(Adds details on outlook)
NEW YORK, April 25 (Reuters) - The U.S. first-quarter earnings growth estimate has gained in recent days after mostly stronger-than-expected results, but disappointing forecasts from key names such as Meta Platforms have offset some of the optimism.
Year-over-year S&P 500 earnings growth for the first quarter of 2024 is now seen at 4.3%, according to LSEG data on Thursday. That is up from 3.3% the day before.
The latest estimate is based on results from 190 of the S&P 500 companies and forecasts for the rest, with about 78% of reports beating analysts' earnings expectations.
LSEG noted that the forecast has been impacted heavily by an adjustment for Bristol Myers Squibb because of a $12 billion one-time charge related to its acquisition of Karuna Therapeutics.
Without that one-time item, S&P 500 earnings are expected to have risen 7.4% year-over-year, based on LSEG estimates.
Stocks were down on Thursday, however, despite the improved outlook for quarterly earnings. Among the biggest drags, Meta Platforms shares
plunged after
the Facebook-parent late Wednesday forecast higher expenses and lighter-than-expected revenue.
Honeywell International early on Thursday reported results that beat Wall Street estimates, while General Motors also this week reported better-than-expected quarterly results.
(Reporting by Caroline Valetkevitch; Editing by David Gregorio)
((caroline.valetkevitch@thomsonreuters.com))
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