Lynch: Preview of Q1 2024 Earnings Season

April 8, 2024

Eric Lynch, managing director at Scharf Investments, discussed what to look for in Q1 earnings season kicking off this week. With the S&P 500 at 21.5x 2024 consensus earnings and imminent rate cuts off the table, U.S. corporate earnings must RAMP: “Reflation,” “AI,” “Margins,” and “Profit Ramping” are key factors to watch in company releases. We see downside risk to the 11% EPS growth estimates for all of 2024, and Q1 will be an early indicator if we can ramp from current 3% trend profit growth.

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