{"id":20212,"date":"2023-11-10T12:05:36","date_gmt":"2023-11-10T11:05:36","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=20212"},"modified":"2023-11-10T12:05:36","modified_gmt":"2023-11-10T11:05:36","slug":"third-quarter-earnings-a-mixed-bag","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/third-quarter-earnings-a-mixed-bag\/","title":{"rendered":"Third-quarter earnings: a mixed bag"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>So far, two thirds of the companies included in the Stoxx\u00a0Europe\u00a0600 index have reported their third-quarter\u00a02023 results. On average, figures have fallen short of consensus estimates. Earnings per share (EPS) have come in 6% below expectations in stark contrast with the positive surprises that have been reported every quarter for the past two years.<\/p>\n<p>Top-line revenue also missed the mark, coming in 4% below expectations on average. Positive sales surprises have become increasingly rare since this time last year.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20213 \" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/11\/Capture-decran-2023-11-10-115023-300x141.jpg\" alt=\"\" width=\"1023\" height=\"481\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/11\/Capture-decran-2023-11-10-115023-300x141.jpg 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/11\/Capture-decran-2023-11-10-115023-768x362.jpg 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2023\/11\/Capture-decran-2023-11-10-115023.jpg 1164w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>In September\u2019s edition of our Macroeconomic Outlook, we indicated that quarterly results may prove disappointing. Markets have been pricing in relatively solid sales and profit growth which, although reasonable, was overly optimistic.<\/p>\n<p>The key factor at play is a gradually deteriorating economy combined with high interest rates that are dampening global momentum. High interest rates are also eroding companies\u2019 net margins by pushing funding costs upwards.<\/p>\n<p>The disappointment has drawn a relatively muted reaction from stock markets with the Stoxx\u00a0Europe\u00a0600 slipping 3.7% in October before partially recovering in early November. That being said, certain stocks were subjected to extreme volatility.<\/p>\n<p>***<\/p>\n<p>Written on November 10, 2023. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/yield-curve-steepening-a-technical-indicator-of-recession\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/yield-curve-steepening-a-technical-indicator-of-recession\/<\/a><\/p>\n<p>***<\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week So far, two thirds of the companies included in the Stoxx\u00a0Europe\u00a0600 index have reported their third-quarter\u00a02023&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":20207,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2623,2621,2622],"class_list":["post-20212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-eps-en","tag-europ","tag-stoxx-600"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Third-quarter earnings: a 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