JPMorgan-Equity Strategy Q4 Earnings Season Tracker-106432835

JPMORGANGlobalMarketsStrategy09February2024EquityStrategyQ4EarningsSeasonTracker•WearemorethanhalfwaythroughtheQ4reportingseasonintheUS,with60%EquityStrategyofcompanieshavingreported.InEurope,33%ofcompanieshavereleasedQ4MislavMatejka,CFAACearningssofar.Earningsgrowthistrackingat+5%y/yintheUS,and-8%y/yinEurope.PostaperiodofsubstantialdowngradestoS&P500EPSestimates(44-20)7134-9741intotheearningsseason,S&P500blendedQ4EPShasinflectedhigher,aspermislav.matejka@jpmorgan.comusual-seeFig1.J.P.MorganSecuritiesplc•US:78%ofS&P500companiesthathavereportedbeatEPSestimates.EPSPrabhavBhadani,CFAgrowthforthesecompaniesisat+5%y/y,surprisingpositivelyby8%.Ata(44-20)7742-4404sectorlevel,Discretionary,TechandCommunicationServicesstandoutforprabhav.bhadani@jpmorgan.comtheirrobustearningsdelivery,whileCommoditysectorsandHealthcarehaveJ.P.MorganSecuritiesplcbeenweaker.Toplinegrowthiscominginat+4%y/y,surprisingpositivelyby2%.NityaSaldanha,CFA•Europe:OftheStoxx600companiesthathavereportedsofar,halfhavebeaten(4420)77429986nitya.saldanha@jpmchase.comEPSestimates.Q4lookstobeanotherweakquarterinEurope,withEPSJ.P.MorganSecuritiesplcgrowthat-8%y/y,surprisingnegativelyby4%.CommoditysectorsandIndustrialsarethebiggestdragtooverallearnings.Revenuegrowthisat-7%KarishmaManpuria,CFAy/y,surprisingpositivelyby3%.(91-22)6157-4115•Japan:56%ofTopi...