It may seem like the last earnings season just ended, but the upcoming season is now just a couple of weeks away. The first chart below highlights year-over-year earnings growth estimates for the S&P 500 in 2011 by quarter. As shown, S&P 500 earnings are estimated to grow by 12% in the upcoming earnings season (versus Q1 2010). Growth is expected to dip slightly from Q1 to Q2, but then increase up to 15% in Q3 and 15.5% in Q4.
Below is a chart of estimated year-over-year earnings growth for the first quarter for the ten S&P 500 sectors. Sectors shaded in dark green are expected to grow by more than the S&P 500 as a whole (Energy, Materials, Industrials, Technology, Financials). Sectors shaded in light green are expected to see Q1 earnings growth but by less than the S&P 500 (Consumer Staples and Consumer Discretionary), and sectors shaded in red are expected to see Q1 earnings to decline versus Q1 2010 (Health Care, Utilities, Telecom).
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