S&P 500 earnings are expected to increase 24.6% from the same period last year in the third quarter, which would mark the 8th straight quarter of double-digit earnings growth for the index, according to Zacks Investment Research. The Q3 earnings season takes center stage when the big banks start reporting on October 13th, though the reporting cycle has already begun with results from Nike, Micron and others. Fifteen of the 16 Zacks sectors are on track for positive earnings growth in Q3, with 6 sectors expected to enjoy double-digit growth: Aerospace up 159.7%, Energy up 114.3%, Tech up 43.3%, Basic Materials up 29.5%, Transportation up 14.4% and Industrial Products up 13.2%. The multi-industry Conglomerates sector is the only one expected to have lower earnings in Q3 relative to the same period last year, with an earnings decline of 31.3%. Excluding the Energy sector, Q3 earnings growth for the S&P 500 drops to 20.5% from 24.6%, and excluding the Tech sector, growth for the rest of the index drops to 14.6%. For the 16 S&P 500 members that have already reported fiscal August-quarter results, total Q3 earnings are up 188.3% from the same period last year on 31.7% higher revenues, with 81.3% beating EPS estimates and 75% beating revenue estimates, a pace mostly due to Micron, whose Q3 earnings increased 1075.7%; excluding Micron, Q3 earnings for the remaining 15 index members would be up 11.7%.
Alphabet Inc Class C
NVIDIA Corporation
Micron Technology IncMicron's Q3 earnings rose 1075.7%, driving the already-reported S&P 500 earnings surge.
Nike IncNike is only noted as having already reported results, with no specific figures given.
