2Q Earnings Slightly Above Expectations
The 2Q results report card was slightly better than our expectation. This was reflected primarily in the banking results, which were largely boosted by lower-than-expected allowances for impairment on loans.
Overall, unlike the previous quarter, there were more companies reporting results that exceeded our expectations during this results reporting season compared with those that were below forecasts. Nonetheless, the bulk of the corporate results that we covered came in within our as well as market expectations. Of the 105 companies that we covered, 63 of the results (60% of the total) were within our expectations, 23 above projections (21.9% of the total) and 19 below forecasts (18.1% of the total) (see Table 1). Against the consensus numbers, 50.5% of the reported earnings were within expectations, 21.9% above and 27.6% below projections (see Table 2).
Strategy / Earnings Review : Earnings Beat Our Expectation; But Global Recovery Fears Persist - 02/09/2010
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