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2023/07/21 / Erste Group Research

Industrial stocks with good 2Q results so far


Rating changes: Intuit, Hershey Co.

The 2Q23 reporting season has started in Europe and the USA. In the USA, a decline in profits of -7% Y/Y is expected. The falling profits of the US index arise from the partly very strong falling profits in the sectors: energy (-47%), commodities (-31%) and health care (-17%). In Europe, profits are also expected to decline by -8% compared to the same quarter last year. However, excluding the EUR 16.5 billion drop in profits in the energy sector, profits in Europe should have increased by +4.4%.

Corporate forecasts for the coming quarters in the course of the reporting season in the US and Europe are crucial. The market consensus is currently for accelerated earnings growth of +11% Y/Y in 2024 in the US, following +7% earnings growth this year.

Alfa Laval: High order intake in Energy and Marine segment, sales up +17% y/y in 2Q

ASML: Order intake up again in 2Q, sales guidance for 2023 raised
JPMorgan: Solid 2Q23, net interest income up +4.7% Q/Q

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General information

AuthorErste Group Research
Date2023/07/21
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, Swiss Franc, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities
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