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The energy sector of the S&P 500 (SPX) is experiencing earnings declines of 20% or more for Q3. However, overall Q3 GAAP earnings per share for the SPX are 18% higher than a year ago, marking the 3rd consecutive quarter of positive year-over-year growth. Sales for SPX companies are up 5% year-over-year, reaching a new all-time high, with total sales 30% higher than pre-Covid levels. Companies with more international exposure are reporting year-over-year declines in earnings and revenues for Q3. Despite this, 82% of SPX companies have beaten EPS estimates for Q3, above the 5-year and 10-year averages. On the other hand, 62% of SPX companies have beaten revenue estimates for Q3, below the 5-year and 10-year averages. The SPX is reporting year-over-year earnings growth of 3.7% for Q3 2023, the first quarter of growth since Q3 2022. Additionally, the SPX is reporting year-over-year revenue growth of 2.3% for Q3 2023, marking the 11th consecutive quarter of revenue growth for the index.
