The S&P 500 has had a strong Q1 earnings season overall, with the exception of drugmaker Bristol Myers Squibb (BMY). Bristol Myers Squibb reported a significant loss per share in the first quarter due to charges related to acquisitions and lowered its profit forecast for the year.
Despite this, 92% of S&P companies have completed their earnings reports, and the index is on track for 5.4% earnings growth compared to the same quarter last year. Excluding Bristol Myers Squibb, the earnings growth jumps to 8.3%, according to FactSet senior earnings analyst John Butters.
It’s worth noting that this would be the largest year-over-year earnings growth for the index since the second quarter of 2022. So, while Bristol Myers Squibb’s struggles have impacted the overall picture, the S&P 500 as a whole is still showing strong growth in earnings.
The correction is made to the misspelling of Bristol Myers Squibb in the previous version of this article. This error is regretted.
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