Mining Stocks Queued For Q2 Earnings: TAHO, KLDX, GMO, XPL
Zacks Investment Research | Aug 07, 2016 09:20PM ET
We are in the final lap of the second-quarter earnings season, with 433 S&P 500 members having reported their results. These companies that account for 87.7% of the index’s total market capitalization, have reported a 4.1% dip in earnings.
As per the Zacks Industry classification, the mining industry is grouped under the Basic Material sector – one of the 16 broad Zacks sectors. With 95% of the companies in this sector having reported their numbers, we are in the last leg of this sector’s earnings season. The sector has put up an 11.8% decline in earnings on the scoreboard. Considering the companies that are yet to report, the sector’s earnings are expected to drop 11.7% in the quarter.
However, it is not the only sector to suffer an earnings decline this quarter. Earnings growth is anticipated to be in the negative territory for 7 of the 16 Zacks sectors, with Energy being the obvious biggest laggard. Looking at the projected estimates for the quarter, total S&P 500 earnings are expected to be down 3.5% on the back of a 0.4% dip in revenues. The quarter is on track to be the fifth quarter in a row to suffer an earnings decline. (Read more: Zacks Investment Research
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