S&P

S&P Dow Jones Indices
12/12/2019
S&P 500 EARNINGS AND ESTIMATE REPORT
S&P Senior Index Analyst howard.silverblatt@spglobal.com

S&P 500 Index and Sector tax rates
SECTOR Q2 2019 Q1 2019 Q2 2018 Q2 2017 S&P 500 quarterly tax rates
S&P 500 18.59% 19.29% 19.58% 25.89% Jun-19 18.59%
Communication Services* 17.90% 23.47% 20.81% 30.06% Mar-19 19.29%
Consumer Discretionary 20.93% 19.59% 24.90% 29.48% Dec-18 13.22%
Consumer Staples 26.81% 20.93% 31.34% 28.08% Sep-18 18.38%
Energy 36.09% 33.53% 21.16% 29.05% Jun-18 19.58%
Financials 19.29% 19.26% 21.03% 22.21% Mar-18 18.81%
Health Care 16.47% 16.00% 21.75% 29.20% Dec-17 20.38%
Industrials 22.15% 19.33% 11.94% 17.69% Sep-17 25.44%
Information Technology 12.16% 15.33% 20.70% 24.38% Jun-17 25.89%
Materials 29.18% 20.94% 20.70% 24.38% Mar-17 25.44%
Real Estate 2.10% 2.23% 3.75% 4.47% Dec-16 24.29%
Utilities 11.84% 22.37% -3.25% 23.93% Sep-16 26.93%
*Formerly Telecommunication Services Jun-16 26.70%
Mar-16 27.89%
Q3 2019 Q4 2019 potential built in:

Issues with diluted share counts for Q3 2019 over Q3 2018 EPS Q3,'19 shares at least 4% lower than Q4,'18
-> Therefore adding at least a 4% tailwind to their current EPS Issues % of issues
Issues 499 % of issues 73 14.63%
Q3,'19 lower shares than Q3,'18 334 66.93%
4% lower shares 114 22.85%
Q3,'19 higher sharers than Q3,'18 152 30.46%
4% higher shares 43 8.62%
OPERATING EARNINGS CONTRIBUTION

estimate estimate estimate estimate estimate estimate
Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19
Energy 4.25% 4.72% 4.69% 4.32% 4.14% 4.96% 4.29%
Materials 2.44% 2.57% 3.06% 2.55% 2.35% 2.36% 2.84%
Industrials 9.79% 10.20% 10.65% 9.27% 9.36% 10.25% 9.82%
Consumer Discretionary 7.82% 8.47% 8.35% 7.64% 7.12% 8.38% 8.02%
Consumer Staples 6.40% 6.72% 6.62% 6.35% 6.74% 6.97% 6.81%
Health Care 15.51% 15.74% 16.33% 16.91% 15.50% 13.15% 14.36%
Financials 17.83% 17.53% 18.07% 19.21% 18.34% 21.59% 21.56%
Information Technology 21.79% 19.08% 18.16% 18.72% 21.68% 17.69% 17.76%
Communication Services 10.54% 9.91% 10.09% 10.30% 10.93% 8.84% 9.73%
Utilities 2.34% 3.84% 2.72% 3.42% 2.53% 4.13% 2.72%
Real Estate 1.30% 1.23% 1.27% 1.32% 1.31% 1.69% 2.08%
S&P 500 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
S&P 500 S&P 500 5YR S&P 500 MIDCAP MIDCAP 5YR MIDCAP
2019 EST PROJ ANNUAL PEG 2019 EST PROJ ANNUAL PEG
OPER P/E GROWTH % OPER P/E GROWTH %
Index 20.01 11.21 1.78 20.64 11.17 1.85
Communication Services 20.95 14.52 1.44 25.46 13.79 1.85
Consumer Discretionary 24.83 16.59 1.50 19.55 12.53 1.56
Consumer Staples 21.36 6.82 3.13 22.59 14.04 1.61
Energy 21.14 8.11 2.61 56.86 #DIV/0!
Financials 12.55 9.83 1.28 12.25 11.21 1.09
Health Care 19.84 10.23 1.94 25.02 15.04 1.66
Industrials 18.98 10.13 1.87 21.61 12.42 1.74
Information Technology 24.46 12.83 1.91 30.90 13.42 2.30
Materials 21.59 8.33 2.59 17.48 7.18 2.44
Real Estate 34.98 7.41 4.72 30.25 5.21 5.81
Utilities 20.15 5.60 3.60 22.49 5.83 3.86
S&P 500 operating margins:

QTR 2019 2018 2017 2016 2015 2014 2013 2012
Q4 10.10% 10.27% 9.27% 7.98% 8.98% 9.76% 8.04%
Q3 (Q3,'19 est) 11.22% 12.13% 10.16% 9.86% 8.97% 10.10% 9.63% 8.92%
Q2 11.41% 11.55% 10.14% 9.03% 9.29% 10.07% 9.51% 9.41%
Q1 11.21% 11.40% 9.84% 8.75% 9.45% 9.76% 9.52% 9.07%
OBSERVATION Q3 2019E Q4 2019E 2019E 2020E PRICE 2019E P/E 2020E P/E OBSERVATION
3/29/2018 $44.29 $46.27 $172.62 2640.87 15.30 3/29/2018
6/29/2018 $44.75 $46.69 $175.01 2716.31 15.52 6/29/2018
9/28/2018 $44.84 $46.95 $176.49 2913.98 16.51 9/28/2018
12/31/2018 $44.28 $45.32 $171.74 2506.85 14.60 12/31/2018
3/29/2019 $43.20 $44.41 $165.34 $186.36 2883.71 17.44 15.47 3/29/2019
6/28/2019 $42.47 $43.81 $164.18 $184.01 2941.76 17.92 15.99 6/28/2019
9/30/2019 $40.81 $42.21 $161.15 $180.06 2976.74 18.47 16.53 9/30/2019
Current $39.82 $40.42 $158.37 $176.52 3168.57 20.01 17.95 Current
Change QTD -2.43% -4.24% -1.73% -1.97% 6.44% 8.31% 8.58% Change QTD
Change YTD -10.07% -10.81% -7.79% -5.28% 26.40% 37.07% 16.00% Change YTD
Q3 2019
Of the 498 issues (505 in the index) with full operating comparative data
374 beat, 91 missed, and 33 met their estimates; 291 of 495 (58.8%) beat on sales
------------- ISSUES -------------------- ----------- PERCENTAGE --------------------
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT
Energy 28 16 11 1 100.00% 57.14%
Materials 28 16 9 3 100.00% 57.14%
Industrials 67 51 10 6 97.10% 76.12%
Consumer Discretionary 63 44 16 3 100.00% 69.84%
Consumer Staples 33 27 3 3 100.00% 81.82%
Health Care 62 54 1 7 100.00% 87.10%
Financials 65 53 11 1 97.01% 81.54%
Information Technology 67 59 6 2 98.53% 88.06%
Communication Services 25 18 5 2 92.59% 72.00%
Utilities 28 19 7 2 100.00% 67.86%
Real Estate 32 17 12 3 100.00% 53.13%
S&P 500 498 374 91 33 98.61% 75.10%
Data as of the close of: 12/12/2019

S&P 500 close of: 3168.57
Dividend yield (last 12 months: Nov,'19) 1.82%
Dividend yield (current indicated rate) 1.89%
QUARTER OPERATING AS REPORTED OPERATING AS REPORTED 12 MONTH EARNINGS PER SHA

END EARNINGS EARNINGS EARNINGS EARNINGS OPERATING
PRICE PER SHR PER SHR P/E P/E EARNINGS
(ests are (ests are (ests are (ests are (ests are
bottom up) bottom up bottom up) bottom up bottom up)
ESTIMATES
12/31/2020 $46.35 $42.37 17.95 19.58 $176.52
9/30/2020 $45.92 $42.64 18.57 20.31 $170.59
6/30/2020 $43.65 $39.88 19.26 21.50 $164.49
3/31/2020 $40.60 $36.97 19.68 22.25 $160.98
12/31/2019 $40.42 $36.51 20.01 22.56 $158.37
9/30/2019 (Prlim.) 2976.74 $39.82 $33.99 20.71 23.84 $152.98
19.46 22.40 (P/E on Sep,'19 price)
ACTUALS
6/30/2019 2941.76 $40.14 $34.93 19.04 21.75 $154.54
3/31/2019 2834.40 $37.99 $35.02 18.52 21.09 $153.05
12/31/2018 2506.85 $35.03 $28.96 16.54 18.94 $151.60
9/30/2018 2913.98 $41.38 $36.36 19.37 22.35 $150.42
6/30/2018 2718.37 $38.65 $34.05 19.37 22.19 $140.37
3/31/2018 2640.87 $36.54 $33.02 19.97 22.88 $132.23
12/31/2017 2673.61 $33.85 $26.96 21.47 24.33 $124.51
9/30/2017 2519.36 $31.33 $28.45 21.25 23.53 $118.56
6/30/2017 2423.41 $30.51 $27.01 20.91 23.30 $115.92
3/31/2017 2362.72 $28.82 $27.46 21.26 23.56 $111.11
12/31/2016 2238.83 $27.90 $24.16 21.07 23.68 $106.26
9/30/2016 2168.27 $28.69 $25.39 21.38 24.34 $101.42
6/30/2016 2098.86 $25.70 $23.28 21.38 24.15 $98.17
3/31/2016 2059.74 $23.97 $21.72 20.89 23.83 $98.61
12/31/2015 2043.94 $23.06 $18.70 20.35 23.62 $100.45
9/30/2015 1920.03 $25.44 $23.22 18.44 21.18 $104.14
6/30/2015 2063.11 $26.14 $22.80 19.05 21.74 $108.30
3/31/2015 2067.89 $25.81 $21.81 18.55 20.84 $111.50
12/31/2014 2058.90 $26.75 $22.83 18.22 20.12 $113.01
9/30/2014 1972.29 $29.60 $27.47 17.22 18.61 $114.51
6/30/2014 1960.23 $29.34 $27.14 17.53 19.01 $111.83
3/31/2014 1872.34 $27.32 $24.87 17.20 18.57 $108.85
12/31/2013 1848.36 $28.25 $26.48 17.23 18.45 $107.30
9/30/2013 1681.55 $26.92 $24.63 16.45 17.82 $102.20
6/30/2013 1606.28 $26.36 $24.87 16.18 17.66 $99.28
3/31/2013 1569.19 $25.77 $24.22 15.96 17.89 $98.35
12/31/2012 1426.19 $23.15 $20.65 14.73 16.49 $96.82
9/30/2012 1440.67 $24.00 $21.21 14.79 16.66 $97.40
6/30/2012 1362.16 $25.43 $21.62 13.80 15.49 $98.69
3/31/2012 1408.47 $24.24 $23.03 14.35 15.91 $98.12
12/31/2011 1257.60 $23.73 $20.64 13.04 14.46 $96.44
9/30/2011 1131.42 $25.29 $22.63 11.95 13.01 $94.64
6/30/2011 1320.64 $24.86 $22.24 14.53 15.75 $90.91
3/31/2011 1325.83 $22.56 $21.44 15.25 16.31 $86.95
12/31/2010 1257.64 $21.93 $20.67 15.01 16.26 $83.77
9/30/2010 1141.20 $21.56 $19.52 14.45 15.88 $79.00
6/30/2010 1030.71 $20.90 $19.68 14.08 15.36 $73.22
3/31/2010 1169.43 $19.38 $17.48 17.68 19.19 $66.13
12/31/2009 1115.10 $17.16 $15.18 19.61 21.88 $56.86
9/30/2009 1057.08 $15.78 $14.76 26.69 84.30 $39.61
6/30/2009 919.32 $13.81 $13.51 23.10 122.41 $39.79
3/31/2009 797.87 $10.11 $7.52 18.56 116.31 $43.00
12/31/2008 903.25 -$0.09 -$23.25 18.24 60.70 $49.51
9/30/2008 1166.36 $15.96 $9.73 17.99 25.38 $64.82
6/30/2008 1280.00 $17.02 $12.86 18.36 24.92 $69.73
3/31/2008 1322.70 $16.62 $15.54 17.23 21.90 $76.77
12/31/2007 1468.36 $15.22 $7.82 17.79 22.19 $82.54
9/30/2007 1526.75 $20.87 $15.15 17.09 19.42 $89.31
6/30/2007 1503.35 $24.06 $21.88 16.44 17.70 $91.47
3/31/2007 1420.86 $22.39 $21.33 15.90 17.09 $89.36
12/31/2006 1418.30 $21.99 $20.24 16.17 17.40 $87.72
9/30/2006 1335.85 $23.03 $21.47 15.55 17.00 $85.92
6/30/2006 1270.20 $21.95 $20.11 15.54 17.05 $81.73
3/31/2006 1294.83 $20.75 $19.69 16.35 17.82 $79.20
12/31/2005 1248.29 $20.19 $17.30 16.33 17.85 $76.45
9/30/2005 1228.81 $18.84 $17.39 16.56 18.46 $74.21
6/30/2005 1191.33 $19.42 $18.29 16.49 18.80 $72.25
3/31/2005 1180.59 $18.00 $16.95 16.91 19.57 $69.81
12/31/2004 1211.92 $17.95 $13.94 17.91 20.70 $67.68
9/30/2004 1114.58 $16.88 $14.18 17.25 19.29 $64.61
6/30/2004 1140.84 $16.98 $15.25 18.36 20.32 $62.14
3/31/2004 1126.21 $15.87 $15.18 19.39 21.66 $58.08
12/31/2003 1111.92 $14.88 $13.16 20.33 22.81 $54.69
9/30/2003 995.97 $14.41 $12.56 19.25 25.82 $51.75
6/30/2003 974.50 $12.92 $11.10 19.91 28.21 $48.95
3/31/2003 848.18 $12.48 $11.92 17.79 27.97 $47.67
12/31/2002 879.82 $11.94 $3.00 19.11 31.89 $46.04
9/30/2002 815.28 $11.61 $8.53 18.51 27.14 $44.04
6/30/2002 989.81 $11.64 $6.87 23.80 37.02 $41.59
3/31/2002 1147.39 $10.85 $9.19 29.44 46.45 $38.97
12/31/2001 1148.08 $9.94 $5.45 29.55 46.50 $38.85
9/30/2001 1040.94 $9.16 $5.23 24.77 36.77 $42.02
6/30/2001 1224.38 $9.02 $4.83 26.03 33.28 $47.03
3/31/2001 1160.33 $10.73 $9.18 21.94 25.54 $52.89
12/31/2000 1320.28 $13.11 $9.07 23.52 26.41 $56.13
9/30/2000 1436.51 $14.17 $13.71 25.30 26.75 $56.79
6/30/2000 1454.60 $14.88 $13.48 26.17 28.02 $55.59
3/31/2000 1498.58 $13.97 $13.74 27.79 29.41 $53.92
12/31/1999 1469.25 $13.77 $12.77 28.43 30.50 $51.68
9/30/1999 1282.71 $12.97 $11.93 25.98 29.18 $49.38
6/30/1999 1372.71 $13.21 $12.51 29.29 33.46 $46.86
3/31/1999 1286.37 $11.73 $10.96 28.54 33.52 $45.08
12/31/1998 1229.23 $11.47 $8.56 27.77 32.60 $44.27
9/30/1998 1017.01 $10.45 $8.99 23.07 26.70 $44.09
6/30/1998 1133.84 $11.43 $9.87 25.38 29.10 $44.67
3/31/1998 1101.75 $10.92 $10.29 24.83 27.86 $44.37
12/31/1997 970.43 $11.29 $8.94 22.05 24.43 $44.01
9/30/1997 947.28 $11.03 $9.87 21.66 23.31 $43.73
6/30/1997 885.14 $11.13 $10.44 20.77 21.83 $42.62
3/31/1997 757.12 $10.56 $10.47 18.11 18.82 $41.80
12/31/1996 740.74 $11.01 $9.86 18.23 19.13 $40.63
9/30/1996 687.33 $9.92 $9.78 17.44 19.09 $39.40
6/30/1996 670.63 $10.31 $10.13 17.08 19.21 $39.26
3/31/1996 645.50 $9.39 $8.96 16.79 18.96 $38.45
12/31/1995 615.93 $9.78 $7.13 16.34 18.14 $37.70
9/30/1995 584.41 $9.78 $8.69 15.92 16.61 $36.72
6/30/1995 544.75 $9.50 $9.26 15.58 15.82 $34.97
3/31/1995 500.71 $8.64 $8.88 15.07 15.38 $33.22
12/31/1994 459.27 $8.80 $8.35 14.47 15.01 $31.75
9/30/1994 462.71 $8.03 $7.94 15.37 16.93 $30.11
6/30/1994 444.27 $7.75 $7.38 15.32 17.63 $29.00
3/31/1994 445.77 $7.17 $6.93 16.02 19.63 $27.82
12/31/1993 466.45 $7.16 $5.08 17.34 21.31 $26.90
9/30/1993 458.93 $6.92 $5.81 18.10 22.49 $25.35
6/30/1993 450.53 $6.57 $4.89 19.13 23.31 $23.55
3/31/1993 451.67 $6.25 $6.11 20.35 22.77 $22.19
12/31/1992 435.71 $5.61 $3.60 20.88 22.82 $20.87
9/30/1992 417.80 $5.12 $4.73 21.01 23.16 $19.89
6/30/1992 408.14 $5.21 $5.40 20.53 23.94 $19.88
3/31/1992 403.69 $4.93 $5.36 20.74 24.93 $19.46
12/31/1991 417.09 $4.63 $2.55 21.61 26.12 $19.30
9/30/1991 387.86 $5.11 $3.74 19.71 21.77 $19.68
6/30/1991 371.16 $4.79 $4.54 18.07 19.12 $20.54
3/31/1991 375.22 $4.77 $5.14 17.20 17.92 $21.81
12/31/1990 330.22 $5.01 $4.40 14.58 15.47 $22.65
9/30/1990 306.05 $5.97 $5.33 13.03 14.08 $23.48
6/30/1990 358.02 $6.06 $6.07 15.53 16.84 $23.05
3/31/1990 339.94 $5.61 $5.54 14.45 15.69 $23.52
12/31/1989 353.40 $5.84 $4.80 14.53 15.45 $24.32
9/30/1989 349.15 $5.54 $4.85 14.05 14.74 $24.85
6/30/1989 317.98 $6.53 $6.48 12.46 12.61 $25.53
3/31/1989 294.87 $6.41 $6.74 11.77 11.81 $25.05
12/31/1988 277.72 $6.37 $5.62 11.51 11.69 $24.12
9/30/1988 271.91 $6.22 $6.38
6/30/1988 273.50 $6.05 $6.22
3/31/1988 258.89 $5.48 $5.53
Operating earnings: Income from product (goods and services), excludes corporate (M&A, financing, layoffs ), and unusual items
As Reported earnings: Income from continuing operations, also known GAAP (Generally Accepted Accounting Principles) and As Reported
Bottom up estimate: Capital IQ consensus estimate for specific issue, building from the bottom up to the index level estimate
Actual earnings are bottom up
Please note the disclaimer, which refers to the entire file's content:
These materials have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. S
party data providers and licensors (collectively “S&P Dow Jones Indices Parties”) do not guarantee the accuracy, completeness, timeliness or availability of the Conte
data, model, software or other application or output therefore). S&P Dow Jones Indices Parties are not responsible for any errors or omissions, regardless of the caus
Content. THE CONTENT IS PROVIDED ON AN “AS IS” BASIS. S&P DOW JONES INDICES PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCL
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FU
THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Dow Jones Indices Parties be liable to any party for a
compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportu
Content even if advised of the possibility of such damages. Past performance of the Index is not an indication of future results. The Index returns shown do not repres
assets/securities.
S&P 500 annual tax rates
2018 17.72%
2017 24.37%
2016 26.44%
Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16
3.10% 8.27% 6.34% 5.28% 5.24% 2.63% 3.62% 2.75% 4.07% 0.45%
2.29% 2.66% 2.43% 3.34% 3.18% 2.23% 2.77% 3.28% 3.27% 1.98%
9.44% 10.91% 10.21% 10.77% 10.54% 9.97% 10.96% 11.23% 9.41% 10.06%
7.67% 8.80% 8.10% 10.93% 10.45% 11.80% 11.77% 11.89% 11.62% 12.70%
6.59% 7.25% 6.65% 7.06% 6.91% 8.19% 8.59% 8.52% 8.13% 9.26%
14.52% 13.63% 12.64% 12.80% 12.80% 13.05% 13.99% 14.80% 13.95% 14.20%
24.32% 10.44% 20.28% 20.10% 18.34% 16.71% 16.81% 19.69% 20.37% 18.06%
17.13% 22.67% 18.65% 21.85% 24.09% 29.31% 22.30% 20.33% 20.57% 25.74%
10.00% 11.33% 9.32% 3.69% 3.29% 1.90% 2.95% 3.09% 3.15% 3.08%
3.47% 2.08% 3.82% 2.75% 3.59% 2.65% 4.36% 2.91% 3.77% 2.48%
1.47% 1.96% 1.55% 1.44% 1.56% 1.55% 1.89% 1.51% 1.69% 1.99%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
SMALLCAP SMALLCAP 5YR SMALLCAP

2019 EST PROJ ANNUAL PEG
OPER P/E GROWTH %
26.34 12.37 2.13
-116.23 25.23 -4.61
17.21 13.09 1.31
29.01 9.57 3.03
-16.86 10.65 -1.58
15.04 14.00 1.07
123.44 13.86 8.90
20.01 12.63 1.58
39.87 15.06 2.65
21.27 6.84 3.11
37.84 3.84 9.86
29.49 6.29 4.69
2011 2010 2009 2008* 2007 2006

8.70% 8.68% 7.27% -0.04% 5.68% 8.86%
9.51% 8.95% 6.94% 5.96% 8.06% 9.60%
9.44% 8.83% 6.19% 6.11% 9.41% 9.35%
8.99% 8.34% 4.56% 6.25% 9.23% 9.03%
*Q4,'08 is the only negative in index history
-------
MISSED MET
39.29% 3.57%
32.14% 10.71%
14.93% 8.96%
25.40% 4.76%
9.09% 9.09%
1.61% 11.29%
16.92% 1.54%
8.96% 2.99%
20.00% 8.00%
25.00% 7.14%
37.50% 9.38%
18.27% 6.63%
NINGS PER SHARE

AS REPORTED
EARNINGS
(ests are
bottom up)
$161.87
$156.01
$147.35
$142.40
$140.45
$132.90
$135.27
$134.39
$132.39
$130.39
$122.48
$115.44
$109.88
$107.08
$104.02
$100.29
$94.55
$89.09
$86.92
$86.44
$86.53
$90.66
$94.91
$99.25
$102.31
$105.96
$103.12
$100.85
$100.20
$94.37
$90.95
$87.70
$86.51
$86.50
$87.92
$88.54
$86.95
$86.98
$83.87
$81.31
$77.35
$71.86
$67.10
$60.93
$50.97
$12.54
$7.51
$6.86
$14.88
$45.95
$51.37
$60.39
$66.18
$78.60
$84.92
$83.15
$81.51
$78.57
$74.49
$72.67
$69.93
$66.57
$63.36
$60.32
$58.55
$57.77
$56.15
$52.00
$48.74
$38.58
$34.55
$30.32
$27.59
$30.04
$26.74
$24.70
$24.69
$28.31
$36.79
$45.44
$50.00
$53.70
$51.92
$50.95
$48.17
$43.96
$41.02
$38.38
$37.71
$38.09
$38.97
$39.54
$39.72
$40.64
$40.55
$40.24
$38.73
$36.00
$34.91
$34.04
$33.96
$35.18
$34.43
$32.55
$30.60
$27.33
$25.20
$22.71
$21.89
$20.41
$19.33
$19.84
$19.09
$18.04
$17.05
$16.19
$15.97
$17.82
$19.41
$20.94
$21.34
$21.74
$21.26
$21.67
$22.87
$23.69
$25.22
$24.96
$23.75
to be reliable. S&P Dow Jones Indices, its affiliates, and its third-
lity of the Content (index data, ratings, credit-related analyses and
less of the cause, for the results obtained from the use of the
RRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES
CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT
o any party for any direct, indirect, incidental, exemplary,
fits and opportunity costs) in connection with any use of the
wn do not represent the results of actual trading of investible
Data as of the close of: 12/12/2019
Historical actuals: 6/30/2019 and prior
Estimates: 9/30/2019 and forward
INDEX NAME 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1
Operating Earnings Per Share by Economic Sector Price
S&P 500 3168.57 $16.62 $17.02 $15.96 -$0.09 $10.11 $13.81 $15.78 $17.16 $19.38
S&P 500 Consumer Discretionary 963.02 $2.61 $1.68 $1.36 -$0.37 $0.38 $2.77 $3.49 $4.32 $4.09
S&P 500 Consumer Staples 639.10 $4.04 $4.27 $4.66 $4.20 $3.90 $4.62 $4.88 $4.96 $4.37
S&P 500 Energy 445.40 $12.22 $13.54 $20.73 $4.44 $0.44 $4.57 $5.93 $6.32 $8.42
S&P 500 Financials 510.03 -$0.80 -$1.05 -$5.46 -$13.93 $0.50 $1.01 $1.35 $1.54 $3.66
S&P 500 Health Care 1165.00 $6.19 $6.34 $6.28 $5.66 $6.61 $6.60 $6.92 $6.27 $7.08
S&P 500 Industrials 688.12 $5.12 $5.97 $5.46 $4.63 $3.08 $3.75 $3.24 $4.15 $3.71
S&P 500 Information Technology 1556.93 $4.44 $4.56 $4.39 $2.73 $2.90 $3.62 $4.52 $6.44 $5.54
S&P 500 Materials 380.66 $4.49 $4.73 $3.43 -$4.56 $1.04 $1.67 $2.27 $2.11 $3.20
S&P 500 Communication Services 178.85 $2.11 $2.25 $1.98 $1.87 $1.95 $1.88 $1.77 $1.62 $1.91
S&P 500 Utilities 316.92 $3.20 $2.67 $4.01 $2.37 $2.89 $2.52 $3.81 $2.28 $3.41
S&P 500 Real Estate (proforma pre-9/19/16) 231.30 $1.08 $0.93 $0.74 -$0.96 $0.72 $0.02 $0.35 -$0.10 $0.39
S&P 400 2036.63 $10.12 $10.71 $10.01 -$0.79 $2.45 $7.52 $8.50 $9.12 $9.22
S&P 400 Consumer Discretionary 792.94 $2.46 $2.98 $0.34 $0.61 $2.00 $2.57 $3.29 $4.28 $3.85
S&P 400 Energy 228.98 $13.40 $13.38 $30.21 -$40.02 -$20.59 $4.36 $6.91 $4.12 $10.60
S&P 400 Financials 1035.39 $5.51 $2.66 $0.51 -$2.58 $2.57 $3.79 $2.96 $3.55 $3.40
S&P 400 Health Care 2048.06 $4.04 $6.43 $4.46 $4.55 $0.92 $4.59 $4.89 $5.36 $4.51
S&P 400 Industrials 1140.99 $5.03 $6.18 $6.29 $3.90 $2.56 $3.97 $4.29 $4.36 $4.14
S&P 400 Information Technology 3005.81 $9.31 $10.54 $8.89 -$2.08 $1.61 $6.65 $6.84 $10.75 $9.70
S&P 400 Materials 473.39 $3.93 $5.73 $4.52 $0.99 $1.29 $2.59 $2.89 $2.55 $2.36
S&P 400 Utilities 592.57 $4.65 $2.48 $4.74 $3.48 $4.45 $2.75 $5.01 $3.36 $5.65
S&P 400 Real Estate (proforma pre-9/19/16) 235.98
S&P 600 1009.59 $3.70 $4.28 $3.51 -$1.27 $0.68 $1.83 $2.26 $2.85 $3.45
S&P 600 Consumer Discretionary 588.51 $1.06 $1.42 $0.53 -$0.90 $0.48 $0.57 $2.42 $1.70 $2.33
S&P 600 Energy 249.11 $16.13 $21.06 $33.26 -$35.78 -$4.28 $6.89 $6.14 -$1.67 $11.49
S&P 600 Financials 1104.05 $3.15 $2.56 -$1.17 -$10.69 -$4.43 -$1.31 -$5.89 $0.56 $1.55
S&P 600 Health Care 3100.35 $4.65 $5.96 $5.21 $5.93 $5.15 $5.85 $6.88 $7.05 $6.52
S&P 600 Industrials 1186.07 $6.11 $8.38 $7.61 $4.00 $2.75 $4.56 $5.11 $4.04 $2.86
S&P 600 Information Technology 825.82 $1.93 $1.77 $1.49 -$0.76 -$0.65 $0.09 $1.47 $1.88 $2.08
S&P 600 Materials 488.16 -$0.23 $4.77 $4.26 -$3.57 $0.01 $2.89 $3.75 $3.17 $2.85
S&P 600 Communication Services 2.73 $0.07 $0.49 $0.12 -$0.22 $0.07 -$0.01 $0.03 $0.02 $0.03
S&P 600 Utilities 1086.00 $10.21 $2.25 $3.73 $8.26 $9.93 $2.26 $2.15 $8.92 $11.21
S&P Composite 1500 726.88 $3.74 $3.86 $3.60 -$0.08 $2.13 $3.05 $3.49 $3.80 $4.27
S&P Composite 1500 Consumer Discretionary 878.79 $2.35 $1.68 $1.12 -$0.28 $0.52 $2.45 $3.19 $3.90 $3.72
S&P Composite 1500 Consumer Staples 672.29 $4.13 $4.40 $4.80 $4.30 $4.00 $4.75 $5.02 $5.12 $4.52
S&P Composite 1500 Energy 442.55 $12.59 $14.04 $21.87 $2.30 -$0.50 $4.74 $6.16 $6.37 $8.82
S&P Composite 1500 Financials 556.75 -$0.39 -$0.78 -$5.08 -$13.36 $0.50 $1.11 $1.27 $1.63 $3.64
S&P Composite 1500 Health Care 1228.14 $5.88 $6.23 $6.03 $5.51 $6.10 $6.34 $6.67 $6.12 $6.75
S&P Composite 1500 Industrials 741.73 $5.11 $6.04 $5.59 $4.52 $3.00 $3.78 $3.38 $4.14 $3.69
S&P Composite 1500 Information Technology 1587.10 $4.49 $4.64 $4.41 $2.41 $2.68 $3.55 $4.47 $6.39 $5.54
S&P Composite 1500 Materials 405.14 $4.31 $4.99 $3.69 -$3.66 $1.06 $1.90 $2.47 $2.24 $3.12
S&P Composite 1500 Communication Services 178.08 $2.12 $2.28 $1.99 $1.87 $1.95 $1.87 $1.76 $1.59 $1.89
S&P Composite 1500 Utilities 364.69 $3.58 $2.65 $4.13 $2.65 $3.25 $2.61 $4.00 $2.56 $3.85
S&P Composite 1500 Real Estate (proforma pre-9/19/16 221.67
As Reported Earnings Per Share by Economic Sector

INDEX NAME Price 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1
S&P 500 3168.57 $15.54 $12.86 $9.73 -$23.25 $7.52 $13.51 $14.76 $15.18 $17.48
S&P 500 Consumer Discretionary 963.02 $2.03 -$3.28 -$1.18 -$11.28 $0.45 $3.14 $3.11 $3.79 $3.81
S&P 500 Energy 445.40 $12.09 $13.12 $19.70 -$9.76 -$0.27 $4.20 $5.89 $6.19 $8.27
S&P 500 Financials 510.03 -$0.81 -$2.53 -$10.71 -$23.91 -$0.25 $1.95 $1.18 -$0.27 $3.49
S&P 500 Health Care 1165.00 $5.58 $5.71 $5.18 $2.62 $5.89 $6.09 $6.73 $6.90 $5.41
S&P 500 Industrials 688.12 $4.94 $5.53 $5.22 $1.93 $2.45 $3.28 $2.88 $3.94 $3.32
S&P 500 Information Technology 1556.93 $4.16 $4.82 $3.82 $0.02 $1.53 $2.99 $4.29 $6.26 $5.39
S&P 500 Materials 380.66 $4.27 $4.52 $2.95 -$11.16 $0.82 $1.18 $2.41 $1.47 $2.69
S&P 500 Utilities 316.92 $3.32 $2.82 $3.78 $1.69 $2.37 $2.40 $3.47 $4.12 $3.04
S&P 500 Real Estate (proforma pre-9/19/16) 231.30 $1.24 $0.89 $0.72 -$2.04 $0.69 $0.09 $0.26 -$0.21 $0.23
S&P 400 2036.63 $8.94 $7.23 $6.42 -$17.92 -$1.98 $6.11 $7.85 $8.56 $8.70
S&P 400 Consumer Discretionary 792.94 $0.80 $1.16 -$2.73 -$5.56 $1.60 $1.53 $3.26 $4.57 $3.48
S&P 400 Energy 228.98 $13.50 $12.95 $30.08 -$58.80 -$21.74 $2.30 $7.39 $3.76 $10.40
S&P 400 Financials 1035.39 $4.53 -$0.24 $0.40 -$5.68 $3.03 $4.09 $3.21 $3.81 $3.51
S&P 400 Health Care 2048.06 $4.21 $5.61 $3.23 -$0.97 -$7.01 $4.11 $4.16 $4.95 $4.12
S&P 400 Industrials 1140.99 $4.52 $5.73 $1.71 -$3.00 -$1.65 $2.80 $3.36 $3.63 $3.64
S&P 400 Information Technology 3005.81 $8.30 $3.35 $6.08 -$52.81 -$4.23 $5.08 $5.80 $9.44 $9.11
S&P 400 Materials 473.39 $3.53 $3.95 $4.21 -$3.72 $1.00 $2.42 $2.87 $2.23 $2.01
S&P 400 Communication Services 168.80 $2.81 $3.78 $4.34 -$4.64 $3.31 $3.20 $2.40 $0.94 $1.66
S&P 400 Utilities 592.57 $4.84 $2.16 $5.01 $2.43 $3.12 $2.65 $4.43 $3.05 $5.99
S&P 600 1009.59 $3.12 $1.61 $0.25 -$11.31 -$1.92 $0.69 $1.45 $2.04 $3.00
S&P 600 Consumer Discretionary 588.51 $0.86 -$3.30 -$5.08 -$15.62 -$0.95 -$0.85 $1.80 $1.38 $2.21
S&P 600 Consumer Staples 1822.94 $2.54 $1.69 -$7.49 $3.00 $3.17 $6.25 $5.09 -$8.88 $3.41
S&P 600 Energy 249.11 $15.83 $20.05 $32.11 -$70.70 -$9.48 $2.26 $4.69 -$1.44 $8.93
S&P 600 Financials 1104.05 $1.87 $0.26 -$6.49 -$16.74 -$6.92 -$1.54 -$7.26 $0.53 $1.49
S&P 600 Health Care 3100.35 $4.39 $3.57 $5.03 $2.65 $3.03 $5.78 $5.87 $5.75 $5.60
S&P 600 Industrials 1186.07 $5.71 $7.73 $7.10 -$5.25 -$0.42 $3.25 $3.76 $2.43 $2.41
S&P 600 Information Technology 825.82 $1.18 $0.32 $0.28 -$6.23 -$2.64 -$0.92 $0.99 $1.53 $1.82
S&P 600 Materials 488.16 -$0.50 $0.66 $0.97 -$17.01 -$5.77 $1.91 $4.89 $2.91 $2.53
S&P 600 Communication Services 2.73 $0.05 $0.20 -$0.19 -$0.60 -$0.02 -$0.02 $0.03 $0.01 $0.03
S&P 600 Utilities 1086.00 $10.19 $2.22 $3.67 $8.10 $10.12 $2.29 $2.02 $9.61 $10.99
S&P Composite 1500 726.88 $3.47 $2.84 $2.15 -$5.51 $1.40 $2.92 $3.24 $3.36 $3.86
S&P Composite 1500 Consumer Discretionary 878.79 $1.73 -$2.67 -$1.53 -$10.30 $0.44 $2.54 $2.85 $3.49 $3.46
S&P Composite 1500 Consumer Staples 672.29 $3.79 $3.60 $4.50 $2.61 $3.56 $4.41 $4.57 $4.35 $4.10
S&P Composite 1500 Energy 442.55 $12.47 $13.61 $20.84 -$12.75 -$1.30 $4.25 $6.13 $6.24 $8.64
S&P Composite 1500 Financials 556.75 -$0.48 -$2.36 -$10.08 -$22.96 -$0.23 $2.00 $1.10 -$0.04 $3.49
S&P Composite 1500 Health Care 1228.14 $5.35 $5.55 $4.96 $2.36 $4.89 $5.84 $6.42 $6.61 $5.23
S&P Composite 1500 Industrials 741.73 $4.90 $5.60 $4.93 $1.23 $1.96 $3.22 $2.94 $3.84 $3.29
S&P Composite 1500 Information Technology 1587.10 $4.14 $4.53 $3.72 -$1.95 $1.11 $2.85 $4.19 $6.17 $5.36
S&P Composite 1500 Materials 405.14 $4.06 $4.38 $3.15 -$10.29 $0.62 $1.44 $2.62 $1.65 $2.63
S&P Composite 1500 Communication Services 178.08 $1.89 $2.21 $1.93 $0.90 $1.78 $1.79 $1.60 $0.66 $0.93
S&P Composite 1500 Utilities 364.69 $3.71 $2.73 $3.97 $1.93 $2.65 $2.49 $3.63 $4.22 $3.53
S&P Composite 1500 Real Estate (proforma pre-9/19/16 221.67
Notes:
Actual As Reported Diluted earnings, sometimes called Generally Accepted Accounting Principal (GAAP) earnings, is income from continuing operations. It exclud
discontinued and extraordinary income. Both of these terms are defined by Financial Standards Accounting Board (FASB) under GAAP. As Reported earnings repr
longest monitored earnings series available today.
Actual Operating Basic earnings then excludes 'unusual' items from that value. Operating income is not defined under GAAP by FASB. This permits individual com
interpret what is and what is not 'unusual'. The result is a varied interpretation of items and charges, where the same specific type of charge may be included in Op
for one company and omitted from another. S&P reviews all earnings to insure compatibility across company and industry groups.
The bottom-up earnings estimates are based on the Capital IQ consensus forecast.
The current As Reported reporting quarter consists of actually-reported earnings extrapolated if at least 70% of the market value has reported.
The current Operating reporting quarter consists of actually-reported earnings and Capital IQ consensus estimates.
Historical annual P/Es are based on the year-end price.
Estimated P/Es are based on the current price, unless otherwise noted.
E - estimate, P - preliminary
2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 2014 Q2
$20.90 $21.56 $21.93 $22.56 $24.86 $25.29 $23.73 $24.24 $25.43 $24.00 $23.15 $25.77 $26.36 $26.92 $28.25 $27.32 $29.34
$4.63 $4.43 $5.05 $4.67 $5.38 $5.18 $5.58 $4.91 $5.30 $5.73 $6.33 $5.55 $6.35 $6.53 $6.69 $6.15 $6.95
$4.81 $5.01 $5.26 $4.92 $5.39 $5.51 $5.56 $5.06 $5.48 $5.73 $6.33 $5.43 $5.78 $6.17 $6.57 $5.55 $6.32
$9.29 $8.39 $9.10 $10.81 $12.98 $14.11 $10.04 $11.52 $12.21 $10.13 $10.45 $11.18 $11.49 $10.26 $9.42 $11.70 $11.94
$3.81 $3.92 $3.43 $3.75 $3.95 $4.48 $4.05 $3.93 $4.38 $4.27 $3.86 $5.21 $5.44 $5.15 $5.27 $5.50 $5.84
$7.23 $7.44 $7.15 $7.70 $8.27 $7.70 $7.40 $8.35 $8.02 $7.93 $7.23 $8.14 $8.19 $8.27 $7.83 $8.61 $9.54
$4.61 $4.85 $5.24 $4.56 $5.54 $5.44 $5.42 $5.48 $6.17 $5.75 $4.87 $5.48 $6.25 $6.52 $6.63 $5.86 $7.12
$6.11 $6.70 $7.90 $7.18 $7.69 $7.32 $9.26 $8.27 $8.14 $6.90 $9.38 $8.20 $7.50 $8.07 $9.81 $8.23 $8.52
$3.47 $3.25 $3.42 $4.96 $5.44 $3.92 $1.87 $4.23 $4.46 $3.19 $2.79 $4.48 $3.14 $3.38 $3.03 $4.43 $4.49
$1.98 $1.84 $1.63 $1.91 $1.78 $1.95 $1.21 $1.90 $2.29 $2.09 -$2.90 $2.10 $2.16 $2.49 $5.58 $2.82 $2.92
$2.66 $4.11 $2.16 $3.15 $2.87 $4.13 $2.32 $2.98 $2.68 $3.66 $2.65 $2.54 $2.88 $4.13 $2.58 $3.32 $2.64
$0.44 $0.65 -$0.16 $0.44 $0.59 $0.73 $0.73 $0.97 $0.59 $0.84 $0.73 $0.84 $0.86 $0.79 $0.82 $0.92 $1.14
$10.93 $11.82 $11.94 $10.65 $13.07 $13.23 $13.36 $12.84 $13.74 $14.13 $13.82 $13.29 $15.00 $15.60 $16.11 $13.66 $16.76
$4.43 $4.40 $5.35 $3.66 $4.66 $4.41 $7.01 $5.10 $5.66 $5.88 $7.76 $5.56 $6.57 $6.58 $8.17 $4.66 $7.07
$9.47 $10.41 $11.83 $11.55 $11.24 $11.37 $11.93 $10.97 $11.78 $14.07 $14.53 $9.83 $12.61 $16.50 $16.34 $14.76 $12.73
$7.92 $8.12 $4.70 $6.91 $12.87 $17.83 $9.10 $10.90 $7.93 $5.54 $6.10 $8.54 $11.77 $6.18 $6.50 $8.62 $9.13
$4.59 $4.95 $6.00 $3.49 $6.20 $4.47 $6.20 $6.76 $6.26 $7.22 $7.38 $7.52 $7.10 $7.28 $8.88 $8.12 $9.27
$5.11 $5.21 $5.80 $5.28 $6.57 $8.50 $8.16 $6.86 $7.55 $7.53 $7.19 $7.23 $8.36 $6.85 $8.16 $8.64 $10.01
$5.87 $6.16 $5.55 $5.37 $6.88 $7.55 $7.37 $6.83 $8.19 $8.70 $7.32 $7.22 $9.65 $9.92 $8.86 $7.60 $10.53
$12.08 $13.69 $16.57 $14.17 $14.66 $12.98 $12.18 $10.15 $13.95 $11.25 $12.07 $9.81 $11.06 $12.24 $14.62 $7.46 $12.41
$4.65 $4.07 $3.11 $4.29 $4.77 $3.34 $3.41 $4.53 $4.83 $3.59 $3.32 $4.15 $5.12 $6.14 $4.37 $4.22 $5.32
$6.84 $1.87 $1.49 $1.51 $2.69 $2.49 $0.54 $2.08 $1.86 $1.49 $0.08 $0.58 $0.31 $1.12 -$3.70 -$0.90 -$0.20
$2.41 $6.10 $3.58 $5.11 $3.05 $5.62 $3.45 $4.43 $3.86 $7.19 $4.24 $5.34 $4.08 $7.11 $4.99 $6.65 $4.02
$0.98 $0.90 $0.87 $1.26 $0.96 $1.48
$4.28 $4.86 $4.40 $4.74 $5.36 $5.26 $5.23 $5.28 $5.51 $5.58 $5.25 $5.81 $6.32 $6.28 $6.92 $5.90 $6.90
$2.66 $3.23 $1.98 $2.90 $3.17 $3.89 $3.14 $3.35 $4.06 $4.01 $2.73 $4.14 $4.78 $4.50 $4.41 $3.74 $4.34
$10.07 $7.75 $8.07 $6.94 $10.38 $9.46 $9.88 $12.39 $12.04 $11.92 $10.53 $12.80 $8.74 $12.86 $12.80 $10.34 $17.33
$11.79 $16.21 $7.01 $13.89 $21.51 $16.78 $8.98 $12.30 $2.78 $2.45 -$1.89 $8.67 $16.24 $9.62 -$2.18 $4.80 -$4.27
$2.20 $3.72 $2.24 $3.55 $4.72 $4.95 $6.26 $6.54 $6.50 $7.09 $7.70 $8.14 $8.74 $8.86 $8.77 $8.03 $9.52
$7.98 $7.76 $9.44 $7.89 $8.54 $9.64 $11.36 $8.38 $9.09 $10.04 $10.85 $7.98 $9.21 $11.51 $9.92 $8.31 $12.64
$5.98 $6.16 $5.97 $6.03 $7.09 $6.94 $6.11 $6.68 $7.56 $7.70 $7.74 $7.25 $8.34 $8.61 $8.42 $7.39 $8.96
$2.79 $3.27 $3.52 $2.60 $3.01 $2.50 $2.27 $1.63 $2.24 $2.31 $2.39 $1.97 $2.56 $2.66 $4.68 $2.42 $2.65
$4.20 $3.18 $2.71 $3.67 $4.97 $4.18 $2.91 $3.61 $5.64 $4.00 $1.12 $3.17 $3.46 $1.99 $3.41 $2.41 $5.29
$0.04 $0.04 $0.02 $0.04 $0.04 $0.04 $0.02 $0.04 $0.04 $0.03 -$0.01 $0.02 $0.03 $0.03 $0.00 $0.01 $0.18
$3.26 $4.71 $8.47 $12.27 $4.52 $3.57 $9.90 $11.70 $3.19 $4.01 $10.18 $11.92 $4.86 $3.71 $9.99 $15.60 $4.01
$0.91 $1.25 $1.16 $1.00 $1.04 $1.61
$4.65 $4.82 $4.89 $4.99 $5.55 $5.63 $5.32 $5.41 $5.69 $5.41 $5.22 $5.75 $5.93 $6.06 $6.37 $6.09 $6.61
$4.23 $4.09 $4.61 $4.21 $4.89 $4.74 $5.23 $4.56 $4.96 $5.32 $5.88 $5.16 $5.92 $6.06 $6.30 $5.58 $6.44
$4.99 $5.19 $5.46 $5.11 $5.60 $5.71 $5.77 $5.27 $5.70 $5.98 $6.58 $5.63 $5.99 $6.45 $6.86 $5.81 $6.60
$9.60 $8.76 $9.30 $11.12 $13.53 $14.81 $10.39 $11.94 $12.45 $10.29 $10.58 $11.47 $11.96 $10.49 $9.58 $11.96 $12.20
$3.86 $4.01 $3.57 $3.78 $4.12 $4.54 $4.25 $4.17 $4.56 $4.52 $4.16 $5.43 $5.63 $5.37 $5.56 $5.72 $6.12
$6.99 $7.17 $7.00 $7.43 $8.07 $7.71 $7.46 $8.20 $7.95 $7.90 $7.26 $8.05 $8.19 $8.26 $7.87 $8.60 $9.60
$4.75 $4.99 $5.26 $4.66 $5.69 $5.66 $5.60 $5.62 $6.38 $6.06 $5.18 $5.68 $6.61 $6.88 $6.88 $6.07 $7.47
$6.18 $6.80 $8.02 $7.22 $7.73 $7.31 $9.07 $8.06 $8.08 $6.86 $9.18 $8.00 $7.43 $7.98 $9.80 $7.98 $8.42
$3.72 $3.42 $3.40 $4.90 $5.39 $3.92 $2.15 $4.31 $4.62 $3.33 $2.83 $4.45 $3.47 $3.74 $3.27 $4.39 $4.71
$2.04 $1.82 $1.60 $1.89 $1.78 $1.94 $1.19 $1.88 $2.26 $2.06 -$2.82 $2.05 $2.11 $2.44 $5.36 $2.73 $2.92
$2.74 $4.45 $2.46 $3.58 $3.01 $4.40 $2.63 $3.36 $2.89 $4.09 $3.01 $3.02 $3.13 $4.53 $3.00 $3.92 $2.88
$0.84 $0.86 $0.81 $0.90 $0.90 $1.20
$19.68 $19.52 $20.67 $21.44 $22.24 $22.63 $20.64 $23.03 $21.62 $21.21 $20.65 $24.22 $24.87 $24.63 $26.48 $24.87 $27.14
$4.36 $3.95 $4.54 $4.40 $5.02 $4.76 $8.18 $4.73 $4.79 $5.49 $6.21 $5.63 $5.96 $5.92 $6.79 $5.80 $6.37
$4.64 $4.50 $5.96 $4.71 $5.08 $4.97 $4.26 $4.62 $5.16 $5.26 $5.91 $5.04 $5.56 $6.42 $5.67 $4.95 $5.75
$9.74 $8.50 $9.03 $10.72 $12.53 $11.89 $9.65 $11.71 $13.38 $9.80 $9.59 $10.76 $11.71 $10.11 $9.24 $9.98 $11.41
$3.44 $2.40 $3.44 $3.60 $2.48 $4.32 $3.68 $3.97 $4.14 $3.73 $3.72 $4.71 $5.28 $4.27 $4.67 $4.88 $5.15
$6.17 $5.62 $5.26 $6.53 $7.11 $6.39 $5.28 $7.19 $5.48 $6.71 $5.71 $7.06 $6.96 $7.05 $6.36 $7.47 $8.60
$4.48 $4.58 $4.71 $4.61 $5.36 $5.12 $5.08 $5.39 $5.96 $5.15 $3.97 $5.47 $5.72 $6.16 $8.03 $5.50 $6.69
$5.83 $6.58 $7.76 $6.93 $7.29 $6.24 $8.60 $7.81 $4.31 $5.95 $9.17 $7.92 $7.16 $7.96 $9.36 $7.81 $8.10
$3.24 $4.00 $2.83 $4.66 $5.06 $3.89 $0.94 $3.83 $4.13 $2.04 $1.18 $4.15 $3.51 $2.10 $1.63 $4.30 $4.27
$1.36 $4.34 $1.11 $1.79 $1.71 $1.79 -$3.43 $1.74 $1.74 $1.88 -$3.42 $2.06 $1.85 $2.11 $5.06 $3.27 $3.01
$2.84 $3.09 $2.07 $2.83 $3.14 $3.74 $1.44 $2.33 $2.47 $2.72 $1.61 $2.01 $2.03 $3.73 $1.99 $2.62 $2.44
$0.42 $0.45 -$0.33 $0.50 $0.46 $0.69 $0.71 $0.97 $0.58 $0.80 $0.73 $0.73 $1.01 $0.74 $0.68 $0.93 $1.08
$9.22 $11.21 $10.01 $10.06 $11.90 $10.22 $10.27 $11.26 $11.94 $12.41 $10.07 $12.05 $13.70 $13.36 $13.73 $12.05 $15.04
$4.07 $4.26 $3.96 $3.24 $3.85 $3.98 $6.40 $4.91 $4.57 $6.20 $6.41 $4.88 $6.15 $6.31 $8.56 $3.72 $5.37
$9.02 $9.80 $11.18 $10.91 $9.35 $2.87 $11.86 $10.52 $11.73 $8.40 $14.77 $9.05 $9.84 $20.87 $13.85 $12.81 $10.84
$7.99 $7.77 $6.46 $7.11 $11.92 $12.63 $8.79 $9.33 -$1.62 $3.21 $0.96 $8.04 $10.82 $2.03 $2.12 $10.07 $8.09
$4.32 $4.81 $5.92 $3.37 $5.87 $4.33 $5.70 $5.94 $5.90 $7.25 $7.03 $7.61 $6.71 $7.05 $8.48 $8.60 $8.89
$3.66 $3.44 $3.34 $4.64 $5.82 $7.44 $6.68 $4.24 $6.18 $6.16 $3.41 $4.61 $7.12 -$1.10 $2.83 $3.56 $8.52
$5.67 $5.74 $3.81 $5.19 $6.38 $4.79 $4.55 $6.43 $7.66 $6.83 $2.16 $6.53 $8.76 $9.57 $7.49 $6.61 $10.17
$4.45 $14.44 $15.04 $12.98 $13.99 $10.76 $1.72 $8.67 $14.84 $9.94 $11.53 $7.27 $9.10 $9.22 $9.09 $5.19 $10.08
$4.51 $4.32 $2.99 $4.19 $4.17 $1.18 $3.35 $3.79 $4.15 $2.77 $3.39 $4.20 $4.64 $5.73 $4.63 $3.20 $4.65
$5.93 $1.81 $0.88 $1.51 $2.89 $2.40 $0.31 $2.08 $1.80 $1.49 -$0.70 $0.45 $4.94 -$0.61 $0.32 $0.84 -$0.29
$2.44 $5.64 $3.07 $5.09 $2.93 $5.73 $3.98 $4.34 $3.74 $6.61 $3.50 $5.33 $3.99 $6.59 $4.90 $6.61 $3.96
$1.10 $0.85 $0.86 $1.21 $1.52 $1.50
$3.29 $4.07 $3.62 $4.10 $4.61 $3.59 $3.38 $4.73 $3.72 $4.58 $3.30 $4.68 $5.34 $5.54 $5.37 $4.85 $5.44
$2.01 $2.96 $1.40 $2.42 $2.68 $3.45 $2.50 $3.21 $3.01 $4.53 -$0.17 $3.52 $4.94 $4.45 $2.96 $3.00 $3.19
$6.20 $6.46 $5.79 $5.91 $9.51 $9.05 $9.33 $11.41 $9.21 $11.10 $9.78 $12.77 $5.59 $9.02 $9.24 $4.35 $16.11
$11.55 $15.00 $6.40 $11.84 $20.34 $15.72 $8.33 $10.95 $1.90 $3.97 -$4.48 $7.90 $10.17 $4.70 -$8.17 $4.91 -$5.70
$0.83 $2.30 $1.43 $3.35 $3.18 $4.63 $5.27 $5.95 $5.17 $6.94 $7.53 $7.43 $7.77 $8.77 $7.99 $7.60 $9.21
$7.20 $5.73 $8.32 $5.35 $6.25 -$5.45 $2.98 $6.92 $8.05 $7.55 $7.49 $0.83 $7.20 $6.48 $1.20 $6.51 $8.59
$4.00 $4.62 $3.88 $5.62 $6.69 $6.24 $4.84 $6.19 $6.64 $2.95 $7.54 $6.72 $6.55 $8.82 $7.63 $6.66 $6.74
$2.26 $3.21 $3.08 $2.27 $2.78 $1.86 $0.82 $1.14 $1.54 $1.87 -$0.06 $1.61 $1.72 $2.06 $3.94 $1.28 $1.84
$4.04 $2.73 $3.63 $2.39 $4.74 $3.05 $0.01 $2.92 -$3.02 $3.08 -$0.17 $1.25 $3.17 $1.16 $3.19 $1.41 $3.30
$0.04 $0.05 $0.05 $0.06 $0.03 $0.04 -$0.05 $0.03 $0.03 $0.03 -$0.08 -$0.01 $0.02 $0.02 -$0.02 $0.01 $0.10
$3.10 $4.08 $8.21 $12.20 $4.29 $3.10 $9.84 $11.56 $3.12 $3.59 $10.71 $11.84 $4.78 $3.52 $9.90 $15.33 $3.78
$0.87 $1.05 $1.25 $0.96 $0.95 $1.59
$4.33 $4.37 $4.56 $4.73 $4.96 $4.97 $4.57 $5.11 $4.82 $4.77 $4.56 $5.38 $5.57 $5.52 $5.91 $5.52 $6.08
$3.94 $3.69 $4.05 $3.94 $4.51 $4.34 $7.26 $4.39 $4.40 $5.18 $5.54 $5.14 $5.59 $5.53 $6.33 $5.19 $5.78
$4.79 $4.66 $6.13 $4.88 $5.26 $5.04 $4.48 $4.82 $5.36 $5.43 $6.16 $5.24 $5.71 $6.74 $5.91 $5.15 $6.01
$10.04 $8.84 $9.28 $11.02 $13.05 $12.39 $9.98 $12.07 $13.25 $9.88 $9.51 $11.03 $12.11 $10.15 $9.20 $10.32 $11.62
$3.47 $2.54 $3.56 $3.63 $2.69 $4.37 $3.85 $4.16 $4.30 $4.01 $4.00 $4.95 $5.44 $4.54 $4.96 $5.16 $5.46
$5.93 $5.38 $5.13 $6.28 $6.93 $6.13 $5.29 $6.95 $5.53 $6.65 $5.60 $6.79 $6.96 $6.68 $6.12 $7.27 $8.59
$4.54 $4.66 $4.57 $4.68 $5.48 $5.12 $5.00 $5.49 $6.11 $5.20 $3.90 $5.59 $6.01 $6.54 $7.99 $5.63 $7.00
$5.66 $6.71 $7.82 $6.94 $7.32 $6.21 $8.07 $7.56 $4.52 $5.91 $8.83 $7.64 $7.01 $7.76 $9.19 $7.46 $7.92
$3.49 $4.07 $2.93 $4.59 $4.99 $3.56 $1.22 $3.85 $3.88 $2.21 $1.42 $4.09 $3.70 $2.57 $2.11 $4.11 $4.35
$1.42 $4.24 $1.10 $1.78 $1.71 $1.79 -$3.35 $1.73 $1.72 $1.85 -$3.36 $2.00 $1.86 $2.05 $4.90 $3.18 $2.96
$2.91 $3.44 $2.33 $3.28 $3.25 $4.03 $1.84 $2.73 $2.68 $3.14 $1.97 $2.50 $2.31 $4.11 $2.42 $3.23 $2.68
$0.80 $0.93 $0.78 $0.80 $1.02 $1.17
ons. It excludes both

arnings represent the
dividual companies to
ncluded in Operating earnings
$29.60 $26.75 $25.81 $26.14 $25.44 $23.06 $23.97 $25.70 $28.69 $27.90 $28.82 $30.51 $31.33 $33.85 $36.54 $38.65 $41.38
$6.90 $7.70 $6.41 $7.61 $8.08 $8.34 $7.70 $8.56 $8.54 $8.50 $8.05 $8.71 $8.86 $9.62 $9.21 $10.47 $10.49
$6.44 $5.85 $5.71 $6.38 $6.23 $6.00 $5.71 $6.30 $6.79 $6.53 $5.99 $6.72 $7.17 $7.43 $6.77 $7.63 $7.82
$12.56 $6.74 -$0.48 -$0.51 -$4.52 -$8.20 -$2.71 -$2.06 $0.87 $0.41 $3.88 $2.75 $3.73 $2.93 $6.30 $6.66 $8.44
$5.70 $4.92 $6.18 $5.82 $5.97 $5.03 $5.47 $5.46 $7.00 $5.86 $6.83 $6.98 $6.14 $6.64 $7.88 $9.11 $9.92
$8.98 $8.65 $10.15 $9.68 $9.59 $9.30 $10.49 $10.94 $10.69 $10.32 $10.52 $11.78 $11.37 $11.42 $12.15 $12.49 $13.14
$7.07 $6.77 $6.21 $6.96 $7.73 $7.09 $5.88 $7.14 $7.50 $6.55 $6.37 $8.02 $8.05 $7.85 $8.93 $9.70 $9.83
$8.66 $11.59 $9.15 $8.86 $8.98 $10.99 $8.03 $8.27 $9.23 $12.45 $10.30 $10.81 $12.20 $17.28 $15.30 $14.59 $16.69
$3.91 $3.02 $3.09 $3.79 $1.25 $0.35 $1.67 $4.91 $3.73 $2.71 $4.62 $4.89 $4.10 $3.57 $5.49 $6.63 $5.16
$2.75 -$1.28 $2.90 $2.94 $2.86 $3.46 $2.80 $1.92 $2.60 $2.54 $2.70 $2.80 $2.74 $1.94 $3.59 $3.90 $2.12
$4.52 $2.74 $3.84 $2.97 $4.28 $0.16 $3.66 $2.68 $4.93 $2.40 $3.75 $3.06 $4.66 $3.06 $4.45 $3.49 $5.13
$1.25 $2.03 $1.50 $1.35 $1.29 $1.31 $2.55 $1.51 $1.48 $1.83 $1.37 $1.29 $1.56 $1.38 $1.49 $1.45 $1.68
$13.09 $15.36 $14.34 $14.83 $15.81 $10.50 $13.28 $16.38 $18.63 $16.25 $17.81 $19.79 $18.23 $22.29 $22.30 $25.06 $27.42
$7.20 $11.27 $6.15 $7.60 $8.52 $10.40 $7.64 $8.64 $9.92 $11.77 $8.18 $10.36 $11.33 $12.55 $10.34 $12.01 $13.36
$14.02 $14.95 $17.03 $18.88 $18.30 $17.51 $16.44 $18.10 $17.61 $18.25 $16.63 $18.21 $20.60 $18.13 $23.31 $20.91 $21.38
$13.64 -$3.72 -$2.97 -$20.80 -$9.66 -$66.01 -$16.38 -$11.31 -$3.00 -$22.41 $0.29 $1.83 -$7.16 $3.44 $2.90 -$5.06 $0.21
$9.67 $9.32 $8.81 $9.56 $8.76 $9.21 $9.34 $9.63 $12.66 $13.19 $14.04 $14.20 $9.43 $14.13 $15.40 $19.37 $18.17
$9.31 $10.62 $10.03 $12.87 $13.95 $13.08 $12.51 $13.98 $11.86 $11.56 $12.65 $9.28 $16.28 $13.41 $14.67 $22.42 $20.78
$10.78 $7.32 $7.95 $11.19 $10.87 $9.79 $8.32 $11.47 $11.41 $8.98 $8.64 $12.38 $13.11 $11.55 $11.20 $14.58 $15.63
$12.87 $14.58 $9.53 $12.05 $11.77 $14.08 $9.23 $14.71 $16.96 $18.78 $15.52 $18.72 $20.19 $20.26 $18.95 $21.82 $28.12
-$11.53 $1.61 $4.57 $4.52 $3.66 $3.18 $2.86 $5.58 $5.02 $4.42 $5.53 $7.42 $7.43 $7.09 $7.30 $11.23 $10.52
-$2.81 $14.58 $2.18 $4.26 -$0.09 $0.64 $2.27 $0.73 -$0.45 -$2.24 -$3.80 -$3.43 -$1.91 $1.86 $1.59 $2.16
$7.14 $4.89 $6.40 $3.98 $6.25 $4.53 $6.74 $3.99 $6.59 $7.03 $7.72 $3.99 $6.70 $7.76 $8.54 $4.57 $6.10
$1.72 $1.64 $1.52 $1.75 $1.68 $1.58 $1.75 $1.78 $2.27 $2.30 $1.72 $1.74 $1.42 $2.40 $2.30 $2.66 $2.88
$6.78 $7.20 $4.93 $5.45 $4.59 $4.69 $5.36 $6.64 $7.14 $6.47 $7.19 $7.70 $7.85 $8.45 $9.14 $10.07 $10.06
$5.01 $5.72 $4.55 $5.25 $5.76 $4.76 $5.35 $5.95 $5.49 $7.08 $4.31 $5.55 $5.05 $9.13 $6.05 $8.82 $8.18
$16.73 $20.46 $18.36 $17.24 $17.62 $23.85 $22.19 $18.74 $19.49 $15.68 $13.11 $20.30 $12.85 $17.56 $27.71 $15.84 $6.83
-$28.84 -$39.21 -$60.98 -$63.35 -$94.57 -$88.61 -$43.37 -$35.56 -$20.48 -$19.59 -$6.24 -$1.60 -$7.49 -$5.17 $0.11 -$9.74 $3.26
$10.05 $10.61 $8.09 $9.38 $9.25 $10.20 $9.97 $11.17 $12.18 $12.72 $13.96 $12.51 $11.91 $15.40 $17.49 $18.04 $15.74
$10.92 $14.97 $9.72 $10.90 $9.09 $11.03 $7.13 $7.65 $0.96 -$1.87 -$1.38 -$0.13 $9.58 -$12.65 $7.97 $10.64 $0.40
$8.84 $9.05 $8.22 $10.07 $9.70 $8.95 $7.96 $11.09 $11.17 $6.89 $9.65 $10.51 $12.46 $11.62 $10.51 $14.24 $15.57
$4.10 $3.81 $2.67 $3.76 $4.48 $4.29 $2.51 $3.91 $5.04 $5.49 $4.83 $5.44 $5.99 $6.85 $5.12 $5.39 $5.19
$6.25 $4.84 $2.84 $2.59 $4.18 $0.70 $3.21 $5.18 $7.05 $3.65 $5.91 $6.09 $5.86 $5.37 $6.57 $8.08 $7.39
-$0.01 $0.00 $0.02 $0.02 $0.03 $0.01 $0.02 $0.02 $0.02 $0.01 -$0.01 $0.01 $0.01 -$0.01 -$0.01 -$0.02 -$0.01
$3.41 $13.75 $14.81 $3.76 $3.65 $12.91 $13.80 $4.17 $7.43 $10.27 $13.87 $6.60 $5.02 $10.72 $17.70 $8.07 $2.91
$1.91 $1.87 $1.06 $1.31 $1.39 $1.76 $1.87 $2.11 $1.40 $1.53 $1.75 $1.66 $1.35 $1.36 $0.66 $1.55 $2.15
$6.57 $6.05 $5.78 $5.88 $5.74 $5.12 $5.39 $5.85 $6.54 $6.31 $6.55 $6.96 $7.10 $7.73 $8.30 $8.83 $9.45
$6.44 $7.42 $5.94 $7.07 $7.54 $7.85 $7.15 $7.96 $8.00 $8.17 $7.42 $8.17 $8.33 $9.25 $8.61 $9.92 $10.05
$6.74 $6.17 $6.04 $6.73 $6.57 $6.35 $6.04 $6.64 $7.14 $6.86 $6.30 $7.07 $7.53 $7.78 $7.21 $8.00 $8.15
$12.74 $6.18 -$1.16 -$1.89 -$5.79 -$11.59 -$3.86 -$2.94 $0.47 -$0.90 $3.71 $2.73 $2.96 $2.93 $6.20 $5.76 $8.08
$6.03 $5.30 $6.39 $6.13 $6.22 $5.39 $5.81 $5.84 $7.53 $6.45 $7.45 $7.58 $6.56 $7.30 $8.59 $9.96 $10.65
$9.03 $8.84 $10.18 $9.85 $9.78 $9.51 $10.59 $11.07 $10.71 $10.29 $10.54 $11.68 $11.62 $11.29 $12.37 $12.97 $13.48
$7.45 $6.91 $6.44 $7.42 $8.07 $7.39 $6.16 $7.63 $7.95 $6.77 $6.68 $8.46 $8.61 $8.29 $9.22 $10.27 $10.50
$8.64 $11.39 $8.95 $8.82 $8.96 $10.90 $7.92 $8.37 $9.37 $12.49 $10.35 $10.95 $12.34 $17.20 $15.24 $14.65 $16.75
$1.93 $2.94 $3.34 $3.91 $1.72 $0.76 $1.92 $5.09 $4.11 $3.02 $4.88 $5.36 $4.66 $4.15 $5.88 $7.41 $6.04
$2.67 -$1.26 $2.90 $2.91 $2.83 $3.40 $2.75 $1.90 $2.57 $2.49 $2.61 $2.70 $2.65 $1.86 $3.49 $3.79 $2.10
$4.91 $3.20 $4.38 $3.19 $4.61 $0.68 $4.21 $2.93 $5.38 $2.95 $4.36 $3.36 $5.10 $3.66 $5.13 $3.86 $5.58
$1.35 $1.84 $1.40 $1.37 $1.32 $1.35 $2.26 $1.53 $1.56 $1.83 $1.40 $1.33 $1.47 $1.49 $1.52 $1.59 $1.84
$27.47 $22.83 $21.81 $22.80 $23.22 $18.70 $21.72 $23.28 $25.39 $24.16 $27.46 $27.01 $28.45 $26.96 $33.02 $34.05 $36.36
$6.56 $8.36 $5.89 $6.89 $7.28 $8.68 $7.01 $7.74 $7.14 $7.16 $7.78 $8.13 $7.95 $13.75 $7.81 $9.71 $7.88
$5.49 $4.81 $5.02 $5.49 $6.96 $5.03 $5.69 $6.08 $6.00 $8.51 $5.35 $6.01 $6.48 $7.57 $6.80 $5.99 $7.70
$11.69 $2.15 -$1.80 -$1.50 -$6.01 -$14.21 -$4.98 -$4.98 -$0.16 -$2.42 $4.25 $0.61 $3.51 $9.55 $5.38 $6.06 $8.67
$4.98 $4.09 $5.97 $5.69 $5.65 $4.60 $5.28 $5.38 $6.80 $5.54 $6.62 $6.65 $6.07 $5.75 $7.83 $8.89 $9.83
$7.47 $8.09 $7.82 $8.38 $8.00 $7.08 $9.92 $9.61 $8.34 $6.92 $10.35 $9.79 $8.02 $1.02 $10.46 $8.31 $12.33
$6.72 $6.45 $2.55 $6.46 $7.64 $6.19 $5.12 $6.93 $7.13 $5.78 $5.75 $7.47 $7.79 $5.18 $7.49 $9.03 $2.77
$9.23 $10.96 $8.66 $6.59 $8.44 $10.17 $7.53 $8.08 $8.69 $12.54 $9.48 $9.72 $11.64 $2.91 $13.08 $13.73 $15.83
$3.42 $1.11 $2.87 $3.31 $0.80 $0.01 $1.07 $4.95 $2.59 $1.65 $4.09 $4.39 $3.45 $3.65 $4.47 $5.70 $4.35
$2.62 -$2.22 $2.80 $2.74 $2.49 $4.21 $2.81 $1.49 $2.44 $2.41 $2.46 $2.90 $2.38 $13.66 $3.26 $3.31 $2.08
$4.27 $2.17 $3.67 $2.81 $3.45 -$0.96 $3.21 $2.00 $4.10 -$1.12 $3.97 $1.98 $4.33 $1.74 $5.38 $1.84 $4.63
$1.22 $2.00 $1.27 $1.36 $1.22 $1.17 $2.45 $1.46 $1.41 $1.83 $1.33 $1.17 $1.45 $1.27 $1.40 $1.40 $1.66
$9.31 $10.98 $11.23 $10.36 $7.31 $2.88 $10.52 $12.56 $15.71 $12.20 $15.70 $16.45 $15.99 $25.78 $19.73 $21.30 $22.08
$6.56 $11.71 $5.10 $5.71 $3.39 $4.52 $7.06 $8.07 $9.53 $11.00 $7.62 $9.37 $10.49 $11.95 $7.24 $10.78 $6.13
$6.74 $10.75 $3.51 $13.13 -$10.70 $14.47 $10.27 $16.07 $14.59 $8.15 $14.12 $10.89 $9.32 $25.33 $20.18 $16.81 $12.45
$12.48 -$13.51 -$3.39 -$30.73 -$34.73 -$70.31 -$16.88 -$11.23 -$4.47 -$25.97 -$2.12 $1.15 -$7.66 $7.40 $6.38 -$8.34 -$1.89
$7.40 $9.98 $8.25 $9.11 $8.51 $7.48 $8.95 $9.40 $12.23 $12.65 $13.63 $13.79 $8.76 $18.02 $15.01 $18.63 $17.61
$4.63 $6.35 $8.88 $10.98 $8.40 $11.20 $10.73 -$1.83 $10.39 $7.73 $10.35 $0.62 $8.80 $23.49 $11.12 $18.43 $16.55
$9.45 $1.86 $6.21 $10.70 $7.00 $6.34 $4.50 $10.16 $10.22 $5.48 $7.65 $11.98 $12.41 $19.94 $10.33 $12.02 $14.22
$10.72 $8.95 $5.04 $5.19 $9.87 $8.31 $6.71 $7.45 $11.44 $14.94 $12.14 $14.18 $24.24 $3.14 $10.41 $16.94 $19.65
-$14.16 -$0.28 $3.91 $2.21 $1.79 -$2.68 $2.66 $4.90 $1.82 $2.49 $4.86 $7.09 $6.36 $6.07 $6.10 $9.83 $9.93
-$1.62 $14.36 $1.91 $4.17 -$0.09 $0.64 $2.27 $1.00 -$0.45 -$4.37 -$31.48 -$11.02 $13.48 $1.80 $1.54 $2.04
$6.98 $4.82 $4.21 $1.75 $3.44 $2.15 $5.52 $3.69 $6.56 $6.59 $7.18 $3.59 $5.30 $10.45 $8.71 $4.09 $5.86
$1.66 $2.31 $1.46 $1.64 $1.76 $1.50 $1.73 $1.79 $2.15 $2.11 $1.67 $1.69 $1.21 $2.28 $2.18 $2.61 $2.73
$5.72 $4.78 $3.14 $3.89 $2.67 $0.09 $3.85 $5.19 $4.83 $3.16 $4.30 $5.37 $5.41 $3.48 $7.13 $7.22 $6.84
$3.90 $4.45 $4.31 $4.10 $2.66 -$2.18 $4.42 $6.58 $5.40 $3.64 -$0.94 $1.92 $3.31 $5.33 $5.05 $6.60 $4.10
$14.71 $19.32 $17.58 $16.28 $16.37 $18.55 $20.22 $17.63 $18.17 $12.70 $11.47 $15.75 -$0.75 $43.37 $23.72 $5.05 $14.23
-$28.15 -$47.57 -$61.66 -$64.60 -$105.99 -$118.08 -$49.67 -$36.67 -$22.98 -$22.06 -$6.53 -$1.58 -$11.66 $9.56 -$1.81 -$10.75 $3.41
$9.49 $10.66 $6.48 $7.64 $7.90 $10.17 $9.72 $10.53 $11.32 $11.56 $13.56 $11.62 $10.30 $10.27 $16.86 $17.04 $14.81
$7.80 $12.02 $5.87 $8.49 $9.69 $5.53 $2.72 $5.00 -$13.65 -$3.04 -$8.26 -$15.95 $2.44 -$56.41 -$3.31 -$0.65 -$16.95
$7.26 $4.61 $6.21 $7.87 $5.76 $3.27 $4.76 $6.35 $9.13 $0.75 $5.39 $9.80 $10.17 $13.78 $7.14 $11.81 $12.62
$3.62 $1.38 $2.13 $2.25 $4.23 $2.90 $1.29 $2.14 $3.55 $4.03 $4.00 $4.95 $4.23 -$0.46 $3.79 $2.99 $2.78
$4.91 $0.04 -$4.22 $0.97 $4.02 -$4.82 $3.12 $3.77 $1.27 -$2.77 $3.97 $5.20 $4.70 $8.57 $5.62 $5.59 $6.80
$0.01 -$0.04 $0.00 $0.08 $0.05 $0.02 $0.01 $0.03 $0.03 $0.00 $0.02 $0.01 -$0.01 -$0.34 -$0.01 -$0.03 -$0.09
$2.66 $13.52 $14.37 $3.58 $3.28 $11.89 $13.67 $4.09 $7.22 $10.68 $13.81 $6.83 $4.65 $5.84 $16.65 $0.97 $4.09
$1.86 $1.76 $0.94 $0.69 $0.88 $1.79 $2.09 $1.92 $1.41 $1.50 $1.72 $1.58 $1.33 $1.27 $0.67 $1.51 $2.16
$6.01 $5.08 $4.84 $5.04 $5.03 $3.93 $4.83 $5.23 $5.74 $5.37 $6.16 $6.11 $6.40 $6.27 $7.47 $7.73 $8.22
$6.06 $7.93 $5.43 $6.29 $6.40 $7.41 $6.50 $7.27 $6.81 $6.84 $6.90 $7.43 $7.44 $12.46 $7.20 $9.10 $7.12
$5.70 $5.08 $5.19 $5.76 $6.94 $5.31 $5.94 $6.40 $6.30 $8.74 $5.61 $6.26 $6.64 $8.10 $7.19 $6.26 $7.97
$11.84 $1.20 -$2.48 -$3.26 -$8.38 -$17.98 -$6.16 -$5.80 -$0.63 -$3.86 $3.94 $0.62 $2.66 $9.77 $5.53 $4.95 $8.16
$5.23 $4.57 $6.13 $5.95 $5.87 $4.89 $5.61 $5.75 $7.31 $6.10 $7.23 $7.23 $6.44 $6.50 $8.52 $9.69 $10.52
$7.36 $8.09 $7.86 $8.50 $8.08 $7.24 $9.93 $9.26 $8.20 $6.88 $10.22 $9.32 $8.08 $0.85 $10.51 $8.65 $12.42
$6.97 $6.03 $2.97 $6.86 $7.57 $6.13 $5.07 $7.18 $7.46 $5.61 $5.91 $7.91 $8.25 $6.52 $7.74 $9.41 $3.87
$9.08 $10.52 $8.34 $6.43 $8.39 $9.92 $7.34 $7.91 $8.65 $12.41 $9.46 $9.77 $11.85 $2.84 $12.87 $13.64 $15.60
$1.13 $0.89 $2.78 $3.12 $1.07 -$0.55 $1.39 $4.96 $2.48 $1.59 $4.26 $4.86 $3.93 $4.21 $4.82 $6.34 $5.28
$2.54 -$2.21 $2.79 $2.75 $2.50 $4.14 $2.76 $1.49 $2.41 $2.36 $2.38 $2.59 $2.21 $13.02 $3.17 $3.21 $2.03
$4.65 $2.64 $4.05 $2.87 $3.60 -$0.59 $3.68 $2.26 $4.56 -$0.55 $4.53 $2.27 $4.68 $2.50 $6.06 $2.12 $5.08
$1.32 $1.96 $1.23 $1.30 $1.25 $1.24 $2.19 $1.49 $1.49 $1.79 $1.35 $1.24 $1.35 $1.39 $1.43 $1.55 $1.80
2018 Q4 2019 Q1 2019 Q2 2019E Q3 2019E Q4 2020E Q1 2020E Q2 2020E Q3 2020E Q4 2008 EPS 2008 P/E 2009 EPS 2009 P/E 2010 EPS
$35.03 $37.99 $40.14 $39.82 $40.42 $40.60 $43.65 $45.92 $46.35 $49.51 18.24 $56.86 19.61 $83.77
$9.67 $9.13 $10.15 $10.51 $9.00 $9.70 $11.39 $12.15 $11.32 $5.28 32.08 $10.96 21.45 $18.20
$7.13 $6.99 $7.63 $7.72 $7.59 $7.18 $8.05 $8.60 $8.26 $17.17 14.37 $18.36 14.94 $19.45
$9.22 $3.75 $5.47 $6.41 $5.44 $5.70 $6.65 $7.04 $6.40 $50.93 7.59 $17.26 24.91 $35.21
$4.34 $10.97 $10.33 $10.39 $8.95 $9.41 $9.51 $9.71 $9.96 -$21.24 -7.95 $4.40 44.04 $14.82
$12.26 $14.19 $14.80 $13.44 $16.29 $17.84 $18.52 $18.78 $18.67 $24.47 12.64 $26.40 13.72 $28.90
$8.98 $8.44 $9.31 $9.61 $8.88 $8.83 $10.90 $10.99 $10.63 $21.18 9.78 $14.22 17.09 $18.41
$17.13 $14.07 $15.48 $15.25 $18.85 $16.34 $17.04 $18.84 $21.70 $16.12 14.38 $17.48 21.21 $26.25
$4.30 $4.05 $5.08 $4.22 $4.27 $4.66 $6.00 $5.30 $5.09 $8.09 17.01 $7.09 28.18 $13.33
$2.17 $2.09 $2.14 $1.91 $2.40 $2.27 $2.39 $2.47 $2.65 $8.21 13.61 $7.22 15.88 $7.36
$2.34 $4.12 $3.39 $5.06 $3.15 $4.27 $3.65 $5.42 $3.33 $12.25 12.08 $11.50 13.74 $12.34
$1.78 $1.43 $2.12 $1.71 $1.35 $1.36 $1.41 $1.44 $1.53 $1.79 43.56 $0.99 95.13 $1.32
$21.20 $24.14 $25.37 $23.28 $25.88 $25.11 $28.44 $29.71 $30.10 $30.05 17.91 $27.59 26.34 $43.92
$15.58 $8.32 $10.01 $10.16 $12.08 $9.78 $12.00 $13.34 $13.96 $6.39 28.11 $12.14 22.69 $18.02
$17.28 $18.28 $19.38 $19.01 $19.02 $21.30 $26.13 $25.92 $23.67 $28.68 14.56 $31.18 15.90 $39.30
$0.63 $0.59 $4.24 -$1.91 $1.10 $2.03 $1.47 $1.83 $1.71 $16.97 21.31 -$5.20 -116.31 $31.34
$9.70 $22.03 $22.03 $21.14 $19.33 $19.42 $20.26 $20.43 $21.36 $6.10 64.11 $12.87 32.84 $18.94
$1.50 $23.89 $23.11 $15.12 $19.73 $19.53 $21.33 $20.74 $22.28 $19.48 15.13 $15.76 25.18 $20.63
$14.15 $12.13 $13.73 $13.02 $13.93 $12.78 $17.75 $18.64 $16.34 $21.40 11.35 $15.18 20.79 $21.73
$29.82 $17.93 $19.87 $22.71 $36.77 $30.98 $35.41 $39.97 $42.71 $26.66 19.81 $25.85 32.32 $52.03
$7.45 $7.45 $8.06 $6.67 $4.90 $6.70 $8.27 $7.82 $6.66 $15.17 8.44 $9.32 20.91 $14.19
$1.63 $1.40 $1.93 $1.75 $1.56 $1.81 $2.61 $2.40 $2.21 $16.22 8.83 $10.09 16.02 $12.23
$6.37 $9.18 $3.18 $6.10 $7.89 $11.62 $4.86 $5.98 $8.87 $15.35 13.67 $15.57 15.62 $17.74
$1.53 $2.01 $1.87 $1.99 $1.93 $1.47 $1.88 $1.89 $2.12
$9.77 $6.97 $10.52 $8.75 $12.10 $11.33 $16.83 $14.81 $15.91 $10.22 26.29 $7.62 43.65 $17.00
$10.26 $5.45 $7.85 $9.10 $11.80 $8.44 $9.95 $10.73 $14.22 $2.11 59.30 $5.17 36.47 $10.19
$7.70 $15.52 $16.73 $14.30 $16.29 $17.91 $24.60 $20.37 $23.24 17.69 $28.07 20.20 $34.77
$13.73 -$6.97 $4.47 -$10.51 -$1.76 -$0.57 $0.92 $2.15 $1.86 $34.67 14.68 $7.08 116.43 $46.51
$9.59 $19.17 $16.30 $17.93 $20.02 $21.33 $21.55 $21.79 $22.85 -$6.15 -74.11 -$11.07 -37.75 $9.71
-$3.67 -$3.23 $2.58 $8.20 $17.56 $15.91 $22.05 $22.30 $27.82 $21.75 19.87 $24.93 21.19 $31.70
$13.77 $10.75 $16.10 $17.25 $15.16 $14.49 $18.94 $20.15 $18.15 $26.10 12.39 $16.46 22.63 $20.97
$6.96 $2.06 $4.07 $4.84 $9.74 $8.85 $10.76 $11.90 $12.50 $4.43 30.94 $2.79 72.61 $11.66
$4.03 $5.68 $7.18 $5.69 $4.40 $5.63 $9.63 $9.54 $9.67 $5.23 32.10 $9.82 25.01 $12.94
$0.03 -$0.02 $0.01 -$0.02 $0.00 -$0.01 $0.44 $0.03 $0.00 $0.46 10.58 $0.11 24.85 $0.14
$10.25 $13.03 $5.67 $6.97 $11.15 $16.15 $6.92 $6.61 $11.54 $24.45 15.39 $23.26 16.46 $27.65
-$0.04 $0.89 $2.45 $0.94 $1.08 $0.28 $1.61 $1.31 $1.03
$7.98 $8.61 $9.15 $9.01 $9.26 $9.26 $10.08 $10.54 $10.66 $11.12 18.43 $12.47 20.43 $18.64
$9.69 $8.39 $9.50 $9.88 $8.96 $9.15 $10.79 $11.56 $11.13 $4.87 32.30 $10.06 22.06 $16.65
$7.43 $7.33 $7.99 $8.06 $7.94 $7.56 $8.53 $9.05 $8.70 $17.63 14.41 $18.89 15.02 $20.16
$9.11 $3.38 $5.58 $5.50 $5.11 $5.46 $6.38 $6.82 $6.20 $50.80 7.86 $16.77 27.12 $36.48
$4.78 $11.89 $11.21 $11.26 $9.82 $10.30 $10.43 $10.64 $10.94 -$19.61 -9.59 $4.51 47.00 $15.09
$12.07 $14.56 $15.18 $13.67 $16.68 $18.19 $18.96 $19.21 $19.20 $23.65 12.96 $25.23 14.37 $27.92
$9.57 $8.85 $9.92 $10.19 $9.52 $9.37 $11.73 $11.91 $11.36 $21.26 10.05 $14.30 17.69 $18.69
$17.29 $13.91 $15.38 $15.28 $19.21 $16.65 $17.48 $19.35 $22.17 $15.95 14.95 $17.09 22.24 $26.54
$4.78 $4.63 $5.62 $4.66 $4.46 $5.04 $6.54 $5.87 $5.56 $9.33 14.93 $7.67 26.59 $13.65
$2.15 $2.06 $2.12 $1.88 $2.37 $2.24 $2.51 $2.46 $2.63 $8.26 13.49 $7.17 15.93 $7.35
$2.82 $4.81 $3.70 $5.59 $3.73 $5.08 $4.08 $5.98 $3.96 $13.01 12.46 $12.42 14.05 $13.49
$1.57 $1.44 $2.02 $1.65 $1.38 $1.27 $1.44 $1.45 $1.54
2018 Q4 2019 Q1 2019 Q2 2019E Q3 2019E Q4 2020E Q1 2020E Q2 2020E Q3 2020E Q4 2008 EPS 2008 P/E 2009 EPS 2009 P/E 2010 EPS
$28.96 $35.02 $34.93 $33.99 $14.88 60.70 $50.97 21.88 $77.35
$7.48 $8.73 $9.54 $9.74 -$13.71 -12.36 $10.49 22.41 $16.67
$5.25 $6.49 $3.99 $5.69 $14.24 17.32 $16.55 16.57 $19.09
$7.53 $3.69 $3.45 $0.79 $35.15 10.99 $16.01 26.86 $35.54
$4.24 $10.94 $10.28 $9.92 -$37.96 -4.45 $2.61 74.24 $12.77
$6.46 $11.44 $12.96 $9.88 $19.09 16.21 $25.61 14.14 $22.46
$7.58 $7.84 $6.88 $8.21 $17.62 11.76 $12.55 19.36 $17.09
$15.98 $13.60 $14.92 $13.89 $12.82 18.08 $15.07 24.60 $25.56
$4.71 $3.10 $2.83 $4.50 $0.58 237.22 $5.88 33.98 $12.75
$2.34 $1.68 $1.92 $1.84 $7.01 15.93 $5.85 19.60 $7.72
-$1.11 $3.88 $3.03 $4.84 $11.61 12.74 $12.36 12.78 $11.04
$1.70 $1.29 $2.09 $1.65 $0.81 96.26 $0.83 113.47 $0.77
$8.37 $21.21 $20.37 $14.82 $4.67 115.26 $20.54 35.38 $39.14

$13.33 $4.89 $5.14 $7.41 -$6.33 -28.38 $10.96 25.13 $15.77
$11.87 $13.21 -$6.90 $12.58 $26.43 15.80 $26.87 18.45 $37.08
-$24.65 $0.63 $6.93 -$6.51 -$2.27 -159.31 -$8.29 -72.96 $32.62
$8.63 $21.29 $21.57 $20.87 -$0.99 -394.99 $14.14 29.89 $18.55
-$40.11 $20.66 $17.53 -$15.80 $12.08 24.40 $6.21 63.90 $14.56
$11.08 $10.74 $12.12 $7.37 $8.96 27.11 $8.14 38.77 $18.86
$24.96 $14.86 $5.79 $16.27 -$35.08 -15.05 $16.09 51.92 $43.03
$7.23 $6.39 $7.08 $3.20 $7.97 16.07 $8.52 22.87 $13.83
$1.42 $1.29 $1.60 $1.52 $6.29 22.76 $9.85 16.41 $10.28
$6.23 $9.22 $3.23 $5.74 $14.44 14.53 $13.25 18.36 $17.13
$0.93 $1.96 $1.74 $2.03
$2.12 $5.08 $0.84 $2.86 -$6.33 -42.45 $2.26 147.18 $13.98

$1.19 $2.98 $4.70 $7.19 -$23.14 -5.41 $1.38 136.63 $8.59
-$32.15 $10.41 $8.78 -$10.48 -$0.26 -1581.48 $5.63 100.71 $21.86
-$2.61 -$4.91 $2.68 -$27.36 -$2.71 -187.82 -$3.97 -207.64 $41.88
$9.29 $18.14 $15.07 $17.85 -$21.10 -21.60 -$15.19 -27.51 $6.05
-$30.86 -$11.22 -$15.14 -$5.45 $15.64 27.64 $20.43 25.86 $26.84
$9.88 $6.50 $14.71 $14.17 $15.29 21.14 $9.02 41.30 $14.91
$2.79 $1.63 $3.19 $1.60 -$4.45 -30.81 -$1.04 -194.79 $10.37
-$0.79 $4.27 $5.87 $2.64 -$15.88 -10.57 $3.94 62.33 $12.93
-$0.03 -$0.03 -$1.09 -$0.09 -$0.54 -9.02 $0.00 2.73 $0.17
$11.08 $17.07 $5.51 $6.57 $24.18 15.56 $24.04 15.93 $26.38
$0.07 $0.84 $2.13 $0.60
$6.28 $7.89 $7.77 $7.49 $2.95 69.47 $10.92 23.33 $17.12

$7.23 $7.64 $8.41 $8.91 -$12.77 -12.32 $9.32 23.82 $15.14
$5.28 $6.75 $4.02 $5.81 $14.50 17.52 $16.89 16.80 $19.69
$5.40 $3.38 $3.79 -$0.72 $34.17 11.68 $15.32 29.68 $36.80
$4.63 $11.81 $11.13 $10.80 -$35.88 -5.24 $2.83 74.90 $13.07
$5.03 $11.70 $13.06 $9.21 $18.22 16.82 $23.76 15.26 $21.67
$7.97 $8.06 $7.56 $8.44 $16.66 12.83 $11.96 21.15 $17.07
$15.91 $13.37 $14.47 $13.72 $10.44 22.85 $14.32 26.55 $25.55
$4.95 $3.62 $3.49 $4.41 $1.30 107.17 $6.33 32.22 $13.12
$2.30 $1.65 $1.56 $1.80 $6.93 16.08 $5.83 19.59 $7.69
-$0.70 $4.59 $3.33 $5.34 $12.34 13.13 $12.99 13.43 $12.21
$1.42 $1.33 $1.95 $1.60
2010 P/E 2011 EPS 2011 P/E 2012 EPS 2012 P/E 2013 EPS 2013 P/E 2014 EPS 2014 P/E 2015 EPS 2015 P/E 2016 EPS 2016 P/E 2017 EPS 2017 P/E
15.01 $96.44 13.04 $96.82 14.73 $107.31 17.22 $113.01 18.22 $100.45 20.35 $106.26 21.07 $124.52 21.47
16.24 $20.81 14.83 $22.27 16.89 $25.12 21.10 $27.70 20.67 $30.44 20.40 $33.30 19.46 $35.23 22.29
15.61 $21.38 15.69 $22.59 15.97 $23.95 18.48 $24.16 20.68 $24.32 21.31 $25.33 21.00 $27.32 21.50
14.39 $47.94 10.86 $44.30 12.03 $42.35 15.39 $42.93 13.66 -$13.71 -32.70 -$3.49 -158.91 $13.28 40.16
14.49 $16.23 10.79 $16.44 13.46 $21.07 13.99 $21.96 15.18 $23.01 13.98 $23.78 16.25 $26.59 17.45
12.62 $31.08 12.93 $31.53 14.68 $32.43 19.81 $35.79 22.13 $38.72 21.52 $42.45 18.77 $45.08 21.21
16.36 $20.96 13.95 $22.28 14.76 $24.88 18.19 $26.83 18.13 $28.00 16.56 $27.07 19.88 $30.29 21.06
15.41 $31.44 13.04 $32.69 14.19 $33.58 17.44 $36.99 18.70 $37.97 19.00 $37.99 21.27 $50.59 21.87
17.97 $16.20 13.07 $14.67 16.20 $14.04 20.78 $15.86 19.25 $8.49 32.23 $13.01 23.99 $17.18 22.05
17.50 $6.85 18.95 $3.38 43.26 $12.31 12.63 $7.21 21.16 $12.15 12.34 $9.86 17.90 $10.18 16.31
12.92 $12.47 14.67 $11.97 14.85 $12.15 15.91 $13.22 18.16 $11.25 19.55 $13.67 18.05 $14.53 18.40
91.14 $2.49 52.33 $3.13 48.33 $3.31 44.95 $5.34 35.22 $5.45 34.89 $7.38 25.78 $5.60 36.38
20.66 $50.31 17.48 $54.54 18.71 $60.00 22.38 $58.87 24.67 $55.49 25.20 $64.53 25.73 $78.12 24.33
20.02 $19.73 18.51 $24.40 18.20 $26.88 23.25 $30.20 22.76 $32.67 19.11 $37.97 17.78 $42.42 18.76
15.77 $46.09 16.31 $51.35 16.80 $55.29 21.38 $56.47 27.94 $71.73 20.99 $70.41 24.01 $73.57 23.47
25.11 $46.71 15.10 $30.47 22.82 $32.99 26.58 $27.67 23.36 -$99.43 -4.29 -$53.10 -9.56 -$1.60 -264.31
25.85 $20.37 22.11 $27.62 18.62 $30.78 20.29 $36.39 19.20 $36.33 19.65 $44.82 20.15 $51.81 19.51
23.58 $28.52 17.17 $29.14 21.23 $30.61 29.40 $38.58 28.75 $49.94 24.18 $49.91 26.19 $51.61 30.96
18.83 $27.17 14.74 $31.05 15.54 $35.65 19.28 $36.23 19.03 $39.80 16.58 $40.18 20.87 $45.66 22.44
21.24 $53.98 18.06 $47.43 23.59 $47.74 30.06 $47.33 32.56 $47.42 32.49 $59.68 31.16 $74.69 30.96
17.28 $15.80 15.39 $16.26 17.94 $19.78 18.05 -$0.38 -983.43 $15.93 20.00 $17.88 23.95 $27.47 18.64
14.99 $7.23 22.72 $5.51 34.06 -$1.69 -131.27 272.65 $20.93 11.22 $3.18 82.49 -$11.38 -12.96
15.07 $17.22 17.48 $19.72 15.52 $21.52 17.49 $22.70 19.12 $21.17 18.66 $24.34 20.07 $26.18 20.16
$4.01 41.63 $5.79 36.01 $6.53 31.83 $8.10 28.31 $7.27 31.32
24.46 $20.59 20.16 $21.62 22.04 $25.33 26.28 $26.79 25.95 $19.66 34.16 $25.60 32.73 $31.19 30.01
24.96 $13.11 18.81 $14.16 21.43 $17.84 25.13 $18.81 24.78 $20.33 20.73 $23.87 20.24 $24.04 23.27
20.39 $36.66 20.78 $46.88 18.26 $47.21 25.99 $64.87 20.68 $77.06 17.23 $76.11 21.65 $63.83 27.78
25.58 $61.15 19.90 $15.63 77.62 $32.35 51.79 -$67.52 -15.83 -$307.50 -1.82 -$119.00 -6.44 -$20.50 -27.41
50.98 $19.48 25.17 $27.83 20.10 $34.51 20.77 $38.21 19.75 $36.93 19.91 $46.04 21.61 $53.79 19.29
20.36 $37.43 19.57 $38.37 21.58 $38.62 33.35 $46.84 30.50 $40.75 42.20 $13.87 126.35 -$4.59 -514.06
22.36 $26.17 16.86 $29.67 17.86 $32.62 22.87 $34.23 22.16 $36.94 19.25 $37.11 24.57 $44.23 23.94
21.61 $10.39 23.20 $8.57 31.36 $11.87 32.70 $12.98 33.75 $15.20 30.01 $16.94 35.87 $23.12 28.87
22.23 $15.73 16.62 $14.37 22.56 $12.04 36.22 $18.79 23.06 $10.32 30.80 $19.09 25.45 $23.22 22.75
20.63 $0.15 15.73 $0.09 26.48 $0.08 31.73 $0.18 13.47 $0.08 30.34 $0.07 43.44 $0.01 322.21
15.74 $30.26 16.52 $29.07 16.70 $30.48 18.60 $36.76 18.16 $35.14 19.73 $35.67 23.24 $36.21 26.50
$4.32 36.30 $6.43 28.64 $5.51 30.52 $6.92 29.04 $6.12 33.25
15.61 $21.50 13.50 $21.73 15.18 $24.12 17.79 $25.31 18.80 $22.52 20.91 $24.10 21.62 $28.34 21.84
16.90 $19.08 15.30 $20.71 17.18 $23.44 21.45 $25.87 20.99 $28.40 20.31 $31.29 19.36 $33.18 22.05
15.65 $22.19 15.77 $23.53 16.03 $24.94 18.65 $25.33 20.84 $25.69 21.25 $26.67 21.10 $28.68 21.62
14.82 $49.85 11.07 $45.25 12.46 $43.50 15.90 $43.08 14.25 -$20.44 -22.70 -$7.23 -79.35 $12.33 44.35
15.69 $16.69 11.83 $17.41 14.09 $21.98 14.69 $23.17 15.69 $24.13 14.65 $25.63 16.76 $28.89 17.65
13.40 $30.68 13.37 $31.31 15.18 $32.37 20.51 $36.07 22.62 $39.32 21.96 $42.66 19.50 $45.13 22.22
16.87 $21.62 14.15 $23.24 14.99 $26.05 18.51 $27.89 18.39 $29.32 16.67 $28.51 20.20 $32.05 21.33
15.92 $31.32 13.51 $32.18 14.88 $33.21 18.31 $36.43 19.56 $37.64 19.70 $38.16 21.95 $50.85 22.32
18.02 $16.36 13.52 $15.09 16.71 $14.92 20.84 $13.96 23.23 $9.73 29.37 $14.13 24.09 $19.05 21.50
17.44 $6.80 18.97 $3.38 42.89 $11.96 12.94 $7.06 21.58 $12.04 12.43 $9.71 18.14 $9.82 16.81
13.26 $13.62 15.05 $13.35 14.99 $13.68 16.18 $14.90 18.26 $12.86 19.47 $15.47 18.40 $16.47 18.75
$3.41 43.01 $5.29 34.69 $5.43 33.83 $7.17 26.47 $5.69 35.12
2010 P/E 2011 EPS 2011 P/E 2012 EPS 2012 P/E 2013 EPS 2013 P/E 2014 EPS 2014 P/E 2015 EPS 2015 P/E 2016 EPS 2016 P/E 2017 EPS 2017 P/E
16.26 $86.95 14.46 $86.51 16.49 $100.20 18.45 $102.31 20.12 $86.52 23.62 $94.55 23.68 $109.88 24.33
17.73 $22.36 13.80 $21.22 17.72 $24.29 21.82 $27.08 21.15 $28.75 21.60 $29.07 22.29 $37.61 20.88
15.90 $19.02 17.64 $20.94 17.23 $22.70 19.50 $21.01 23.78 $22.49 23.05 $26.28 20.24 $25.42 23.11
14.26 $44.79 11.63 $44.48 11.98 $41.82 15.58 $35.24 16.65 -$23.52 -19.07 -$12.53 -44.24 $17.91 29.78
16.82 $14.08 12.45 $15.56 14.22 $18.93 15.57 $19.09 17.46 $21.91 14.68 $23.01 16.80 $25.10 18.49
16.24 $25.31 15.88 $25.09 18.45 $27.43 23.41 $31.64 25.03 $31.28 26.64 $34.80 22.90 $29.19 32.76
17.62 $20.17 14.49 $20.47 16.06 $25.39 17.82 $25.36 19.18 $22.84 20.29 $24.96 21.56 $26.19 24.35
15.83 $29.06 14.11 $27.24 17.02 $32.41 18.07 $36.10 19.17 $33.86 21.31 $36.85 21.93 $33.74 32.78
18.79 $14.55 14.55 $11.18 21.25 $11.40 25.59 $13.10 23.30 $6.98 39.22 $10.26 30.42 $15.57 24.34
16.67 $1.86 69.85 $1.94 75.39 $11.09 14.03 $6.68 22.85 $12.24 12.25 $9.15 19.31 $21.41 7.76
14.43 $11.15 16.41 $9.12 19.47 $9.76 19.80 $11.50 20.89 $8.97 24.53 $8.19 30.15 $12.02 22.25
155.99 $2.37 55.01 $3.07 49.29 $3.17 47.03 $5.22 35.97 $5.02 37.89 $7.15 26.59 $5.22 39.04
23.18 $42.44 20.72 $45.69 22.33 $52.84 25.41 $47.38 30.66 $31.79 44.00 $51.00 32.56 $73.92 25.71
22.88 $17.47 20.91 $22.08 20.10 $25.90 24.12 $27.36 25.12 $18.72 33.34 $35.66 18.93 $39.42 20.19
16.71 $34.99 21.49 $45.42 18.99 $53.60 22.05 $41.14 38.35 $20.41 73.79 $49.07 34.45 $59.65 28.95
24.13 $40.45 17.43 $11.88 58.54 $23.01 38.11 $17.13 37.74 -$139.16 -3.06 -$58.56 -8.67 -$1.25 -338.84
26.40 $19.28 23.37 $26.11 19.69 $29.85 20.92 $34.86 20.04 $33.35 21.41 $43.23 20.89 $54.19 18.65
33.41 $24.58 19.92 $19.98 30.96 $13.47 66.80 $23.07 48.08 $39.46 30.60 $27.01 48.39 $43.27 36.92
21.69 $20.91 19.15 $23.08 20.91 $32.34 21.25 $28.09 24.54 $30.25 21.82 $30.36 27.63 $51.98 19.71
25.69 $39.44 24.72 $44.98 24.88 $34.67 41.39 $34.94 44.10 $28.42 54.22 $40.54 45.86 $53.69 43.07
17.73 $12.90 18.86 $14.10 20.69 $19.20 18.60 -$6.59 -56.57 $5.23 60.85 $11.86 36.09 $24.37 21.00
17.83 $7.11 23.09 $4.67 40.18 $5.10 43.58 272.65 $20.35 11.54 $3.45 75.97 -$33.39 -4.42
15.61 $17.74 16.97 $18.19 16.83 $20.81 18.09 $22.37 19.40 $11.56 34.19 $22.37 21.84 $26.52 19.90
$4.01 41.67 $6.99 29.83 $6.35 32.71 $7.78 29.47 $6.85 33.27
29.73 $15.68 26.47 $16.32 29.19 $20.94 31.79 $20.79 33.43 $9.79 68.62 $17.04 49.19 $18.56 50.44
29.62 $11.04 22.32 $10.59 28.67 $15.87 28.25 $14.54 32.07 $8.89 47.42 $20.04 24.11 $9.63 58.12
32.43 $33.81 22.53 $41.50 20.62 $36.61 33.52 $54.48 24.63 $68.77 19.30 $68.72 23.98 $69.83 25.39
28.41 $56.23 21.64 $12.34 98.32 $14.59 114.85 -$76.52 -13.97 -$350.34 -1.60 -$131.37 -5.83 -$10.21 -55.00
81.73 $16.43 29.84 $25.58 21.86 $31.96 22.42 $36.96 20.41 $32.19 22.84 $43.13 23.07 $45.75 22.68
24.05 $9.13 80.26 $30.00 27.60 $15.71 81.98 $34.92 40.91 $29.59 58.11 -$8.98 -195.31 -$78.18 -30.15
31.45 $23.39 18.86 $23.32 22.72 $29.72 25.10 $25.27 30.02 $23.10 30.78 $21.00 43.42 $39.14 27.05
24.29 $7.74 31.16 $4.48 60.02 $9.33 41.61 $8.12 53.94 $11.51 39.64 $11.02 55.16 $12.72 52.47
22.25 $10.19 25.66 $2.81 115.32 $8.76 49.76 $9.65 44.89 -$4.06 -78.30 $5.38 90.22 $22.44 23.55
16.70 $0.09 25.14 $0.01 220.98 $0.01 269.49 $0.07 33.16 $0.16 15.93 $0.08 37.99 -$0.33 -8.59
16.50 $29.43 16.99 $28.97 16.75 $30.04 18.87 $35.29 18.92 $33.13 20.92 $35.67 23.24 $31.12 30.83
$4.13 38.00 $6.15 29.93 $4.31 39.05 $6.91 29.08 $5.89 34.51
16.99 $19.23 15.08 $19.27 17.12 $22.38 19.18 $22.68 20.98 $18.85 24.99 $21.17 24.61 $24.94 24.82
18.59 $20.04 14.56 $19.51 18.24 $22.60 22.24 $24.96 21.75 $25.54 22.59 $27.43 22.08 $34.23 21.37
16.03 $19.65 17.80 $21.77 17.32 $23.60 19.71 $21.93 24.07 $23.20 23.54 $27.37 20.57 $26.62 23.30
14.69 $46.45 11.88 $44.71 12.61 $42.49 16.27 $35.00 17.54 -$32.11 -14.45 -$16.44 -34.90 $16.99 32.19
18.12 $14.54 13.58 $16.46 14.90 $19.89 16.24 $20.41 17.82 $22.84 15.47 $24.76 17.34 $27.40 18.61
17.27 $24.63 16.65 $24.74 19.21 $26.55 25.00 $31.31 26.06 $31.69 27.25 $34.26 24.28 $28.47 35.22
18.48 $20.28 15.09 $20.70 16.83 $26.13 18.45 $25.63 20.02 $23.53 20.77 $25.33 22.74 $28.59 23.92
16.54 $28.54 14.82 $26.82 17.85 $31.60 19.24 $34.97 20.37 $33.07 22.41 $36.32 23.06 $33.92 33.46
18.75 $14.36 15.41 $11.36 22.19 $12.47 24.94 $10.47 30.97 $6.42 44.54 $10.42 32.66 $17.25 23.74
16.68 $1.92 67.02 $1.94 74.71 $10.82 14.30 $6.48 23.52 $12.18 12.28 $9.02 19.52 $20.21 8.17
14.65 $12.41 16.52 $10.52 19.01 $11.33 19.53 $13.20 20.62 $9.94 25.20 $9.95 28.61 $13.97 22.10
$3.31 44.38 $5.46 33.61 $5.01 36.68 $6.96 27.30 $5.33 37.53
2018 EPS 2018 P/E 2019E EPS 2019E P/E 2020E EPS 2020E P/E PRICE 12/08 PRICE 12/09 PRICE 12/10 PRICE 12/11 PRICE 12/12 PRICE 12/13
$151.60 16.54 $158.37 20.01 $176.52 17.95 903.25 1115.10 1257.64 1257.60 1426.19 1848.36
$39.84 19.62 $38.79 24.83 $44.57 21.61 169.41 235.07 295.54 308.58 376.06 530.10
$29.35 17.78 $29.93 21.36 $32.09 19.92 246.66 274.30 303.58 335.54 360.78 442.62
$30.61 13.85 $21.07 21.14 $25.79 17.27 386.35 429.95 506.75 520.81 532.96 651.67
$31.25 12.67 $40.63 12.55 $38.59 13.22 168.79 193.78 214.77 175.23 221.24 294.71
$50.04 20.01 $58.72 19.84 $73.81 15.78 309.41 362.22 364.78 401.90 462.95 642.30
$37.43 14.48 $36.25 18.98 $41.34 16.64 207.21 242.99 301.12 292.32 328.75 452.46
$63.70 17.08 $63.65 24.46 $73.91 21.06 231.81 370.71 404.55 409.93 463.82 585.48
$21.58 14.68 $17.63 21.59 $21.05 18.08 137.59 199.81 239.61 211.71 237.62 291.64
$11.78 11.79 $8.54 20.95 $9.78 18.29 111.70 114.64 128.74 129.82 146.04 155.52
$15.41 17.43 $15.72 20.15 $16.67 19.02 147.93 157.99 159.34 182.98 177.66 193.21
$6.40 30.07 $6.61 34.98 $5.74 40.31 77.97 94.18 120.58 130.15 151.26 148.95
$95.98 17.33 $98.67 20.64 $113.37 17.96 538.28 726.67 907.25 879.16 1020.43 1342.53
$51.29 12.55 $40.56 19.55 $49.09 16.15 179.63 275.43 360.79 365.27 443.95 624.88
$82.88 19.12 $75.68 22.59 $97.02 17.62 417.56 495.72 619.59 751.72 862.71 1181.90
-$1.33 -222.86 $4.03 56.86 $7.04 32.53 361.64 604.81 786.99 705.18 695.36 877.03
$62.64 13.29 $84.53 12.25 $81.46 12.71 391.04 422.69 489.73 450.51 514.14 624.60
$59.37 28.57 $81.85 25.02 $83.89 24.41 294.70 396.85 486.42 489.76 618.7 899.75
$55.56 15.52 $52.81 21.61 $65.52 17.42 242.88 315.56 409.05 400.42 482.54 687.40
$98.70 22.01 $97.28 30.90 $149.08 20.16 528.08 835.38 1105.38 974.98 1119.05 1435.18
$36.50 10.96 $27.08 17.48 $29.44 16.08 128.06 194.89 245.23 243.20 291.69 357.13
$7.24 20.42 $6.63 25.46 $9.02 18.72 143.16 161.65 183.36 164.14 187.72 222.36
$25.59 21.42 $26.35 22.49 $31.33 18.91 209.87 243.22 267.44 300.99 306.13 376.37
$9.37 21.82 $7.80 30.25 $7.36 32.07
$39.05 21.64 $38.33 26.34 $58.88 17.15 268.73 332.63 415.73 415.07 476.57 665.54
$33.31 15.24 $34.19 17.21 $43.33 13.58 125.12 188.55 254.46 246.53 303.55 448.34
$58.09 28.56 $62.84 29.01 411.19 566.97 708.94 761.75 855.92 1227.12
$7.37 43.47 -$14.77 -16.86 $4.37 57.05 509.00 824.31 1189.83 1216.75 1213.24 1675.39
$60.87 15.59 $73.42 15.04 $87.53 12.61 455.79 417.94 494.86 490.30 559.32 716.59
$15.34 168.65 $25.12 123.44 $88.07 35.20 432.22 528.23 645.65 732.64 828.04 1287.72
$54.09 17.05 $59.26 20.01 $71.74 16.53 323.26 372.57 468.88 441.05 529.85 746.08
$22.66 26.69 $20.71 39.87 $44.00 18.77 137.09 202.58 251.93 241.05 268.88 388.16
$26.07 15.58 $22.95 21.27 $34.47 14.16 167.89 245.57 287.69 261.44 324.22 436.10
-$0.01 -537.96 -$0.02 -116.23 $0.46 5.93 4.87 2.73 2.79 2.35 2.42 2.54
$38.93 23.85 $36.82 29.49 $41.22 26.35 376.26 382.95 435.24 500.03 485.39 566.93
$4.32 39.62 $5.36 37.84 $4.23 47.96
$34.56 16.70 $36.03 20.18 $40.54 17.93 204.93 254.79 254.79 290.12 329.78 429.10
$38.28 18.68 $36.73 23.93 $42.62 20.62 157.30 221.96 221.96 291.90 355.82 502.69
$30.79 17.92 $31.32 21.47 $33.84 19.87 253.99 283.70 283.70 349.81 377.01 465.29
$29.15 14.72 $19.56 22.62 $24.85 17.81 399.12 454.73 454.73 551.87 563.64 691.56
$33.97 12.81 $44.19 12.60 $42.32 13.16 188.00 211.96 211.96 197.47 245.32 322.92
$50.90 20.69 $60.09 20.44 $75.56 16.25 306.44 362.62 362.62 410.14 475.27 663.81
$39.55 14.70 $38.48 19.28 $44.37 16.72 213.73 252.97 252.97 306.03 348.35 482.23
$63.94 17.39 $63.79 24.88 $75.65 20.98 238.53 380.15 380.15 423.04 478.87 608.00
$24.10 14.01 $19.37 20.91 $23.01 17.61 139.32 203.97 203.97 221.24 252.11 310.94
$11.53 12.02 $8.43 21.13 $9.83 18.12 111.41 114.23 114.23 128.91 144.98 154.67
$17.40 17.91 $17.84 20.45 $19.09 19.10 162.06 174.50 174.50 204.99 200.04 221.38
$6.52 28.51 $6.48 34.18 $5.70 38.88
2018 EPS 2018 P/E 2019E EPS 2019E P/E 2020E EPS 2020E P/E PRICE 12/08 PRICE 12/09 PRICE 12/10 PRICE 12/11 PRICE 12/12 PRICE 12/13
$132.39 18.94 903.25 1115.10 1257.64 1257.60 1426.19 1848.36
$32.88 23.77 169.41 235.07 295.54 308.58 376.06 530.10
$25.75 20.27 246.66 274.30 303.58 335.54 360.78 442.62
$27.65 15.34 386.35 429.95 506.75 520.81 532.96 651.67
$30.78 12.86 168.79 193.78 214.77 175.23 221.24 294.71
$37.57 26.65 309.41 362.22 364.78 401.90 462.95 642.30
$26.87 20.18 207.21 242.99 301.12 292.32 328.75 452.46
$58.62 18.57 231.81 370.71 404.55 409.93 463.82 585.48
$19.23 16.46 137.59 199.81 239.61 211.71 237.62 291.64
$10.99 12.62 111.70 114.64 128.74 129.82 146.04 155.52
$10.74 25.00 147.93 157.99 159.34 182.98 177.66 193.21
$6.16 31.21 77.97 94.18 120.58 130.15 151.26 148.95
$71.48 23.27 538.28 726.67 907.25 879.16 1020.43 1342.53

$37.48 17.17 179.63 275.43 360.79 365.27 443.95 624.88
$61.31 25.84 417.56 495.72 619.59 751.72 862.71 1181.90
-$28.49 -10.38 361.64 604.81 786.99 705.18 695.36 877.03
$59.89 13.90 391.04 422.69 489.73 450.51 514.14 624.60
$5.99 282.98 294.70 396.85 486.42 489.76 618.7 899.75
$47.65 18.09 242.88 315.56 409.05 400.42 482.54 687.40
$71.97 30.19 528.08 835.38 1105.38 974.98 1119.05 1435.18
$33.09 12.09 128.06 194.89 245.23 243.20 291.69 357.13
$6.80 21.73 143.16 161.65 183.36 164.14 187.72 222.36
$24.89 22.02 209.87 243.22 267.44 300.99 306.13 376.37
$8.45 24.19
$23.31 36.24 268.73 332.63 415.73 415.07 476.57 665.54

$16.95 29.95 125.12 188.55 254.46 246.53 303.55 448.34
$10.85 152.90 411.19 566.97 708.94 761.75 855.92 1227.12
-$11.76 -27.23 509.00 824.31 1189.83 1216.75 1213.24 1675.39
$58.00 16.36 455.79 417.94 494.86 490.30 559.32 716.59
-$51.76 -49.99 432.22 528.23 645.65 732.64 828.04 1287.72
$41.44 22.26 323.26 372.57 468.88 441.05 529.85 746.08
$12.35 48.98 137.09 202.58 251.93 241.05 268.88 388.16
$17.21 23.61 167.89 245.57 287.69 261.44 324.22 436.10
-$0.17 -16.77 4.87 2.73 2.79 2.35 2.42 2.54
$32.79 28.32 376.26 382.95 435.24 500.03 485.39 566.93
$4.40 38.87
$29.70 19.43 204.93 254.79 290.89 290.12 329.78 429.10

$30.65 23.32 157.30 221.96 281.44 291.90 355.82 502.69
$26.70 20.66 253.99 283.70 315.60 349.81 377.01 465.29
$24.03 17.86 399.12 454.73 540.65 551.87 563.64 691.56
$33.36 13.04 188.00 211.96 236.72 197.47 245.32 322.92
$36.61 28.76 306.44 362.62 374.18 410.14 475.27 663.81
$28.98 20.06 213.73 252.97 315.41 306.03 348.35 482.23
$58.03 19.16 238.53 380.15 422.47 423.04 478.87 608.00
$21.39 15.79 139.32 203.97 246.06 221.24 252.11 310.94
$10.71 12.95 111.41 114.23 128.24 128.91 144.98 154.67
$12.55 24.82 162.06 174.50 178.90 204.99 200.04 221.38
$6.20 29.95
PRICE 12/14 PRICE 12/15 PRICE 12/16 PRICE 12/17 PRICE 12/18 INDEX NAME
Operating Earnings Per Share by Economic Sector
2058.90 2043.94 2238.83 2673.61 2506.85 S&P 500
572.75 621.02 647.82 785.33 781.50 S&P 500 Consumer Discretionary
499.58 518.42 531.79 587.39 521.88 S&P 500 Consumer Staples
586.59 448.44 554.50 533.41 424.07 S&P 500 Energy
333.32 321.73 386.53 463.94 395.90 S&P 500 Financials
791.97 833.23 796.91 956.32 1001.18 S&P 500 Health Care
486.47 463.53 538.07 637.81 542.16 S&P 500 Industrials
691.95 721.48 807.95 1106.18 1088.31 S&P 500 Information Technology
305.28 273.64 312.16 378.94 316.62 S&P 500 Materials
152.55 149.91 176.61 166.07 138.78 S&P 500 Communication Services
240.14 220.00 246.83 267.37 268.61 S&P 500 Utilities
187.89 190.22 190.23 203.86 192.36 S&P 500 Real Estate (proforma pre-9/19/16)
1452.44 1398.58 1660.58 1900.57 1663.04 S&P 400

646.46 426.16 507.43 422.18 295.61 S&P 400 Energy
698.47 713.89 902.91 1010.74 832.55 S&P 400 Financials
1109.24 1207.49 1307.22 1597.71 1696.18 S&P 400 Health Care
689.46 659.95 838.63 1024.61 862.03 S&P 400 Industrials
372.73 318.49 428.14 511.92 400.22 S&P 400 Materials
433.87 395.09 488.45 527.86 548.17 S&P 400 Utilities
229.19 227.79 204.51
695.08 671.74 837.96 936.26 844.94 S&P 600

1068.86 559.04 766.14 561.77 320.23 S&P 600 Energy
754.55 735.23 994.78 1037.66 949.01 S&P 600 Financials
1428.29 1719.50 1752.93 2357.34 2587.64 S&P 600 Health Care
758.61 711.08 911.68 1058.76 922.44 S&P 600 Industrials
433.19 317.93 485.75 528.41 406.33 S&P 600 Materials
667.54 693.15 828.85 959.55 928.45 S&P 600 Utilities
201.01 203.41 171.09
475.80 470.91 521.04 618.99 577.11 S&P Composite 1500

543.08 576.92 605.63 731.48 714.82 S&P Composite 1500 Consumer Discretionary
527.99 545.97 562.89 620.03 551.64 S&P Composite 1500 Consumer Staples
613.71 463.95 573.98 546.99 429.19 S&P Composite 1500 Energy
363.69 353.45 429.46 509.92 435.01 S&P Composite 1500 Financials
815.87 863.43 832.05 1002.70 1053.16 S&P Composite 1500 Health Care
513.06 488.83 575.83 683.83 581.53 S&P Composite 1500 Industrials
712.45 741.27 837.68 1134.95 1112.03 S&P Composite 1500 Information Technology
324.39 285.80 340.34 409.64 337.80 S&P Composite 1500 Materials
152.32 149.56 176.17 165.04 138.68 S&P Composite 1500 Communication Services
272.12 250.42 284.71 308.86 311.50 S&P Composite 1500 Utilities
189.91 199.89 185.80
As Reported Earnings Per Share by Economic Sector

PRICE 12/14 PRICE 12/15 PRICE 12/16 PRICE 12/17 PRICE 12/18 INDEX NAME
2058.90 2043.94 2238.83 2673.61 2506.85 S&P 500
586.59 448.44 554.50 533.41 424.07 S&P 500 Energy
333.32 321.73 386.53 463.94 395.90 S&P 500 Financials
791.97 833.23 796.91 956.32 1001.18 S&P 500 Health Care
486.47 463.53 538.07 637.81 542.16 S&P 500 Industrials
305.28 273.64 312.16 378.94 316.62 S&P 500 Materials
240.14 220.00 246.83 267.37 268.61 S&P 500 Utilities
187.89 190.22 190.23 203.86 192.36
1452.44 1398.58 1660.58 1900.57 1663.04 S&P 400

646.46 426.16 507.43 422.18 295.61 S&P 400 Energy
698.47 713.89 902.91 1010.74 832.55 S&P 400 Financials
1109.24 1207.49 1307.22 1597.71 1696.18 S&P 400 Health Care
689.46 659.95 838.63 1024.61 862.03 S&P 400 Industrials
372.73 318.49 428.14 511.92 400.22 S&P 400 Materials
433.87 395.09 488.45 527.86 548.17 S&P 400 Utilities
229.19 227.79 204.51
695.08 671.74 837.96 936.26 844.94 S&P 600

1068.86 559.04 766.14 561.77 320.23 S&P 600 Energy
754.55 735.23 994.78 1037.66 949.01 S&P 600 Financials
1428.29 1719.50 1752.93 2357.34 2587.64 S&P 600 Health Care
758.61 711.08 911.68 1058.76 922.44 S&P 600 Industrials
433.19 317.93 485.75 528.41 406.33 S&P 600 Materials
667.54 693.15 828.85 959.55 928.45 S&P 600 Utilities
201.01 203.41 171.09
475.80 470.91 521.04 618.99 577.11 S&P Composite 1500

543.08 576.92 605.63 731.48 714.82 S&P Composite 1500 Consumer Discretionary
527.99 545.97 562.89 620.03 551.64 S&P Composite 1500 Consumer Staples
613.71 463.95 573.98 546.99 429.19 S&P Composite 1500 Energy
363.69 353.45 429.46 509.92 435.01 S&P Composite 1500 Financials
815.87 863.43 832.05 1002.70 1053.16 S&P Composite 1500 Health Care
513.06 488.83 575.83 683.83 581.53 S&P Composite 1500 Industrials
712.45 741.27 837.68 1134.95 1112.03 S&P Composite 1500 Information Technology
324.39 285.80 340.34 409.64 337.80 S&P Composite 1500 Materials
152.32 149.56 176.17 165.04 138.68 S&P Composite 1500 Communication Services
272.12 250.42 284.71 308.86 311.50 S&P Composite 1500 Utilities
189.91 199.89 185.80
S&P 500 QUARTERLY DATA
OPERATING AS REPORTED CASH SALES BOOK VAL CAPITAL

QUARTER EARNINGS EARNINGS DIVIDENDS PER PER EXPENDITURE
END DIVISOR PER SHR PER SHR PER SHR SHARE SHARE PER SHARE PRICE DIVISOR
9/30/2019 8300.00 $14.80 2,976.74 8300.00
6/28/2019 8302.34 $40.14 $34.93 $14.24 $351.91 $884.74 $20.66 2,941.76 8302.34
3/29/2019 8332.84 $37.99 $35.02 $13.98 $338.85 $868.42 $17.88 2,834.40 8332.84
12/31/2018 8387.79 $35.03 $28.96 $14.19 $346.71 $851.62 $21.12 2,506.85 8387.79
9/28/2018 8434.96 $41.38 $36.36 $13.66 $341.27 $843.58 $18.59 2,913.98 8434.96
6/29/2018 8474.31 $38.65 $34.05 $13.10 $334.64 $836.39 $18.60 2,718.37 8474.31
3/29/2018 8518.41 $36.54 $33.02 $12.79 $320.39 $833.44 $17.24 2,640.87 8518.41
12/29/2017 8535.74 $33.85 $26.96 $12.78 $329.59 $826.52 $18.62 2,673.61 8535.74
9/30/2017 8565.26 $31.33 $28.45 $12.31 $308.22 $817.82 $16.33 2,519.36 8565.26
6/30/2017 8567.30 $30.51 $27.01 $12.12 $300.98 $798.64 $15.23 2,423.41 8567.30
3/31/2017 8581.63 $28.82 $27.46 $11.72 $292.78 $785.18 $13.92 2,362.72 8581.63
12/31/2016 8606.26 $27.90 $24.16 $12.02 $301.12 $768.99 $20.15 2,238.83 8606.26
9/30/2016 8643.59 $28.69 $25.39 $11.36 $290.94 $779.61 $15.15 2,168.27 8643.59
6/30/2016 8667.94 $25.70 $23.28 $11.28 $284.59 $765.12 $15.31 2,098.86 8667.94
3/31/2016 8718.72 $23.97 $21.72 $11.04 $274.03 $752.77 $14.48 2,059.74 8718.72
12/31/2015 8757.39 $23.06 $18.70 $11.35 $288.87 $740.29 $18.10 2,043.94 8757.39
9/30/2015 8810.57 $25.44 $23.22 $10.79 $283.72 $744.68 $16.49 1,920.03 8810.57
6/30/2015 8830.99 $26.14 $22.80 $10.69 $281.35 $735.90 $16.11 2,063.11 8830.99
3/31/2015 8851.25 $25.81 $21.81 $10.55 $273.19 $729.29 $15.94 2,067.89 8851.25
12/31/2014 8861.60 $26.76 $22.83 $10.47 $297.91 $726.96 $19.84 2,058.90 8861.60
9/30/2014 8882.35 $29.60 $27.47 $10.02 $293.09 $736.78 $17.85 1,972.29 8882.35
6/30/2014 8878.54 $29.34 $27.14 $9.76 $292.35 $733.84 $18.01 1,960.23 8878.54
3/31/2014 8919.22 $27.32 $24.87 $9.19 $279.96 $717.81 $16.41 1,872.34 8919.22
12/31/2013 8924.03 $28.25 $26.48 $9.52 $289.46 $715.84 $18.46 1,848.36 8924.03
9/30/2013 8896.86 $26.92 $24.63 $8.91 $279.41 $693.22 $16.64 1,681.55 8896.86
6/30/2013 8908.77 $26.36 $24.87 $8.61 $277.17 $679.15 $16.25 1,606.28 8908.77
3/31/2013 8908.33 $25.77 $24.22 $7.95 $270.77 $679.09 $14.37 1,569.19 8908.33
12/31/2012 8934.61 $23.15 $20.65 $8.93 $288.03 $666.97 $17.49 1,426.19 8934.61
9/30/2012 8940.96 $24.00 $21.21 $7.77 $268.99 $661.93 $16.22 1,440.67 8940.96
6/30/2012 9032.07 $25.43 $21.62 $7.45 $268.03 $639.45 $15.69 1,362.16 9032.07
3/31/2012 9038.37 $24.24 $23.03 $7.09 $267.33 $633.04 $14.33 1,408.47 9038.37
12/31/2011 9052.93 $23.73 $20.64 $7.28 $272.64 $613.14 $16.02 1,257.60 9052.93
9/30/2011 9106.38 $25.29 $22.63 $6.50 $265.99 $613.18 $15.07 1,131.42 9106.38
6/30/2011 9102.53 $24.86 $22.24 $6.49 $263.31 $613.08 $14.37 1,320.64 9102.53
3/31/2011 9102.05 $22.56 $21.44 $6.16 $250.89 $594.05 $12.38 1,325.83 9102.05
12/31/2010 9088.35 $21.93 $20.67 $6.03 $252.73 $579.14 $15.99 1,257.64 9088.35
9/30/2010 9057.38 $21.56 $19.52 $5.66 $240.84 $567.95 1,141.20 9057.38
6/30/2010 9044.81 $20.90 $19.68 $5.58 $236.75 $541.60 1,030.71 9044.81
3/31/2010 9030.03 $19.38 $17.48 $5.46 $232.38 $530.95 1,169.43 9030.03
12/31/2009 8902.83 $17.16 $15.18 $5.66 $236.02 $513.58 1,115.10 8902.83
9/30/2009 8832.37 $15.78 $14.76 $5.35 $227.34 $498.43 1,057.08 8832.37
6/30/2009 8750.83 $13.81 $13.51 $5.44 $223.24 $487.69 919.32 8750.83
3/31/2009 8682.64 $10.11 $7.52 $5.96 $221.80 $449.43 797.87 8682.64
12/31/2008 8692.85 -$0.09 -$23.25 $7.15 $230.21 $451.37 903.25 8692.85
9/30/2008 8729.25 $15.96 $9.73 $7.04 $268.00 $514.60 1,166.36 8729.25
6/30/2008 8720.75 $17.02 $12.86 $7.10 $278.53 $530.70 1,280.00 8720.75
3/31/2008 8702.39 $16.62 $15.54 $7.09 $265.72 $530.94 1,322.70 8702.39
12/31/2007 8763.44 $15.22 $7.82 $7.62 $268.16 $529.59 1,468.36 8763.44
9/30/2007 8822.50 $20.87 $15.15 $6.90 $258.81 $524.00 1,526.75 8822.50
6/30/2007 8879.99 $24.06 $21.88 $6.69 $255.63 $516.91 1,503.35 8879.99
3/31/2007 8942.67 $22.39 $21.33 $6.52 $242.48 $508.99 1,420.86 8942.67
12/31/2006 8974.73 $21.99 $20.24 $6.87 $248.20 $504.39 1,418.30 8974.73
9/30/2006 8997.93 $23.03 $21.47 $6.09 $239.80 $491.96 1,335.85 8997.93
6/30/2006 9051.20 $21.95 $20.11 $6.02 $234.71 $474.91 1,270.20 9051.20
3/31/2006 9004.80 $20.75 $19.69 $5.91 $229.80 $468.63 1,294.83 9004.80
12/31/2005 9015.96 $20.19 $17.30 $6.08 $232.52 $453.06 1,248.29 9015.96
9/30/2005 9018.96 $18.84 $17.39 $5.43 $220.90 $441.77 1,228.81 9018.96
6/30/2005 9141.05 $19.42 $18.29 $5.36 $214.80 $436.90 1,191.33 9141.05
3/31/2005 9164.75 $18.00 $16.85 $5.34 $206.10 $426.79 1,180.59 9164.75
12/31/2004 9314.65 $17.95 $13.94 $5.33 $210.14 $414.75 1,211.92 9314.65
9/30/2004 9328.90 $16.88 $14.18 $4.88 $197.06 $402.52 1,114.58 9328.90
6/30/2004 9311.93 $16.98 $15.25 $4.66 $193.64 $386.23 1,140.84 9311.93
3/31/2004 9288.96 $15.87 $15.18 $4.56 $187.33 $376.47 1,126.21 9288.96
12/31/2003 9250.51 $14.88 $13.16 $5.06 $178.85 $367.17 1,111.92 9250.51
9/30/2003 9244.95 $14.41 $12.56 $4.32 $179.60 $351.89 995.97 9244.95
6/30/2003 9236.54 $12.92 $11.10 $4.09 $181.15 $346.32 974.50 9236.54
3/31/2003 9227.64 $12.48 $11.92 $3.92 $171.21 $328.72 848.18 9227.64
12/31/2002 9214.85 $11.94 $3.00 $4.26 $165.94 $321.72 879.82 9214.85
9/30/2002 9221.83 $11.61 $8.53 $3.90 $166.12 $334.92 815.28 9221.83
6/30/2002 9184.12 $11.64 $6.87 $4.15 $175.33 $329.52 989.81 9184.12
3/31/2002 9152.85 $10.85 $9.19 $3.77 $167.20 $332.74 1,147.39 9152.85
12/31/2001 9113.82 $9.94 $5.45 $3.98 $189.10 $338.37 1,148.08 9113.82
9/30/2001 9065.58 $9.16 $5.23 $4.14 $178.68 $339.40 1,040.94 9065.58
6/30/2001 9006.43 $9.02 $4.83 $3.84 $183.03 $345.87 1,224.38 9006.43
3/31/2001 8949.76 $10.73 $9.18 $3.78 $186.07 $347.25 1,160.33 8949.76
12/31/2000 8872.78 $13.11 $9.07 $3.98 $191.03 $325.80 1,320.28 8872.78
9/30/2000 8770.40 $14.17 $13.71 $4.09 $188.10 $319.60 1,436.51 8770.40
6/30/2000 8582.71 $14.88 $13.48 $4.12 $186.07 $312.94 1,454.60 8582.71
3/31/2000 8465.46 $13.97 $13.74 $4.08 $180.50 $295.94 1,498.58 8465.46
12/31/1999 8381.82 $13.77 $12.77 $4.05 $290.68 1,469.25 8381.82
9/30/1999 8227.74 $12.97 $11.93 $4.45 1,282.71 8227.74
6/30/1999 8182.00 $13.21 $12.51 $4.18 1,372.71 8182.00
3/31/1999 8172.68 $11.73 $10.96 $4.01 1,286.37 8172.68
12/31/1998 8088.29 $11.47 $8.56 $4.00 1,229.23 8088.29
9/30/1998 7989.24 $10.45 $8.99 $4.26 1,017.01 7989.24
6/30/1998 7898.50 $11.43 $9.87 $4.18 1,133.84 7898.50
3/31/1998 7829.71 $10.92 $10.29 $3.76 1,101.75 7829.71
12/31/1997 7784.88 $11.29 $8.94 $3.95 970.43 7784.88
9/30/1997 7741.54 $11.03 $9.87 $4.06 947.28 7741.54
6/30/1997 7673.57 $11.13 $10.44 $3.87 885.14 7673.57
3/31/1997 7655.79 $10.56 $10.47 $3.61 757.12 7655.79
12/31/1996 7594.79 $11.01 $9.86 $3.79 740.74 7594.79
9/30/1996 7573.12 $9.92 $9.78 $3.89 687.33 7573.12
6/30/1996 7550.72 $10.31 $10.13 $3.77 670.63 7550.72
3/31/1996 7511.21 $9.39 $8.96 $3.45 645.50 7511.21
12/31/1995 7449.38 $9.78 $7.13 $3.55 615.93 7449.38
9/30/1995 7373.75 $9.78 $8.69 $3.50 584.41 7373.75
6/30/1995 7340.26 $9.50 $9.26 $3.60 544.75 7340.26
3/31/1995 7331.51 $8.64 $8.88 $3.14 500.71 7331.51
12/31/1994 7285.82 $8.80 $8.35 $3.34 459.27 7285.82
9/30/1994 7265.69 $8.03 $7.94 $3.29 462.71 7265.69
6/30/1994 7211.87 $7.75 $7.38 $3.41 444.27 7211.87
3/31/1994 7127.98 $7.17 $6.93 $3.14 445.77 7127.98
12/31/1993 7086.53 $7.16 $5.08 $3.09 466.45 7086.53
9/30/1993 7011.06 $6.92 $5.81 $3.20 458.93 7011.06
6/30/1993 6974.55 $6.57 $4.89 $3.28 450.53 6974.55
3/31/1993 6947.24 $6.25 $6.11 $3.01 451.67 6947.24
12/31/1992 6918.99 $5.61 $3.60 $3.03 435.71 6918.99
9/30/1992 6900.48 $5.12 $4.73 $3.20 417.80 6900.48
6/30/1992 6867.07 $5.21 $5.40 $3.24 408.14 6867.07
3/31/1992 6833.95 $4.93 $5.36 $2.91 403.69 6833.95
12/31/1991 6812.52 $4.63 $2.55 $3.04 417.09 6812.52
9/30/1991 6723.09 $5.11 $3.74 $3.13 387.86 6723.09
6/30/1991 6685.13 $4.79 $4.54 $3.24 371.16 6685.13
3/31/1991 6666.67 $4.77 $5.14 $2.79 375.22 6666.67
12/31/1990 6647.01 $5.01 $4.40 $3.12 330.22 6647.01
9/30/1990 6653.10 $5.97 $5.33 $3.00 306.05 6653.10
6/30/1990 6656.02 $6.06 $6.07 $3.21 358.02 6656.02
3/31/1990 6669.89 $5.61 $5.54 $2.77 339.94 6669.89
12/31/1989 6697.81 $5.84 $4.80 $2.86 353.40 6697.81
9/30/1989 6684.33 $5.54 $4.85 $2.83 349.15 6684.33
6/30/1989 6723.45 $6.53 $6.48 $2.86 317.98 6723.45
3/31/1989 6731.88 $6.41 $6.74 $2.50 294.87 6731.88
12/31/1988 6829.56 $6.37 $5.62 $2.54 277.72 6829.56
9/30/1988 6930.89 $6.22 $6.38 $2.46 271.91 6930.89
6/30/1988 6956.73 $6.05 $6.22 $2.50 273.50 6956.73
3/31/1988 6977.40 $5.48 $5.53 $2.24 258.89 6977.40
Q4 2019: 4 issues (off fiscals) have reported, with 4 beating on operating estimates and 2 beating on sales
Q3 2019
SECTOR REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET
Energy 28 16 11 1 100.00% 57.14% 39.29% 3.57%
Materials 28 16 9 3 100.00% 57.14% 32.14% 10.71%
Industrials 67 51 10 6 97.10% 76.12% 14.93% 8.96%
Consumer Discretionary 63 44 16 3 100.00% 69.84% 25.40% 4.76%
Consumer Staples 33 27 3 3 100.00% 81.82% 9.09% 9.09%
Health Care 62 54 1 7 100.00% 87.10% 1.61% 11.29%
Financials 65 53 11 1 97.01% 81.54% 16.92% 1.54%
Information Technology 67 59 6 2 98.53% 88.06% 8.96% 2.99%
Communication Services 25 18 5 2 92.59% 72.00% 20.00% 8.00%
Utilities 28 19 7 2 100.00% 67.86% 25.00% 7.14%
Real Estate 32 17 12 3 100.00% 53.13% 37.50% 9.38%
S&P 500 498 374 91 33 98.61% 75.10% 18.27% 6.63%
Historical beats ------------- ISSUES -------------------- ----------- PERCENTAGE --------------------

REPORTED BEAT MISSED MET REPORTED BEAT MISSED MET
Q3 2019 498 374 91 33 98.61% 75.10% 18.27% 6.63%
Q2 2019 497 366 88 43 98.42% 73.64% 17.71% 8.65%
Q1 2019 501 371 95 35 99.21% 74.05% 18.96% 6.99%
Q4 2018 501 341 125 35 99.21% 68.06% 24.95% 6.99%
Q3 2018 497 382 75 40 98.42% 76.86% 15.09% 8.05%
Q2 2018 499 399 74 26 98.81% 79.96% 14.83% 5.21%
Q1 2018 500 385 86 29 99.01% 77.00% 17.20% 5.80%
Q4 2017 500 375 82 43 99.01% 75.00% 16.40% 8.60%
Q3 2017 503 365 96 42 99.60% 72.56% 19.09% 8.35%
Q2 2017 503 353 101 49 99.60% 70.18% 20.08% 9.74%
Q1 2017 503 372 95 36 99.60% 73.96% 18.89% 7.16%
Q4 2016 501 337 110 54 99.21% 67.27% 21.96% 10.78%
Q3 2016 498 351 105 42 98.61% 70.48% 21.08% 8.43%
Q2 2016 497 349 104 44 98.61% 70.22% 20.93% 8.85%
Q1 2016 499 361 103 35 99.01% 72.34% 20.64% 7.01%
Q4 2015 496 341 107 48 98.80% 68.75% 21.57% 9.68%
Q3 2015 499 339 115 45 99.40% 67.94% 23.05% 9.02%
Q2 2015 496 346 109 41 98.80% 69.76% 21.98% 8.27%
Q1 2015 498 337 114 47 99.20% 67.67% 22.89% 9.44%
Q4 2014 500 343 105 52 99.60% 68.60% 21.00% 10.40%
Q3 2014 499 368 86 45 99.40% 73.75% 17.23% 9.02%
Q2 2014 499 328 106 65 99.60% 65.73% 21.24% 13.03%
Q1 2014 499 335 113 51 99.80% 67.13% 22.65% 10.22%
Q4 2013 499 319 126 54 99.80% 63.93% 25.25% 10.82%
Q3 2013 499 330 116 53 99.80% 66.13% 23.25% 10.62%
Q2 2013 500 327 134 39 100.00% 65.40% 26.80% 7.80%
Q1 2013 499 329 129 41 99.80% 65.93% 25.85% 8.22%
Q4 2012 500 324 124 52 100.00% 64.80% 24.80% 10.40%
Q3 2012 493 312 117 64 98.60% 63.29% 23.73% 12.98%
Q2 2013 499 322 123 54 99.80% 64.53% 24.65% 10.82%
AVERAGE 499 349 105 45 99.25% 70.00% 21.07% 8.93%
Q2 2019
Energy 28 18 8 2 96.55% 64.29% 28.57% 7.14%
Materials 28 21 4 3 100.00% 75.00% 14.29% 10.71%
Industrials 66 47 12 7 95.65% 71.21% 18.18% 10.61%
Health Care 62 59 2 1 100.00% 95.16% 3.23% 1.61%
Financials 66 49 12 5 98.51% 74.24% 18.18% 7.58%
Utilities 28 11 13 4 100.00% 39.29% 46.43% 14.29%
Real Estate 32 20 9 3 100.00% 62.50% 28.13% 9.38%
S&P 500 497 366 88 43 98.42% 73.64% 17.71% 8.65%
Q1 2019
Energy 29 17 8 4 100.00% 58.62% 27.59% 13.79%
Materials 25 17 5 3 100.00% 68.00% 20.00% 12.00%
Industrials 69 48 17 4 98.57% 69.57% 24.64% 5.80%
Health Care 62 50 9 3 100.00% 80.65% 14.52% 4.84%
Financials 67 47 14 6 98.53% 70.15% 20.90% 8.96%
Utilities 28 14 11 3 100.00% 50.00% 39.29% 10.71%
Real Estate 32 23 7 2 100.00% 71.88% 21.88% 6.25%
S&P 500 501 371 95 35 99.21% 74.05% 18.96% 6.99%
Q4 2018
Energy 29 14 14 1 96.67% 48.28% 48.28% 3.45%
Materials 25 13 10 2 100.00% 52.00% 40.00% 8.00%
Industrials 69 55 11 3 100.00% 79.71% 15.94% 4.35%
Health Care 61 44 11 6 100.00% 72.13% 18.03% 9.84%
Financials 67 41 23 3 100.00% 61.19% 34.33% 4.48%
Utilities 29 17 11 1 100.00% 58.62% 37.93% 3.45%
Real Estate 32 18 11 3 100.00% 56.25% 34.38% 9.38%
S&P 500 501 341 125 35 99.21% 68.06% 24.95% 6.99%
Q3 2018
Energy 30 22 6 2 100.00% 73.33% 20.00% 6.67%
Materials 23 16 6 1 95.83% 69.57% 26.09% 4.35%
Industrials 69 46 13 10 97.18% 66.67% 18.84% 14.49%
Health Care 62 48 9 5 96.88% 77.42% 14.52% 8.06%
Financials 66 51 10 5 98.51% 77.27% 15.15% 7.58%
Utilities 29 24 4 1 100.00% 82.76% 13.79% 3.45%
Real Estate 32 20 10 2 100.00% 62.50% 31.25% 6.25%
S&P 500 497 382 75 40 98.42% 76.86% 15.09% 8.05%
Q2 2018
Energy 31 13 16 2 100.00% 41.94% 51.61% 6.45%
Materials 24 20 2 2 100.00% 83.33% 8.33% 8.33%
Industrials 69 57 10 2 100.00% 82.61% 14.49% 2.90%
Health Care 63 58 3 2 100.00% 92.06% 4.76% 3.17%
Financials 66 49 12 5 97.06% 74.24% 18.18% 7.58%
Utilities 29 21 5 3 100.00% 72.41% 17.24% 10.34%
Real Estate 32 21 7 4 96.97% 65.63% 21.88% 12.50%
S&P 500 499 399 74 26 98.81% 79.96% 14.83% 5.21%
Q1 2018
Energy 31 22 8 1 100.00% 70.97% 25.81% 3.23%
Materials 25 18 6 1 100.00% 72.00% 24.00% 4.00%
Industrials 69 54 11 4 98.57% 78.26% 15.94% 5.80%
Health Care 61 50 6 5 100.00% 81.97% 9.84% 8.20%
Financials 66 52 7 7 97.06% 78.79% 10.61% 10.61%
Telecommunication Services 3 2 1 0 100.00% 66.67% 33.33% 0.00%
Utilities 28 17 9 2 100.00% 60.71% 32.14% 7.14%
Real Estate 33 18 14 1 100.00% 54.55% 42.42% 3.03%
S&P 500 500 385 86 29 99.01% 77.00% 17.20% 5.80%
Q4 2017
Energy 32 24 6 2 100.00% 75.00% 18.75% 6.25%
Materials 25 20 1 4 100.00% 80.00% 4.00% 16.00%
Industrials 69 53 10 6 100.00% 76.81% 14.49% 8.70%
Health Care 61 51 5 5 98.39% 83.61% 8.20% 8.20%
Financials 67 53 10 4 100.00% 79.10% 14.93% 5.97%
Utilities 28 20 6 2 100.00% 71.43% 21.43% 7.14%
Real Estate 33 14 16 3 100.00% 42.42% 48.48% 9.09%
S&P 500 500 375 82 43 99.01% 75.00% 16.40% 8.60%
Q3 2017
Energy 32 23 8 1 100.00% 71.88% 25.00% 3.13%
Materials 25 18 4 3 100.00% 72.00% 16.00% 12.00%
Industrials 68 51 9 8 100.00% 75.00% 13.24% 11.76%
Health Care 62 45 11 6 100.00% 72.58% 17.74% 9.68%
Financials 67 51 12 4 100.00% 76.12% 17.91% 5.97%
Utilities 28 14 12 2 100.00% 50.00% 42.86% 7.14%
Real Estate 33 17 13 3 100.00% 51.52% 39.39% 9.09%
S&P 500 503 365 96 42 99.60% 72.56% 19.09% 8.35%
Q2 2017
Energy 34 20 12 2 100.00% 58.82% 35.29% 5.88%
Materials 25 14 7 4 100.00% 56.00% 28.00% 16.00%
Industrials 66 46 14 6 98.51% 69.70% 21.21% 9.09%
Health Care 61 50 6 5 100.00% 81.97% 9.84% 8.20%
Financials 66 49 11 6 100.00% 74.24% 16.67% 9.09%
Utilities 28 20 5 3 100.00% 71.43% 17.86% 10.71%
Real Estate 31 15 12 4 100.00% 48.39% 38.71% 12.90%
S&P 500 503 353 101 49 99.60% 70.18% 20.08% 9.74%
S&P 500 Q1 2017 operating reports:

Of the 503 issues with full operating comparative data
Energy 35 21 11 3 100.00% 60.00% 31.43% 8.57%
Materials 25 19 3 3 100.00% 76.00% 12.00% 12.00%
Industrials 68 52 11 5 100.00% 76.47% 16.18% 7.35%
Health Care 60 51 6 3 100.00% 85.00% 10.00% 5.00%
Financials 65 54 9 2 100.00% 83.08% 13.85% 3.08%
Utilities 28 21 4 3 100.00% 75.00% 14.29% 10.71%
Real Estate 31 15 15 1 100.00% 48.39% 48.39% 3.23%
S&P 500 503 372 95 36 99.60% 73.96% 18.89% 7.16%

337 beat, 110 missed, and 54 met their estimates; 256 of 498 beat on sales
S&P 500 Q4,'16 OPER EPS ------------- ISSUES -------------------- ----------- PERCENTAGE --------------------
Energy 36 19 11 6 100.00% 52.78% 30.56% 16.67%
Materials 25 15 7 3 100.00% 60.00% 28.00% 12.00%
Industrials 68 41 19 8 98.55% 60.29% 27.94% 11.76%
Health Care 59 45 8 6 98.33% 76.27% 13.56% 10.17%
Financials 63 50 9 4 100.00% 79.37% 14.29% 6.35%
Utilities 28 10 12 6 100.00% 35.71% 42.86% 21.43%
Real Estate 29 18 10 1 100.00% 62.07% 34.48% 3.45%
S&P 500 501 337 110 54 99.21% 67.27% 21.96% 10.78%

185 of 498 beat As Reported, as 274 of 495 beat on sales
351 beat, 105 missed, and 42 met their estimates
Energy 37 26 8 3 102.78% 70.27% 21.62% 8.11%
Materials 26 15 9 2 96.30% 57.69% 34.62% 7.69%
Industrials 67 47 15 5 100.00% 70.15% 22.39% 7.46%
Health Care 59 41 15 3 100.00% 69.49% 25.42% 5.08%
Financials 64 54 6 4 100.00% 84.38% 9.38% 6.25%
Utilities 28 21 6 1 100.00% 75.00% 21.43% 3.57%
Real Estate 28 10 14 4 100.00% 35.71% 50.00% 14.29%
S&P 500 498 351 105 42 98.61% 70.48% 21.08% 8.43%

Energy 37 25 11 1 100.00% 67.57% 29.73% 2.70%
Materials 26 15 9 2 96.30% 57.69% 34.62% 7.69%
Industrials 68 48 12 8 100.00% 70.59% 17.65% 11.76%
Health Care 56 47 4 5 98.25% 83.93% 7.14% 8.93%
Financials 92 51 31 10 100.00% 55.43% 33.70% 10.87%
Utilities 27 16 9 2 96.43% 59.26% 33.33% 7.41%
S&P 500 497 349 104 44 98.61% 70.22% 20.93% 8.85%
361 beat, 103 missed, and 365met their estimates
Energy 38 23 13 2 97.44% 60.53% 34.21% 5.26%
Materials 27 21 4 2 100.00% 77.78% 14.81% 7.41%
Industrials 65 49 11 5 100.00% 75.38% 16.92% 7.69%
Health Care 58 51 5 2 100.00% 87.93% 8.62% 3.45%
Financials 90 50 32 8 100.00% 55.56% 35.56% 8.89%
Utilities 29 14 12 3 100.00% 48.28% 41.38% 10.34%
S&P 500 499 361 103 35 99.01% 72.34% 20.64% 7.01%

Energy 40 28 11 1 100.00% 70.00% 27.50% 2.50%
Materials 27 19 5 3 100.00% 70.37% 18.52% 11.11%
Industrials 65 42 18 5 98.48% 64.62% 27.69% 7.69%
Health Care 56 40 10 6 100.00% 71.43% 17.86% 10.71%
Financials 86 56 23 7 98.85% 65.12% 26.74% 8.14%
Utilities 29 16 9 4 100.00% 55.17% 31.03% 13.79%
S&P 500 496 341 107 48 98.80% 68.75% 21.57% 9.68%

Energy 40 31 9 0 100.00% 77.50% 22.50% 0.00%
Materials 28 19 7 2 100.00% 67.86% 25.00% 7.14%
Industrials 66 47 13 6 101.54% 71.21% 19.70% 9.09%
Health Care 55 47 5 3 98.21% 85.45% 9.09% 5.45%
Financials 87 47 30 10 98.86% 54.02% 34.48% 11.49%
Utilities 29 15 13 1 100.00% 51.72% 44.83% 3.45%
S&P 500 499 339 115 45 99.40% 67.94% 23.05% 9.02%

Energy 41 26 13 2 100.00% 63.41% 31.71% 4.88%
Materials 28 16 9 3 96.55% 57.14% 32.14% 10.71%
Industrials 64 46 14 4 98.46% 71.88% 21.88% 6.25%
Health Care 55 49 1 5 100.00% 89.09% 1.82% 9.09%
Financials 88 57 24 7 100.00% 64.77% 27.27% 7.95%
Utilities 29 16 13 0 96.67% 55.17% 44.83% 0.00%
S&P 500 496 346 109 41 98.80% 69.76% 21.98% 8.27%
Energy 41 27 10 4 100.00% 65.85% 24.39% 9.76%
Materials 29 16 10 3 100.00% 55.17% 34.48% 10.34%
Industrials 65 41 16 8 100.00% 63.08% 24.62% 12.31%
Health Care 55 43 6 6 100.00% 78.18% 10.91% 10.91%
Financials 86 54 22 10 100.00% 62.79% 25.58% 11.63%
Utilities 30 21 8 1 100.00% 70.00% 26.67% 3.33%
S&P 500 498 337 114 47 99.20% 67.67% 22.89% 9.44%
Energy 43 28 15 0 100.00% 65.12% 34.88% 0.00%
Materials 29 23 2 4 100.00% 79.31% 6.90% 13.79%
Industrials 64 46 7 11 100.00% 71.88% 10.94% 17.19%
Health Care 55 39 9 7 100.00% 70.91% 16.36% 12.73%
Financials 85 51 28 6 100.00% 60.00% 32.94% 7.06%
Utilities 30 16 11 3 100.00% 53.33% 36.67% 10.00%
S&P 500 500 343 105 52 99.60% 68.60% 21.00% 10.40%
Q3 2014
Energy 43 31 8 4 100.00% 72.09% 18.60% 9.30%
Materials 30 20 5 5 100.00% 66.67% 16.67% 16.67%
Industrials 64 54 6 4 98.46% 84.38% 9.38% 6.25%
Health Care 55 43 7 5 100.00% 78.18% 12.73% 9.09%
Financials 84 61 16 7 100.00% 72.62% 19.05% 8.33%
Utilities 30 14 10 6 100.00% 46.67% 33.33% 20.00%
S&P 500 499 368 86 45 99.40% 73.75% 17.23% 9.02%
Q2 2014
Energy 45 25 15 5 100.00% 55.56% 33.33% 11.11%
Materials 30 21 7 2 100.00% 70.00% 23.33% 6.67%
Industrials 64 40 12 12 100.00% 62.50% 18.75% 18.75%
Health Care 53 44 3 6 100.00% 83.02% 5.66% 11.32%
Financials 83 59 14 10 98.81% 71.08% 16.87% 12.05%
Utilities 30 17 10 3 100.00% 56.67% 33.33% 10.00%
S&P 500 499 328 106 65 99.60% 65.73% 21.24% 13.03%
Q1 2014
Energy 44 35 7 2 100.00% 79.55% 15.91% 4.55%
Materials 31 18 8 5 100.00% 58.06% 25.81% 16.13%
Industrials 64 43 11 10 100.00% 67.19% 17.19% 15.63%
Health Care 54 35 14 5 100.00% 64.81% 25.93% 9.26%
Financials 82 52 22 8 100.00% 63.41% 26.83% 9.76%
Utilities 30 23 5 2 100.00% 76.67% 16.67% 6.67%
S&P 500 499 335 113 51 99.80% 67.13% 22.65% 10.22%
Q4 2013
Energy 44 25 16 3 100.00% 56.82% 36.36% 6.82%
Materials 31 21 8 2 100.00% 67.74% 25.81% 6.45%
Industrials 64 37 18 9 100.00% 57.81% 28.13% 14.06%
Health Care 54 34 8 12 98.18% 62.96% 14.81% 22.22%
Financials 81 56 19 6 100.00% 69.14% 23.46% 7.41%
Utilities 31 21 8 2 100.00% 67.74% 25.81% 6.45%
S&P 500 499 319 126 54 99.80% 63.93% 25.25% 10.82%
Energy 43 28 15 0 100.00% 65.12% 34.88% 0.00%
Materials 31 20 8 3 100.00% 64.52% 25.81% 9.68%
Industrials 63 39 13 11 100.00% 61.90% 20.63% 17.46%
Health Care 55 41 6 8 100.00% 74.55% 10.91% 14.55%
Financials 81 48 27 6 100.00% 59.26% 33.33% 7.41%
Utilities 31 16 12 3 100.00% 51.61% 38.71% 9.68%
S&P 500 499 330 116 53 99.80% 66.13% 23.25% 10.62%
Q2 2013
Energy 43 26 16 1 100.00% 60.47% 37.21% 2.33%
Materials 30 17 9 4 100.00% 56.67% 30.00% 13.33%
Industrials 61 39 16 6 100.00% 63.93% 26.23% 9.84%
Health Care 54 40 9 5 100.00% 74.07% 16.67% 9.26%
Financials 81 57 20 4 100.00% 70.37% 24.69% 4.94%
Utilities 31 17 13 1 100.00% 54.84% 41.94% 3.23%
S&P 500 500 327 134 39 100.00% 65.40% 26.80% 7.80%
Q1 2013
Energy 43 31 11 1 100.00% 72.09% 25.58% 2.33%
Materials 30 15 10 5 100.00% 50.00% 33.33% 16.67%
Industrials 61 34 20 7 101.67% 55.74% 32.79% 11.48%
Health Care 53 38 12 3 100.00% 71.70% 22.64% 5.66%
Financials 81 60 16 5 100.00% 74.07% 19.75% 6.17%
Utilities 31 17 13 1 100.00% 54.84% 41.94% 3.23%
S&P 500 499 329 129 41 99.80% 65.93% 25.85% 8.22%
Q4 2012
Energy 43 23 16 4 100.00% 53.49% 37.21% 9.30%
Materials 30 15 10 5 100.00% 50.00% 33.33% 16.67%
Industrials 60 36 19 5 100.00% 60.00% 31.67% 8.33%
Health Care 52 32 11 9 100.00% 61.54% 21.15% 17.31%
Financials 81 53 20 8 100.00% 65.43% 24.69% 9.88%
Utilities 31 18 8 5 100.00% 58.06% 25.81% 16.13%
S&P 500 500 324 124 52 100.00% 64.80% 24.80% 10.40%
Q3 2012
Energy 44 26 16 2 100.00% 59.09% 36.36% 4.55%
Materials 31 12 13 6 103.33% 38.71% 41.94% 19.35%
Industrials 59 35 17 7 96.72% 59.32% 28.81% 11.86%
Health Care 51 39 6 6 98.08% 76.47% 11.76% 11.76%
Financials 81 53 18 10 100.00% 65.43% 22.22% 12.35%
Utilities 31 18 11 2 96.88% 58.06% 35.48% 6.45%
S&P 500 493 312 117 64 98.60% 63.29% 23.73% 12.98%
Q2 2012
Energy 44 21 18 5 100.00% 47.73% 40.91% 11.36%
Materials 30 16 6 8 100.00% 53.33% 20.00% 26.67%
Industrials 60 46 10 4 98.36% 76.67% 16.67% 6.67%
Health Care 52 38 8 6 100.00% 73.08% 15.38% 11.54%
Financials 81 48 28 5 100.00% 59.26% 34.57% 6.17%
Utilities 32 19 12 1 100.00% 59.38% 37.50% 3.13%
S&P 500 499 322 123 54 99.80% 64.53% 24.65% 10.82%
d 2 beating on sales
Q3 2019
Issues with diluted share counts for Q3 2019 over Q3 2018 EPS
-> Therefore adding at least a 4% tailwind to their current EPS
Issues 499 % of issues
Q4 2019 potential built in: Issues % of issues

Q3,'19 shares at least 4% lower than Q4,'18 73 14.6%
Share Count Reduction (SCR) SCR SCR

(Y/Y diluted shares used for EPS) >=4% <=-4%
Q3 2019 8.62% 22.85%
Q2 2019 7.98% 24.15%
Q1 2019 8.03% 24.90%
Q4 2018 8.45% 18.71%
Q3 2018 6.43% 17.67%
Q2 2018 6.20% 15.60%
Q1 2018 7.01% 13.63%
Q4 2017 6.83% 15.06%
Q3 2017 8.62% 14.23%
Q2 2017 10.00% 14.00%
Q1 2017 12.00% 14.80%
Q4 2016 10.48% 19.35%
Q3 2016 9.94% 23.73%
Q2 2016 10.48% 26.61%
Q1 2016 10.06% 28.17%
Q4 2015 9.48% 25.81%
Q3 2015 9.64% 22.69%
Q2 2015 9.04% 21.08%
Q1 2015 7.62% 21.04%
Q4 2014 6.04% 21.33%
Q2 2019
Q1 2019
Q4 2018
Q3 2018
Q2 2018
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Issues with diluted share counts for Q1 2017 and Q1 2016 EPS (full reporting lags the releases)
another tick up in the "at least 4% impact" participation rate
Q4 2016
the participation rate ticked up
Q3 2016
7th consecutive quarter of at least 20%
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q2 2015
Q1 2015
Q4 2014:
S&P 500 sales
Data based on a combination of reported and estimated sales for Q3,'19
QUARTERLY SALES PER SHARE % CHG Q3/Q2 % CHG Q3/Q3 Sep-19 Est Jun-19 Mar-19 Dec-18
ENERGY -2.48% -7.00% $97.54 $100.02 $90.31 $103.19
MATERIALS -6.34% -7.14% $49.59 $52.95 $48.84 $48.88
INDUSTRIALS -3.15% -0.69% $93.35 $96.39 $91.96 $96.32
CONSUMER DISCRETIONARY 0.54% 6.01% $142.02 $141.26 $132.21 $148.34
CONSUMER STAPLES 4.82% 4.07% $104.52 $99.72 $98.35 $100.69
HEALTH CARE 1.23% 10.79% $166.98 $164.95 $158.98 $150.59
FINANCIALS 0.77% 7.16% $59.94 $59.48 $58.90 $50.99
INFORMATION TECHNOLOGY 4.70% 5.03% $79.34 $75.78 $73.47 $82.48
COMMUNICATION SERVICES 1.37% 10.75% $14.53 $14.33 $13.73 $14.62
UTILITIES 13.71% -8.37% $31.06 $27.31 $31.07 $31.32
REAL ESTATE* 1.97% 4.64% $8.69 $8.52 $8.26 $8.56
S&P 500 0.88% 4.03% $355.02 $351.91 $338.85 $346.71
*Proforma Q2,'16 & prior, RE in Financials; back data for FYI only
QUARTERLY OPERATING MARGINS % CHG Q3/Q2 % CHG Q3/Q3 Sep-19 Est Jun-19 Est Mar-19 Dec-18
ENERGY 4.23% -18.34% 6.57% 6.30% 4.15% 8.93%
MATERIALS -3.26% -11.93% 8.51% 8.80% 8.29% 8.80%
INDUSTRIALS -1.45% -1.55% 10.29% 10.45% 9.18% 9.32%
CONSUMER DISCRETIONARY -1.44% -5.49% 7.40% 7.51% 6.91% 6.52%
CONSUMER STAPLES 0.41% -5.14% 7.39% 7.36% 7.11% 7.08%
HEALTH CARE -7.38% -7.68% 8.05% 8.69% 8.93% 8.14%
FINANCIALS 9.38% -2.26% 17.33% 15.85% 18.62% 8.51%
INFORMATION TECHNOLOGY -6.84% -13.01% 19.22% 20.63% 19.15% 20.77%
COMMUNICATION SERVICES -1.12% -18.65% 13.15% 13.30% 15.22% 14.84%
UTILITIES 4.11% 7.65% 16.29% 15.65% 13.26% 7.47%
REAL ESTATE* -0.71% -2.73% 19.68% 19.82% 17.31% 20.81%
S&P 500 -0.46% -7.50% 11.22% 11.27% 11.21% 10.10%
OPERATING SALES CONTRIBUTION % CHG Q3/Q2 % CHG Q3/Q3 Sep-19 Est Jun-19 Est Mar-19 Dec-18
ENERGY -2.70% -11.91% 8.46% 8.70% 8.37% 9.35%
MATERIALS -0.79% 1.12% 3.11% 3.13% 3.10% 3.05%
INDUSTRIALS 0.26% -6.19% 11.17% 11.14% 11.53% 11.82%
CONSUMER DISCRETIONARY -0.03% 0.67% 12.71% 12.71% 12.45% 13.64%
CONSUMER STAPLES -0.31% 1.51% 10.58% 10.61% 10.39% 10.34%
HEALTH CARE 0.47% 3.61% 18.32% 18.23% 18.24% 16.90%
FINANCIALS 2.41% 0.12% 13.97% 13.64% 14.64% 12.39%
INFORMATION TECHNOLOGY -0.41% 0.23% 10.32% 10.37% 10.03% 11.02%
COMMUNICATION SERVICES -0.08% 7.24% 7.55% 7.55% 7.36% 7.71%
UTILITIES -3.53% -7.71% 2.85% 2.95% 2.93% 2.81%
REAL ESTATE* 0.55% 2.73% 0.96% 0.96% 0.95% 0.95%
S&P 500 0.00% 0.00% 100.00% 100.00% 100.00% 100.00%
Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
$104.89 $105.13 $94.71 $94.70 $84.49 $79.17 $78.52 $74.17 $70.97 $69.29 $59.06 $75.09 $86.47
$53.40 $55.62 $49.32 $46.99 $43.91 $46.53 $44.52 $42.36 $44.98 $47.18 $44.34 $43.38 $44.03
$94.00 $93.74 $86.88 $88.91 $86.37 $85.00 $79.06 $81.94 $79.65 $78.64 $74.56 $77.20 $77.05
$133.97 $126.13 $119.07 $129.02 $114.12 $116.07 $111.84 $121.61 $112.23 $112.09 $105.25 $113.77 $104.68
$100.43 $96.14 $105.17 $108.56 $105.81 $97.93 $95.90 $98.30 $96.51 $93.45 $93.24 $95.12 $94.36
$150.71 $149.57 $133.91 $134.23 $129.07 $129.13 $125.07 $126.76 $123.90 $126.10 $121.42 $121.81 $117.83
$55.94 $54.43 $50.77 $49.81 $49.49 $47.90 $47.45 $45.23 $46.25 $38.22 $36.86 $37.36 $37.69
$75.54 $67.47 $66.77 $73.75 $61.72 $58.49 $56.68 $64.01 $55.04 $53.05 $52.95 $59.97 $52.88
$13.12 $24.69 $26.39 $28.44 $26.72 $26.38 $26.03 $28.45 $27.69 $27.46 $27.63 $28.94 $27.54
$33.90 $29.92 $34.03 $31.93 $34.18 $30.66 $33.48 $31.02 $35.67 $29.11 $31.96 $30.04 $35.42
$8.30 $8.19 $7.92 $7.79 $7.42 $7.56 $7.19 $8.21 $7.50 $7.50 $7.22 $7.94 $7.38
$341.27 $334.64 $320.39 $329.59 $308.22 $300.98 $292.78 $301.12 $290.85 $284.59 $274.03 $288.87 $283.72
Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Sep-16 Mar-16 Dec-15 Sep-15
8.05% 6.34% 6.65% 3.09% 4.41% 3.47% 4.94% 0.55% 1.23% -2.97% -4.59% -10.92% -5.23%
9.66% 11.92% 11.13% 7.60% 9.34% 10.51% 10.38% 6.40% 8.29% 10.41% 3.77% 0.81% 2.84%
10.46% 10.35% 10.28% 8.83% 9.32% 9.44% 8.06% 7.99% 9.42% 9.08% 7.89% 9.18% 10.03%
7.83% 8.30% 7.73% 7.46% 7.76% 7.50% 7.20% 6.99% 7.61% 7.64% 7.32% 7.33% 7.72%
7.79% 7.94% 6.44% 6.84% 6.78% 6.86% 6.25% 6.64% 7.04% 6.74% 6.12% 6.31% 6.60%
8.72% 8.35% 9.07% 8.51% 8.81% 9.12% 8.41% 8.14% 8.63% 8.68% 8.64% 7.63% 8.14%
17.73% 16.74% 15.52% 13.33% 12.41% 14.57% 14.39% 12.96% 15.14% 14.28% 14.84% 13.46% 15.84%
22.09% 21.62% 22.92% 23.43% 19.77% 18.48% 18.17% 19.45% 16.77% 15.59% 15.17% 18.32% 16.98%
16.16% 15.80% 13.60% 6.82% 10.25% 10.61% 10.37% 8.93% 9.39% 6.99% 10.14% 11.96% 10.38%
15.13% 11.66% 13.08% 9.58% 13.63% 9.98% 11.20% 7.74% 13.82% 9.21% 11.45% 0.53% 12.08%
20.24% 17.70% 18.82% 17.70% 21.02% 17.06% 19.05% 22.28% 19.74% 20.12% 35.35% 16.53% 17.47%
12.13% 11.55% 11.40% 10.27% 10.16% 10.14% 9.84% 9.27% 9.86% 9.03% 8.75% 7.98% 8.97%
Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15
9.61% 9.63% 8.99% 8.75% 8.34% 8.02% 8.75% 7.52% 7.40% 7.38% 6.49% 7.70% 8.98%
3.07% 3.23% 3.26% 3.01% 3.01% 3.16% 3.17% 2.86% 3.25% 3.38% 3.35% 3.10% 3.34%
11.91% 12.03% 11.70% 11.60% 11.95% 12.07% 12.08% 11.63% 11.44% 12.12% 11.74% 11.84% 12.14%
12.63% 15.21% 15.41% 16.26% 15.41% 16.06% 16.14% 16.79% 16.48% 16.36% 16.23% 16.71% 15.73%
10.42% 10.28% 12.24% 12.29% 12.88% 12.58% 12.74% 12.88% 13.01% 12.89% 13.41% 13.06% 13.08%
17.68% 17.70% 16.09% 15.75% 16.14% 16.45% 16.56% 16.12% 16.26% 16.47% 16.63% 15.68% 15.27%
13.95% 13.87% 13.48% 12.87% 13.77% 13.70% 12.60% 12.88% 13.73% 14.39% 14.26% 13.53% 13.81%
10.30% 11.68% 11.99% 12.85% 11.47% 11.15% 11.13% 12.23% 10.87% 10.85% 11.25% 12.17% 11.01%
7.04% 2.70% 2.76% 2.87% 2.93% 2.95% 2.96% 3.18% 3.20% 3.23% 3.35% 3.32% 3.20%
3.08% 2.72% 3.13% 2.84% 3.25% 2.96% 3.01% 2.96% 3.51% 2.92% 3.28% 2.89% 3.43%
0.94% 0.94% 0.94% 0.90% 0.91% 0.90% 0.88% 0.82% 0.85%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12
$96.04 $87.59 $117.74 $140.55 $144.23 $137.38 $139.27 $142.89 $138.06 $134.07 $140.72 $140.93 $145.39
$49.12 $46.22 $48.47 $49.89 $54.41 $52.30 $50.90 $50.36 $52.12 $51.02 $48.63 $48.38 $50.73
$75.02 $71.06 $76.95 $74.93 $74.17 $69.19 $72.82 $70.82 $70.09 $66.60 $69.75 $68.18 $68.89
$101.61 $95.11 $106.38 $98.29 $96.79 $91.43 $99.92 $91.94 $89.55 $81.20 $89.79 $79.10 $78.22
$91.07 $89.40 $97.26 $94.22 $92.61 $90.14 $94.44 $90.29 $88.05 $87.30 $99.05 $87.11 $84.24
$114.85 $109.76 $109.14 $104.82 $104.61 $96.70 $96.62 $92.93 $92.22 $90.84 $91.13 $87.03 $88.43
$37.70 $37.66 $36.95 $37.27 $37.44 $36.47 $36.79 $35.71 $36.83 $36.97 $40.48 $36.52 $35.26
$52.23 $52.93 $62.42 $54.51 $53.52 $50.23 $54.67 $48.86 $50.50 $51.41 $55.24 $49.17 $49.37
$27.07 $26.89 $28.00 $27.08 $26.91 $26.58 $29.67 $29.01 $30.53 $29.93 $30.26 $29.14 $28.95
$30.57 $36.32 $34.55 $36.07 $32.42 $38.38 $33.10 $35.24 $32.09 $33.49 $32.29 $34.67 $30.55
$7.14 $6.89 $7.33 $6.87 $6.76 $6.60 $6.91 $6.71 $6.74 $6.42 $7.01 $6.41 $6.50
$281.35 $273.19 $297.91 $293.09 $292.35 $279.96 $289.46 $279.41 $277.17 $270.77 $288.03 $268.99 $268.03
-0.53% -0.55% 5.72% 8.94% 8.28% 8.52% 6.76% 7.18% 8.32% 8.34% 7.43% 7.19% 8.40%
7.72% 6.69% 6.23% 7.84% 8.25% 8.47% 5.95% 6.71% 6.02% 8.78% 5.74% 6.59% 8.79%
9.28% 8.74% 8.80% 9.44% 9.60% 8.47% 9.10% 9.21% 8.92% 8.23% 6.98% 8.43% 8.96%
7.49% 6.74% 7.24% 7.02% 7.18% 6.73% 6.70% 7.10% 7.09% 6.83% 7.05% 7.24% 6.78%
7.01% 6.39% 6.01% 6.83% 6.82% 6.16% 6.96% 6.83% 6.56% 6.22% 6.39% 6.58% 6.51%
8.43% 9.25% 7.93% 8.57% 9.12% 8.90% 8.10% 8.90% 8.88% 8.96% 7.93% 9.11% 9.07%
15.44% 16.41% 13.31% 15.29% 15.60% 15.08% 14.33% 14.42% 14.77% 14.09% 9.54% 11.69% 12.42%
16.96% 17.29% 18.60% 15.89% 16.20% 16.38% 17.95% 16.52% 14.85% 15.95% 16.98% 14.03% 16.49%
10.86% 10.79% -4.57% 10.15% 10.85% 10.61% 18.80% 8.58% 7.08% 7.02% -9.58% 7.17% 7.91%
9.71% 10.57% 7.93% 12.53% 8.14% 8.65% 7.80% 11.72% 8.97% 7.59% 8.21% 10.56% 8.77%
18.86% 21.83% 27.75% 18.12% 16.78% 13.94% 11.92% 11.77% 12.75% 13.09% 10.43% 13.04% 9.12%
9.29% 9.45% 8.98% 10.10% 10.07% 9.76% 9.76% 9.63% 9.51% 9.52% 8.04% 8.92% 9.49%
10.05% 9.42% 11.71% 13.87% 14.43% 14.28% 14.02% 14.88% 14.57% 14.53% 14.36% 15.48% 15.86%
3.72% 3.60% 3.48% 3.71% 4.08% 4.13% 3.90% 4.03% 4.09% 4.10% 3.67% 3.90% 3.94%
11.89% 11.63% 11.38% 11.35% 11.22% 10.94% 11.24% 11.41% 11.16% 10.78% 10.64% 11.19% 11.81%
15.67% 15.17% 15.57% 14.63% 14.52% 14.35% 15.09% 14.38% 14.17% 13.01% 13.59% 12.63% 12.59%
12.82% 13.08% 13.19% 13.02% 12.86% 13.18% 13.30% 13.31% 13.06% 13.51% 14.43% 13.69% 13.47%
15.10% 14.75% 13.54% 13.24% 13.27% 12.77% 12.44% 12.42% 12.34% 12.37% 11.71% 12.02% 12.22%
13.95% 14.22% 12.76% 13.09% 13.14% 13.32% 12.90% 13.02% 13.57% 13.91% 14.14% 13.59% 13.08%
10.86% 11.38% 12.26% 10.93% 10.68% 10.50% 11.11% 10.14% 10.64% 11.11% 11.23% 10.72% 10.72%
2.93% 3.04% 2.90% 2.75% 2.74% 2.82% 2.80% 2.83% 3.19% 3.26% 3.14% 3.26% 3.22%
3.03% 3.70% 3.22% 3.40% 3.05% 3.74% 3.20% 3.53% 3.22% 3.43% 3.09% 3.53% 3.08%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10
$145.20 $143.47 $145.58 $139.33 $128.52 $117.59
$50.26 $46.48 $50.09 $53.50 $49.88 $45.42
$66.16 $68.05 $66.59 $64.87 $60.50 $63.91
$76.24 $82.93 $74.69 $74.61 $70.26 $74.54
$85.43 $88.41 $85.25 $84.13 $79.44 $81.59
$88.44 $88.66 $85.87 $85.02 $82.19 $81.99
$35.46 $35.05 $35.84 $37.09 $36.09 $37.67
$49.52 $52.44 $46.90 $46.26 $44.09 $45.73
$28.77 $28.23 $27.48 $27.32 $27.14 $26.96
$33.09 $33.75 $38.25 $33.83 $36.56 $34.10
$6.04 $7.06 $6.45 $6.41 $5.98 $6.93
$267.33 $272.64 $265.99 $263.31 $250.89 $252.73

7.93% 7.00% 9.69% 9.32% 8.41% 7.74%
8.42% 4.02% 7.83% 10.17% 9.94% 7.52%
8.28% 7.97% 8.17% 8.54% 7.54% 8.19%
6.44% 6.73% 6.93% 7.21% 6.65% 6.78%
5.92% 6.29% 6.46% 6.41% 6.19% 6.44%
9.44% 8.35% 8.97% 9.73% 9.37% 8.72%
11.08% 11.56% 12.50% 10.65% 10.39% 9.09%
16.70% 17.66% 15.61% 16.62% 16.28% 17.28%
6.60% 4.29% 7.10% 6.52% 7.04% 6.04%
9.01% 6.87% 10.80% 8.48% 8.62% 6.32%
16.07% 10.36% 11.28% 9.15% 7.39% -2.25%
9.07% 8.70% 9.51% 9.44% 8.99% 8.68%

15.97% 15.59% 16.26% 15.83% 15.30% 13.89%
3.91% 3.55% 3.88% 4.00% 3.91% 3.53%
11.37% 11.48% 11.52% 11.38% 11.05% 11.56%
12.33% 13.23% 12.28% 12.54% 12.58% 13.34%
13.78% 14.02% 13.81% 13.92% 13.89% 14.22%
12.22% 12.06% 12.06% 12.15% 12.46% 12.20%
13.11% 12.39% 13.02% 13.61% 13.64% 14.02%
10.79% 11.22% 10.25% 10.04% 10.10% 10.49%
3.22% 3.18% 3.15% 3.15% 3.28% 3.24%
3.30% 3.29% 3.78% 3.38% 3.80% 3.51%
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Scheduled S&P 500 earnings release for 12/16-20/19; ATC stands for after-the-close
11 issues, 1.8% of the market value
DAY DJIA TICKER COMPANY SECTOR SUB-INDUSTRY
TUE-ATC FDX FedEx Corporation Industrials Air Freight & Logistics
WED GIS General Mills, Inc. Consumer Staples Packaged Foods & Meats
WED PAYX Paychex, Inc. Information Technology Data Processing & Outsourced Services
WED-ATC MU Micron Technology, Inc. Information Technology Semiconductors
THU ACN Accenture Plc Class A Information Technology IT Consulting & Other Services
THU CCL Carnival Corporation Consumer Discretionary Hotels Resorts & Cruise Lines
THU CAG Conagra Brands, Inc. Consumer Staples Packaged Foods & Meats
THU DRI Darden Restaurants, Inc. Consumer Discretionary Restaurants
THU-ATC CTAS Cintas Corporation Industrials Diversified Support Services
THU-ATC DJIA NKE NIKE, Inc. Class B Consumer Discretionary Footwear
FRI KMX CarMax, Inc. Consumer Discretionary Automotive Retail
Scheduled S&P 500 earnings release for 12/23-27/19; ATC stands for after-the-close
THU LW Lamb Weston Holdings, Inc. Consumer Staples Packaged Foods & Meats
Scheduled S&P 500 earnings release for 12/30/19-1/3/2020; ATC stands for after-the-close
THU DJIA WBA Walgreens Boots Alliance Inc Consumer Staples Drug Retail
December-19 EVENT
Monday, December 02, 2019 PMI Manufacturing Index, 9:45 a.m.
Monday, December 02, 2019 ISM Manufacturing, 10 a.m.
Monday, December 02, 2019 Construction Spending, 10 a.m.
Tuesday, December 03, 2019 Motor Vehicle
Wednesday, December 04, 2019 ADP
Wednesday, December 04, 2019 PMI Services, 9:45 a.m.
Wednesday, December 04, 2019 ISM non-Manufacturing, 10 a.m.
Thursday, December 05, 2019 International Trade
Thursday, December 05, 2019 Factory Orders, 10 a.m.
Friday, December 06, 2019 Employment Report
Friday, December 06, 2019 Consumer Sentiment, 10 a.m.
Friday, December 06, 2019 Wholesale Trade, 10 a.m.
Tuesday, December 10, 2019 FOMC 2-day meeting starts
Tuesday, December 10, 2019 Productivity and Costs
Wednesday, December 11, 2019 CPI
Wednesday, December 11, 2019 FOMC meeting ends, statement, 2 p.m.
Wednesday, December 11, 2019 FOMC Chair conference, 2:30 p.m.
Thursday, December 12, 2019 PPI
Thursday, December 12, 2019 Retail Sales
Thursday, December 12, 2019 Imports and Export Prices
Thursday, December 12, 2019 Industrial Production
Monday, December 16, 2019 PMI Flash Report
Monday, December 16, 2019 Housing Market Index, 10 a.m.
Tuesday, December 17, 2019 Housing Starts
Tuesday, December 17, 2019 Industrial Production
Tuesday, December 17, 2019 JOLTS, 10 a.m.
Thursday, December 19, 2019 Existing Home Sales, 10 a.m.
Thursday, December 19, 2019 Leading Indicators, 10 a.m.
Friday, December 20, 2019 GDP
Friday, December 20, 2019 Corporate Profits
Friday, December 20, 2019 Personal Income and Outlays, 10 a.m.
Friday, December 20, 2019 Consumer Sentiment, 10 a.m.
Monday, December 23, 2019 New Home Sales, 10 a.m.
Tuesday, December 24, 2019 NYSE closes at 1 p.m. (pre-holiday)
Tuesday, December 24, 2019 Durable Goods Orders
Wednesday, December 25, 2019 U.S. holiday, markets and banks closed
Monday, December 30, 2019 International Trade In Goods
Monday, December 30, 2019 Retail Inventories
Monday, December 30, 2019 Wholesale Inventories
Monday, December 30, 2019 Pending Home Sales, 10 a.m.
Tuesday, December 31, 2019 Last day of trading for 2019
Tuesday, December 31, 2019 Last day of trading for 2019
Tuesday, December 31, 2019 S&P CoreLogic Case-Shiller Home Price Index
Tuesday, December 31, 2019 FHFA House Price Index
Tuesday, December 31, 2019 Consumer Confidence, 10 a.m.
Wednesday, January 01, 2020 U.S. holiday, markets and banks closed
Thursday, January 02, 2020 FOMC minutes, 2 p.m.
Wednesdays Weekly Mortgage Application report
Wednesdays Weekly EIA Petroleum Status at 10:30 a.m.
Thursdays Weekly New unemployment Claims report

S&P

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

S&P

Hochgeladen von

Copyright:

Verfügbare Formate

S&P Dow Jones Indices

S&P Dow Jones Indices

Q3 2019 Q4 2019 potential built in:

OPERATING EARNINGS CONTRIBUTION

S&P 500 operating margins:

Data as of the close of: 12/12/2019

QUARTER OPERATING AS REPORTED OPERATING AS REPORTED 12 MONTH EARNINGS PER SHA

Actual earnings are bottom up

SMALLCAP SMALLCAP 5YR SMALLCAP

2011 2010 2009 2008* 2007 2006

NINGS PER SHARE

As Reported Earnings Per Share by Economic Sector

ons. It excludes both

$8.37 $21.21 $20.37 $14.82 $4.67 115.26 $20.54 35.38 $39.14

$2.12 $5.08 $0.84 $2.86 -$6.33 -42.45 $2.26 147.18 $13.98

$6.28 $7.89 $7.77 $7.49 $2.95 69.47 $10.92 23.33 $17.12

$71.48 23.27 538.28 726.67 907.25 879.16 1020.43 1342.53

$23.31 36.24 268.73 332.63 415.73 415.07 476.57 665.54

$29.70 19.43 204.93 254.79 290.89 290.12 329.78 429.10

1452.44 1398.58 1660.58 1900.57 1663.04 S&P 400

695.08 671.74 837.96 936.26 844.94 S&P 600

475.80 470.91 521.04 618.99 577.11 S&P Composite 1500

As Reported Earnings Per Share by Economic Sector

1452.44 1398.58 1660.58 1900.57 1663.04 S&P 400

695.08 671.74 837.96 936.26 844.94 S&P 600

475.80 470.91 521.04 618.99 577.11 S&P Composite 1500

OPERATING AS REPORTED CASH SALES BOOK VAL CAPITAL

Historical beats ------------- ISSUES -------------------- ----------- PERCENTAGE --------------------

S&P 500 Q1 2017 operating reports:

S&P 500 Q4 2016 operating reports:

S&P 500 Q3 2016 operating reports:

181 of 497 beat As Reported, as 255 of 493 beat on sales

S&P 500 Q4 2015 operating reports:

S&P 500 Q3 2015 operating reports:

S&P 500 Q2 2015 operating reports:

Q4 2019 potential built in: Issues % of issues

Share Count Reduction (SCR) SCR SCR

another tick up in the "at least 4% impact" participation rate

7th consecutive quarter of at least 20%

Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10

Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Das könnte Ihnen auch gefallen