Expectations for the quarter’s profit growth have risen as well, and the first three months of the year now appear set to mark the strongest quarterly earnings growth in more than five years. In the last week alone, expected S&P 500 first-quarter earnings per share growth rose to 11.2 percent from 10.4 percent, a more than 7 percent jump, according to Thomson Reuters data.
“This week definitely has proven that the Street likes earnings – it’s controllable, it’s U.S.,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
The reason for the slew of reports next week is anyone’s guess, Silverblatt said, although recent holidays possibly played a role. Passover, Good Friday and Easter all fell in the previous weeks, which may have prompted some companies that typically report earlier to delay a week.
Just 76 companies reported this week compared with 134 in the comparable week a year ago, Silverblatt said.
Next week’s rush will represent a 15 percent increase from the 166 S&P constituents that reported in the comparable week last year.
