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1 EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst Media Questions/Requests S&P 500 July 8, 2016 Key Metrics Earnings Growth: For Q2 2016, the estimated earnings decline is -5.6%. If the index reports a decline in earnings for Q2, it will mark the first time the index has recorded five consecutive quarters of year-over-year declines in earnings since Q through Q Earnings Revisions: On March 31, the estimated earnings decline for Q was -2.8%. Nine sectors have lower growth rates today (compared to March 31) due to downward revisions to earnings estimates, led by the Information Technology sector. Earnings Guidance: For Q2 2016, 81 companies have issued negative EPS guidance and 32 companies have issued positive EPS guidance. Valuation: The forward 12-month P/E ratio is This P/E ratio is above the 5-year average (14.6) and the 10- year average (14.3). Earnings Scorecard: Of the 23 companies in the S&P 500 reporting earnings to date for Q2 2016, 14 have reported earnings above the mean estimate and 11 have reported sales above the mean estimate. To receive this report via , please go to: To view other market stories with FactSet content, please go to: All data published in this report is available on FactSet. Please contact media_request@factset.com or FACTSET for more information. FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 1
2 Topic of the Week 1: EARNINGS INSIGHT July 8, 2016 Will the S&P 500 Actually Report a Decline in Earnings for Q2 2016? As of today, the S&P 500 is expected to report a year-over-year decline in earnings of 5.6% for the second quarter. What is the likelihood the index will report an actual earnings decrease of 5.6% for the quarter? Based on the average change in earnings growth due to companies reporting actual earnings above estimated earnings, it is likely the index will report a smaller decline in earnings than 5.6%. However, based on this average, the index is still likely to report a year-over-year decrease in earnings for Q2. When companies in the S&P 500 report actual earnings above estimates during an earnings season, the overall earnings growth rate for the index increases because the higher actual EPS numbers replace the lower estimated EPS numbers in the calculation of the growth rate. For example, if a company is projected to report EPS of $1.05 compared to year-ago EPS of $1.00, the company is projected to report earnings growth of 5%. If the company reports actual EPS of $1.10 (a $0.05 upside earnings surprise compared to the estimate), the actual earnings growth for the company for the quarter is now 10%, five percentage points above the estimated growth rate (10% - 5% = 5%). Over the past four years on average, actual earnings reported by S&P 500 companies have exceeded estimated earnings by 4.0%. During this same time frame, 68% of companies in the S&P 500 have reported actual EPS above the mean EPS estimates on average. As a result, from the end of the quarter through the end of the earnings season, the earnings growth rate has typically increased by 2.7 percentage points on average (over the past 4 years) due to the number and magnitude of upside earnings surprises. If this average increase is applied to the estimated earnings decline at the end of Q2 (June 30) of -5.4%, the actual earnings decline for the quarter would be -2.7% (-5.4% + 2.7% = -2.7%). If the index does report a decline in earnings for Q2, it will mark the first time the index has recorded five consecutive quarters of year-over-year declines in earnings since Q through Q FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 2
3 Topic of the Week 2: EARNINGS INSIGHT July 8, 2016 Are S&P 500 Companies Seeing an Impact from the Brexit Vote To Date? There have been concerns in the market over the past few weeks regarding the impact of the Brexit vote on corporate earnings, particularly for companies based in Europe or with exposure to Europe. During each corporate earnings season, it is not unusual for companies to comment on domestic or international events that had an impact on their earnings and revenues for a given quarter, or may have an impact on earnings and revenues for future quarters. While the majority of S&P 500 companies will report earnings results for Q over the next few weeks, approximately 5% of the companies in the index (23 companies) have already reported earnings results for the second quarter. Have companies in the S&P 500 been commenting on the Brexit vote during their earnings conference calls for the second quarter to date? Of the 23 S&P 500 companies that have reported earnings to date, 8 discussed Brexit or UK referendum during their earnings conference calls. Of the 13 S&P 500 companies that have reported earnings after the results of the Brexit vote were announced (after June 23), 6 discussed Brexit or UK referendum during their earnings conference calls. Two of these companies (Paychex and Constellation Brands) stated they expected to see little to no impact from the Brexit vote. Two other companies (Acuity Brands & Walgreens Boots Alliance) stated that the Brexit vote created uncertainty and volatility in global markets, but did not discuss a specific negative impact on their businesses going forward. The final two companies, Carnival and McCormick & Company, stated that the Brexit vote created unfavorable currency exchange rates which would have a negative impact on their future earnings. For a list of the specific comments from these six companies, please go to the next page. As more S&P 500 companies release earnings results in the coming weeks, the market will certainly watch for more commentary from these companies regarding the potential impact of the Brexit vote on earnings and revenues going forward. FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 3
4 No Impact from Brexit Vote EARNINGS INSIGHT July 8, 2016 The second is the recent referendum in favor of the UK exiting the European Union. As a reminder, Constellation is primarily a U.S. business. Our sales outside the U.S. represent about 10% of our total consolidated sales and are primarily related to our Canada business. As such, our exposure to European markets in particular is limited and a strong dollar, generally benefits us financially. Constellation Brands (Jun. 30) Yeah, this is Marty. I don't think so. We don't see much there. We're mostly, outside the US we're mostly in Germany, and then we have the Brazil startup there. So we don't see it. Obviously, from an acquisitions standpoint, there are opportunities there that we would be probably a little more cautious about given kind of the uncertainty over a longer period of time. But right in the short term, certainly, it has very little, if any, impact on us, at least from the UK perspective. Paychex (Jun. 30) Brexit Vote Created Uncertainty and Volatility Since the quarter end, as you have seen, the UK referendum on Europe has created some uncertainty and volatility in our markets. Our businesses and management teams have operated through many business cycles in many markets. For us, change is normal and sign of life. We work with and manage it every day. Yes, volatility and uncertainty create issues to be overcome, but they also provide opportunity for our company. It is our job to ensure that we meet these opportunities positively, and position and structure our company to its best advantage. Walgreens Boots Alliance (Jul. 6) Thank you, Ricky. As we look forward, we see significant long-term growth opportunities that are ever-changing and evolving in a positive direction for Acuity. Last week's UK referendum vote to exit the European Union has created a great deal of uncertainty and generated significant volatility in the global financial markets over concerns regarding the potential impact, if any, on the global economy. This uncertainty and volatility have the potential to affect consumer and business sentiment which could negatively impact global economic activity. This, notwithstanding, we remained bullish regarding the company's prospects for continued profitable growth. Acuity Brands (Jun. 29) Negative Impact Due To Currency Our guidance range for adjusted earnings per share remains $3.68 to $3.75 Regarding last week's referendum outcome on Brexit, the immediate impact to our business will be currency rates. Early this week, we reevaluated our guidance and determined that a 3% impact from currency is our best estimate at this point in time. Any longer term impact on our business will depend in part on the outcome of tariff trade and regulatory negotiations. As a point of reference, our sales in the UK were 8% of total company sales in fiscal year McCormick & Co. (Jun. 30) The second quarter results, combined with our strong book position, has enabled us to maintain the midpoint of our full year guidance range, despite a $0.17 drag from fuel and currency. Essentially, the strength in underlying demand for our product fostered greater ticket prices in both the quarter and in the remainder of the year, offsetting the rise of fuel prices since the time of our last guidance as well as the very recent significant movement in currency exchange rates following the Brexit vote.yeah, so at this point in time, it's the FX impact, which obviously we calculated in. Carnival (Jun. 28) FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 4
5 Q Earnings Season: By the Numbers Overview In terms of estimate revisions for companies in the S&P 500, analysts made smaller cuts than average to earnings estimates for Q On a per-share basis, estimated earnings for the second quarter fell by 2.8% during the quarter. This percentage decline was smaller than the trailing 5-year average (-4.4%) and trailing 10-year average (-5.5%) for a quarter. In addition, a slightly smaller percentage of S&P 500 companies have lowered the bar for earnings for Q relative to recent averages. Of the 113 companies that have issued EPS guidance for the first quarter, 81 have issued negative EPS guidance and 32 have issued positive EPS guidance. The percentage of companies issuing negative EPS guidance is 72% (81 out of 113), which is slightly below the 5-year average of 74%. As a result of the downward revisions to earnings estimates, the estimated year-over-year earnings decline for Q is -5.6% today, which is larger than the expected earnings decline of -2.8% at the start of the quarter (March 31). Four sectors are predicted to report year-over-year earnings growth, led by the Telecom Services and Consumer Discretionary sectors. Six sectors are projected to report a year-over-year decline in earnings, led by the Energy, Materials, and Information Technology sectors. As a result of downward revisions to sales estimates, the estimated sales decline for Q is -0.7%, which is larger than the estimated sales decline of -0.5% at the start of the quarter. Six sectors are projected to report yearover-year growth in revenues, led by the Telecom Services and Health Care sectors. Four sectors are predicted to report a year-over-year decline in revenues, led by the Energy and Materials sectors. Looking at future quarters, analysts currently project earnings and revenue growth to return in Q The forward 12-month P/E ratio is now 16.6, which is above the 5-year and 10-year averages. During the upcoming week, 26 S&P 500 companies (including 1 Dow component) are scheduled to report results for the second quarter. Earnings Revisions: Tech Sector Recorded Largest Drop in Expected Earnings During Q2 Small Change in Estimated Earnings Decline for Q2 This Week The estimated earnings decline for the second quarter is -5.6% this week, which is slightly larger than the estimated earnings decline of -5.4% last week. Downward revisions to estimates for companies in the Financials sector were mainly responsible for the increase in the projected earnings decline for the index during the week. Overall, the estimated earnings decline for Q of -5.6% today is larger than the estimated earnings decline of -2.8% at the start of the quarter (March 31). Nine of the ten sectors have recorded a decline in expected earnings growth since the beginning of the quarter due to downward revisions to earnings estimates, led by the Information Technology sector. The only sector that has recorded an increase in expected earnings growth since the start of the quarter due to upward revisions to earnings estimates is the Industrials sector. Information Technology: Largest Increase in Expected Earnings Decline, Led by Apple The Information Technology sector has recorded the largest decrease in expectations for year-over-year earnings since the start of the quarter (to -7.2% from -0.2%). Overall, 36 of the 67 companies in this sector have seen downward revisions to EPS estimates to date. Of these 36 companies, 13 have recorded EPS estimate cuts of 10% or more, led by Electronic Arts (to from $0.21), Autodesk (to -$0.13 from -$0.07), and Seagate Technology (to $0.13 from $0.78). However, the downward revisions to EPS estimates for Apple (to $1.40 from $1.78), Microsoft (to $0.58 from $0.67), and IBM (to $2.88 from $3.44) have been the largest contributors to the increase in the projected earnings decline for this sector. The Information Technology sector has also witnessed the largest decrease in price (-3.3%) of all ten sectors since March 31. Industrials: Largest Decrease in Expected Earnings Decline, Led by GE On the other hand, the Industrials sector has recorded the largest increase in expectations for year-over-year earnings since the start of the quarter (to -2.6% from -4.5%). However, only 21 of the 67 companies in this sector have seen upward revisions to EPS estimates to date, led by General Electric (to $0.46 from $0.29). Despite the increase in estimated earnings, General Electric has recorded an increase in price of just 0.1% since March 31. The Industrials sector overall has witnessed an increase in price of 0.8% over this period. FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 5
6 Index-Level (Bottom-Up) EPS Estimate: Smaller Decline than Average Downward revisions to earnings estimates in aggregate for the second quarter were below recent averages. On a per-share basis, the Q2 bottom-up EPS estimate (which is an aggregation of the earnings estimates for all 500 companies in the index and can be used as a proxy for the earnings for the index) fell by 2.8% (to $28.60 from $29.43) during the quarter. This decline in the EPS estimate for Q was below the trailing 1-year average decline (-4.8%), the trailing 5-year average decline (-4.4%), and the trailing 10- year average decline (-5.5%) in the bottom-up EPS estimate for a quarter. Guidance: Negative EPS Guidance (72%) for Q2 Slightly Below Average A slightly smaller percentage of S&P 500 companies have lowered the bar for earnings for Q relative to recent averages. At this point in time, 113 companies in the index have issued EPS guidance for Q Of these 113 companies, 81 have issued negative EPS guidance and 32 have issued positive EPS guidance. The percentage of companies issuing negative EPS guidance is 72% (81 out of 113), which is slightly below the 5-year average of 74%. For more details on guidance for Q2, please see our most recent FactSet Guidance Quarterly report at this link: Earnings Growth: Fifth Consecutive Quarter of Year-Over-Year Earnings Declines (-5.6%) The estimated earnings decline for Q is -5.6%. If the index reports a decrease in earnings for the quarter, it will mark the first time the index has seen five consecutive quarters of year-over-year declines in earnings since Q through Q Four sectors are projected to report year-over-year growth in earnings, led by the Telecom Services and Consumer Discretionary sectors. Six sectors are projected to report a year-over-year decline in earnings, led by the Energy, Materials, and Information Technology sectors. Telecom Services: AT&T Leads Growth The Telecom Services sector is expected to report the highest earnings growth at 7.5%. Of the five companies in the sector, AT&T is projected to be the largest contributor to earnings growth. The mean EPS estimate for Q (which reflects the combination of AT&T and DIRECTV) is $0.72, compared to year-ago EPS (which reflects standalone AT&T) of $0.69. If this company is excluded, the estimated earnings growth rate for the Telecom Services sector would fall to -4.8%. Consumer Discretionary: Internet Retail, Home Goods, and Autos Lead Growth The Consumer Discretionary sector is expected to report the second highest earnings growth at 6.4%. At the industry level, 8 of the 12 industries in this sector are projected to report earnings growth for the quarter. Of these 8 industries, 4 are predicted to report double-digit earnings growth: Internet & Catalog Retail (41%), Household Durables (25%), Automobile Manufacturers (17%), and Auto Components (11%). On the other hand, the Leisure Products (-26%) industry is expected to report the largest year-over-year decline in earnings at the industry level for the quarter. Energy: Largest Contributor to Earnings Decline in the S&P 500 The Energy sector is expected to report the largest year-over-year decline in earnings (-77.1%) of all ten sectors. Five of the six sub-industries in this sector are projected to report a year-over-year decrease in earnings: Oil & Gas Exploration & Production (-771%), Oil & Gas Drilling (-108%), Oil & Gas Equipment & Services (-108%), Oil & Gas Refining & Marketing (-43%), and Integrated Oil & Gas (-42%). The Oil & Gas Storage & Transportation (14%) subindustry is the only sub-industry in the sector expected to report earnings growth for the quarter. This sector is also expected to be the largest contributor to the earnings decline for the S&P 500 as a whole. If the Energy sector is excluded, the estimated earnings decline for the S&P 500 would improve to -2.1% from -5.6%. Materials: Weakness in Metals & Mining and Chemicals The Materials sector is expected to report the second largest year-over-year decline in earnings (-12.3%) of all ten sectors. At the industry level, three of the four industries in the sector are projected to report a year-over-year decrease in earnings, led by the Metals & Mining (-27%) and Chemicals (-14%) industries. FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 6
7 Information Technology: Apple Leads Decline EARNINGS INSIGHT July 8, 2016 The Information Technology sector is expected to report the third largest year-over-year decline in earnings (-7.2%) of all ten sectors. At the industry level, five of the seven industries in the sector are projected to report a year-overyear decrease in earnings, led by the Technology Hardware, Storage, & Peripherals (-25%) industry. At the company level, Apple is predicted to be the largest contributor to the estimated year-over-year decline in earnings for the sector. The mean EPS estimate for Q is $1.40, compared to year-ago EPS of $1.85. If this company is excluded, the estimated earnings decline for the Information Technology sector would improve to -1.9%. Revenues: Sixth Consecutive Quarter of Year-Over-Year Revenue Declines (-0.7%) The estimated revenue decline for Q is -0.7%. If the index reports a decrease in sales for the quarter, it will mark the first time the index has seen six consecutive quarters of year-over-year declines in sales since FactSet began tracking the data in Q Six sectors are projected to report year-over-year growth in revenues, led by the Telecom Services and Health Care sectors. Four sectors are projected to report a year-over-year decline in revenues, led by the Energy and Materials sectors. Telecom Services: AT&T Leads Growth The Telecom Services sector is expected to report the highest revenue growth of all ten sectors at 10.9%. At the company level, AT&T is projected to be the largest contributor to revenue growth for the sector. The mean sales estimate for Q (which reflects the combination of AT&T and DIRECTV) is $40.7 billion, compared to year-ago sales (which reflects standalone AT&T) of $33.0 billion. If AT&T is excluded, the blended revenue growth rate for the sector would fall to 0.7%. Health Care: Broad-Based Growth The Health Care sector is expected to report the second highest revenue growth of all ten sectors at 7.7%. All six industries in this sector are projected to report sales growth for the quarter, led by the Health Care Providers & Services (10%) industry. Energy: Largest Contributor to Earnings Decline in the S&P 500 The Energy sector is expected to report the largest year-over-year decrease in sales (-26.9%) for the quarter. All six sub-industries in the sector are projected to report a year-over-year decrease in revenues: Oil & Gas Drilling (-50%), Oil & Gas Equipment & Services (-34%), Oil & Gas Exploration & Production (-29%), Oil & Gas Refining & Marketing (-28%), Integrated Oil & Gas (-26%), and Oil & Gas Storage & Transportation (-1%). This sector is also expected to be the largest contributor to the sales decline for the S&P 500 as a whole. If the Energy sector is excluded, the estimated revenue decline for the S&P 500 would improve to 2.2% from -0.7%. Materials: Weakness in Chemicals and Metals & Mining The Materials (-6.8%) sector is expected to report the second largest year-over-year decrease in revenues of all ten sectors. Two of the four industries in this sector are projected to report a year-over-year decline in sales for the quarter: Chemicals (-11%) and Metals & Mining (-6%). FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 7
8 Looking Ahead: Forward Estimates and Valuation Earnings and Revenue Growth Expected to Return In 2 nd Half of 2016 For Q2 2016, S&P 500 companies are expected to report year-over-year declines in both earnings (-5.6%) and sales (-0.7%). However, analysts currently expect earnings growth and revenue growth to return in the second half of In terms of earnings, the estimated growth rates for Q and Q are 0.7% and 7.2%. In terms of revenues, the estimated growth rates for Q and Q are 2.2% and 5.1%. For more on 2 nd half earnings, please see our most recent FactSet Market Insight as the following link: For all of 2016, analysts are still projecting earnings (+0.5%) and revenues (+1.7%) to increase slightly year-overyear. Valuation: Forward P/E Ratio is 16.6, above the 10-Year Average (14.3) The forward 12-month P/E ratio is This P/E ratio is above the prior 5-year average forward 12-month P/E ratio of 14.6, and above the prior 10-year average forward 12-month P/E ratio of However, it is equal to the forward 12-month P/E ratio of 16.6 recorded at the start of the third quarter (June 30). Since the start of the third quarter, the price of the index has increased by 0.04%, while the forward 12-month EPS estimate has increased by 0.2%. At the sector level, the Energy (64.4) sector has the highest forward 12-month P/E ratio, while the Financials (12.4) sector has the lowest forward 12-month P/E ratio. Nine sectors have forward 12-month P/E ratios that are above their 10-year averages, led by the Energy (64.4 vs. 15.9) sector. The Information Technology (15.7 vs. 15.8) sector is the only sector with a forward 12-month P/E ratio below the 10-year average. Companies Reporting Next Week: 26 During the upcoming week, 26 S&P 500 companies (including 1 Dow component) are scheduled to report results for the second quarter. FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 8
9 Q2 2016: Scorecard FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 9
10 Q2 2016: Scorecard FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 10
11 Q2 2016: Scorecard FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 11
12 Q2 2016: Projected EPS Surprises (Sharp Estimates) FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 12
13 Q2 2016: Growth FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 13
14 Q3 2016: EPS Guidance EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 14
15 Q3 2016: EPS Revisions EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 15
16 Q3 2016: Growth FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 16
17 CY 2016: Growth FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 17
18 CY 2017: Growth FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 18
19 Geographic Revenue Exposure EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 19
20 Bottom-Up EPS Estimates: Revisions EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 20
21 Bottom-Up EPS: Current & Historical EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 21
22 Bottom-Up SPS: Current & Historical EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 22
23 Net Margins: Current & Historical EARNINGS INSIGHT July 8, 2016 FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 23
24 Forward 12M Price / Earnings Ratio: Sector Level FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 24
25 Forward 12M Price / Earnings Ratio: Long-Term Averages FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 25
26 Trailing 12M Price / Earnings Ratio: Long-Term Averages FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 26
27 Important Notice The information contained in this report is provided as is and all representations, warranties, terms and conditions, oral or written, express or implied (by common law, statute or otherwise), in relation to the information are hereby excluded and disclaimed to the fullest extent permitted by law. In particular, FactSet, its affiliates and its suppliers disclaim implied warranties of merchantability and fitness for a particular purpose and make no warranty of accuracy, completeness or reliability of the information. This report is for informational purposes and does not constitute a solicitation or an offer to buy or sell any securities mentioned within it. The information in this report is not investment advice. FactSet, its affiliates and its suppliers assume no liability for any consequence relating directly or indirectly to any action or inaction taken based on the information contained in this report. About FactSet FactSet is a leading provider of integrated financial information and analytical applications. More than 63,000 users stay ahead of global market trends, access extensive company and industry intelligence, and monitor performance with FactSet s desktop analytics, mobile applications, and comprehensive data feeds. The Company has been included in FORTUNE's Top 100 Best Companies to Work For, the United Kingdom s Great Places to Work and France s Best Workplaces. FactSet is listed on the New York Stock Exchange and NASDAQ (NYSE:FDS) (NASDAQ:FDS). Learn more at and follow us on Twitter: FactSet.com Copyright 2016 FactSet Research Systems Inc. All rights reserved. 27
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 July 1, 2016 Key Metrics Earnings Growth: For Q2 2016, the estimated
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 September 2, 2016 Key Metrics Earnings Scorecard: With 498 of the
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 August 5, 2016 Key Metrics Earnings Scorecard: With 86% of the companies
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EARNINGS INSIGHT John Butters, VP, Sr. Earnings Analyst jbutters@factset.com Media Questions/Requests media_request@factset.com S&P 500 June 24, 2016 Key Metrics Earnings Growth: For Q2 2016, the estimated
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