S&P 500 Earnings Up 11 Percent With 80 Percent Reporting

With 80% of the S&P 500 (INDEXSP:.INX) having already reported (by market cap), 2013 earnings were up 11% over 2012, led by the financial industry’s impressive 31% EPS growth. S&P 500 2013 EPS is at $108 on an operating basis and $110 on an adjusted basis (11% and 6% growth respectively). Excluding financials and utilities, revenues were up by just 3%. “We expect S&P 500 (INDEXSP:.INX) will earn $116 per share in 2014, 2% below the current bottom-up consensus EPS estimates of $118. Our sales growth forecast of 6% is in-line with consensus. We forecast net margins will remain at…