98% of US companies have reported:
In the U.S., S&P; 500 Q2 EPS came in at US$14.00, down 29% YOY and ahead of earnings expectations of -35% at the end of June. On a sequential basis, S&P; 500 quarterly EPS was up 38% from Q1 (US$10.11). 12-month trailing EPS stands at US$40 and should hit US$55 at the end of 2009. We are forecasting a 31% jump to US$72 in 2010.
93% of Canadian companies have reported:
With over 90% of TSX members having reported, Q2 EPS is down 26% YOY based on Bloomberg figures. Consensus was looking for a 38% contraction back in June (see Exhibit 4). Five of 10 TSX sectors posted positive YOY EPS growth in Q2 and 12-month trailing TSX earnings roughly stand at $650. For calendar 2009, we expect TSX EPS to settle near $600 (-37% YOY) followed by a 25% gain to $750 in 2010.
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