Jeffrey Buchbinder, CFA, Equity Strategist, LPL Financial Ryan Detrick, CMT, Chief Market Strategist, LPL Financial
It’s embarrasing to admit this but in our earnings season preview on April 12, when the consensus
estimate reflected a nearly 24% increase, we wrote that S&P 500 Index earnings growth for the first
quarter could potentially exceed 30%. Fast forward to today and earnings growth for the quarter is
on pace to double—yes, double—that 24% growth rate, which would mark one of the biggest upside
surprises ever recorded. Here we look at how corporate America produced such a blowout earnings
season and what it could mean for the outlook.