Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

13 Best & Worst Broker-Dealers: Q1 Earnings, 2020

Your article was successfully shared with the contacts you provided.

The majority of of U.S. companies, 95%, have reported earnings for the first three months of the year, according to the research group FactSet. So far, S&P 500 companies have reported an average earnings decline of -14.6% for the first quarter.

“If -14.6% is the actual decline for the quarter, it will mark the largest year-over-year decline in earnings reported by the index since Q3 2009 (-15.7%),” FactSet analyst John Butters said in a report last week.

The financial industry is one of five sectors with a year-over-year decline in earnings, along with consumer discretionary, energy, industrials and materials. 

The financial sector had an aggregate negative difference between actual earnings and estimated earnings of about 20%.

“Within this sector, Capital One Financial (-$3.02 vs. $1.88), Comerica (-$0.46 vs. $0.98), Discover Financial Services (-$0.25 vs. $0.72) and Wells Fargo ($0.01 vs. $0.37) reported the largest negative EPS surprises,” Butters explained. 

Yet, 51% of financial companies reported earnings above estimates, FactSet says, and the difference between actual revenue and estimated revenue was 1% for the group.

— Related on ThinkAdvisor: