The US Corporate Profit Recession Is Over

It's official (almost): The US corporate earnings recession is over (with 89% of index market cap reporting). Headed into reporting season, consensus expected flat YoY earnings. So, no growth. Instead, S&P 500 companies collectively managed to grow the bottom line by 4% compared with the same period a year ago. If you strip out energy, earnings growth was 10%. Assuming the upside to consensus holds, Q3 will go down as the first quarter of positive YoY growth in a year. This profit reces