{"id":105227,"date":"2021-10-01T10:15:00","date_gmt":"2021-10-01T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=105227"},"modified":"2023-03-01T15:05:32","modified_gmt":"2023-03-01T20:05:32","slug":"sp-500-companies-that-overstated-eps-by-60-in-2q21","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/","title":{"rendered":"S&#038;P 500 Companies That Overstated EPS by 60%+ in 2Q21"},"content":{"rendered":"\n<p>Similar to&nbsp;<a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-with-the-most-misleading-street-earnings\/\" target=\"_blank\" rel=\"noreferrer noopener\">1Q21<\/a>, misleading earnings beats continue in&nbsp;<a href=\"https:\/\/www.newconstructs.com\/sps-operating-earnings-remain-overstated-in-2q21\/\" target=\"_blank\" rel=\"noreferrer noopener\">2Q21<\/a>. Operating Earnings&nbsp;<a href=\"https:\/\/www.spglobal.com\/spdji\/en\/indices\/equity\/sp-500\/#overview\" target=\"_blank\" rel=\"noreferrer noopener\">from S&amp;P Global<\/a>&nbsp;(SPGI) exaggerated the drop in 2020 and are overstating the rebound in S&amp;P 500 earnings over the last five months. The same is true for&nbsp;<a href=\"https:\/\/www.refinitiv.com\/en\/financial-data\/company-data\/institutional-brokers-estimate-system-ibes\" target=\"_blank\" rel=\"noreferrer noopener\">I\/B\/E\/S Street Earnings<\/a>&nbsp;for individual companies.<\/p>\n\n\n\n<p>This report shows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>why Street Earnings (and GAAP earnings) are flawed<\/li>\n\n\n\n<li>five S&amp;P 500 companies with overstated Street Earnings and a Very Unattractive&nbsp;<a href=\"https:\/\/www.newconstructs.com\/stock-rating-methodology\/\" target=\"_blank\" rel=\"noreferrer noopener\">Stock Rating<\/a><\/li>\n\n\n\n<li>how Core Earnings and our&nbsp;<a href=\"https:\/\/www.newconstructs.com\/education-core-earnings-earnings-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\">Earnings Distortion<\/a>&nbsp;factor&nbsp;<a href=\"https:\/\/www.newconstructs.com\/alpha-from-earnings-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\">generate alpha<\/a><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-over-200-s-p-500-firms-overstate-eps-by-more-than-10\"><strong>Over 200 S&amp;P 500 Firms Overstate EPS by More than 10%<\/strong><\/h2>\n\n\n\n<p>Per Figure 1, 75% of the S&amp;P 500 companies have overstated Street EPS over the trailing twelve months (TTM) through 2Q21<a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#_ftn1\"><sup>[1]<\/sup><\/a>. 43% have overstated EPS by more than 10%. Overall, when companies overstate, earnings they do so by an average of 23%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Figure 1: Street Earnings Overstate Earnings for 375 S&amp;P 500 Companies<\/strong><strong>[2]<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"630\" height=\"81\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png\" alt=\"Street Earnings Overstate Earnings for 375 S&amp;P 500 Companies\" class=\"wp-image-105228 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png 630w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1-300x39.png 300w\" data-sizes=\"(max-width: 630px) 100vw, 630px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 630px; aspect-ratio: 630\/81;\" \/><\/figure>\n\n\n\n<p>Sources:&nbsp; New Constructs, LLC and company filings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>S&amp;P Global\u2019s Earnings Rebound Is Misleading<\/strong><\/h2>\n\n\n\n<p>In theory, Wall Street analysts and research firms create adjusted earnings measures like Street Earnings and Operating Earnings to exclude unusual gains and losses. In reality, these adjusted earnings measures rarely, if ever, fully capture unusual items, which have a very material impact on results.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/\">Click here to read the full article<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#_ftnref1\">[1]<\/a>&nbsp;The most recent Core Earnings and Street Earnings values are based on the latest audited financial data from calendar 2Q21 10-Qs.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#_ftnref2\">[2]<\/a>&nbsp;Average understated % is calculated as Street Distortion as a percent of Street Earnings. Street Distortion is the difference between Street Earnings and Core Earnings.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p><em>This article originally published on&nbsp;<\/em><a href=\"https:\/\/www.newconstructs.com\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>September 20, 2021<\/em><\/a><em>.<\/em><\/p>\n\n\n\n<p><em>Disclosure: David Trainer, Kyle Guske II, Alex Sword, and Matt Shuler receive no compensation to write about any specific stock, style, or theme.<\/em><\/p>\n\n\n\n<p><em>Follow us on&nbsp;<\/em><a href=\"https:\/\/twitter.com\/NewConstructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Twitter<\/em><\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.facebook.com\/newconstructsllc\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>Facebook<\/em><\/a><em>,&nbsp;<\/em><a href=\"https:\/\/www.linkedin.com\/company\/new-constructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>LinkedIn<\/em><\/a><em>, and&nbsp;<\/em><a href=\"https:\/\/stocktwits.com\/dtrainer_NewConstructs\" target=\"_blank\" rel=\"noreferrer noopener\"><em>StockTwits<\/em><\/a><em>&nbsp;for real-time alerts on all our research.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Similar to 1Q21, misleading earnings beats continue in 2Q21. Operating Earnings from S&#038;P Global (SPGI) exaggerated the drop in 2020 and are overstating the rebound in S&#038;P 500 earnings over the last five months.<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[267,299,910],"contributors-categories":[13616],"class_list":{"0":"post-105227","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-north-america","7":"category-region","8":"category-securities","9":"category-stocks","10":"category-text-articles","11":"category-traders-insight","12":"tag-earnings","13":"tag-eps","14":"tag-sp-500","15":"contributors-categories-new-constructs"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>S&#038;P 500 Companies That Overstated EPS by 60%+ in 2Q21<\/title>\n<meta name=\"description\" content=\"Similar to 1Q21, misleading earnings beats continue in 2Q21. Operating Earnings from S&amp;P Global (SPGI) exaggerated the drop in 2020 and are overstating...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/105227\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&amp;P 500 Companies That Overstated EPS by 60%+ in 2Q21 | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Similar to 1Q21, misleading earnings beats continue in 2Q21. Operating Earnings from S&amp;P Global (SPGI) exaggerated the drop in 2020 and are overstating the rebound in S&amp;P 500 earnings over the last five months.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-01T14:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-01T20:05:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ibkrcampusdev.wpengine.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png\" \/>\n<meta name=\"author\" content=\"Kyle Guske\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kyle Guske\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Kyle Guske\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/508ddb5d2d2a204ce1527e3dbe2cddb1\"\n\t            },\n\t            \"headline\": \"S&#038;P 500 Companies That Overstated EPS by 60%+ in 2Q21\",\n\t            \"datePublished\": \"2021-10-01T14:15:00+00:00\",\n\t            \"dateModified\": \"2023-03-01T20:05:32+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/\"\n\t            },\n\t            \"wordCount\": 330,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.ibkrcampusdev.wpengine.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/10\\\/nc_10-1-21_1.png\",\n\t            \"keywords\": [\n\t                \"earnings\",\n\t                \"eps\",\n\t                \"S&amp;P 500\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/\",\n\t            \"name\": \"S&P 500 Companies That Overstated EPS by 60%+ in 2Q21 | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/stocks\\\/sp-500-companies-that-overstated-eps-by-60-in-2q21\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.ibkrcampusdev.wpengine.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/10\\\/nc_10-1-21_1.png\",\n\t            \"datePublished\": \"2021-10-01T14:15:00+00:00\",\n\t            \"dateModified\": \"2023-03-01T20:05:32+00:00\",\n\t            \"description\": \"Similar to 1Q21, misleading earnings beats continue in 2Q21. 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Operating Earnings from S&P Global (SPGI) exaggerated the drop in 2020 and are overstating...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/105227\/","og_locale":"en_US","og_type":"article","og_title":"S&P 500 Companies That Overstated EPS by 60%+ in 2Q21 | IBKR Campus US","og_description":"Similar to 1Q21, misleading earnings beats continue in 2Q21. Operating Earnings from S&P Global (SPGI) exaggerated the drop in 2020 and are overstating the rebound in S&P 500 earnings over the last five months.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/","og_site_name":"IBKR Campus US","article_published_time":"2021-10-01T14:15:00+00:00","article_modified_time":"2023-03-01T20:05:32+00:00","og_image":[{"url":"https:\/\/www.ibkrcampusdev.wpengine.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png","type":"","width":"","height":""}],"author":"Kyle Guske","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Kyle Guske","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/"},"author":{"name":"Kyle Guske","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/508ddb5d2d2a204ce1527e3dbe2cddb1"},"headline":"S&#038;P 500 Companies That Overstated EPS by 60%+ in 2Q21","datePublished":"2021-10-01T14:15:00+00:00","dateModified":"2023-03-01T20:05:32+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/"},"wordCount":330,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ibkrcampusdev.wpengine.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png","keywords":["earnings","eps","S&amp;P 500"],"articleSection":["North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/","name":"S&P 500 Companies That Overstated EPS by 60%+ in 2Q21 | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/sp-500-companies-that-overstated-eps-by-60-in-2q21\/#primaryimage"},"thumbnailUrl":"https:\/\/www.ibkrcampusdev.wpengine.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-1-21_1.png","datePublished":"2021-10-01T14:15:00+00:00","dateModified":"2023-03-01T20:05:32+00:00","description":"Similar to 1Q21, misleading earnings beats continue in 2Q21. 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