EFTA Document EFTA01367801

22 May 2015 US Equity Insights 10 EPS tracker: Good EPS beats, lots of sales misses; sales down y/y, but margin expansion helped EPS up y/y 487 companies or 98% of S&P EPS reported. Wok beat on EPS with a wtd avg beat of 6.2% (6.7% ex Fin), but only 32% beat on sales with a wtd avg miss of -1.0% (-1.4% ex Fin). The wtd avg EPS beat of 6.2% is better than normal, but the 8.2% cut to 10 EPS before reporting is also the biggest since recession. Btm-up IQ EPS is now S28.78, 2.6% y/y. The 10