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First-quarter earnings season was great—except for this small thing

As the first-quarter earnings season heads toward a close, analysts are cheering the strong growth recorded by S&P 500 companies—with one small caveat.

Despite all the profit and sales beats, estimates for the second quarter have remained stubbornly static.

“There has not been any incremental improvement in the earnings outlook relative to what was expected ahead of the start of this earnings season,” said Sheraz Mian, director of research at Zacks. “We see this in the underwhelming revisions trend for the 2018 Q2 quarter, which is in contrast to the very positive revisions trend we saw ahead of the start of the Q4 earnings season.

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