{"id":107678,"date":"2021-10-19T10:25:00","date_gmt":"2021-10-19T14:25:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=107678"},"modified":"2022-11-21T09:48:33","modified_gmt":"2022-11-21T14:48:33","slug":"3q21-earnings-where-the-street-is-too-high-who-should-miss","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/","title":{"rendered":"3Q21 Earnings: Where the Street is Too High &#038; Who Should Miss"},"content":{"rendered":"\n<p>Wall Street analysts are too bullish on third quarter earnings expectations for 75% of S&amp;P 500 companies.<\/p>\n\n\n\n<p>In theory, Wall Street analysts adjust EPS for unusual gains and losses that distort reported EPS. In reality, they do not. Street EPS estimates are materially misleading more often than investors realize<a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftn1\">[1]<\/a>.<\/p>\n\n\n\n<p>This report shows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>five S&amp;P 500 companies with overstated Street estimates likely to miss 3Q21 earnings<\/li><li>why Street Earnings, GAAP Earnings, and consensus estimates are flawed<\/li><li>how our&nbsp;<a href=\"https:\/\/www.newconstructs.com\/education-core-earnings-earnings-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\">Core Earnings<\/a><a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftn2\">[2]<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.newconstructs.com\/education-core-earnings-earnings-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\">Earnings Distortion<\/a>&nbsp;factor generate&nbsp;<a href=\"https:\/\/www.newconstructs.com\/alpha-from-earnings-distortion\/\" target=\"_blank\" rel=\"noreferrer noopener\">novel alpha<\/a><\/li><\/ul>\n\n\n\n<p>Get our report on the S&amp;P 500 companies more likely to beat 3Q21 Street EPS estimates&nbsp;<a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-low-who-should-beat\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-street-overstates-eps-for-375-s-p-500-companies\"><strong>Street Overstates EPS for 375 S&amp;P 500 Companies<\/strong><\/h2>\n\n\n\n<p>Per Figure 1, Street EPS overstate Core EPS for 75% of S&amp;P 500 companies for the trailing-twelve-months (TTM) ended calendar 2Q21<a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftn3\">[3]<\/a>. For 43% of S&amp;P 500 companies, Street EPS are overstated by more than 10% (examples are below).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Figure 1: Street Earnings Are Overstated for a Large Amount of S&amp;P 500 Companies<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"630\" height=\"286\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_1.png\" alt=\"Street Earnings Are Overstated for a Large Amount of S&amp;P 500 Companies\" class=\"wp-image-107679 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_1.png 630w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_1-300x136.png 300w\" data-sizes=\"(max-width: 630px) 100vw, 630px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 630px; aspect-ratio: 630\/286;\" \/><\/figure>\n\n\n\n<p>Sources:&nbsp; New Constructs, LLC and company filings.<\/p>\n\n\n\n<p>When the Street EPS overstates Core EPS, it does so by an average of 24% per company, see Figure 2.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Figure 2: Street Earnings Overstate by 24% on Average<\/strong><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"630\" height=\"77\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_2.png\" alt=\"Street Earnings Overstate by 24% on Average\" class=\"wp-image-107680 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_2.png 630w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/10\/nc_10-19-21_2-300x37.png 300w\" data-sizes=\"(max-width: 630px) 100vw, 630px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 630px; aspect-ratio: 630\/77;\" \/><\/figure>\n\n\n\n<p>Sources:&nbsp; New Constructs, LLC and company filings.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/\">Click here to read the full article<\/a><\/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\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>October 8, 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><em><\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftnref1\">[1]<\/a>&nbsp;The same is true for other well-known \u201cadjusted\u201d measures of earnings:&nbsp;<a href=\"https:\/\/www.newconstructs.com\/sps-operating-earnings-remain-overstated-in-2q21\/\" target=\"_blank\" rel=\"noreferrer noopener\">S&amp;P\u2019s \u201cOperating Earnings\u201d Remain Overstated in 2Q21<\/a>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftnref2\">[2]<\/a><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3467814\" target=\"_blank\" rel=\"noreferrer noopener\">The Journal of Financial Economics<\/a>&nbsp;proves that only Core Earnings enable investors to overcome the flaws in legacy fundamental data.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.newconstructs.com\/3q21-earnings-where-the-street-is-too-high-who-should-miss\/#_ftnref3\">[3]<\/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><\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.newconstructs.com\/wp-content\/uploads\/sites\/2\/2021\/10\/CoreVsStreetEarnings_MostLikelyToMiss_3Q21Earnings.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Click here to download a PDF of this report.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are Wall Street analysts are too bullish on third quarter earnings expectations for 75% of S&#038;P 500 companies?<\/p>\n","protected":false},"author":25,"featured_media":107679,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8,9,22,26,3],"tags":[267,7903],"contributors-categories":[13616],"class_list":{"0":"post-107678","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"tag-earnings","14":"tag-earnings-per-share-2","15":"contributors-categories-new-constructs"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site 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