Profit Growth Remains Strong Despite Forecast Slowdowns

Summary

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NEW YORK -- A surge in consumer spending helped corporate America achieve its 16th straight quarter of double digit earnings growth, and even the return of $3-per-gallon gasoline hasn't deterred companies from issuing upbeat forecasts for future quarters.

As of Friday morning, with 423 companies in the Standard & Poor's 500 index reporting earnings for the first quarter, 285, or 67 percent, beat Wall Street forecasts. Another 66 companies, or 16 percent, matched expectations, while 72 companies, or 17 percent, failed to meet analysts' estimates.

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Profit Growth Remains Strong Despite Forecast Slowdowns

The results extended a corporate winning streak: Over the past eight quarters, 66 percent of S&P 500 companies have beaten estimates, with 15 percent matching...

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