US Q2 earnings growth estimate dips, reflecting Vertex loss, LSEG says

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August 2, 2024 11:07 AM EDT

FILE PHOTO: The New York Stock Exchange is seen February 9, 2011. REUTERS/Eric Thayer/File Photo

By Caroline Valetkevitch

NEW YORK (Reuters) -The earnings growth estimate for S&P 500 companies for the second quarter dipped to 12.9% as of Friday from 13.3% on Thursday, according to LSEG data.

The latest estimate is based on actual results from 376 of the S&P 500 companies and estimates for the rest.

The second-quarter growth estimate was affected by a one-time issue for Vertex Pharmaceuticals, according to Tajinder Dhillon, senior research analyst at LSEG Data & Analytics.

"Otherwise, we would have seen a rise in the overall earnings growth rate to about 13.9%," he said.

Vertex Pharmaceuticals late Thursday reported a second-quarter loss of $12.83 per share, on an adjusted basis, impacted by acquisition related costs for its $4.9 billion deal to buy Alpine Immune Sciences. Analysts were expecting a profit of $4.14 per share.

(Reporting by Caroline ValetkevitchEditing by Nick Zieminski)


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