by Jeffrey P. Snider
Earlier in April, analysts were projecting $26.69 in as-reported second quarter earnings for the S&P 500. By the week of June 22, just prior to the start of Q2 earnings season, that estimate had only declined slightly to $26.38. For the week of July 21, just a month later, with about one-third of companies reporting the earnings figure sank to $24.89. With now two-thirds having reported, the EPS estimate has dropped another $0.80 in just one week to now $24.09.
In terms of trailing-twelve month EPS, what was supposed to be the start of the anticipated turnaround is now really more of the same. In April, analysts were projecting $92.72 for the full four quarters up to and including Q2; it is now $87.73, not at all different than the ttm EPS of $86.44 in Q1 and $86.53 for FY 2015.