Earnings Reports Show Strong Gains so Far
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First-quarter earnings reports from major U.S. companies are showing dramatic improvement versus a year ago, though the numbers are expected to get worse as weaker reports arrive in coming weeks.
Still, the data so far provide a solid underpinning for an otherwise jittery stock market, analysts say.
First Call, which tracks earnings data, said 206 companies in the blue-chip Standard & Poor’s 500 index have reported first-quarter earnings to date, and that overall results are up 14.3% from the first quarter of 1998.
Moreover, companies reporting so far have beaten analysts’ operating earnings estimates by 5% on average, First Call said.
Many technology firms have recorded strong first-quarter results, but surprising strength also has been seen in such sectors as paper, brokerages, machinery and entertainment, First Call said.
The gains, after a weak 1998, reflect both the continued strength of the U.S. economy and possibly some recovery in East Asia economies, experts say.
Earnings reports, C2, C3
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