 17Q3.
The energy sector has the highest earnings growth rate (115.8%) of any sector. It is expected to earn $22.4B in
18Q3, compared to earnings of $10.4B in 17Q3. All of the six sub-industries in the sector are anticipated to see
higher earnings than a year ago. The oil & gas exploration & production (2,436.1%) and oil & gas drilling
(235.7%) sub-industries have the highest earnings growth in the sector. If these sub-industries are removed,
the growth rate declines to 69.6%.
The financials sector has the second highest earnings growth rate (44.7%) of any sector. It is expected to earn
$62.7B in 18Q3, compared to earnings of $43.3B in 17Q3. All of the 12 sub-industries in the sector are
anticipated to see higher earnings than a year ago. The property & casualty insurance (216.4%) and multi-line
insurance (150.7%) sub-industries have the highest earnings growth in the sector. If these sub-industries are
removed, the growth rate declines to 36.9%.
The real estate sector has the lowest earnings growth rate (5.3%) of any sector. It is expected to earn $7.5B in
18Q3, compared to earnings of $7.2B in 17Q3. One of the eight sub-industries in the sector are anticipated to
see lower earnings than a year ago. The health care REITs (-5.2%) and residential REITs (1.6%) sub-industries
have the lowest earnings growth in the sector. If these sub-industries are removed, the growth rate improves
to 8.3%.
Q4 2018: EARNINGS GROWTH RATES
EXHIBIT 5A. S&P 500: Q4 2018 EARNINGS GROWTH

Earnings $B Earnings $B Growth $B Growth %
Sector 18Q4 17Q4 18Q4 18Q4
Energy 20.8 11.4 9.4 82.0%
Financials 62.0 49.4 12.6 25.6%
Health Care 50.8 45.4 5.4 11.9%
Industrials 32.5 26.1 6.4 24.4%
Materials 8.8 8.3 0.5 6.3%
Real Estate 7.7 7.2 0.5 7.3%
Utilities 7.3 8.1 -0.8 -9.3%
S&P 500 346.9 296.2 50.6 17.1%
The estimated earnings growth rate for the S&P 500 for 18Q4 is 17.1%. If the energy sector is excluded, the
growth rate declines to 14.5%. The S&P 500 expects to see share-weighted earnings of $346.9B in 18Q4,
compared to share-weighted earnings of $296.2B (based on the year-ago earnings of the current 505
constituents) in 17Q4.
Ten of the 11 sectors in the index expect to see an improvement in earnings relative to 17Q4. The energy and
financials sectors have the highest earnings growth rates for the quarter, while the utilities sector has the
weakest anticipated growth compared to 17Q4.
The energy sector has the highest earnings growth rate (82.0%) of any sector. It is expected to earn $20.8B in
18Q4, compared to earnings of $11.4B in 17Q4. Five of the six sub-industries in the sector are anticipated to
see higher earnings than a year ago. The oil & gas drilling (1,566.8%) and oil & gas exploration & production
(144.5%) sub-industries have the highest earnings growth in the sector. If these sub-industries are removed,
The financials sector has the second highest earnings growth rate (25.6%) of any sector. It is expected to earn
$62.0B in 18Q4, compared to earnings of $49.4B in 17Q4. Eleven of the 12 sub-industries in the sector are
anticipated to see higher earnings than a year ago. The multi-sector holdings (65.7%) and life & health
insurance (30.5%) sub-industries have the highest earnings growth in the sector. If these sub-industries are
removed, the growth rate declines to 22.5%.
The utilities sector has the lowest earnings growth rate (-9.3%) of any sector. It is expected to earn $7.3B in
18Q4, compared to earnings of $8.1B in 17Q4. All of the four sub-industries in the sector are anticipated to see
lower earnings than a year ago. The independent power producers & energy traders (-24.5%) and electric
utilities (-9.8%) sub-industries have the lowest earnings growth in the sector. If these sub-industries are
removed, the growth rate declines to -6.6%.
REVENUE GROWTH RATES
EXHIBIT 6A. S&P 500: Q3 2018 REVENUE GROWTH

Revenue $B Revenue $B Growth $B Growth %
Sector 18Q3 17Q3 18Q3 18Q3
Energy 276.2 229.5 46.7 20.4%
Financials 360.6 335.8 24.8 7.4%
Health Care 505.9 473.1 32.8 6.9%
Industrials 339.8 318.8 21.1 6.6%
Materials 87.7 79.6 8.2 10.2%
Real Estate 26.0 22.9 3.1 13.4%
Utilities 87.7 85.9 1.8 2.1%
S&P 500 2,835.7 2,613.0 222.8 8.5%
The estimated revenue growth rate for the S&P 500 for 18Q3 is 8.5%. If the energy sector is excluded, the
growth rate declines to 7.4%. The S&P 500 expects to see revenue of $2,835.7B in 18Q3, compared to
revenue of $2,613.0B (based on the year-ago revenue of the current 505 constituents) in 17Q3.
All of the 11 sectors anticipate revenue growth for the quarter. The energy sector has the highest revenue
growth rate for the quarter, while the utilities sector has the weakest anticipated growth compared to 17Q3.
The energy sector has the highest revenue growth rate (20.4%) of any sector. It is expected to earn $276.2B in
18Q3, compared to revenue of $229.5B in 17Q3. All of the six sub-industries in the sector are anticipated to
see higher revenue than a year ago. The oil & gas exploration & production (33.7%) and oil & gas drilling
(30.9%) sub-industries have the highest revenue growth in the sector. If these sub-industries are removed,
The utilities sector has the lowest revenue growth rate (2.1%) of any sector. It is expected to earn $87.7B in
18Q3, compared to revenue of $85.9B in 17Q3. One of the four sub-industries in the sector are anticipated to
see lower revenue than a year ago. The independent power producers & energy traders (-11.7%) and electric
utilities (2.7%) sub-industries have the lowest revenue growth in the sector. If these sub-industries are
removed, the growth rate improves to 4.6%.
EXHIBIT 7A. S&P 500: Q4 2018 REVENUE GROWTH

Revenue $B Revenue $B Growth $B Growth %
Sector 18Q4 17Q4 18Q4 18Q4
Energy 298.2 246.8 51.4 20.8%
Financials 343.9 330.3 13.6 4.1%
Health Care 523.3 492.6 30.7 6.2%
Industrials 343.1 323.9 19.2 5.9%
Materials 90.9 82.2 8.7 10.5%
Real Estate 26.9 24.2 2.6 10.8%
Utilities 77.8 80.2 -2.4 -3.0%
S&P 500 2,947.4 2,763.8 183.5 6.6%
AGGREGATE ESTIMATES AND REVISIONS
Note: The estimate revision numbers below are an aggregate of the total number of earnings estimate revisions for
the Fiscal Year 1 period for all companies in the United States over the previous seven days. Up revisions represent
the total number of estimates for Fiscal Year 1 submitted in the past seven days that are higher than the previous
estimates for Fiscal Year 1. Down revisions represent the total number of estimates for Fiscal Year 1 submitted in
the past seven days of that are lower than the previous estimates for Fiscal Year 1.
EXHIBIT 8A. ESTIMATE REVISIONS – S&P 500

Total Up Down
Week Ending Revisions Revisions % Revisions %
09-Nov-18 1,580 987 62% 593 38%
16-Nov-18 861 482 56% 379 44%
23-Nov-18 749 379 51% 370 49%
30-Nov-18 416 188 45% 228 55%
EXHIBIT 9A. S&P 500: EARNINGS ESTIMATE REVISION TREND
EXHIBIT 10A. ESTIMATE REVISIONS – ALL U.S. COMPANIES

Total Up Down
Week Ending Revisions Revisions % Revisions %
09-Nov-18 5,393 3,067 57% 2,326 43%
16-Nov-18 2,867 1,431 50% 1,436 50%
23-Nov-18 1,491 697 47% 794 53%
30-Nov-18 1,052 553 53% 499 47%
EXHIBIT 11A. ALL U.S. COMPANIES: EARNINGS ESTIMATE REVISION TREND
Q4 2017: EARNINGS GUIDANCE
EXHIBIT 12A. S&P 500: Q3 2018 PREANNOUNCEMENTS

Q4 2018 Q4 2017 Q3 2018
Type Total (#) Total (%) Total (#) Total (%) Total (#) Total (%)
Positive 43 36% 39 35% 40 33%
In-Line 11 9% 15 13% 10 8%
Negative 64 54% 59 52% 70 58%
Total 118 113 120
N/P Ratio 1.5 1.5 1.8
In the S&P 500, there have been 64 negative EPS preannouncements issued by corporations for Q4 2018
compared to 43 positive EPS preannouncements. By dividing 64 by 43 one arrives at an N/P ratio of 1.5 for
the S&P 500 Index. This 1.5 ratio is in-line with the N/P ratio at the same point in time in Q4 2017 (1.5), and
below the long-term aggregate (since 1995) N/P ratio for the S&P 500 (2.8).
Q4 2018 – Q3 2019: FORWARD FOUR-QUARTER P/E RATIO
EXHIBIT 13A. S&P 500: FORWARD FOUR-QUARTER (Q4 2018 – Q3 2019) P/E RATIO
Price EPS P/E Ratio
CY 2017 2,737.76 132.00 20.7
Forward 4 Quarter 2,737.76 171.01 16.0
CY 2018 2,737.76 162.75 16.8
The forward four-quarter (Q4 2018 – Q3 2019) P/E ratio for the S&P 500 is 16.0.
Q3 2018 – Q3 2019: EARNINGS GROWTH
The estimated earnings growth rates for the S&P 500 for Q3 2018 through Q3 2019 are 28.2%, 17.31%, 6.7%,
7.8%, and 6.1% respectively. For sector-level growth rates for Q3 2018 through Q3 2019, see Exhibits 2C-6C in
this report.
EARNINGS CALENDAR
There are ten companies scheduled to report quarterly earnings during the week of Dec. 3, 2018.
EXHIBIT 14A. NUMBER OF COMPANIES REPORTING Q3 2018 EARNINGS

Reported Report Report Report
Q3 2018 To Date This Week Next Week Remaining
Dow 30 30 0 0 0
S&P 500 491 9 0 0
Source: Eikon from Refinitiv
STARMINE EARNINGS SURPRISE FORECAST
Looking forward at quarterly performance, we use StarMine’s SmartEstimate® from Refinitiv to determine
which companies in the S&P 500 are better poised to beat earnings estimates. The SmartEstimate® is a
weighted average of analyst estimates, with more weight given to more recent estimates and more accurate
analysts. Our studies have shown that when the SmartEstimate® differs significantly from the consensus
(IBES Mean), the Predicted Surprise accurately predicts the direction of earnings surprises or further revisions
70% of the time. When significant Predicted Surprise for revenue is also present for the period, the accuracy
improves to 78%.
StarMine ARM from Refinitiv is an analyst revisions stock ranking model, designed to predict future changes
in analyst sentiment. Incorporates more accurate earnings estimates through the SmartEstimate prediction
service. ARM region rankings scores companies by region on a scale of 1 to 100 where 100 represents the
most bullish sentiment.
Over the next two weeks, 16 S&P 500 companies are expected to report earnings. Of these companies, 0
positive surprise and 0 negative surprises are expected from S&P 500 companies reporting quarterly results.
Exhibit 15A. S&P 500: Positive Predicted Surprises for Dec. 3 through Dec. 14, 2018
Report Smart Predicted ARM
Company Ticker Sector Date Estimate Mean Surprise % Region Rank
Sources: StarMine data from Refinitiv, Eikon from Refinitiv
Exhibit 16A. S&P 500: Negative Predicted Surprises for Dec. 3 through Dec. 14, 2018
Report Smart Predicted ARM
Company Ticker Sector Date Estimate Mean Surprise % Region Rank
Sources: StarMine data from Refinitiv, Eikon from Refinitiv
SECTION B: EARNINGS CALENDAR

EARNINGS CALENDAR BY SECTOR
EXHIBIT 1B. NUMBER OF S&P 500 COMPANIES EXPECTED TO REPORT NEXT WEEK BY SECTOR
Sector 3-Dec 4-Dec 5-Dec 6-Dec 7-Dec Total # Reported # of Cos
Consumer Discretionary - 2 1 1 - 4 61 64
Consumer Staples - - 1 1 - 2 30 32
Energy - - - - - - 29 29
Financials - - - - - - 67 67
Health Care - - - 1 - 1 62 63
Industrials - - - - - - 71 71
Materials - - - - - - 24 24
Real Estate - - - - - - 32 32
Information Technology - 1 1 1 - 3 64 67
Communication Services - - - - - - 22 22
Utilities - - - - - - 29 29
S&P 500 - 3 3 4 - 10 491 500
Source: Eikon from Refinitiv
MONDAY: DECEMBER 3
EXHIBIT 2B. MONDAY EARNINGS CALENDAR

Date Ticker Company Qtr Est Yr Ago % Dif Time
Source: Eikon from Refinitiv, I/B/E/S data from Refinitiv
TUESDAY: DECEMBER 4
EXHIBIT 3B. TUESDAY EARNINGS CALENDAR

4-Dec-18 AZO.N AUTOZONE INC Q1-Nov.18 12.21 10.00 22.1 8:30 AM
4-Dec-18 DG.N DOLLAR GENERAL CORP Q3-Oct.18 1.26 0.98 28.8 8:30 AM
4-Dec-18 HPE.N HEWLETT PACKARD ENTERPRISE CO Q4-Oct.18 0.43 0.31 37.2 4:00 PM
WEDNESDAY: DECEMBER 5
EXHIBIT 4B. WEDNESDAY EARNINGS CALENDAR

5-Dec-18 BFb.N BROWN-FORMAN CORP Q2-Oct.18 0.52 0.50 4.2 8:00 AM
5-Dec-18 HRB.N H & R BLOCK INC Q2-Oct.18 -0.93 -0.71 NA 4:00 PM
5-Dec-18 SNPS.OQ SYNOPSYS INC Q4-Oct.18 0.78 0.69 12.6 4:00 PM
THURSDAY: DECEMBER 6
EXHIBIT 5B. THURSDAY EARNINGS CALENDAR

6-Dec-18 KR.N KROGER CO Q3-Oct.18 0.43 0.44 -2.1 8:30 AM
6-Dec-18 AVGO.OQ BROADCOM INC Q4-Oct.18 5.55 4.59 20.8 4:00 PM
6-Dec-18 COO.N COOPER COMPANIES INC Q4-Oct.18 2.96 2.65 11.8 4:15 PM
6-Dec-18 ULTA.OQ ULTA BEAUTY INC Q3-Oct.18 2.16 1.75 23.5 5:00 PM
FRIDAY: DECEMBER 7
EXHIBIT 6B. FRIDAY EARNINGS CALENDAR

SECTION C: EARNINGS DATA TABLES

EXHIBIT 1C. S&P 500: Q3 2018 EARNINGS SCORECARD
Sector Above Match Below Surprise Reported Index
Consumer Discretionary 79% 8% 13% 12.6% 61 64
Consumer Staples 73% 13% 13% 4.4% 30 32
Energy 76% - 24% 11.1% 29 29
Financials 76% 9% 15% 4.8% 67 67
Health Care 81% 10% 10% 5.1% 62 63
Industrials 69% 11% 20% 1.6% 71 71
Materials 67% 8% 25% 4.4% 24 24
Real Estate 72% 16% 13% 1.1% 32 32
Information Technology 89% 6% 5% 7.7% 64 67
Communication Services 82% 9% 9% 10.0% 22 22
Utilities 83% 7% 10% 5.8% 29 29
S&P 500 77.4% 9.0% 13.6% 6.4% 491 500
EXHIBIT 2C. S&P 500: Q3 2018 EARNINGS GROWTH

Sector Today 1 Oct 1 Jul 1 Apr 1 Jan
Consumer Discretionary 25.3% 13.0% 17.5% 17.3% 9.0%
Consumer Staples 11.2% 7.0% 11.8% 12.8% 7.6%
Energy 115.8% 101.6% 102.9% 74.1% 44.4%
Financials 44.7% 41.1% 44.7% 45.3% 32.0%
Health Care 16.7% 10.8% 10.9% 11.1% 5.8%
Industrials 18.7% 17.0% 19.4% 20.3% 8.7%
Materials 29.2% 29.8% 33.3% 29.0% 18.9%
Real Estate 5.3% 4.4% 4.9% 5.0% 7.2%
Information Technology 28.9% 20.3% 18.0% 15.7% 8.6%
Communication Services 26.1% 14.8% 19.2% 19.0% 8.8%
Utilities 10.9% 4.8% 7.1% 8.3% 3.9%
S&P 500 28.2% 21.6% 23.4% 22.1% 13.2%

Energy 82.0% 81.4% 76.7% 49.4% 17.5%
Financials 25.6% 28.2% 27.7% 28.1% 17.1%
Health Care 11.9% 13.1% 12.9% 13.7% 11.7%
Industrials 24.4% 31.2% 29.1% 31.1% 13.4%
Materials 6.3% 14.9% 18.1% 17.2% 14.7%
Real Estate 7.3% 9.8% 8.9% 8.6% 7.3%
Utilities -9.3% -4.0% 0.0% 2.6% 3.5%
S&P 500 17.1% 20.1% 20.2% 19.0% 11.7%

Sector Today 1 Oct 1 Jul 1 Apr
Consumer Discretionary 3.0% 6.0% 6.9% 11.8%
Consumer Staples 3.2% 4.0% 5.5% 7.4%
Energy 33.7% 37.9% 34.8% 12.3%
Financials 8.2% 8.2% 6.9% 11.6%
Health Care 9.3% 8.6% 7.3% 10.7%
Industrials 8.5% 11.0% 9.6% 16.6%
Materials 4.6% 9.8% 9.9% 11.3%
Real Estate 4.5% 6.4% 6.5% 5.9%
Information Technology 4.2% 7.0% 5.8% 8.5%
Communication Services -1.6% -0.6% -1.7% 11.6%
Utilities 1.0% -0.9% -0.6% 0.8%
S&P 500 6.7% 8.1% 7.2% 10.6%

Sector Today 1 Oct 1 Jul
Consumer Discretionary 8.1% 10.5% 15.4%
Consumer Staples 3.8% 4.4% 7.8%
Energy 25.8% 35.3% 16.2%
Financials 8.7% 8.7% 12.2%
Health Care 4.6% 3.7% 8.4%
Industrials 10.1% 11.4% 12.9%
Materials -0.6% 2.3% 5.7%
Real Estate 4.4% 5.8% 6.5%
Information Technology 2.4% 5.0% 7.8%
Communication Services 19.0% 20.8% 13.3%
Utilities 3.7% 0.8% 4.9%
S&P 500 7.8% 9.2% 10.6%

Sector Today 1 Oct
Consumer Discretionary 9.8% 18.8%
Consumer Staples 4.8% 7.7%
Energy 6.4% 23.2%
Financials 9.7% 12.2%
Health Care 5.7% 10.0%
Industrials 11.1% 13.2%
Materials 3.6% 7.4%
Real Estate 5.0% 7.5%
Information Technology 2.6% 9.9%
Communication Services 1.9% 13.3%
Utilities 3.1% 6.5%
S&P 500 6.1% 12.1%
EXHIBIT 7C. S&P 500: CY 2018 EARNINGS GROWTH

Energy 99.1% 94.2% 96.3% 70.3% 40.8%
Financials 31.6% 31.5% 30.8% 29.5% 17.5%
Health Care 15.8% 14.6% 12.7% 11.5% 6.9%
Industrials 22.0% 23.4% 22.0% 21.4% 9.7%
Materials 25.0% 29.0% 28.2% 23.2% 17.7%
Real Estate 4.9% 5.3% 4.7% 4.7% 6.0%
Utilities 7.3% 6.7% 5.8% 5.2% 4.6%
S&P 500 24.0% 23.2% 22.4% 19.8% 12.0%
EXHIBIT 8C. S&P 500: CY 2019 EARNINGS GROWTH

Sector Today 1 Oct 1 Jul
Consumer Discretionary 8.9% 11.7% 11.7%
Consumer Staples 5.4% 6.1% 7.4%
Energy 21.3% 26.2% 16.9%
Financials 9.6% 9.7% 9.8%
Health Care 7.2% 8.3% 8.8%
Industrials 11.2% 12.2% 12.3%
Materials 6.8% 7.0% 7.8%
Real Estate 5.4% 6.4% 6.9%
Information Technology 5.2% 8.5% 8.1%
Communication Services 6.6% 11.6% 9.7%
Utilities 5.0% 4.7% 5.7%
S&P 500 8.3% 10.2% 9.7%
EXHIBIT 9C. S&P 500: BOTTOMS-UP EPS ACTUALS AND ESTIMATES
Year Q1 Q2 Q3 Q4 CY
2004 15.87 16.74 16.59 17.83 67.10
2005 17.95 19.11 18.86 20.19 76.28
2006 20.73 22.31 22.60 22.44 88.18
2007 22.71 24.40 21.31 16.14 85.12
2008 18.96 19.78 17.49 5.62 65.47
2009 12.83 16.03 16.36 16.80 60.80
2010 19.71 21.48 21.75 22.55 85.28
2011 23.50 24.14 25.65 24.55 97.82
2012 25.60 25.84 26.00 26.32 103.80
2013 26.74 27.40 27.63 28.62 109.68
2014 28.18 30.07 30.04 30.54 118.78
2015 28.60 30.09 29.99 29.52 117.46
2016 26.96 29.61 31.21 31.30 118.10
2017 30.90 32.58 33.45 36.02 132.00
2018 38.07 41.00 42.69 41.42 162.75
2019 40.73 43.61 45.26 46.31 176.15
2020 194.47
EXHIBIT 10C. S&P 500: ACTUAL EARNINGS GROWTH RATES

Sector 18Q2 18Q1 17Q4 17Q3 17Q2
Energy 124.0% 88.7% 120.4% 162.6% 563.9%
Financials 27.5% 30.7% 14.6% -7.3% 12.2%
Health Care 18.4% 16.2% 9.1% 8.3% 8.7%
Industrials 20.2% 24.8% 1.8% 3.1% 5.5%
Materials 40.6% 39.4% 35.9% 7.0% 6.1%
Real Estate 3.3% 3.1% -4.1% 3.8% 4.7%
Communication Services 18.1% 32.1% 4.6% 6.7% -2.6%
Utilities 8.7% 16.4% 13.0% -4.6% 5.9%
S&P 500 24.9% 26.6% 14.8% 8.5% 12.3%
EXHIBIT 11C. S&P 500: ACTUAL VS. ESTIMATE (ABOVE/MATCH/BELOW)

18Q2 18Q1 17Q4 17Q3 17Q2
Above 80.2% 78.2% 76.2% 72.8% 73.3%
Match 4.8% 7.4% 8.4% 8.4% 8.8%
Below 15.0% 14.4% 15.4% 18.8% 17.8%
EXHIBIT 12C. S&P 500: ACTUAL VS. ESTIMATE (AGGREGATE DIFFERENCE)

18Q2 18Q1 17Q4 17Q3 17Q2
Surprise Factor 5.3% 6.6% 4.4% 4.8% 5.5%
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THIS WEEK IN EARNINGS

SECTION A: EARNINGS OUTLOOK

EXHIBIT 1A. S&P 500: Q3 2018 SHARE-WEIGHTED EARNINGS ($B)

Source: I/B/E/S data from Refinitiv

Q3 2018: EARNINGS SCORECARD

EXHIBIT 2A. S&P 500: Q3 2018 EARNINGS VS. EXPECTATIONS

Q3 2018: REVENUE SCORECARD

EXHIBIT 3A. S&P 500: Q3 2018 REVENUE VS. EXPECTATIONS

Q3 2018: EARNINGS GROWTH RATES

EXHIBIT 4A. S&P 500: Q3 2018 EARNINGS GROWTH

Q4 2018: EARNINGS GROWTH RATES

EXHIBIT 5A. S&P 500: Q4 2018 EARNINGS GROWTH

REVENUE GROWTH RATES

EXHIBIT 6A. S&P 500: Q3 2018 REVENUE GROWTH

EXHIBIT 7A. S&P 500: Q4 2018 REVENUE GROWTH

AGGREGATE ESTIMATES AND REVISIONS

EXHIBIT 8A. ESTIMATE REVISIONS – S&P 500

EXHIBIT 9A. S&P 500: EARNINGS ESTIMATE REVISION TREND

Source: I/B/E/S data from Refinitiv

EXHIBIT 10A. ESTIMATE REVISIONS – ALL U.S. COMPANIES

EXHIBIT 11A. ALL U.S. COMPANIES: EARNINGS ESTIMATE REVISION TREND

Source: I/B/E/S data from Refinitiv

Q4 2017: EARNINGS GUIDANCE

EXHIBIT 12A. S&P 500: Q3 2018 PREANNOUNCEMENTS

Total 118 113 120

N/P Ratio 1.5 1.5 1.8

Source: I/B/E/S data from Refinitiv

Q4 2018 – Q3 2019: FORWARD FOUR-QUARTER P/E RATIO

Q3 2018 – Q3 2019: EARNINGS GROWTH

EXHIBIT 14A. NUMBER OF COMPANIES REPORTING Q3 2018 EARNINGS

STARMINE EARNINGS SURPRISE FORECAST

Sources: StarMine data from Refinitiv, Eikon from Refinitiv

Sources: StarMine data from Refinitiv, Eikon from Refinitiv

SECTION B: EARNINGS CALENDAR

EXHIBIT 2B. MONDAY EARNINGS CALENDAR

Source: Eikon from Refinitiv, I/B/E/S data from Refinitiv

EXHIBIT 3B. TUESDAY EARNINGS CALENDAR

EXHIBIT 4B. WEDNESDAY EARNINGS CALENDAR

EXHIBIT 5B. THURSDAY EARNINGS CALENDAR

EXHIBIT 6B. FRIDAY EARNINGS CALENDAR

Source: Eikon from Refinitiv, I/B/E/S data from Refinitiv

SECTION C: EARNINGS DATA TABLES

EXHIBIT 2C. S&P 500: Q3 2018 EARNINGS GROWTH

EXHIBIT 3C. S&P 500: Q4 2018 EARNINGS GROWTH

EXHIBIT 4C. S&P 500: Q1 2019 EARNINGS GROWTH

EXHIBIT 5C. S&P 500: Q2 2019 EARNINGS GROWTH

EXHIBIT 6C. S&P 500: Q3 2019 EARNINGS GROWTH

EXHIBIT 7C. S&P 500: CY 2018 EARNINGS GROWTH

EXHIBIT 8C. S&P 500: CY 2019 EARNINGS GROWTH

EXHIBIT 9C. S&P 500: BOTTOMS-UP EPS ACTUALS AND ESTIMATES

EXHIBIT 10C. S&P 500: ACTUAL EARNINGS GROWTH RATES

EXHIBIT 11C. S&P 500: ACTUAL VS. ESTIMATE (ABOVE/MATCH/BELOW)

EXHIBIT 12C. S&P 500: ACTUAL VS. ESTIMATE (AGGREGATE DIFFERENCE)

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