Last Friday over at Bespoke Premium, we published a 5-page report covering all of the trends that have emerged so far this earnings season. One of the more positive trends, along with the strong first quarter beat rate, has been guidance. Below is a chart showing the percentage of companies that have raised guidance minus the percentage that have lowered guidance for each earnings season going back to 2003. As shown, after two consecutive quarters where more companies lowered guidance than raised, the guidance spread has turned positive once again. Through Friday, companies raising guidance have outpaced companies lowering guidance by 2.4 percentage points.