分行业看，通信服务和医疗保健行业的EPS同比增速分别为26%和14%，处于领先地位；大宗商品行业的EPS增长则同比放缓超10%，成整体EPS盈利的最大拖累因素；金融行业三季度的表现意外亮眼，在金融服务和保险公司的强劲业绩主推下，EPS同比增速达到8%。S&P's third-quarter EPS year-on-year growth rate of 5% exceeded expectations, with communications services and medical care industries leading the way, while csi commodity equity index performed poorly. In addition, S&P's third-quarter profit year-on-year growth rate reached 74%, although exceeding expectations, it is below the average level of the past 5 years, hitting a two-year low.
The US stock market's Q3 earnings season is coming to an end, with the overall profit of the S&P 500 index continuing to exceed expectations, but the growth rate has slowed down.
On November 22, HSBC analyst Nicole Inui released a research report stating that the overall earnings per share (EPS) of the S&P 500 index in the third quarter increased by 5% year-on-year, higher than the previously expected 4%.
Looking at the industry breakdown, the EPS year-on-year growth rates of the communications services and medical care industries are 26% and 14% respectively, leading the pack; while the EPS growth in the csi commodity equity index industry slowed down by over 10% year-on-year, serving as the largest drag on overall EPS profitability; The financial industry unexpectedly performed well in the third quarter, with an EPS year-on-year growth rate of 8% driven by strong performance in financial services and insurance companies.
Mag 7's EPS profits continue to grow strongly, with a year-on-year growth rate of 20%, and the profits of the 6 companies other than apple exceeded expectations.
The S&P's sales growth rate in the third quarter was slightly higher than expected before the earnings season, with a net income margin of 12.6%, basically flat year-on-year.
Looking at the industry breakdown, the net income margin of communications services improved significantly under the drive of Alphabet and Meta, the parent companies of Google (both accounting for 60% of industry profits), with the largest growth rate, while the net income margins of the csi commodity equity index, materials, energy, and other industries all decreased.
It is worth noting that the overall profit year-on-year growth rate in the third quarter reached 74%, also exceeding expectations, but lower than the average level of 77% over the past 5 years, marking the lowest level since the fourth quarter of 2022, with materials, real estate, and utilities being the main drag factors.
The report also points out that the high valuation puts pressure on the company's profit realization process. The average stock price of all companies with profits lower than expected has dropped by 3.5%. The IT industry has been particularly hard hit, with an average stock price drop of 8% after missing earnings reports.
On the forward-looking guidance, the report believes that the earnings revision values in the past few months have remained near the neutral zone. The expected year-on-year growth rates for EPS in 2024 and 2025 are expected to stay at 10% and 15%."
Editor/Somer
