Breaking Down the Worst Earnings Quarter in Years
A look at how companies and sectors performed in the second quarter of 2023 By Peter Santilli and George Stahl Updated Aug. 6, 2023 9:46 am ET Earnings for the nation’s biggest companies are poised to fall for the third straight quarter, hurt in part by the decline in energy prices. The members of the S&P 500 are on pace to collectively report a 5.2% decline in earnings, their worst performance since 2020. Revenue is on track to rise 0.6% from a year ago, according to FactSet. Energy companies are pulling
Earnings for the nation’s biggest companies are poised to fall for the third straight quarter, hurt in part by the decline in energy prices.
The members of the S&P 500 are on pace to collectively report a 5.2% decline in earnings, their worst performance since 2020. Revenue is on track to rise 0.6% from a year ago, according to FactSet.
Energy companies are pulling down the index as their results have fallen from the record-breaking levels reported a year ago, but remain strong by historical standards.
“Obviously, gas prices were down, but I think refining margins are down a bit but still in very healthy territory,” Exxon Mobil Chief Executive Darren Woods said on the company’s earnings call last month. Exxon’s earnings fell by 56% from a year ago on a 28% drop in revenue.
Through Friday, 84% of the S&P 500 have reported results for the second quarter of 2023, and some big names remain, including Walt Disney on Wednesday, Walmart on Aug. 17 and Nvidia on Aug. 23.
Write to Peter Santilli at [email protected] and George Stahl at [email protected]
What's Your Reaction?
