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FACTSET RESEARCH SYSTEMS INC.

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FactSet Research : S&P 500 Companies with More Global Exposure Expected to See Higher Earnings Growth in Q2

07/19/2021 | 10:06am EDT
S&P 500 Companies with More Global Exposure Expected to See Higher Earnings Growth in Q2 Earnings

By John Butters| July 19, 2021

Given the uneven global economic recovery from the impact of COVID-19, are S&P 500 companies with more international revenue exposure expected to underperform S&P 500 companies with more domestic revenue exposure in terms of earnings and revenue growth for Q2 2021?

The answer is no. FactSet Geographic Revenue Exposure data (based on the most recently reported fiscal year data for each company in the index) was used to answer this question. For this analysis, the index was divided into two groups: companies that generate more than 50% of sales inside the U.S. (more domestic exposure) and companies that generate more than 50% of sales outside the U.S. (more international exposure). Aggregate revenue growth rates were then calculated based on these two groups.

The blended (combines actual results for companies that have reported and estimated results for companies that have yet to report) earnings growth rate for the S&P 500 for Q2 2021 is 69.3%. For companies that generate more than 50% of sales inside the U.S., the blended earnings growth rate is 62.0%. For companies that generate more than 50% of sales outside the U.S., the blended earnings growth rate is 87.0%.

The blended revenue growth rate for the S&P 500 for Q2 2021 is 20.2%. For companies that generate more than 50% of sales inside the U.S., the blended revenue growth rate is 17.0%. For companies that generate more than 50% of sales outside the U.S., the blended revenue growth rate is 30.5%.

What is driving the outperformance of S&P 500 companies with higher international revenue exposure? At the sector level, the Energy sector is expected to be the largest contributor to the higher earnings and revenue growth rates for S&P 500 companies with more international exposure in Q2. Within the Energy sector, Exxon Mobil and Chevron are the largest contributors to earnings and revenue growth for S&P 500 companies with more international exposure. Exxon Mobil generates 65% of revenues outside the U.S., while Chevron generates 61% of revenues outside the U.S. If these two companies were excluded, the blended earnings growth rate for S&P 500 companies that generate more than 50% of revenues outside the U.S. would fall to 63.9% from 87.0%, while the blended revenue growth rate for S&P 500 companies that generate more than 50% of revenues outside the U.S. would fall to 24.5% from 30.5%.

Listen to Earnings Insight on the go! In our weekly Earnings Insight podcast, John Butters provides an update on S&P 500 corporate earnings and related topics based on his popular Earnings Insight publication. The podcast is made available every Monday-listen on Apple podcasts, Spotify, or factset.com.

Disclaimer: The information contained in this article is not investment advice. FactSet does not endorse or recommend any investments and assumes no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this article.

Disclaimer

FactSet Research Systems Inc. published this content on 19 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2021 14:05:02 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 1 584 M - -
Net income 2021 397 M - -
Net Debt 2021 34,4 M - -
P/E ratio 2021 36,1x
Yield 2021 0,85%
Capitalization 14 020 M 14 020 M -
EV / Sales 2021 8,87x
EV / Sales 2022 8,36x
Nbr of Employees 10 713
Free-Float 90,8%
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Number of Analysts 17
Last Close Price 371,11 $
Average target price 329,21 $
Spread / Average Target -11,3%
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Frederick Philip Snow Chief Executive Officer & Director
Helen L. Shan Chief Financial & Revenue Officer
Robin Ann Abrams Chairman
Gene D. Fernandez Executive VP, Chief Technology & Content Officer
Demetry Zilberg Chief Technology Officer
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