1Q22 Earnings Preview
By Lori Calvasina
Published April 13, 2022 | 16 min listen
Today in the podcast, our thoughts on the 1Q22 reporting season, which kicks off this week in earnest with Financials. The big things you need to know: First, full-year S&P 500 EPS forecasts on the sell-side for 2022 and 2023 have moved up $5-6 since January, but underlying expectations regarding the path of profitability are likely more conservative than this stat suggests. Second, forward-looking expectations are being propped up by a few sectors, including Energy and Tech. Third, our quantitative transcript review highlights the extent to which demand, inflation, price hikes, labor, the Fed, and Russia/Ukraine have been in focus in recent company commentary, and we expect these issues will remain key themes in 1Q22 earnings calls. Fourth, in our manual review of earnings call transcripts, one thing that’s really jumped out to us has been commentary on the consumer, which we think reflects a shift from goods to services spending and overall resilience.
Lori Calvasina
Managing Director & Head of U.S. Equity Strategy, RBC Capital Markets
Lori Calvasina joined RBC Capital Markets as Head of U.S. Equity Strategy in 2017 as a Managing Director. Having spent nearly two decades as an equity strategist at major investment banks, Lori is an expert on the US stock market, and regularly represents RBC in the financial media on Bloomberg and CNBC. Prior to joining RBC, Lori was a senior equity strategist at Credit Suisse from 2010 to 2017, covering Small/Mid Cap Strategy from 2010-2014 and both Small/Mid Cap and US Equity Strategy from 2015-2017. She spent the first ten years of her career at Citi in a variety of roles including lead Small/Mid Cap Strategist from 2007-2010. In both 2008 and 2009 Lori was ranked #2 in the Small Companies category in the Institutional Investor All America Research team poll. Lori is a graduate of the University of Virginia and its selective Government & Foreign Affairs’ Honors Program. In 2019, she was named to Crains New York’s list of Notable Women in Finance.
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