This Week in Earnings 18Q4 - Jan. 25

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REPORTING ANALYST: David Aurelio, Tajinder Dhillon January 25, 2019
Media Questions/Earnings david.aurelio@refinitiv.com
PR team: 646-223-5985 tajinder.dhillon@refinitiv.com
THIS WEEK IN EARNINGS

AGGREGATE ESTIMATES AND REVISIONS
 Fourth quarter earnings are expected to increase 14.3% from Q4 2017. Excluding the energy sector, the
earnings growth estimate declines to 12.4%.
 Of the 112 companies in the S&P 500 that have reported earnings to date for Q4 2018, 72.3% have
reported earnings above analyst expectations. This is above the long-term average of 64% and below
the average over the past four quarters of 78%.
 Fourth quarter revenue is expected to increase 5.6% from Q4 2017. Excluding the energy sector, the
revenue growth estimate declines to 4.8%.
 58.0% of companies have reported Q4 2018 revenue above analyst expectations. This is below the
long-term average of 60% and below the average over the past four quarters of 72%.
 For Q4 2018, there have been 73 negative EPS preannouncements issued by S&P 500 corporations
compared to 49 positive, which results in an N/P ratio of 1.5 for the S&P 500 Index.
 The forward four-quarter (1Q19 – 4Q19) P/E ratio for the S&P 500 is 15.5.
 During the week of Jan. 28, 125 S&P 500 companies are expected to report quarterly earnings.
 You can find additional commentary and insight on Lipper Alpha Insight
SECTION A: EARNINGS OUTLOOK

Q4 2018: EARNINGS REVISIONS
EXHIBIT 1A. S&P 500: Q4 2018 SHARE-WEIGHTED EARNINGS ($B)

355.0
350.0
345.0
340.0
335.0
330.0
325.0
11/16
3/15
3/8
11/9
11/30
1/4
1/18
3/29
11/2
2/8
2/15
1/11
3/1
3/22
12/7
12/14
11/23
12/28
1/25
12/21
2/1
2/22
Source: I/B/E/S data from Refinitiv
This Week in Earnings provides analysis and commentary on aggregate earnings estimate revisions, growth rates and valuations. View all Proprietary
Research from Refinitiv subscription channels.
© 2019 Refinitiv. All marks herein are used under license.
PROPRIETARY RESEARCH FROM REFINITIV JANUARY 25, 2019
There has been a decrease in the share-weighted earnings for the S&P 500 since the start of the quarter (to
$337.0 from $352.6B). Ten of the eleven sectors have experienced downward revisions to estimates.
Since Nov. 1, the energy (-12.7%) and utilities (-8.1%) sectors have recorded the highest percentage decreases
in earnings, while the materials (0.4%) sector has recorded the highest percentage increase in earnings.
Overall, share-weighted earnings expectations for the S&P 500 are expected have decreased 4.4% from the
start of the quarter.
Since Nov. 1, the financials (-$5.1B) and information technology (-$4.3B) sectors have recorded the highest
dollar-level decreases in earnings, while the materials ($0.0B) sector has recorded the highest dollar-level
increase in earnings. Overall, expected share-weighted earnings for the S&P 500 have decreased by $15.6B
since the start of the quarter.
Q4 2018: EARNINGS SCORECARD
EXHIBIT 2A. S&P 500: Q4 2018 EARNINGS VS. EXPECTATIONS

Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Consumer Discretionary 70.0% - 30.0% 2.8% 10 64
Consumer Staples 70.0% - 30.0% 3.3% 10 33
Energy 33.3% 33.3% 33.3% 2.4% 3 30
Financials 64.7% 2.9% 32.4% 0.6% 34 68
Health Care 66.7% 11.1% 22.2% 1.6% 9 62
Industrials 85.0% - 15.0% 8.1% 20 69
Materials 33.3% - 66.7% -9.4% 3 25
Real Estate 66.7% 33.3% - 0.9% 3 32
Information Technology 93.8% - 6.3% 2.7% 16 68
Communication Services 100.0% - - 3.4% 2 22
Utilities 50.0% - 50.0% -1.4% 2 27
S&P 500 72.3% 3.6% 24.1% 2.1% 112 500
Through Jan. 25, 112 companies in the S&P 500 Index have reported earnings for Q4 2018. Of these
companies, 72.3% reported earnings above analyst expectations and 24.1% reported earnings below analyst
expectations. In a typical quarter (since 1994), 64% of companies beat estimates and 21% miss estimates.
Over the past four quarters, 78% of companies beat the estimates and 15% missed estimates.
In aggregate, companies are reporting earnings that are 2.1% above estimates, which is below the 3.2%
long-term (since 1994) average surprise factor, and below the 5.7% surprise factor recorded over the past
four quarters.
© 2019 Refinitiv. All marks herein are used under license. TRPR_82221_473 2
Q4 2018: REVENUE SCORECARD
EXHIBIT 3A. S&P 500: Q4 2018 REVENUE VS. EXPECTATIONS

Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Energy 66.7% - 33.3% 1.1% 3 30
Financials 50.0% - 50.0% -0.4% 34 68
Health Care 55.6% - 44.4% 0.5% 9 62
Industrials 75.0% - 25.0% 1.3% 20 69
Materials - - 100.0% -1.5% 3 25
Real Estate 66.7% - 33.3% 3.5% 3 32
Information Technology 56.3% - 43.8% -0.2% 16 68
Communication Services 50.0% - 50.0% 0.9% 2 22
Utilities - - 100.0% -9.1% 2 27
S&P 500 58.0% - 42.0% 0.4% 112 500
Through Jan. 25, 112 companies in the S&P 500 Index have reported revenues for Q4 2018. Of these
companies, 58.0% reported revenues above analyst expectations and 42.0% reported revenues below
analyst expectations. In aggregate, companies are reporting revenues that are 0.4% above estimates.
Q4 2018: EARNINGS GROWTH RATES
EXHIBIT 4A. S&P 500: Q4 2018 EARNINGS GROWTH

Earnings $B Earnings $B Growth $B Growth %
Sector 18Q4 17Q4 18Q4 18Q4
Consumer Discretionary 26.0 23.0 3.0 13.1%
Consumer Staples 22.3 21.6 0.7 3.3%
Energy 18.6 11.6 6.9 59.7%
Financials 57.8 49.4 8.4 17.1%
Health Care 49.8 44.6 5.1 11.5%
Industrials 32.9 26.1 6.9 26.3%
Materials 8.8 8.6 0.3 3.3%
Real Estate 7.7 7.2 0.5 6.7%
Information Technology 73.0 67.0 6.0 8.9%
Communication Services 33.2 28.1 5.0 17.9%
Utilities 6.9 7.7 -0.8 -10.3%
S&P 500 337.0 294.9 42.1 14.3%
The estimated earnings growth rate for the S&P 500 for 18Q4 is 14.3%. If the energy sector is excluded, the
growth rate declines to 12.4%. The S&P 500 expects to see share-weighted earnings of $337.0B in 18Q4,
compared to share-weighted earnings of $294.9B (based on the year-ago earnings of the current 505
constituents) in 17Q4.
Ten of the 11 sectors in the index expect to see an improvement in earnings relative to 17Q4. The energy and
industrials sectors have the highest earnings growth rates for the quarter, while the utilities sector has the
weakest anticipated growth compared to 17Q4.
The energy sector has the highest earnings growth rate (59.7%) of any sector. It is expected to earn $18.6B in
18Q4, compared to earnings of $11.6B in 17Q4. Five of the six sub-industries in the sector are anticipated to
see higher earnings than a year ago. The oil & gas drilling (1,587.7%) and oil & gas exploration & production
(88.5%) sub-industries have the highest earnings growth in the sector. If these sub-industries are removed,
the growth rate declines to 53.0%.
The industrials sector has the second highest earnings growth rate (26.3%) of any sector. It is expected to
earn $32.9B in 18Q4, compared to earnings of $26.1B in 17Q4. Fifteen of the 17 sub-industries in the sector are
anticipated to see higher earnings than a year ago. The trucking (104.6%) and aerospace & defense (66.8%)
sub-industries have the highest earnings growth in the sector. If these sub-industries are removed, the
growth rate declines to 15.9%.
The utilities sector has the lowest earnings growth rate (-10.3%) of any sector. It is expected to earn $6.9B in
18Q4, compared to earnings of $7.7B in 17Q4. All of the four sub-industries in the sector are anticipated to see
lower earnings than a year ago. The independent power producers & energy traders (-29.4%) and electric
utilities (-11.7%) sub-industries have the lowest earnings growth in the sector. If these sub-industries are
removed, the growth rate improves to -5.4%.
Q1 2019: EARNINGS GROWTH RATES
EXHIBIT 5A. S&P 500: Q1 2019 EARNINGS GROWTH

Earnings $B Earnings $B Growth $B Growth %
Sector 19Q1 18Q1 19Q1 19Q1
Energy 13.8 15.5 -1.7 -10.8%
Financials 64.5 61.3 3.2 5.2%
Health Care 53.5 49.5 4.0 8.1%
Industrials 30.5 28.2 2.3 8.1%
Materials 9.6 9.5 0.2 1.6%
Real Estate 7.4 7.2 0.3 3.5%
Information Technology 59.9 61.3 -1.3 -2.2%
Communication Services 31.1 32.1 -1.0 -3.1%
Utilities 10.8 10.7 0.1 1.1%
S&P 500 324.8 318.4 6.4 2.0%
The estimated earnings growth rate for the S&P 500 for 19Q1 is 2.0%. If the energy sector is excluded, the
growth rate improves to 2.7%. The S&P 500 expects to see share-weighted earnings of $324.8B in 19Q1,
compared to share-weighted earnings of $318.4B (based on the year-ago earnings of the current 505
constituents) in 18Q1.
Eight of the 11 sectors in the index expect to see an improvement in earnings relative to 18Q1. The industrials
and health care sectors have the highest earnings growth rates for the quarter, while the energy sector has
the weakest anticipated growth compared to 18Q1.
The industrials sector has the highest earnings growth rate (8.1%) of any sector. It is expected to earn $30.5B
in 19Q1, compared to earnings of $28.2B in 18Q1. Fourteen of the 17 sub-industries in the sector are
anticipated to see higher earnings than a year ago. The construction & engineering (105.1%) and trucking
The health care sector has the second highest earnings growth rate (8.1%) of any sector. It is expected to earn
$53.5B in 19Q1, compared to earnings of $49.5B in 18Q1. Nine of the ten sub-industries in the sector are
anticipated to see higher earnings than a year ago. The managed health care (16.6%) and biotechnology
The energy sector has the lowest earnings growth rate (-10.8%) of any sector. It is expected to earn $13.8B in
19Q1, compared to earnings of $15.5B in 18Q1. Three of the six sub-industries in the sector are anticipated to
see lower earnings than a year ago. The oil & gas exploration & production (-26.4%) and integrated oil & gas
(-17.0%) sub-industries have the lowest earnings growth in the sector. If these sub-industries are removed,
REVENUE GROWTH RATES
EXHIBIT 6A. S&P 500: Q4 2018 REVENUE GROWTH

Revenue $B Revenue $B Growth $B Growth %
Sector 18Q4 17Q4 18Q4 18Q4
Energy 281.8 247.6 34.3 13.8%
Financials 338.8 329.8 9.0 2.7%
Health Care 483.0 452.1 30.9 6.8%
Industrials 340.2 322.6 17.6 5.5%
Materials 91.5 83.7 7.8 9.3%
Real Estate 27.0 24.3 2.7 11.1%
Utilities 72.0 75.2 -3.2 -4.3%
S&P 500 2,869.4 2,716.7 152.6 5.6%
The estimated revenue growth rate for the S&P 500 for 18Q4 is 5.6%. If the energy sector is excluded, the
growth rate declines to 4.8%. The S&P 500 expects to see revenue of $2869.4B in 18Q4, compared to
revenue of $2716.7B (based on the year-ago revenue of the current 505 constituents) in 17Q4.
Ten of the 11 sectors anticipate revenue growth for the quarter. The energy sector has the highest revenue
growth rate for the quarter, while the utilities sector has the weakest anticipated growth compared to 17Q4.
The energy sector has the highest revenue growth rate (13.8%) of any sector. It is expected to earn $281.8B in
18Q4, compared to revenue of $247.6B in 17Q4. Five of the six sub-industries in the sector are anticipated to
see higher revenue than a year ago. The oil & gas drilling (26.4%) and integrated oil & gas (19.8%) sub-
industries have the highest revenue growth in the sector. If these sub-industries are removed, the growth rate
declines to 9.2%.
The utilities sector has the lowest revenue growth rate (-4.3%) of any sector. It is expected to earn $72.0B in
18Q4, compared to revenue of $75.2B in 17Q4. Three of the four sub-industries in the sector are anticipated to
see lower revenue than a year ago. The multi-utilities (-6.9%) and electric utilities (-3.5%) sub-industries have
the lowest revenue growth in the sector. If these sub-industries are removed, the growth rate improves to
0.1%.
EXHIBIT 7A. S&P 500: Q1 2019 REVENUE GROWTH

Revenue $B Revenue $B Growth $B Growth %
Sector 19Q1 18Q1 19Q1 19Q1
Energy 249.3 240.6 8.7 3.6%
Financials 347.6 331.3 16.3 4.9%
Health Care 506.4 447.4 59.0 13.2%
Industrials 328.3 313.7 14.6 4.7%
Materials 93.8 86.0 7.8 9.1%
Real Estate 25.9 24.8 1.0 4.1%
Utilities 84.2 80.7 3.5 4.3%
S&P 500 2,784.4 2,624.0 160.4 6.1%
AGGREGATE ESTIMATES AND REVISIONS
Note: The estimate revision numbers below are an aggregate of the total number of earnings estimate revisions for
the Fiscal Year 1 period for all companies in the United States over the previous seven days. Up revisions represent
the total number of estimates for Fiscal Year 1 submitted in the past seven days that are higher than the previous
estimates for Fiscal Year 1. Down revisions represent the total number of estimates for Fiscal Year 1 submitted in
the past seven days of that are lower than the previous estimates for Fiscal Year 1.
EXHIBIT 8A. ESTIMATE REVISIONS – S&P 500

Total Up Down
Week Ending Revisions Revisions % Revisions %
04-Jan-19 295 98 33% 197 67%
11-Jan-19 1,211 403 33% 808 67%
18-Jan-19 1,168 507 43% 661 57%
25-Jan-19 1,501 666 44% 835 56%
EXHIBIT 9A. S&P 500: EARNINGS ESTIMATE REVISION TREND
EXHIBIT 10A. ESTIMATE REVISIONS – ALL U.S. COMPANIES

Total Up Down
Week Ending Revisions Revisions % Revisions %
04-Jan-19 535 168 31% 367 69%
11-Jan-19 2,277 781 34% 1,496 66%
18-Jan-19 2,205 937 42% 1,268 58%
25-Jan-19 2,597 1,134 44% 1,463 56%
EXHIBIT 11A. ALL U.S. COMPANIES: EARNINGS ESTIMATE REVISION TREND
Q4 2018: EARNINGS GUIDANCE
EXHIBIT 12A. S&P 500: Q4 2018 PREANNOUNCEMENTS

Q4 2018 Q4 2017 Q3 2018
Type Total (#) Total (%) Total (#) Total (%) Total (#) Total (%)
Positive 49 37% 46 35% 41 31%
In-Line 12 9% 18 14% 10 8%
Negative 73 54% 66 51% 81 61%
Total 134 130 132
N/P Ratio 1.5 1.4 2.0
In the S&P 500, there have been 73 negative EPS preannouncements issued by corporations for Q4 2018
compared to 49 positive EPS preannouncements. By dividing 73 by 49 one arrives at an N/P ratio of 1.5 for
the S&P 500 Index. This 1.5 ratio is above the N/P ratio at the same point in time in Q4 2017 (1.4), and below
the long-term aggregate (since 1995) N/P ratio for the S&P 500 (2.8).
Q1 2019 – Q4 2019: FORWARD FOUR-QUARTER P/E RATIO
EXHIBIT 13A. S&P 500: FORWARD FOUR-QUARTER (Q1 2019 – Q4 2019) P/E RATIO
Price EPS P/E Ratio
CY 2017 2,642.33 132.00 20.0
Forward 4 Quarter 2,642.33 170.01 15.5
CY 2018 2,642.33 161.28 16.4
The forward four-quarter (Q1 2019 – Q4 2019) P/E ratio for the S&P 500 is 15.5.
Q4 2018 – Q4 2019: EARNINGS GROWTH
The estimated earnings growth rates for the S&P 500 for Q4 2018 through Q4 2019 are 14.3%, 2.0%, 4.5%,
3.4%, and 11.2% respectively. For sector-level growth rates for Q4 2018 through Q4 2019, see Exhibits 2C-6C
in this report.
EARNINGS CALENDAR
There are 60 companies scheduled to report quarterly earnings during the week of Jan. 21, 2019.
EXHIBIT 14A. NUMBER OF COMPANIES REPORTING Q4 2018 EARNINGS

Reported Report Report Report
Q4 2018 To Date This Week Next Week Remaining
Dow 30 12 11 1 6
S&P 500 112 125 84 179
Source: Eikon from Refinitiv
STARMINE EARNINGS SURPRISE FORECAST
Looking forward at quarterly performance, we use StarMine’s SmartEstimate® from Refinitiv to determine
which companies in the S&P 500 are better poised to beat earnings estimates. The SmartEstimate® is a
weighted average of analyst estimates, with more weight given to more recent estimates and more accurate
analysts. Our studies have shown that when the SmartEstimate® differs significantly from the consensus
(IBES Mean), the Predicted Surprise accurately predicts the direction of earnings surprises or further revisions
70% of the time. When significant Predicted Surprise for revenue is also present for the period, the accuracy
improves to 78%.
StarMine ARM from Refinitiv is an analyst revisions stock ranking model, designed to predict future changes
in analyst sentiment. Incorporates more accurate earnings estimates through the SmartEstimate prediction
service. ARM region rankings scores companies by region on a scale of 1 to 100 where 100 represents the
most bullish sentiment.
Over the next two weeks, 209 S&P 500 companies are expected to report earnings. Of these companies, 14
positive surprise and 12 negative surprises are expected from S&P 500 companies reporting quarterly results.
Exhibit 15A. S&P 500: Positive Predicted Surprises for Jan. 28 through Feb. 8, 2019
Report Smart Predicted ARM
Company Ticker Sector Date Estimate Mean Surprise % Region Rank
Regeneron Pharmaceuticals Inc REGN.OQ Health Care 06-Feb 5.92 5.78 2.4 97
Communicati
Twitter Inc TWTR.N 07-Feb 0.28 0.25 11.7 97
on Services
Consumer
Amazon.com Inc AMZN.OQ 31-Jan 6.01 5.67 6.1 88
Discretionary
Vertex Pharmaceuticals Inc VRTX.OQ Health Care 29-Jan 1.10 1.06 3.7 76
Consumer
Chipotle Mexican Grill Inc CMG.N 06-Feb 1.37 1.34 2.0 72
Discretionary
Nextera Energy Inc NEE.N Utilities 25-Jan 1.93 1.87 3.4 60
Communicati
Charter Communications Inc CHTR.OQ 31-Jan 1.50 1.43 5.1 58
on Services
Helmerich and Payne Inc HP.N Energy 29-Jan 0.30 0.30 2.2 52
Information
Xerox Corp XRX.N 29-Jan 1.06 1.04 2.3 50
Technology
Valero Energy Corp VLO.N Energy 31-Jan 1.10 1.00 9.7 40
Marathon Petroleum Corp MPC.N Energy 07-Feb 1.97 1.91 3.1 39
Consumer
Harley-Davidson Inc HOG.N 29-Jan 0.29 0.28 2.8 39
Discretionary
American International Group Inc AIG.N Financials 06-Feb 0.46 0.43 5.5 13
Consumer
Mattel Inc MAT.OQ 30-Jan -0.14 -0.16 13.4 12
Discretionary
Sources: StarMine data from Refinitiv, Eikon from Refinitiv
Exhibit 16A. S&P 500: Negative Predicted Surprises for Jan. 28 through Feb. 8, 2019
Report Smart Predicted ARM
Company Ticker Sector Date Estimate Mean Surprise % Region Rank
Hess Corp HES.N Energy 30-Jan -0.41 -0.38 -7.2 19
Westrock Co WRK.N Materials 28-Jan 0.79 0.81 -2.7 21
Communicati
Twenty-First Century Fox Inc FOXA.OQ 05-Feb 0.30 0.33 -7.1 22
on Services
Consumer
Sysco Corp SYY.N 04-Feb 0.71 0.73 -2.3 22
Staples
Consumer
Leggett & Platt Inc LEG.N 04-Feb 0.52 0.53 -2.5 26
Discretionary
Communicati
News Corp NWSA.OQ 07-Feb 0.14 0.15 -4.0 31
on Services
Hartford Financial Services Group Inc HIG.N Financials 04-Feb 0.59 0.61 -3.1 34
Sherwin-Williams Co SHW.N Materials 31-Jan 3.55 3.65 -2.8 39
Consumer
Yum! Brands Inc YUM.N 07-Feb 0.91 0.95 -3.9 51
Discretionary
Northrop Grumman Corp NOC.N Industrials 31-Jan 4.08 4.32 -5.6 85
Boston Properties Inc BXP.N Real Estate 29-Jan 1.61 1.65 -2.2 86
Cigna Corp CI.N Health Care 01-Feb 2.37 2.42 -2.1 99
Sources: StarMine data from Refinitiv, Eikon from Refinitiv
SECTION B: EARNINGS CALENDAR

EARNINGS CALENDAR BY SECTOR
EXHIBIT 1B. NUMBER OF S&P 500 COMPANIES EXPECTED TO REPORT NEXT WEEK BY SECTOR
Sector 28-Jan 29-Jan 30-Jan 31-Jan 1-Feb Total # Reported # of Cos
Consumer Discretionary 1 3 4 3 - 11 10 64
Consumer Staples - - 1 2 - 3 10 33
Energy - 1 1 3 2 7 3 30
Financials 2 1 4 3 1 11 34 68
Health Care - 10 3 7 4 24 9 62
Industrials 1 11 5 7 4 28 20 69
Materials 2 2 1 4 1 10 3 25
Real Estate - 2 3 1 2 8 3 32
Information Technology - 8 6 2 - 16 16 68
Communication Services - 1 2 1 - 4 2 22
Utilities - - - 2 1 3 2 27
S&P 500 6 39 30 35 15 125 112 500
Source: Eikon from Refinitiv
MONDAY: JANUARY 28
EXHIBIT 2B. MONDAY EARNINGS CALENDAR

Date Ticker Company Qtr Est Yr Ago % Dif Time
28-Jan-19 CAT.N CATERPILLAR INC Q4-Dec.19 2.99 2.16 38.3 7:30 AM
28-Jan-19 AMG.N AFFILIATED MANAGERS GROUP INC Q4-Dec.19 3.53 4.68 -24.5 8:30 AM
28-Jan-19 TROW.OQ T ROWE PRICE GROUP INC Q4-Dec.19 1.60 1.65 -3.1 8:30 AM
28-Jan-19 WRK.N WESTROCK CO Q1-Dec.19 0.81 0.87 -6.5 8:30 AM
28-Jan-19 CE.N CELANESE CORP Q4-Dec.19 2.40 1.98 21.0 4:00 PM
28-Jan-19 WHR.N WHIRLPOOL CORP Q4-Dec.19 4.23 4.10 3.2 4:10 PM
Source: Eikon from Refinitiv, I/B/E/S data from Refinitiv
TUESDAY: JANUARY 29
EXHIBIT 3B. TUESDAY EARNINGS CALENDAR

29-Jan-19 DHR.N DANAHER CORP Q4-Dec.19 1.27 1.19 6.9 6:00 AM
29-Jan-19 DOV.N DOVER CORP Q4-Dec.19 1.29 1.84 -30.0 7:00 AM
29-Jan-19 VZ.N VERIZON COMMUNICATIONS INC Q4-Dec.19 1.09 0.86 26.5 7:00 AM
29-Jan-19 AGN.N ALLERGAN PLC Q4-Dec.19 4.15 4.86 -14.6 8:30 AM
29-Jan-19 AOS.N AO SMITH CORP Q4-Dec.19 0.71 0.60 17.7 8:30 AM
29-Jan-19 BIIB.OQ BIOGEN INC Q4-Dec.19 6.74 5.26 28.1 8:30 AM
29-Jan-19 GLW.N CORNING INC Q4-Dec.19 0.57 0.49 16.5 8:30 AM
29-Jan-19 HCA.N HCA HEALTHCARE INC Q4-Dec.19 2.58 2.13 21.3 8:30 AM
29-Jan-19 HRS.N HARRIS CORP Q2-Dec.19 1.91 1.67 14.4 8:30 AM
29-Jan-19 LLL.N L3 TECHNOLOGIES INC Q4-Dec.19 2.70 2.25 19.9 8:30 AM
29-Jan-19 LMT.N LOCKHEED MARTIN CORP Q4-Dec.19 4.40 3.87 13.7 8:30 AM
29-Jan-19 MMM.N 3M CO Q4-Dec.19 2.28 2.10 8.5 8:30 AM
29-Jan-19 NUE.N NUCOR CORP Q4-Dec.19 1.94 0.65 198.0 8:30 AM
29-Jan-19 PCAR.OQ PACCAR INC Q4-Dec.19 1.53 1.18 29.8 8:30 AM
29-Jan-19 PFE.N PFIZER INC Q4-Dec.19 0.63 0.62 2.1 8:30 AM
29-Jan-19 PHM.N PULTEGROUP INC Q4-Dec.19 1.10 0.88 25.4 8:30 AM
29-Jan-19 PNR.N PENTAIR PLC Q4-Dec.19 0.59 0.93 -36.3 8:30 AM
29-Jan-19 ROK.N ROCKWELL AUTOMATION INC Q1-Dec.19 1.99 1.96 1.3 8:30 AM
29-Jan-19 XRX.N XEROX CORP Q4-Dec.19 1.04 1.04 -0.4 8:30 AM
29-Jan-19 HOG.N HARLEY-DAVIDSON INC Q4-Dec.19 0.28 0.47 -40.6 9:30 AM
29-Jan-19 AAPL.OQ APPLE INC Q1-Dec.19 4.17 3.89 7.2 4:00 PM
29-Jan-19 ALGN.OQ ALIGN TECHNOLOGY INC Q4-Dec.19 1.15 1.19 -3.1 4:00 PM
29-Jan-19 AMD.OQ ADVANCED MICRO DEVICES INC Q4-Dec.19 0.08 0.08 2.9 4:00 PM
29-Jan-19 AMGN.OQ AMGEN INC Q4-Dec.19 3.28 2.89 13.4 4:00 PM
29-Jan-19 BXP.N BOSTON PROPERTIES INC Q4-Dec.19 1.65 1.49 10.8 4:00 PM
29-Jan-19 CHRW.OQ C.H. ROBINSON WORLDWIDE INC Q4-Dec.19 1.21 0.86 40.8 4:00 PM
29-Jan-19 EBAY.OQ EBAY INC Q4-Dec.19 0.68 0.59 15.0 4:00 PM
29-Jan-19 EQR.N EQUITY RESIDENTIAL Q4-Dec.19 0.85 0.83 2.9 4:00 PM
29-Jan-19 HP.N HELMERICH AND PAYNE INC Q1-Dec.19 0.30 -0.02 NA 4:00 PM
29-Jan-19 ILMN.OQ ILLUMINA INC Q4-Dec.19 1.36 1.44 -5.6 4:00 PM
29-Jan-19 KLAC.OQ KLA-TENCOR CORP Q2-Dec.19 2.20 1.97 11.8 4:00 PM
29-Jan-19 MXIM.OQ MAXIM INTEGRATED PRODUCTS Q2-Dec.19 0.62 0.65 -4.1 4:00 PM
29-Jan-19 PKG.N PACKAGING CORP OF AMERICA Q4-Dec.19 2.14 1.56 37.5 4:00 PM
29-Jan-19 RHI.N ROBERT HALF INTERNATIONAL INC Q4-Dec.19 0.91 0.65 40.6 4:00 PM
29-Jan-19 TSS.N TOTAL SYSTEM SERVICES INC Q4-Dec.19 1.07 0.82 30.1 4:00 PM
29-Jan-19 VRTX.OQ VERTEX PHARMACEUTICALS INC Q4-Dec.19 1.06 0.61 73.6 4:00 PM
29-Jan-19 SYK.N STRYKER CORP Q4-Dec.19 2.15 1.96 9.8 4:05 PM
29-Jan-19 PFG.OQ PRINCIPAL FINANCIAL GROUP INC Q4-Dec.19 1.30 1.19 9.5 4:15 PM
29-Jan-19 JNPR.N JUNIPER NETWORKS INC Q4-Dec.19 0.57 0.53 7.4 7:00 PM
WEDNESDAY: JANUARY 30
EXHIBIT 4B. WEDNESDAY EARNINGS CALENDAR

30-Jan-19 ANTM.N ANTHEM INC Q4-Dec.19 2.19 1.29 70.0 6:00 AM
30-Jan-19 AVY.N AVERY DENNISON CORP Q4-Dec.19 1.50 1.33 12.5 6:45 AM
30-Jan-19 IVZ.N INVESCO HOLDING COMPANY LTD Q4-Dec.19 0.55 0.73 -25.0 6:55 AM
30-Jan-19 ADP.OQ AUTOMATIC DATA PROCESSING INC Q2-Dec.19 1.18 0.99 19.6 8:30 AM
30-Jan-19 AME.N AMETEK INCORPORATED Q4-Dec.19 0.84 0.70 20.3 8:30 AM
30-Jan-19 BA.N BOEING CO Q4-Dec.19 4.57 3.06 49.5 8:30 AM
30-Jan-19 BEN.N FRANKLIN RESOURCES INC Q1-Dec.19 0.65 0.88 -26.1 8:30 AM
30-Jan-19 GD.N GENERAL DYNAMICS CORP Q4-Dec.19 2.99 2.50 19.4 8:30 AM
30-Jan-19 HES.N HESS CORP Q4-Dec.19 -0.38 -1.01 NA 8:30 AM
30-Jan-19 IR.N INGERSOLL RAND PLC Q4-Dec.19 1.29 1.02 26.6 8:30 AM
30-Jan-19 MCD.N MCDONALD'S CORP Q4-Dec.19 1.89 1.71 10.4 8:30 AM
30-Jan-19 NDAQ.OQ NASDAQ INC Q4-Dec.19 1.26 1.05 20.1 8:30 AM
30-Jan-19 RCL.N ROYAL CARIBBEAN CRUISES LTD Q4-Dec.19 1.51 1.34 12.9 8:30 AM
30-Jan-19 T.N AT&T INC Q4-Dec.19 0.86 0.78 10.2 8:30 AM
30-Jan-19 TMO.N THERMO FISHER SCIENTIFIC INC Q4-Dec.19 3.18 2.79 14.1 8:30 AM
30-Jan-19 AMP.N AMERIPRISE FINANCIAL INC Q4-Dec.19 3.66 3.26 12.3 4:00 PM
30-Jan-19 DRE.N DUKE REALTY CORP Q4-Dec.19 0.35 0.30 17.0 4:00 PM
30-Jan-19 ESS.N ESSEX PROPERTY TRUST INC. Q4-Dec.19 3.19 3.01 5.9 4:00 PM
30-Jan-19 FB.OQ FACEBOOK INC Q4-Dec.19 2.19 2.21 -1.0 4:00 PM
30-Jan-19 FBHS.N FORTUNE BRANDS HOME & SECRTY INC Q4-Dec.19 0.93 0.80 16.6 4:00 PM
30-Jan-19 HOLX.OQ HOLOGIC INC Q1-Dec.19 0.57 0.55 3.9 4:00 PM
30-Jan-19 MAA.N MID-AMERICA APARTMENT COMMUNITIE Q4-Dec.19 1.55 1.50 3.2 4:00 PM
30-Jan-19 MSFT.OQ MICROSOFT CORP Q2-Dec.19 1.09 0.96 13.8 4:00 PM
30-Jan-19 MSI.N MOTOROLA SOLUTIONS INC Q4-Dec.19 2.53 2.10 20.3 4:00 PM
30-Jan-19 QCOM.OQ QUALCOMM INC Q1-Dec.19 1.09 0.98 11.3 4:00 PM
30-Jan-19 V.N VISA INC Q1-Dec.19 1.25 1.08 15.8 4:00 PM
30-Jan-19 WYNN.OQ WYNN RESORTS LTD Q4-Dec.19 1.36 1.40 -3.1 4:00 PM
30-Jan-19 MAT.OQ MATTEL INC Q4-Dec.19 -0.16 -0.72 NA 4:05 PM
30-Jan-19 MDLZ.OQ MONDELEZ INTERNATIONAL INC Q4-Dec.19 0.63 0.57 10.0 4:05 PM
30-Jan-19 PYPL.OQ PAYPAL HOLDINGS INC Q4-Dec.19 0.67 0.55 21.2 7:00 PM
THURSDAY: JANUARY 31
EXHIBIT 5B. THURSDAY EARNINGS CALENDAR

31-Jan-19 BHGE.N BAKER HUGHES A GE CO Q4-Dec.19 0.26 0.15 74.3 6:45 AM
31-Jan-19 XYL.N XYLEM INC Q4-Dec.19 0.88 0.76 15.7 6:55 AM
31-Jan-19 CHTR.OQ CHARTER COMMUNICATIONS INC Q4-Dec.19 1.43 1.14 25.2 7:00 AM
31-Jan-19 MO.N ALTRIA GROUP INC Q4-Dec.19 0.95 0.91 4.4 7:00 AM
31-Jan-19 RTN.N RAYTHEON CO Q4-Dec.19 2.89 2.03 42.5 7:00 AM
31-Jan-19 ABC.N AMERISOURCEBERGEN CORP Q1-Dec.19 1.51 1.55 -2.7 8:30 AM
31-Jan-19 ABMD.OQ ABIOMED INC Q3-Dec.19 0.94 0.70 34.6 8:30 AM
31-Jan-19 APTV.N APTIV PLC Q4-Dec.19 1.21 1.28 -5.6 8:30 AM
31-Jan-19 BAX.N BAXTER INTERNATIONAL INC Q4-Dec.19 0.73 0.64 14.1 8:30 AM
31-Jan-19 BLL.N BALL CORP Q4-Dec.19 0.56 0.60 -7.3 8:30 AM
31-Jan-19 CELG.OQ CELGENE CORP Q4-Dec.19 2.32 2.00 15.9 8:30 AM
31-Jan-19 CMS.N CMS ENERGY CORP Q4-Dec.19 0.40 0.51 -20.8 8:30 AM
31-Jan-19 COP.N CONOCOPHILLIPS Q4-Dec.19 0.98 0.45 117.9 8:30 AM
31-Jan-19 DWDP.N DOWDUPONT INC Q4-Dec.19 0.88 0.81 8.0 8:30 AM
31-Jan-19 ETN.N EATON CORPORATION PLC Q4-Dec.19 1.43 1.29 10.8 8:30 AM
31-Jan-19 GE.N GENERAL ELECTRIC CO Q4-Dec.19 0.22 0.27 -16.9 8:30 AM
31-Jan-19 HSY.N HERSHEY CO Q4-Dec.19 1.27 1.03 23.1 8:30 AM
31-Jan-19 IP.N INTERNATIONAL PAPER CO Q4-Dec.19 1.61 1.27 26.5 8:30 AM
31-Jan-19 KIM.N KIMCO REALTY CORP Q4-Dec.19 0.35 0.38 -7.9 8:30 AM
31-Jan-19 MA.N MASTERCARD INC Q4-Dec.19 1.53 1.14 34.1 8:30 AM
31-Jan-19 MMC.N MARSH & MCLENNAN COMPANIES INC Q4-Dec.19 1.04 1.05 -0.5 8:30 AM
31-Jan-19 MSCI.K MSCI INC Q4-Dec.19 1.30 1.15 13.1 8:30 AM
31-Jan-19 NOC.N NORTHROP GRUMMAN CORP Q4-Dec.19 4.32 2.82 53.1 8:30 AM
31-Jan-19 PH.N PARKER-HANNIFIN CORP Q2-Dec.19 2.42 2.15 12.6 8:30 AM
31-Jan-19 SHW.N SHERWINWILLIAMS CO Q4-Dec.19 3.65 3.16 15.6 8:30 AM
31-Jan-19 TSCO.OQ TRACTOR SUPPLY COMPANY Q4-Dec.19 1.08 0.91 19.1 8:30 AM
31-Jan-19 UPS.N UNITED PARCEL SERVICE INC Q4-Dec.19 1.91 1.67 14.3 8:30 AM
31-Jan-19 VLO.N VALERO ENERGY CORP Q4-Dec.19 0.98 1.16 -15.9 8:30 AM
31-Jan-19 XEL.OQ XCEL ENERGY INC Q4-Dec.19 0.42 0.42 -0.5 8:30 AM
31-Jan-19 AFL.N AFLAC INC Q4-Dec.19 0.94 0.82 15.8 4:00 PM
31-Jan-19 AJG.N ARTHUR J GALLAGHER & CO Q4-Dec.19 0.52 0.82 -37.0 4:00 PM
31-Jan-19 AMZN.OQ AMAZON.COM INC Q4-Dec.19 5.67 2.16 162.5 4:00 PM
31-Jan-19 EMN.N EASTMAN CHEMICAL CO Q4-Dec.19 1.61 1.62 -0.9 4:00 PM
31-Jan-19 MCK.N MCKESSON CORP Q3-Dec.19 3.16 3.41 -7.3 4:00 PM
31-Jan-19 PKI.N PERKINELMER INC Q4-Dec.19 1.16 0.97 19.8 4:00 PM
31-Jan-19 SYMC.OQ SYMANTEC CORP Q3-Dec.19 0.39 0.49 -20.5 4:00 PM
31-Jan-19 EW.N EDWARDS LIFESCIENCES Q4-Dec.19 1.17 0.94 24.5 4:15 PM
FRIDAY: FEBRUARY 1
EXHIBIT 6B. FRIDAY EARNINGS CALENDAR

1-Feb-19 ZBH.N ZIMMER BIOMET HOLDINGS INC Q4-Dec.19 2.17 2.10 3.5 6:00 AM
1-Feb-19 ITW.N ILLINOIS TOOL WORKS INC Q4-Dec.19 1.82 1.70 7.0 8:00 AM
1-Feb-19 AON.N AON PLC Q4-Dec.19 2.13 2.35 -9.4 8:30 AM
1-Feb-19 CI.N CIGNA CORP Q4-Dec.19 2.42 1.94 24.8 8:30 AM
1-Feb-19 CVX.N CHEVRON CORP Q4-Dec.19 1.87 0.72 159.4 8:30 AM
1-Feb-19 D.N DOMINION ENERGY INC Q4-Dec.19 0.92 0.91 0.8 8:30 AM
1-Feb-19 HON.N HONEYWELL INTERNATIONAL INC Q4-Dec.19 1.89 1.85 2.1 8:30 AM
1-Feb-19 IDXX.OQ IDEXX LABS INC Q4-Dec.19 0.91 0.77 17.6 8:30 AM
1-Feb-19 JCI.N JOHNSON CONTROLS INTERNATIONAL P Q1-Dec.19 0.24 0.54 -55.7 8:30 AM
1-Feb-19 LYB.N LYONDELLBASELL INDUSTRIES NV Q4-Dec.19 2.26 2.73 -17.1 8:30 AM
1-Feb-19 MRK.N MERCK & CO. INC. Q4-Dec.19 1.03 0.98 5.6 8:30 AM
1-Feb-19 ROP.N ROPER TECHNOLOGIES INC Q4-Dec.19 3.13 2.70 15.9 8:30 AM
1-Feb-19 SPG.N SIMON PROPERTY GROUP INC Q4-Dec.19 3.23 3.12 3.6 8:30 AM
1-Feb-19 WY.N WEYERHAEUSER CO Q4-Dec.19 0.11 0.31 -63.1 8:30 AM
1-Feb-19 XOM.N EXXON MOBIL CORP Q4-Dec.19 1.08 0.88 23.1 8:30 AM
SECTION C: EARNINGS DATA TABLES

EXHIBIT 1C. S&P 500: Q4 2018 EARNINGS SCORECARD
Sector Above Match Below Surprise Reported Index
Energy 33.3% 33.3% 33.3% 2.4% 3 30
Financials 64.7% 2.9% 32.4% 0.6% 34 68
Health Care 66.7% 11.1% 22.2% 1.6% 9 62
Industrials 85.0% - 15.0% 8.1% 20 69
Materials 33.3% - 66.7% -9.4% 3 25
Real Estate 66.7% 33.3% - 0.9% 3 32
Information Technology 93.8% - 6.3% 2.7% 16 68
Communication Services 100.0% - - 3.4% 2 22
Utilities 50.0% - 50.0% -1.4% 2 27
S&P 500 72.3% 3.6% 24.1% 2.1% 112 500
EXHIBIT 2C. S&P 500: Q4 2018 EARNINGS GROWTH

Sector Today 1 Jan 1 Oct 1 Jul 1 Apr
Consumer Discretionary 13.1% 13.3% 17.8% 20.1% 18.7%
Consumer Staples 3.3% 2.8% 6.7% 9.5% 10.3%
Energy 59.7% 65.2% 81.4% 76.7% 49.4%
Financials 17.1% 22.5% 28.2% 27.7% 28.1%
Health Care 11.5% 11.2% 13.1% 12.9% 13.7%
Industrials 26.3% 24.8% 31.2% 29.1% 31.1%
Materials 3.3% 6.1% 14.9% 18.1% 17.2%
Real Estate 6.7% 6.9% 9.8% 8.9% 8.6%
Information Technology 8.9% 11.6% 13.7% 12.3% 10.7%
Communication Services 17.9% 17.4% 20.6% 23.9% 23.6%
Utilities -10.3% -9.7% -4.0% 0.0% 2.6%
S&P 500 14.3% 15.8% 20.1% 20.2% 19.0%

Energy -10.8% 18.0% 37.9% 34.8% 12.3%
Financials 5.2% 7.5% 8.2% 6.9% 11.6%
Health Care 8.1% 9.2% 8.6% 7.3% 10.7%
Industrials 8.1% 9.0% 11.0% 9.6% 16.6%
Materials 1.6% 3.9% 9.8% 9.9% 11.3%
Real Estate 3.5% 4.1% 6.4% 6.5% 5.9%
Information Technology -2.2% 1.9% 7.0% 5.8% 8.5%
Communication Services -3.1% -1.9% -0.6% -1.7% 11.6%
Utilities 1.1% 0.6% -0.9% -0.6% 0.8%
S&P 500 2.0% 5.3% 8.1% 7.2% 10.6%

Sector Today 1 Jan 1 Oct 1 Jul
Consumer Discretionary 7.6% 8.3% 10.5% 15.4%
Consumer Staples 3.2% 3.5% 4.4% 7.8%
Energy -8.9% 9.8% 35.3% 16.2%
Financials 7.2% 8.1% 8.7% 12.2%
Health Care 4.3% 4.7% 3.7% 8.4%
Industrials 9.7% 10.3% 11.4% 12.9%
Materials -2.6% -0.6% 2.3% 5.7%
Real Estate 3.6% 4.2% 5.8% 6.5%
Information Technology -2.3% 0.5% 5.0% 7.8%
Communication Services 18.1% 18.9% 20.8% 13.3%
Utilities 3.0% 2.7% 0.8% 4.9%
S&P 500 4.5% 6.5% 9.2% 10.6%

Sector Today 1 Jan 1 Oct
Consumer Discretionary 9.6% 9.9% 18.8%
Consumer Staples 3.9% 4.4% 7.7%
Energy -16.6% -3.8% 23.2%
Financials 8.3% 9.2% 12.2%
Health Care 5.3% 5.9% 10.0%
Industrials 10.7% 11.2% 13.2%
Materials 0.8% 3.0% 7.4%
Real Estate 4.5% 4.8% 7.5%
Information Technology -1.0% 1.0% 9.9%
Communication Services 1.4% 1.9% 13.3%
Utilities 3.8% 2.9% 6.5%
S&P 500 3.4% 5.1% 12.1%

Sector Today 1 Jan
Consumer Discretionary 15.7% 15.6%
Consumer Staples 7.3% 7.9%
Energy -1.3% 12.4%
Financials 18.9% 15.3%
Health Care 10.8% 10.8%
Industrials 11.4% 12.4%
Materials 12.2% 11.9%
Real Estate 6.6% 6.9%
Information Technology 9.2% 9.5%
Communication Services 7.5% 8.2%
Utilities 18.0% 15.9%
S&P 500 11.2% 11.5%
EXHIBIT 7C. S&P 500: CY 2018 EARNINGS GROWTH

Energy 92.8% 96.0% 94.2% 96.3% 70.3%
Financials 29.5% 30.9% 31.5% 30.8% 29.5%
Health Care 15.8% 15.7% 14.6% 12.7% 11.5%
Industrials 22.5% 22.1% 23.4% 22.0% 21.4%
Materials 24.9% 25.7% 29.0% 28.2% 23.2%
Real Estate 4.7% 4.9% 5.3% 4.7% 4.7%
Utilities 8.0% 7.4% 6.7% 5.8% 5.2%
S&P 500 23.4% 23.8% 23.2% 22.4% 19.8%
EXHIBIT 8C. S&P 500: CY 2019 EARNINGS GROWTH

Sector Today 1 Jan 1 Oct 1 Jul
Consumer Discretionary 8.6% 8.9% 11.7% 11.7%
Consumer Staples 4.3% 4.8% 6.1% 7.4%
Energy -5.5% 10.6% 26.2% 16.9%
Financials 9.3% 9.6% 9.7% 9.8%
Health Care 7.2% 7.3% 8.3% 8.8%
Industrials 10.3% 11.2% 12.2% 12.3%
Materials 4.8% 6.0% 7.0% 7.8%
Real Estate 4.8% 5.2% 6.4% 6.9%
Information Technology 1.5% 3.7% 8.5% 8.1%
Communication Services 6.1% 6.7% 11.6% 9.7%
Utilities 5.3% 4.8% 4.7% 5.7%
S&P 500 5.7% 7.3% 10.2% 9.7%
EXHIBIT 9C. S&P 500: BOTTOMS-UP EPS ACTUALS AND ESTIMATES
Year Q1 Q2 Q3 Q4 CY
2004 15.87 16.74 16.59 17.83 67.10
2005 17.95 19.11 18.86 20.19 76.28
2006 20.73 22.31 22.60 22.44 88.18
2007 22.71 24.40 21.31 16.14 85.12
2008 18.96 19.78 17.49 5.62 65.47
2009 12.83 16.03 16.36 16.80 60.80
2010 19.71 21.48 21.75 22.55 85.28
2011 23.50 24.14 25.65 24.55 97.82
2012 25.60 25.84 26.00 26.32 103.80
2013 26.74 27.40 27.63 28.62 109.68
2014 28.18 30.07 30.04 30.54 118.78
2015 28.60 30.09 29.99 29.52 117.46
2016 26.96 29.61 31.21 31.30 118.10
2017 30.90 32.58 33.45 36.02 132.00
2018 38.07 41.00 42.66 40.30 161.28
2019 38.95 42.17 44.10 44.80 170.68
2020 189.72
EXHIBIT 10C. S&P 500: ACTUAL EARNINGS GROWTH RATES

Sector 18Q3 18Q2 18Q1 17Q4 17Q3
Energy 114.2% 124.0% 88.7% 120.4% 162.6%
Financials 44.8% 27.5% 30.7% 14.6% -7.3%
Health Care 16.5% 18.4% 16.2% 9.1% 8.3%
Industrials 18.9% 20.2% 24.8% 1.8% 3.1%
Materials 30.1% 40.6% 39.4% 35.9% 7.0%
Real Estate 5.3% 3.3% 3.1% -4.1% 3.8%
Utilities 10.9% 8.7% 16.4% 13.0% -4.6%
S&P 500 28.4% 24.9% 26.6% 14.8% 8.5%
EXHIBIT 11C. S&P 500: ACTUAL VS. ESTIMATE (ABOVE/MATCH/BELOW)

18Q3 18Q2 18Q1 17Q4 17Q3
Above 77.4% 80.2% 78.2% 76.2% 72.8%
Match 9.2% 4.8% 7.4% 8.4% 8.4%
Below 13.4% 15.0% 14.4% 15.4% 18.8%
EXHIBIT 12C. S&P 500: ACTUAL VS. ESTIMATE (AGGREGATE DIFFERENCE)

18Q3 18Q2 18Q1 17Q4 17Q3
Surprise Factor 6.4% 5.3% 6.6% 4.4% 4.8%
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This Week in Earnings 18Q4 - Jan. 25

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This Week in Earnings 18Q4 - Jan. 25

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THIS WEEK IN EARNINGS

SECTION A: EARNINGS OUTLOOK

EXHIBIT 1A. S&P 500: Q4 2018 SHARE-WEIGHTED EARNINGS ($B)

Source: I/B/E/S data from Refinitiv

Q4 2018: EARNINGS SCORECARD

EXHIBIT 2A. S&P 500: Q4 2018 EARNINGS VS. EXPECTATIONS

Q4 2018: REVENUE SCORECARD

EXHIBIT 3A. S&P 500: Q4 2018 REVENUE VS. EXPECTATIONS

Q4 2018: EARNINGS GROWTH RATES

EXHIBIT 4A. S&P 500: Q4 2018 EARNINGS GROWTH

Q1 2019: EARNINGS GROWTH RATES

EXHIBIT 5A. S&P 500: Q1 2019 EARNINGS GROWTH

REVENUE GROWTH RATES

EXHIBIT 6A. S&P 500: Q4 2018 REVENUE GROWTH

EXHIBIT 7A. S&P 500: Q1 2019 REVENUE GROWTH

AGGREGATE ESTIMATES AND REVISIONS

EXHIBIT 8A. ESTIMATE REVISIONS – S&P 500

EXHIBIT 9A. S&P 500: EARNINGS ESTIMATE REVISION TREND

Source: I/B/E/S data from Refinitiv

EXHIBIT 10A. ESTIMATE REVISIONS – ALL U.S. COMPANIES

EXHIBIT 11A. ALL U.S. COMPANIES: EARNINGS ESTIMATE REVISION TREND

Source: I/B/E/S data from Refinitiv

Q4 2018: EARNINGS GUIDANCE

EXHIBIT 12A. S&P 500: Q4 2018 PREANNOUNCEMENTS

Total 134 130 132

N/P Ratio 1.5 1.4 2.0

Source: I/B/E/S data from Refinitiv

Q1 2019 – Q4 2019: FORWARD FOUR-QUARTER P/E RATIO

Q4 2018 – Q4 2019: EARNINGS GROWTH

EXHIBIT 14A. NUMBER OF COMPANIES REPORTING Q4 2018 EARNINGS

STARMINE EARNINGS SURPRISE FORECAST

Sources: StarMine data from Refinitiv, Eikon from Refinitiv

SECTION B: EARNINGS CALENDAR

EXHIBIT 2B. MONDAY EARNINGS CALENDAR

EXHIBIT 3B. TUESDAY EARNINGS CALENDAR

EXHIBIT 4B. WEDNESDAY EARNINGS CALENDAR

EXHIBIT 5B. THURSDAY EARNINGS CALENDAR

EXHIBIT 6B. FRIDAY EARNINGS CALENDAR

SECTION C: EARNINGS DATA TABLES

EXHIBIT 2C. S&P 500: Q4 2018 EARNINGS GROWTH

EXHIBIT 3C. S&P 500: Q1 2019 EARNINGS GROWTH

EXHIBIT 4C. S&P 500: Q2 2019 EARNINGS GROWTH

EXHIBIT 5C. S&P 500: Q3 2019 EARNINGS GROWTH

EXHIBIT 6C. S&P 500: Q4 2019 EARNINGS GROWTH

EXHIBIT 7C. S&P 500: CY 2018 EARNINGS GROWTH

EXHIBIT 8C. S&P 500: CY 2019 EARNINGS GROWTH

EXHIBIT 9C. S&P 500: BOTTOMS-UP EPS ACTUALS AND ESTIMATES

EXHIBIT 10C. S&P 500: ACTUAL EARNINGS GROWTH RATES

EXHIBIT 11C. S&P 500: ACTUAL VS. ESTIMATE (ABOVE/MATCH/BELOW)

EXHIBIT 12C. S&P 500: ACTUAL VS. ESTIMATE (AGGREGATE DIFFERENCE)

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