It’s a Gusher So Far

So far in this earnings season, with over half of companies having reported, the energy sector has experienced the biggest earnings surprise. Earnings have come in almost 23% ahead of analyst estimates, nearly double the surprise of the consumer discretionary sector.

Digging into industry groups, with 6 out of 7 companies in the S&P 500 having reported so far, the Energy Equipment and Services industry has experienced an almost 40% earnings surprise factor.

In reviewing the components of the industry, 5 out 6 companies reported earnings surprises, with Baker Hughes trouncing estimates by 81%.

Among constituents of the Oil, Gas and Consumable Fuels industry, 9 out of 10 companies reported positive earnings surprises.

Chevron was a particularly high profile earnings beat. Cash flow after dividends is back in the black, rising to $900M.

Compared to a year ago, where the company lost $725M, first quarter earnings were $2.682B.