After Energy Sector Earnings Plunge In Q1, Hopes Rise For Improved Q2 Performance
After a rough Q1 earnings season for many major Energy sector companies, it looks like things are slowly turning around as the next reporting period looms. However, the sector continues to sputter amid soft product prices that may reflect slowing global economic growth.
The operative word might be "slowly" when we talk about any turnaround in Energy sector earnings performance. Almost anything would arguably look better than the 27% earnings decline the industry suffered in Q1, according to data from S&P Global Market Intelligence. That was the second-worst drop of any S&P 500 sector, only beating Communication Services. Weakness in Energy helped contribute to the first year-over-year quarterly S&P 500 earnings losses since 2016, according to FactSet.