S&P 500 Earnings Report S&P 500 Earnings Report

Week of 9/24/2018
Week of 9/24/2018

Key Highlights
The following information is based on S&P Capital IQ consensus estimates that are derived from over 650 leading, third-party
investment analyst opinions, and are available on the S&P Capital IQ platform and through direct feeds.

 8 companies in the S&P 500 have reported earnings thus far for CQ3 2018. 88% have reported earnings better than street
expectations, polled by S&P Capital IQ analysts. Collectively, the S&P 500 has reported a +3.8% EPS surprise.
 Of those companies that have announced earnings, 75% have shown double digit or better Y/Y growth. 28 companies have
exceeded +100% growth.
 The CQ3 2018 blended expected growth rate for the S&P 500 is, +21.65%. Sectors that are leading the growth trend include
Energy +91.82%, Materials +44.24%, and Financials +40.62%.
 Companies still remaining to report with the largest expected earnings growth for CQ3 2018 include Apache Corporation
(NYSE:APA) +1122.5%, Occidental Petroleum Corporation (NYSE:OXY) +743.3%, and EOG Resources, Inc.
(NYSE:EOG) +680.5%.
 Companies still remaining to report with the most upward revisions for CQ3 2018 in the past month include Broadcom Inc.
(Nasdaq:AVGO) 26 upward revisions, Ross Stores, Inc. (Nasdaq:ROST) 15 upward revisions, and Dollar General
Corporation (NYSE:DG) 12 upward revisions.
 Companies still remaining to report with the largest EPS% change for CQ3 2018 in the past month include Apartment
Investment and Management Company (NYSE:AIV) +10.3%, Synopsys, Inc. (Nasdaq:SNPS) +10.1%, and Equity
Residential (NYSE:EQR) +8.2%.
 Companies with the greatest potential upside based on S&P Capital IQ consensus target price include Western Digital
Corporation (Nasdaq:WDC) +59.2%, Applied Materials, Inc. (Nasdaq:AMAT) +55.2%, and Lam Research Corporation.
(Nasdaq:LRCX) +50.1%, and, (as of 9/21/18).
 9 companies are expected to report this week including;
 NIKE Inc. (NYSE:NKE) with an S&P Capital IQ EPS consensus estimate of $0.63
 CarMax, Inc. (NYSE:KMX) with an S&P Capital IQ EPS consensus estimate of $1.23
 Accenture plc (NYSE:ACN) with an S&P Capital IQ EPS consensus estimate of $1.56

 Last week, Darden Restaurants, Inc. (NYSE:DRI) reported earnings per share of $1.34, well above the S&P Capital IQ
consensus estimate of $1.24. This was the fourth consecutive quarter the restaurant conglomerate has exceeded street
expectations. A lower tax rate contributed to the beat. Darden grew earnings by more than 35% from last year. Revenue of
$2.06 billion was also above consensus and up more than 6% since a year ago. Store comps accelerated to +3.3%, which
were above all forecasts. Management raised annual EPS guidance to the range of $5.52-$5.65, with current consensus at
the high end of $5.64 (previously was $5.55). Shares of the stock fell by more than 3% after the earnings release.

|1
INFORMATION PURPOSES ONLY
 S&P 500 Earnings Report
Week of 9/24/2018

 FedEx Corporation (NYSE:FDX) announced earnings per share of $3.46, falling short of the S&P Capital IQ consensus
estimate of $3.80. Wage increases and higher variable compensation contributed to the miss. The company grew by 4%
since last year, after five straight quarters of double digit growth. Total revenue of $17.05 billion was narrowly above
consensus and up more than 11% versus a year ago. Freight and Ground results were strong with growth of +18% and
+13%, respectively. Management guided annual EPS to the range of $17.20-$17.80, causing a flurry and mixed revisions with
the current consensus settling at $17.41. FedEx’s stock price fell by more than 5% following the earnings report.

Other highlights from last week include,

 Oracle Corporation (NYSE:ORCL) reported $0.71 beating the S&P Capital IQ EPS consensus estimate of $0.68
 General Mills, Inc. (NYSE:GIS) reported $0.71 beating the S&P Capital IQ EPS consensus estimate of $0.64
 Red Hat, Inc. (NYSE:RHT) reported $0.85 beating the S&P Capital IQ EPS consensus estimate of $0.82

|2
INFORMATION PURPOSES ONLY
 S&P 500 Earnings Report
Week of 9/24/2018

Companies Expected to Report This Week

Monday Earnings Calendar
EPS Yr Ago Revenue Yr Ago
Date Ticker Company QTR % Dif % Dif
Estimate Actual Estimate Actual

24-Sep-18

Tuesday Earnings Calendar

EPS Yr Ago Revenue Yr Ago

Date Ticker Company QTR % Dif % Dif
Estimate Actual Estimate Actual
Nasdaq:INF
25-Sep-18
O IHS Markit Ltd. Q3 0.55 0.57 (4.0%) 991.0 904.7 9.5%
25-Sep-18 NYSE:NKE NIKE, Inc. Q1 0.63 0.57 10.4% 9,920.9 9,070.0 9.4%
Nasdaq:CT
25-Sep-18
AS Cintas Corporation Q2 1.80 1.48 21.8% 1,683.4 1,611.5 4.5%

Wednesday Earnings Calendar

EPS Yr Ago Revenue Yr Ago
Date Ticker Company QTR % Dif % Dif
Estimate Actual Estimate Actual

26-Sep-18
NYSE:KMX CarMax, Inc. Q2 1.23 0.98 25.0% 4,641.4 4,386.6 5.8%
26-Sep-18 Nasdaq:BB Bed Bath & Beyond
BY Inc. Q2 0.51 0.77 (34.3%) 2,955.4 2,936.4 0.6%

Thursday Earnings Calendar

EPS Yr Ago Revenue Yr Ago
Date Ticker Company QTR % Dif % Dif
Estimate Actual Estimate Actual

27-Sep-18
NYSE:CAG Conagra Brands, Inc. Q1 0.49 0.46 6.3% 1,845.7 1,804.2 2.3%
McCormick &
27-Sep-18 Company,
NYSE:MKC Incorporated Q3 1.26 1.12 12.9% 1,358.5 1,185.2 14.6%
27-Sep-18
NYSE:ACN Accenture plc Q4 1.56 1.48 5.3% 9,999.9 9,150.0 9.3%
27-Sep-18
NYSE:CCL Carnival Corporation Q3 2.31 2.29 1.0% 5,805.2 5,515.0 5.3%

Friday Earnings Calendar

EPS Yr Ago Revenue Yr Ago
Date Ticker Company QTR % Dif % Dif
Estimate Actual Estimate Actual
28-Sep-18

|3
INFORMATION PURPOSES ONLY
 S&P 500 Earnings Report
Week of 9/24/2018

S&P 500 Analysis for CQ3 2018

Sector Above Match Below Avg Surprise Reported Index

Consumer Disc 100% 0% 0% 5.8% 2 76
Consumer Staples 100% 0% 0% 10.9% 1 33
Energy - - - - 0 31
Financials - - - - 0 69
Healthcare - - - - 0 63
Industrials 0% 0% 100% -9.2% 1 70
Info Technology 100% 0% 0% 4.2% 4 70
Materials - - - - 0 24
Real Estate - - - - 0 33
Telecom - - - - 0 3
Utilities - - - - 0 28
S&P 500 88% 0% 13% 3.8% 8 500
*Data is compiled for all companies who have reported CQ3 2018 earnings, as of 9/21/18

Top Ten Companies with Largest Y/Y Growth for CQ3 2018

Ticker Company Name CQ3 2018 EPS Actual CQ32017 EPS Actual Y/Y Growth %

NasdaqGS:MU Micron Technology, Inc. 3.53 2.02 74.8%

NasdaqGS:ADBE Adobe Systems Incorporated 1.73 1.10 57.3%
NYSE:DRI Darden Restaurants, Inc. 1.34 0.99 35.4%
NYSE:AZO AutoZone, Inc. 18.54 15.27 21.4%
NYSE:ORCL Oracle Corporation 0.71 0.62 14.5%
NYSE:RHT Red Hat, Inc. 0.85 0.77 10.4%
NYSE:FDX FedEx Corporation 3.46 3.32 4.2%
NYSE:GIS General Mills, Inc. 0.71 0.71 0.0%

*Data is compiled for all companies who have reported CQ3 2018 earnings, as of 9/21/18

Top Ten Companies with Largest Y/Y Decline for CQ3 2018

Ticker Company Name CQ3 2018 EPS Actual CQ3 2017 EPS Actual Y/Y Decline %

*Data is compiled for all companies who have reported CQ3 2018 earnings, as of 9/21/18

|4
INFORMATION PURPOSES ONLY
 S&P 500 Earnings Report
Week of 9/24/2018

CQ3 2018 EPS and Growth Rate

Sector EPS ($) Growth (%)

Consumer Disc $9.82 13.08%

Consumer Staples $7.57 4.88%
Energy $7.79 91.82%
Financials $8.69 40.62%
Healthcare $15.43 10.88%
Industrials $9.38 16.08%
Info Technology $15.70 17.13%
Materials $5.61 44.24%
Real Estate $1.24 3.87%
Telecom $3.89 26.01%
Utilities $4.86 4.36%
S&P 500 $40.18 21.65%
*Data is compiled for all companies who have reported and expected to report CQ3 2018 earnings, as of 9/21/18

CQ3 2018 Growth Rate

Consumer Disc
13.08%
Consumer Staples
4.88%

122.42% Energy

40.62% Financials

10.88% Healthcare

16.08% Industrials

17.13% Info Technology

44.24% Materials

3.87% Real Estate

26.01% Telecom

4.36% Utilities

-2.00% 8.00% 18.00% 28.00% 38.00% 48.00%

|5
INFORMATION PURPOSES ONLY
 S&P 500 Earnings Report
Week of 9/24/2018

About S&P Global Market Intelligence

At S&P Global Market Intelligence, we know that not all information is important—some of it is vital. Accurate, deep and insightful. We
integrate financial and industry data, research and news into tools that help track performance, generate alpha, identify investment
ideas, understand competitive and industry dynamics, perform valuation and assess credit risk. Investment professionals, government
agencies, corporations and universities globally can gain the intelligence essential to making business and financial decisions with
conviction.

S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals,
companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/marketintelligence.

Our S&P Capital IQ Estimates data include an array of over 40 periodic and non-periodic items (e.g., EPS, Revenue, Net Income, price
target, and recommendations). View the mean and consensus breakdowns, and audit contributors with seamless links to source
documents. We also provide estimate aggregates based on constituents’ estimates, index shares, index price, and index level values to
provide a bottom-up, market cap weighted value. In addition, we offer top-down index estimates based on broker estimates on an entire
index. The S&P Capital IQ Estimates data sourced in this report is available on our S&P Capital IQ platform -- a web- and Excel-based
delivery channel for estimates as well as market data, analytics, research, and relationship development tools.

S&P Global keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity
of their respective activities. As a result, certain divisions of S&P Global may have information that is not available to other S&P Global
divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received
in connection with each analytical process.

Contact Us

Sales:+1 212 438 8701Support:+1 888 806 5541 Email:salesinquiry@standardandpoors.com

|6
INFORMATION PURPOSES ONLY