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Making sense of the markets this week: March 10, 2024
– moneysense.ca
Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors.
Earnings beat expectations—as expected
As we close out the first quarter’s earnings season, the biggest takeaway is that there were no surprises. Analysts’ expectations were largely met or exceeded. For example, Target reported earnings per share of $2.98 and revenues of $31.92 billion, beating expectations by 23.52% and 0.22%, respectively. (Figures in this section are in U.S. dollars.) It wasn’t just Target—between 70% and 80% of businesses reported first quarter earnings that beat expectations. This is what we usually see at this time of year.
However, dig a little deeper and the picture isn’t as typical as it may seem. Even though top-line and bottom-line growth beat expectations, when we compare these results to earnings from a couple of years ago, we notice that growth and profitability are slowing in some areas of the market…
