This Week In Earnings - May 1, 2015

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PROPRIETARY RESEARCH
EARNINGS AGGREGATES
REPORTING ANALYSTS: Greg Harrison, David Aurelio May 1, 2015
THIS WEEK IN EARNINGS
AGGREGATE ESTIMATES AND REVISIONS
 First quarter earnings are expected to grow 2.0% from Q1 2014.
 Of the 360 companies in the S&P 500 that have reported earnings to date for Q1 2015, 68% have
reported earnings above analyst expectations. This is above the long-term average of 63% and below
the average over the past four quarters of 70%.
 44% of companies have reported Q1 2015 revenue above analyst expectations. This is below the long-
term average of 61% and is below the average over the past four quarters of 58%.
 For Q1 2015, there have been 109 negative EPS preannouncements issued by S&P 500 corporations
compared to 19 positive EPS preannouncements. By dividing 109 by 19, one arrives at an N/P ratio of 5.7
for the S&P 500 Index.
 The forward four-quarter (2Q15 – 1Q16) P/E ratio for the S&P 500 is 17.1.
 During the week of May 4, 90 companies are expected to report Q1 2015 earnings.
SECTION A: EARNINGS OUTLOOK
Q1 2015: EARNINGS REVISIONS
Exhibit 1A. S&P 500: Q1 2015 Share-Weighted Earnings ($B)
Source: Thomson Reuters I/B/E/S
225.0
230.0
235.0
240.0
245.0
250.0
255.0
260.0
265.0
270.0
275.0
3/6
3/13
3/20
3/27
4/3
4/10
4/17
4/24
5/1
5/8
5/15
5/22
5/29
6/5
6/12
6/19
6/26

© 2015 Thomson Reuters. All marks herein are used under license. TRPR_82221_277 2
THOMSON REUTERS PROPRIETARY RESEARCH MAY 1, 2015
There has been a decrease in the share-weighted earnings for the S&P 500 since the start of the quarter (to
$260.9B from $265.4B). Six of the ten sectors have experienced downward revisions to estimates.
Since January 1, the Energy (-33.6%) and Materials (-12.2%) sectors have recorded the highest percentage
decreases in earnings, while the Utilities (11.6%) sector has recorded the highest percentage increase in
earnings. Overall, share-weighted earnings for the S&P 500 have decreased by 1.7% since the start of the
quarter.
Since January 1, the Energy (-$7.0B) and Consumer Discretionary (-$2.3B) sectors have recorded the highest
dollar-level decreases in earnings, while the Financials ($4.8B) sector has recorded the highest dollar-level
increase in earnings. Overall, expected share-weighted earnings for the S&P 500 have decreased by $4.5B
since the start of the quarter.
OBSERVATIONS: S&P 500 EARNINGS BACK IN BLACK
The busiest week of this quarter’s earnings season ended on a positive note. Better than expected earnings
results from the 159 of the S&P 500’s constituents that reported the week of May 1st saw 65% of corporate
earnings come in ahead of Q1 2015 estimates. As a result, the index saw earnings growth expectations for the
first quarter of 2015 cross into the black, and is now expected to grow 2.0% from the prior year. This is a
substantial improvement from last week when earnings were expected to decline 2.3%, which would have
been the first negative growth rate since Q3 2009.
Exhibit 2A. S&P 500: Q1 2015 Earnings vs. Expectations – Companies Reporting April 27 – May 1
Reported Reported Index
Sector Above % Match % Below % This Week Total # Total #
Consumer Discretionary 53% 5% 42% 19 50 84
Consumer Staples 67% 17% 17% 6 23 38
Energy 100% 0% 0% 14 24 41
Financials 59% 16% 25% 32 74 87
Health Care 81% 10% 10% 21 38 55
Industrials 43% 17% 39% 23 58 65
Materials 62% 0% 38% 13 24 29
Technology 69% 8% 23% 13 46 66
Telecom Services 100% 0% 0% 1 3 5
Utilities 71% 6% 24% 17 20 30
S&P 500 65.4% 9.4% 25.2% 159 360 500
Not only was this the busiest week for S&P 500 reporting, but also the most important because results from
the energy sector could change the outlook for the index. Fortunately, analysts severely underestimated the
sectors’ ability to generate earnings this quarter. All 14 of the companies within the sector that reported the
week ending May 1st, beat earnings estimates, and ten reported double digit earnings surprise percentages.
This helped to bring overall earnings for the sector in 31.8% above estimates. As a result the energy sector’s
earnings growth expectations for Q1 2015 improved 9.7 percentage points from the prior week, and are now
expected to decline 54.5%. While this large improvement was a major contributor to the index turning
positive, the sector is still a major drag on the S&P 500. When the energy sector is excluded, the S&P 500’s
Q1 2015 earnings growth expectations increase to 9.7% from 2.0% when they are included.
The revenue picture for the energy sector was not as glamorous. Of the 14 sector’s constituents that reported
during the week ending May 1st, only eight beat Q1 2015 revenue estimates. Results for the quarter have
come in 8.9% higher than expected and the sector is now expected to decline 33.6% from Q1 2014, a 4.1
percentage point improvement from the prior week. One of the reasons for the discrepancy in performance
between earnings and revenue results vs. estimates for the energy sector has to do with efficiency
improvements.

In comparison to expectations, both of the heavy hitters within the energy sector, Exxon Mobile Corp. (XOM.N)
and Chevron Corp. (XOM.N), knocked earnings and revenue results out of the park. Chevron reported Q1 2015
earnings of $1.37 per share for a surprise of 73.4%, and revenue of $34.6 billion, 41.8% above estimates.
Exxon reported earnings of $1.17 per share compared to the mean estimate of $0.83 per share, and revenue of
$67.6 billion for a surprise of 32.0%. There were a few additional positive surprises as well. Given the overall
concern for US multinationals in regard to the dollar, Chevron’s $580 million benefit in the quarter as a result
of foreign currency exchange rates was an unexpected gain. However, it should be noted that this is mostly
due to balance sheet translation and won’t have a substantial impact to cash. Additionally, Exxon increased
its dividend per shares by 5.3% to $0.73.
The two Integrated Oil & Gas sub-industry companies saw benefits to their downstream businesses due to
stronger worldwide refining and marketing margins, but had severe declines in upstream as a result of
substantial declines in crude. Both companies shared two of common themes with the sector, an emphasis
on expectations for increased production to continue, and implementation of cost saving measures. Chevron
expects to save $35 billion this year, while Exxon has signaled a target of $34 billion.
Integrated Oil & Gas wasn’t the only big winner. CONSOL Energy Inc.’s (CNX.N) earnings of $0.37 per share
led to a surprise of 184.6%, which was the largest of any constituent within the index. While this was a great
surprise, low coal prices fueled by low natural gas continue to be an issue and earnings for the quarter were
down 26% from the prior year. Revenue slightly topped estimates by 0.3% at $890 million, down 8% from
Q1 2014. Better margins on coal helped CONSOL’s earnings, but the big boost came from a negative 48%
effective tax rate related to the percentage depletion of its coal operations. However, looking forward
commodity pricing for coal is expected to remain a challenge. Jim Grech, Chief Commercial Officer for
CONSOL Energy, said during the April 28th conference call, “For 2015 right now, we see the current markets
since the beginning of the year as being -- and I'll call it the spot markets -- as being relatively weak and it's
led to us taking advantage of the assets we have and the strength we have to go to the export market. And we
see that weakness continuing here through the second quarter, summer, and as we get to later in the year,
there is some potential for some change. We have some indications of some spot coal, and we've made some
small sales a little further out in a year. But the weakness that we've seen through the first quarter we expect
to continue through the second quarter, and with some potential for some changes we get to later in the year
are going to be highly dependent on weather and gas prices.”

Q1 2015: EARNINGS SCORECARD
Exhibit 3A. S&P 500: Q1 2015 Earnings vs. Expectations
Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Consumer Discretionary 62% 10% 28% 0% 50 84
Consumer Staples 83% 9% 9% 7% 23 38
Energy 92% 0% 8% 32% 24 41
Financials 59% 18% 23% 5% 74 87
Health Care 82% 5% 13% 10% 38 55
Industrials 62% 10% 28% 0% 58 65
Materials 63% 4% 33% 8% 24 29
Technology 63% 13% 24% 6% 46 66
Telecom Services 100% 0% 0% 5% 3 5
Utilities 75% 5% 20% 12% 20 30
S&P 500 68% 10% 22% 7% 360 500
Through May 1, 360 companies in the S&P 500 Index have reported earnings for Q4 2014. Of these
companies, 68% reported earnings above analyst expectations, 10% reported earnings in line with analyst
expectations and 22% reported earnings below analyst expectations. In a typical quarter (since 1994), 63% of
companies beat estimates, 16% match and 21% miss estimates. Over the past four quarters, 70% of
companies beat the estimates, 9% matched and 21% missed estimates.
In aggregate, companies are reporting earnings that are 7% above estimates, which is above the 3% long-
term (since 1994) average surprise factor, and above the 4% surprise factor recorded over the past four
quarters.

Q1 2015: REVENUE SCORECARD
Exhibit 4A. S&P 500: Q1 2015 Revenue vs. Expectations
Surprise Reported Index
Sector Above % Match % Below % Factor % Total # Total #
Consumer Discretionary 40% 0% 60% -3% 50 84
Energy 54% 0% 46% 9% 24 41
Financials 47% 0% 53% 0% 74 87
Health Care 58% 0% 42% 2% 38 55
Industrials 31% 0% 69% -3% 58 65
Materials 25% 0% 75% -4% 24 29
Technology 54% 0% 46% 1% 46 66
Telecom Services 0% 0% 100% -1% 3 5
Utilities 40% 0% 60% 0% 20 30
S&P 500 44% 0% 56% 0% 360 500
Through May 1, 360 companies in the S&P 500 Index have reported revenues for Q4 2014. Of these
companies, 44% reported revenues above analyst expectations, 0% reported revenues in line with analyst
expectations, and 56% reported revenues below analyst expectations. In aggregate, companies are reporting
revenues that are in line with estimates.
Q1 2015: EARNINGS GROWTH RATES
Exhibit 5A. S&P 500: Q1 2015 Earnings Growth
Earnings $B Earnings $B Growth $B Growth %
Sector Q115 Q114 Q115 Q115
Consumer Discretionary 25.1 23.7 1.3 5.7%
Consumer Staples 23.4 22.7 0.8 3.4%
Energy 13.9 30.5 -16.6 -54.5%
Financials 56.3 48.9 7.5 15.3%
Health Care 38.3 32.7 5.5 17.0%
Industrials 24.9 23.7 1.3 5.4%
Materials 8.8 8.4 0.3 3.7%
Technology 52.7 48.3 4.4 9.1%
Telecom Services 8.0 7.8 0.2 3.1%
Utilities 9.5 9.1 0.4 4.8%
S&P 500 260.9 255.7 5.2 2.0%
The estimated earnings growth rate for the S&P 500 for Q1 2015 2.0%. The S&P 500 expects to see share-
weighted earnings of $260.9B in Q1 2015, compared to share-weighted earnings of $255.7B (based on the
year-ago earnings of the current 500 constituents) in Q1 2014.
Nine of the ten sectors in the index expect to see an improvement in earnings relative to Q1 2014. The Health
Care and Financials sectors have the highest earnings growth rates for the quarter, while the Energy sector
has the weakest anticipated growth compared to Q1 2014.
The Health Care sector has the highest earnings growth rate (17.0%) of any sector. It is expected to earn
$38.3B in Q1 2015, compared to earnings of $32.7B in Q1 2014. Eight of the ten sub-industries in the sector
are anticipated to have positive earnings growth, led by Biotechnology (61%) and Health Care Facilities (48%).
If these sub-industries are removed, the growth rate declines to 17.0%.

The Financials sector has the second highest earnings growth rate (15.3%) of all ten sectors. Analysts expect it
to earn $56.3B in Q1 2015, relative to earnings of $48.9B in Q1 2014. 14 of the 21 sub-industries in the sector
are anticipated to see higher earnings than a year ago. The Diversified Banks (33%) and Investment Banking
& Brokerage (32%) sub-industries have the highest growth rates in the sector. If these sub-industries are
removed, the growth rate declines to 4.9%.
The Energy sector has the lowest growth rate (-54.5%) of any sector. It is expected to earn $13.9B in Q1 2015,
relative to earnings of $30.5B in Q1 2014. Six of the seven sub-industries in the sector are anticipated to see
earnings decreases compared to Q1 2014, led by Oil & Gas Exploration & Production (-113%). If this sub-
industry is removed, the growth rate increases to (-34.3%).
Q1 2015: REVENUE GROWTH RATES
Exhibit 6A. S&P 500: Q1 2015 Revenue Growth
Revenue $B Revenue $B Growth $B Growth %
Sector Q115 Q114 Q115 Q115
Consumer Discretionary 390.7 386.5 4.2 1.1%
Consumer Staples 396.4 383.7 12.7 3.3%
Energy 253.3 381.7 -128.4 -33.6%
Financials 287.3 276.1 11.1 4.0%
Health Care 363.5 330.8 32.7 9.9%
Industrials 288.4 294.9 -6.5 -2.2%
Materials 90.8 100.2 -9.4 -9.4%
Technology 285.4 269.3 16.0 6.0%
Telecom Services 72.5 70.6 1.9 2.7%
Utilities 91.7 94.7 -3.0 -3.1%
S&P 500 2,519.9 2,588.4 -68.5 -2.6%
The estimated revenue growth rate for the S&P 500 for Q1 2015 is -2.6%. The S&P 500 is expected to earn
revenues of $2,519.9B in Q1 2015 compared to $2,588.4B in Q1 2014.
Six of the ten sectors anticipate revenue growth for the quarter. The Health Care sector is expected to have
the highest revenue growth rate for the quarter, while the Energy sector is expected to have the lowest
revenue growth rate.
The Health Care sector expects the highest revenue growth rate (9.9%) for the quarter. It is expected to
generate sales of $363.5B in Q1 2015, compared to sales of $330.8B in Q1 2014. Eight of the ten sub-
industries in the sector are expected to see sales growth, led by the Health Care Technology (38%) and
Biotechnology (28%) sub-industries. If these sub-industries are removed, the growth rate declines to 9.0%.
The Energy sector has the lowest revenue growth rate at -33.6%. The sector is expected to post sales of
$253.3 in Q1 2015, relative to sales of $381.7B in Q1 2014. All seven sub-industries in the sector expect to see
revenue decreases for the quarter, led by the Oil & Gas Exploration & Production (-50%) and Oil & Gas
Refining & Marketing (-37%) sub-industries. If these sub-industries are removed, the growth rate increases to
-29.7%.

Q1 2015: EARNINGS GUIDANCE
Exhibit 7A. S&P 500: Q1 2015 Preannouncements
Q1 2015 Q1 2014 Q4 2014
Type Total (#) Total (%) Total (#) Total (%) Total (#) Total (%)
Positive 19 14% 18 13% 24 17%
In-Line 6 4% 11 8% 13 9%
Negative 109 81% 109 79% 101 73%
Total 134 138 138
N/P Ratio 5.74 6.06 4.21
In the S&P 500, there have been 109 negative EPS preannouncements issued by corporations for Q1 2015
compared to 19 positive EPS preannouncements. By dividing 109 by 19, one arrives at an N/P ratio of 5.7 for
the S&P 500 Index. This 5.7 ratio is below the N/P ratio at the same point in time in Q1 2014 (6.1), and is
above the long-term aggregate (since 1995) N/P ratio for the S&P 500 (2.6).
Q2 2015 – Q1 2016: FORWARD FOUR-QUARTER P/E RATIO
Exhibit 8A. S&P 500: Forward Four-Quarter (Q2 2015 – Q1 2016) P/E Ratio
Price EPS P/E Ratio
CY 2015 2,086 118.78 17.6
Forward 4 Quarter 2,086 122.23 17.1
CY 2016 2,086 119.02 17.5
The forward four-quarter (Q2 2015 – Q1 2016) P/E ratio for the S&P 500 is 17.1.
Q1 2015 – Q4 2015: EARNINGS GROWTH
The estimated earnings growth rates for the S&P 500 for Q1 2015 through Q4 2015 are 2%, -2%, 1%, and 5%,
respectively. For sector-level growth rates for Q1 2015 through Q4 2015, see Exhibits 2C-5C in this report.
EARNINGS CALENDAR
The next several weeks will see the first companies report earnings for Q1 2015. There are 90 companies
scheduled to report Q1 2015 earnings during the week of May 4.
Exhibit 9A. Number of Companies Reporting Q1 2015 Earnings
Reported Report Report Report
Q1 2015 To Date This Week Next Week Remaining
Dow 30 26 1 1 2
S&P 500 360 90 16 34
Source: Thomson Reuters StreetEvents.

STARMINE EARNINGS SURPRISE FORECAST Q1 2015
Looking forward to anticipated Q1 performance, we use StarMine’s SmartEstimate to determine which
companies in the S&P 500 are better poised to beat earnings estimates. The SmartEstimate is a weighted
average of analyst estimates, with more weight given to more recent estimates and more accurate analysts.
Our studies have shown that when the SmartEstimate differs from the consensus (IBES Mean) by more than
2%, the company is likely to post subsequent earnings surprises directionally correct 70% of the time.
During the week of May 4, 90 S&P 500 companies are expected to report earnings. Of these companies,
positive surprises are expected from EOG Resources Inc (EOG.N) and Electronic Arts Inc. (EA.O). Analysts
expect EOG to report earnings above the consensus due to lower capex spending. Meanwhile, Electronic Arts
is expected to benefit from an strong sales of its new FIFA game and downloadable game content.
On the flip side, negative surprises are expected from News Corp. (NWSA.O) and TripAdvisor Inc (TRIP.O).
News Corp is expected to be impacted by foreign currency exposure due to the stronger US Dollar versus the
British Pound and the Australian Dollar. Analysts believe that TripAdvisor will be impacted by weak seasonal
revenues from its Viator site.
EXHIBIT 10A. POSITIVE PREDICTED SURPRISES FOR Q1 2015, WEEK OF MAY 4, 2015
Company Ticker SmartEstimate Mean Predicted Surprise Predicted Surprise %
Nrg Energy Inc NRG 0.4431 0.2378 0.2053 86.36%
EOG Resources Inc EOG 0.0444 0.0003 0.0440 44.05%
Pioneer Natural Resources Co PXD 0.0937 0.0804 0.0133 13.28%
Chesapeake Energy Corp CHK 0.0499 0.0385 0.0115 11.46%
Cablevision Systems Corp CVC 0.1866 0.1712 0.0154 9.00%
Cimarex Energy Co XEC -0.3369 -0.3663 0.0294 8.03%
Diamond Offshore Drilling Inc DO 0.4595 0.4308 0.0287 6.66%
Spectra Energy Corp SE 0.4457 0.4220 0.0237 5.63%
Vulcan Materials Co VMC -0.1473 -0.1560 0.0087 5.57%
Electronic Arts Inc EA 0.2636 0.2510 0.0126 5.04%
Source: Thomson Reuters StarMine Professional.
EXHIBIT 11A. NEGATIVE PREDICTED SURPRISES FOR Q1 2015, WEEK OF MAY 4, 2015
Company Ticker SmartEstimate Mean Predicted Surprise Predicted Surprise %
Assurant Inc AIZ 0.6287 0.9250 -0.2963 -32.03%
Perrigo Company Plc PRGO 1.6000 1.9800 -0.3800 -19.19%
News Corp NWSA 0.0531 0.0703 -0.0172 -17.25%
Tesoro Corp TSO 1.1398 1.2902 -0.1505 -11.66%
Apache Corp APA -0.6255 -0.5733 -0.0522 -9.10%
Loews Corp L 0.6837 0.7500 -0.0663 -8.84%
Occidental Petroleum Corp OXY 0.0303 0.0375 -0.0072 -7.18%
Tripadvisor Inc TRIP 0.5369 0.5590 -0.0222 -3.97%
Marathon Oil Corp MRO -0.4659 -0.4529 -0.0131 -2.89%
Newfield Exploration Co NFX 0.0778 0.0807 -0.0029 -2.86%
Source: Thomson Reuters StarMine Professional.

SECTION B: EARNINGS CALENDAR
MONDAY: MAY 4
Exhibit 1B. Monday Earnings Calendar
Date Ticker Company Qtr Est Yr Ago % Dif Time
4-May-15 CMCSA.OQ COMCAST CORP Q1-Mar.15 0.74 0.68 8.7 8:30 AM
4-May-15 CTSH.OQ COGNIZANT TECHNOLOGY SOLUTIONS C Q1-Mar.15 0.70 0.57 22.0 8:30 AM
4-May-15 CVC.N CABLEVISION SYSTEMS CORP Q1-Mar.15 0.17 0.14 22.2 8:30 AM
4-May-15 DO.N DIAMOND OFFSHORE DRILLING INC Q1-Mar.15 0.43 0.93 -53.7 8:30 AM
4-May-15 HSIC.OQ HENRY SCHEIN Q1-Mar.15 1.26 1.18 7.2 8:30 AM
4-May-15 L.N LOEWS CORP Q1-Mar.15 0.75 0.68 10.3 8:30 AM
4-May-15 PRGO.N PERRIGO COMPANY PLC Q1-Mar.15 1.78 1.31 36.2 8:30 AM
4-May-15 SYY.N SYSCO CORP Q3-Mar.15 0.41 0.38 8.9 8:30 AM
4-May-15 TSN.N TYSON FOODS INC Q2-Mar.15 0.72 0.60 19.9 8:30 AM
4-May-15 APC.N ANADARKO PETROLEUM CORP Q1-Mar.15 -0.64 1.26 -150.7 4:00 PM
4-May-15 BRKb.N BERKSHIRE HATHAWAY INC Q1-Mar.15 1.62 1.43 13.3 4:00 PM
4-May-15 DNB.N DUN & BRADSTREET CORP Q1-Mar.15 1.24 1.55 -20.0 4:00 PM
4-May-15 DVA.N DAVITA HEALTHCARE PARTNERS INC Q1-Mar.15 0.86 0.97 -10.9 4:00 PM
4-May-15 EOG.N EOG RESOURCES INC Q1-Mar.15 0.00 1.40 -100.0 4:00 PM
4-May-15 THC.N TENET HEALTHCARE CORP Q1-Mar.15 0.32 -0.03 NA 4:00 PM
4-May-15 VNO.N VORNADO REALTY TRUST Q1-Mar.15 1.19 1.31 -9.2 4:00 PM
4-May-15 XEC.N CIMAREX ENERGY CO Q1-Mar.15 -0.37 1.67 -121.9 4:00 PM
4-May-15 D.N DOMINION RESOURCES INC Q1-Mar.15 0.96 1.04 -7.3 N/AV

TUESDAY: MAY 5
Exhibit 2B. Tuesday Earnings Calendar
5-May-15 DISCA.OQ DISCOVERY COMMUNICATIONS INC Q1-Mar.15 0.35 0.38 -5.6 7:00 AM
5-May-15 DISCK.OQ DISCOVERY COMMUNICATIONS INC Q1-Mar.15 0.33 0.38 -12.0 7:00 AM
5-May-15 WEC.N WISCONSIN ENERGY CORP Q1-Mar.15 0.83 0.91 -9.3 7:00 AM
5-May-15 ADM.N ARCHER DANIELS MIDLAND CO Q1-Mar.15 0.71 0.64 11.5 8:30 AM
5-May-15 DTV.OQ DIRECTV Q1-Mar.15 1.53 1.09 40.4 8:30 AM
5-May-15 EL.N ESTEE LAUDER COMPANIES INC Q3-Mar.15 0.51 0.64 -20.4 8:30 AM
5-May-15 EMR.N EMERSON ELECTRIC CO Q2-Mar.15 0.76 0.80 -4.7 8:30 AM
5-May-15 HCA.N HCA HOLDINGS INC Q1-Mar.15 1.19 0.84 41.3 8:30 AM
5-May-15 HCP.N HCP INC Q1-Mar.15 0.78 0.75 4.4 8:30 AM
5-May-15 ICE.N INTERCONTINENTAL EXCHANGE INC Q1-Mar.15 2.97 2.42 22.8 8:30 AM
5-May-15 K.N KELLOGG CO Q1-Mar.15 0.92 1.01 -9.0 8:30 AM
5-May-15 MNK.N MALLINCKRODT PLC Q2-Mar.15 1.52 0.95 60.4 8:30 AM
5-May-15 NBL.N NOBLE ENERGY INC Q1-Mar.15 0.03 0.82 -96.8 8:30 AM
5-May-15 VMC.N VULCAN MATERIALS CO Q1-Mar.15 -0.16 -0.28 NA 8:30 AM
5-May-15 ZTS.N ZOETIS INC Q1-Mar.15 0.36 0.38 -4.6 8:30 AM
5-May-15 SRE.N SEMPRA ENERGY Q1-Mar.15 1.32 1.03 28.0 9:00 AM
5-May-15 AIZ.N ASSURANT INC Q1-Mar.15 0.93 1.68 -44.9 4:00 PM
5-May-15 ALL.N ALLSTATE CORP Q1-Mar.15 1.44 1.30 10.9 4:00 PM
5-May-15 CTL.N CENTURYLINK INC Q1-Mar.15 0.59 0.66 -11.3 4:00 PM
5-May-15 DIS.N WALT DISNEY CO Q2-Mar.15 1.10 1.11 -0.6 4:00 PM
5-May-15 DVN.N DEVON ENERGY CORP Q1-Mar.15 0.26 1.34 -80.2 4:00 PM
5-May-15 EA.OQ ELECTRONIC ARTS INC Q4-Mar.15 0.25 0.48 -47.7 4:00 PM
5-May-15 FISV.OQ FISERV INC Q1-Mar.15 0.86 0.82 5.4 4:00 PM
5-May-15 FOSL.OQ FOSSIL GROUP INC Q1-Mar.15 0.63 1.11 -43.2 4:00 PM
5-May-15 FTR.OQ FRONTIER COMMUNICATIONS CORP Q1-Mar.15 0.04 0.05 -14.0 4:00 PM
5-May-15 MYL.OQ MYLAN NV Q1-Mar.15 0.69 0.66 5.0 4:00 PM
5-May-15 NFX.N NEWFIELD EXPLORATION CO Q1-Mar.15 0.08 0.44 -81.7 4:00 PM
5-May-15 NWSA.OQ NEWS CORP Q3-Mar.15 0.07 0.11 -36.1 4:00 PM
5-May-15 OKE.N ONEOK INC Q1-Mar.15 0.36 0.42 -13.9 4:00 PM
5-May-15 PXD.N PIONEER NATURAL RESOURCES CO Q1-Mar.15 0.08 1.26 -93.6 4:00 PM
5-May-15 TEG.N INTEGRYS ENERGY GROUP INC Q1-Mar.15 1.82 1.73 5.2 4:00 PM
5-May-15 HRS.N HARRIS CORP Q3-Mar.15 1.25 1.27 -1.8 N/AV

WEDNESDAY: MAY 6
Exhibit 3B. Wednesday Earnings Calendar
6-May-15 CHK.N CHESAPEAKE ENERGY CORP Q1-Mar.15 0.04 0.59 -93.5 8:30 AM
6-May-15 MSI.N MOTOROLA SOLUTIONS INC Q1-Mar.15 0.25 0.27 -6.2 8:30 AM
6-May-15 OXY.N OCCIDENTAL PETROLEUM CORP Q1-Mar.15 0.04 1.75 -97.9 8:30 AM
6-May-15 SE.N SPECTRA ENERGY CORP Q1-Mar.15 0.42 0.62 -31.9 8:30 AM
6-May-15 XRAY.OQ DENTSPLY INTERNATIONAL INC Q1-Mar.15 0.57 0.59 -3.0 8:30 AM
6-May-15 CF.N CF INDUSTRIES HOLDINGS INC Q1-Mar.15 4.61 4.51 2.3 4:00 PM
6-May-15 CSC.N COMPUTER SCIENCES CORP Q4-Mar.15 1.20 1.09 10.3 4:00 PM
6-May-15 ED.N CONSOLIDATED EDISON INC Q1-Mar.15 1.18 1.17 0.8 4:00 PM
6-May-15 ESS.N ESSEX PROPERTY TRUST INC. Q1-Mar.15 2.23 1.68 32.5 4:00 PM
6-May-15 FOXA.OQ TWENTYFIRST CENTURY FOX INC Q3-Mar.15 0.39 0.47 -16.8 4:00 PM
6-May-15 GMCR.OQ KEURIG GREEN MOUNTAIN INC Q2-Mar.15 1.05 1.08 -2.9 4:00 PM
6-May-15 KIM.N KIMCO REALTY CORP Q1-Mar.15 0.35 0.34 3.5 4:00 PM
6-May-15 MET.N METLIFE INC Q1-Mar.15 1.41 1.37 3.0 4:00 PM
6-May-15 MRO.N MARATHON OIL CORP Q1-Mar.15 -0.45 0.88 -151.5 4:00 PM
6-May-15 PRU.N PRUDENTIAL FINANCIAL INC Q1-Mar.15 2.38 2.40 -1.0 4:00 PM
6-May-15 RIG.N TRANSOCEAN LTD Q1-Mar.15 0.60 1.43 -58.0 4:00 PM
6-May-15 TRIP.OQ TRIPADVISOR INC Q1-Mar.15 0.56 0.54 3.5 4:00 PM
6-May-15 WFM.OQ WHOLE FOODS MARKET INC Q2-Mar.15 0.43 0.38 12.0 4:00 PM
6-May-15 EXPD.OQ EXPEDITORS INTERNATIONAL OF WASH Q1-Mar.15 0.48 0.42 15.1 N/AV

THURSDAY: MAY 7
Exhibit 4B. Thursday Earnings Calendar
7-May-15 APA.N APACHE CORP Q1-Mar.15 -0.57 1.78 -132.2 8:00 AM
7-May-15 AEE.N AMEREN CORP Q1-Mar.15 0.38 0.40 -4.7 8:30 AM
7-May-15 BDX.N BECTON DICKINSON AND CO Q2-Mar.15 1.53 1.53 0.2 8:30 AM
7-May-15 PCLN.OQ PRICELINE GROUP INC Q1-Mar.15 7.71 7.81 -1.3 8:30 AM
7-May-15 PPL.N PPL CORP Q1-Mar.15 0.70 0.80 -12.9 8:30 AM
7-May-15 REGN.OQ REGENERON PHARMACEUTICALS INC Q1-Mar.15 2.71 2.26 20.0 8:30 AM
7-May-15 SIAL.OQ SIGMAALDRICH CORP Q1-Mar.15 1.08 1.06 1.9 8:30 AM
7-May-15 SNI.N SCRIPPS NETWORKS INTERACTIVE INC Q1-Mar.15 0.92 0.87 5.5 8:30 AM
7-May-15 TAP.N MOLSON COORS BREWING CO Q1-Mar.15 0.45 0.55 -18.5 8:30 AM
7-May-15 TDC.N TERADATA CORP Q1-Mar.15 0.42 0.54 -22.3 8:30 AM
7-May-15 CA.OQ CA INC Q4-Mar.15 0.50 0.61 -18.0 4:00 PM
7-May-15 CBS.N CBS CORP Q1-Mar.15 0.75 0.77 -2.5 4:00 PM
7-May-15 CERN.OQ CERNER CORP Q1-Mar.15 0.45 0.37 21.1 4:00 PM
7-May-15 MCHP.OQ MICROCHIP TECHNOLOGY INC Q4-Mar.15 0.67 0.64 4.2 4:00 PM
7-May-15 MHK.N MOHAWK INDS INC Q1-Mar.15 1.60 1.23 30.4 4:00 PM
7-May-15 MNST.OQ MONSTER BEVERAGE CORP Q1-Mar.15 0.68 0.55 24.3 4:00 PM
7-May-15 NVDA.OQ NVIDIA CORP Q1-Apr.15 0.26 0.21 23.3 4:00 PM
7-May-15 TSO.N TESORO CORP Q1-Mar.15 1.29 0.71 81.7 4:00 PM
7-May-15 LUK.N LEUCADIA NATIONAL CORP Q1-Mar.15 0.00 NA N/AV

FRIDAY: MAY 8
Exhibit 5B. Friday Earnings Calendar
8-May-15 HCN.N HEALTH CARE REIT INC Q1-Mar.15 1.04 1.00 3.8 8:30 AM
8-May-15 NRG.N NRG ENERGY INC Q1-Mar.15 0.24 -0.23 NA 8:30 AM

SECTION C: EARNINGS DATA TABLES
Exhibit 1C. S&P 500: Q1 2015 Earnings Scorecard
Sector Above Match Below Surprise Reported Index
Consumer Discretionary 62% 10% 28% 0% 50 84
Energy 92% 0% 8% 32% 24 41
Financials 59% 18% 23% 5% 74 87
Health Care 82% 5% 13% 10% 38 55
Industrials 62% 10% 28% 0% 58 65
Materials 63% 4% 33% 8% 24 29
Technology 63% 13% 24% 6% 46 66
Telecom 100% 0% 0% 5% 3 5
Utilities 75% 5% 20% 12% 20 30
S&P 500 68% 10% 22% 7% 360 500
Exhibit 2C. S&P 500: Q1 2015 Earnings Growth
Sector Today 1 Apr 1 Jan 1 Oct 1 Jul
Consumer Discretionary 5.7% 7.0% 14.6% 17.3% 18.2%
Consumer Staples 3.4% -0.6% 5.3% 8.8% 10.3%
Energy -54.5% -63.7% -32.2% 2.3% 5.7%
Financials 15.3% 10.9% 13.9% 15.5% 14.7%
Health Care 17.0% 7.2% 11.1% 12.4% 12.2%
Industrials 5.4% 7.5% 11.5% 13.4% 12.3%
Materials 3.7% -2.4% 17.0% 24.2% 22.1%
Technology 9.1% 4.2% 10.2% 12.0% 10.7%
Telecom 3.1% -0.9% 1.2% 7.6% 8.4%
Utilities 4.8% -6.7% -5.9% -5.2% -2.4%
S&P 500 2.0% -2.9% 5.3% 11.5% 11.7%
Consumer Staples -0.7% 0.0% 4.0% 7.5% 9.2%
Energy -67.2% -64.6% -31.6% 2.9% 10.5%
Financials 15.5% 16.1% 18.0% 20.2% 13.6%
Health Care 4.8% 5.1% 6.3% 7.8% 14.1%
Industrials 3.2% 7.0% 7.5% 9.5% 11.5%
Materials 3.3% 7.6% 14.6% 20.1% 25.9%
Technology 3.5% 6.1% 11.3% 13.2% 13.5%
Telecom 6.1% 3.4% 4.3% 8.3% 6.1%
Utilities 3.2% 4.8% 6.7% 6.3% 3.9%
S&P 500 -2.1% -0.4% 5.9% 11.9% 13.3%

Sector Today 1 Apr 1 Jan 1 Oct
Consumer Discretionary 12.9% 13.4% 17.6% 20.3%
Consumer Staples 1.4% 2.2% 6.0% 10.0%
Energy -61.1% -58.6% -26.4% 12.7%
Financials 14.7% 16.1% 17.8% 23.0%
Health Care 7.0% 8.6% 10.3% 14.8%
Industrials 5.3% 11.1% 8.7% 12.1%
Materials 0.1% -1.0% 6.4% 17.1%
Technology 8.0% 9.4% 12.1% 15.8%
Telecom 7.6% 5.5% 5.6% 7.3%
Utilities 2.5% 3.8% 5.2% 4.0%
S&P 500 0.6% 2.3% 7.4% 15.4%
Sector Today 1 Apr 1 Jan
Consumer Discretionary 13.7% 13.2% 18.2%
Consumer Staples 4.6% 5.0% 9.2%
Energy -41.1% -36.9% -1.8%
Financials 21.5% 22.9% 21.2%
Health Care 8.9% 9.1% 14.2%
Industrials 3.1% 7.8% 11.2%
Materials 4.0% 4.1% 19.7%
Technology 3.4% 4.2% 11.1%
Telecom 15.3% 12.9% 13.8%
Utilities 3.9% 4.6% 6.6%
S&P 500 5.2% 6.4% 12.9%
Sector Today 1 Apr
Consumer Discretionary 20.1% 19.8%
Consumer Staples 6.6% 10.3%
Energy 8.4% 46.3%
Financials 6.4% 11.0%
Health Care 5.4% 17.1%
Industrials 9.6% 12.7%
Materials 15.0% 25.4%
Technology 8.8% 14.3%
Telecom 3.5% 4.8%
Utilities -5.5% 3.4%
S&P 500 8.4% 15.2%

Exhibit 7C. S&P 500: CY 2015 Earnings Growth
Consumer Staples 2.0% 2.0% 6.6% 9.0% 8.9%
Energy -58.5% -56.5% -23.3% 6.9% 6.5%
Financials 16.6% 16.0% 17.8% 16.7% 12.5%
Health Care 8.3% 7.7% 10.5% 11.6% 11.9%
Industrials 5.4% 9.8% 9.7% 11.5% 11.8%
Materials 1.5% 2.4% 14.7% 19.1% 20.2%
Technology 5.9% 6.0% 11.3% 12.5% 11.3%
Telecom 6.8% 4.6% 4.9% 6.5% 6.5%
Utilities 1.0% 0.9% 2.5% 2.8% 3.5%
S&P 500 1.2% 1.7% 8.1% 12.4% 11.5%
Exhibit 8C. S&P 500: CY 2016 Earnings Growth
Consumer Discretionary 15.6% 15.0%
Consumer Staples 8.9% 9.0%
Energy 44.1% 46.1%
Financials 9.9% 10.5%
Health Care 13.0% 12.8%
Industrials 9.8% 8.6%
Materials 20.5% 20.3%
Technology 11.2% 11.9%
Telecom 4.1% 5.0%
Utilities 3.8% 4.1%
S&P 500 12.6% 12.8%
Exhibit 9C. S&P 500: Bottoms-Up EPS Actuals and Estimates
Year Q1 Q2 Q3 Q4 CY
2004 15.87 16.74 16.59 17.83 67.10
2005 17.95 19.11 18.86 20.19 76.28
2006 20.73 22.31 22.60 22.44 88.18
2007 22.71 24.40 21.31 16.14 85.12
2008 18.96 19.78 17.49 5.62 65.47
2009 12.83 16.03 16.36 16.80 60.80
2010 19.71 21.48 21.75 22.55 85.28
2011 23.50 24.14 25.65 24.55 97.82
2012 25.60 25.84 26.00 26.32 103.80
2013 26.74 27.40 27.63 28.62 109.68
2014 28.18 30.07 30.04 30.54 118.78
2015 28.28 28.90 30.27 32.00 119.02
2016 31.06 33.02 34.50 36.28 134.18
2017 148.99

Exhibit 10C. S&P 500: Actual Earnings Growth Rates
Sector 4Q14 3Q14 2Q14 1Q14 4Q13
Consumer Disc. 14.7% -1.8% 7.5% 8.8% 8.4%
Consumer Staples 1.2% 5.7% 7.8% 3.3% 4.1%
Energy -21.8% 10.3% 17.0% -0.1% -8.8%
Financials -3.3% 16.3% -6.6% -0.6% 24.7%
Health Care 22.3% 16.3% 18.5% 12.0% 9.7%
Industrials 15.0% 13.1% 11.4% 3.9% 14.2%
Materials 5.2% 20.7% 12.2% 0.0% 22.2%
Technology 18.0% 10.3% 15.3% 10.0% 10.3%
Telecom 7.3% 6.4% 6.8% 14.0% 25.0%
Utilities 9.6% 2.1% -0.1% 22.6% -5.9%
S&P 500 7.0% 10.3% 8.6% 5.6% 9.9%
Exhibit 11C. S&P 500: Actual vs. Estimate (Above/Match/Below)
4Q14 3Q14 2Q14 1Q14 4Q13
Above 69% 74% 68% 68% 64%
Match 10% 7% 10% 9% 12%
Below 20% 19% 22% 23% 24%
Exhibit 12C. S&P 500: Actual vs. Estimate (Aggregate Difference)
4Q14 3Q14 2Q14 1Q14 4Q13
Surprise Factor 3.7% 4.5% 2.7% 5.0% 3.2%

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This Week In Earnings - May 1, 2015

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