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USA 1Q24: Earnings growth of +20% expected in the technology sector

Rating changes: Eli Lilly, BP, Bank of America, McDonalds, S&P Global, Novartis

The US reporting season for 1Q results starts the Friday after next (12.4.) with the publication of the reports of the major US banks JPMorgan Chase and Citigroup. The expected earnings growth for the S&P 500 in 1Q24 is +3.4% (y/y). The largest annual earnings increases in 1Q are expected in the Utilities (+23.8%), Technology (+20.3%) and Consumer Discretionary (+15.4%) sectors. The expected growth rate for sales is +3.6% (y/y).

In the 1Q24 reporting season, European companies are expected to report a decline in profits of -11% (y/y). This will be the fourth consecutive quarter of profit declines. The consensus forecast for sales is a decline of -6.3% (y/y). ASML starts the reporting season on April 17, followed by ABB on April 18.

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2024/04/03 / Erste Group Research

USA 1Q24: Earnings growth of +20% expected in the technology sector

Rating changes: Eli Lilly, BP, Bank of America, McDonalds, S&P Global, Novartis

The US reporting season for 1Q results starts the Friday after next (12.4.) with the publication of the reports of the major US banks JPMorgan Chase and Citigroup. The expected earnings growth for the S&P 500 in 1Q24 is +3.4% (y/y). The largest annual earnings increases in 1Q are expected in the Utilities (+23.8%), Technology (+20.3%) and Consumer Discretionary (+15.4%) sectors. The expected growth rate for sales is +3.6% (y/y).

In the 1Q24 reporting season, European companies are expected to report a decline in profits of -11% (y/y). This will be the fourth consecutive quarter of profit declines. The consensus forecast for sales is a decline of -6.3% (y/y). ASML starts the reporting season on April 17, followed by ABB on April 18.

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Name  ISIN# Erste Group products
-US90353T10070
-CA45303840860
ABBCH00122217160
Abbott LaboratoriesUS00282410000
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AdidasDE000A1EWWW034
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Advanced Micro DevicesUS00790310780
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Anheuser Busch InbevBE09742932510
AppleUS03783310050
ASMLNL00102732150
AT&TUS00206R10230
Banco Santander ES0113900J370
Bank of America US06050510460
BASFDE000BASF11130
BeiersdorfDE000520000028
BHP GroupGB00BH0P3Z910
BMWDE000519000336
BNP ParibasFR00001311040
Booking HoldingsUS09857L10890



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