The majority of of U.S. companies, 95%, have reported earnings for the first three months of the year, according to the research group FactSet. So far, S&P 500 companies have reported an average earnings decline of -14.6% for the first quarter. "If -14.6% is the actual decline for the quarter, it will mark the largest year-over-year decline in earnings reported by the index since Q3 2009 (-15.7%)," FactSet analyst John Butters said in a report last week. The financial industry is one of five sectors with a year-over-year decline in earnings, along with consumer discretionary, energy, industrials and materials. The financial sector had an aggregate negative difference between actual earnings and estimated earnings of about 20%. "Within this sector, Capital One Financial (-$3.02 vs. $1.88), Comerica (-$0.46 vs. $0.98), Discover Financial Services (-$0.25 vs. $0.72) and Wells Fargo ($0.01 vs. $0.37) reported the largest negative EPS surprises," Butters explained. Yet, 51% of financial companies reported earnings above estimates, FactSet says, and the difference between actual revenue and estimated revenue was 1% for the group. READ MORE:
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