GS - 22 out of 23 financial stocks deliver EPS wins on global banking strength - Earnings Scorecard
2024-07-20 13:21:00 ET
The financial sector saw 23 more companies belonging to the S&P 500 Financial Sector ( NYSEARCA: XLF ) report its quarterly results this week. QTD, XLF was trading 3.34% higher, as compared to SPY's rise of 5.73%.
The financial sector has been in focus, with talks around interest rate cuts taking the spotlight. The sector had seen a decent first quarter, aided by stable consumer demand and a rebound in investment banking.
In this week's earnings recap, 23 tickers reported results, out of which 22 companies reported an earnings beat, while one company reported a miss. On the revenue side, 16 companies exceeded revenue estimates, while seven companies trailed estimates.
Below are the latest quarterly reports from five companies, which reported their results:
Goldman Sachs ( GS ) beat consensus estimates on earnings , revenue and its provision for credit losses, helped by global banking, asset & wealth strength.
Bank of America's ( BAC ) Q2 earnings beat Wall Street expectations as sales and trading revenue growth bolstered the bank's Global Markets unit.
Morgan Stanley ( MS ) earnings and revenue beat consensus estimates, but its provision for credit losses was bigger than expected.
Blackstone ( BX ) distributable earnings fell short of the average analyst estimate as the investment firm increased its deployment of capital.
American Express ( AXP ) boosted its 2024 earnings guidance , while its earnings beat the Wall Street consensus, but revenue fell short, as the pace of consumer spending slowed.
QTD, 27 out of 49 companies reported earnings so far are part of the financial sector.
At the industry level, 18 banks, three capital markets, three consumer finance, and three insurance companies reported earnings this quarter.
QTD, only ~7% of the S&P 500 financial sector companies have recorded EPS misses, while ~93% of companies reported a beat. In terms of revenue, 26% of the companies trailed estimates, while 74% of companies beat on the top line....