Earnings season hasn't been this disappointing in a decade

Societe Generale

Current quarterly earnings surprises

It is almost the end of second-quarter earnings season, and it looks like it will have been the least confidence-inspiring set of results in a decade.

Societe Generale said in an equity strategy note on Thursday that just 43% of companies had reported earnings per share above analysts consensus.

That would make it the weakest quarter in a decade for positive surprises, according to the report.

Positive surprises have come from companies operating in the tobacco, household and personal care and food and staples retailing, according to the report.

The number of companies reporting earnings per share below consensus is at its highest level in 13 quarters, meanwhile. Construction and commodity-linked sectors were responsible for most of the misses, with more than hal of all utilities reporting lower than consensus EPS.

Societe Generale

Historical earnings surprises