US companies will post no earnings growth this year as the coronavirus outbreak becomes widespread, Goldman Sachs warned, as fears over the economic fallout from the epidemic have intensified.
The bank revised lower its baseline earnings per share estimate to $165 this year, down from $174 previously — representing no growth. By comparison consensus is for companies on S&P 500 in aggregate to post earnings growth of about 7.7 per cent this year, according to data provider FactSet.
“Our reduced forecasts reflect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, supply chain disruption, a slowdown in US economic activity, and elevated uncertainty,” David Kostin, US equity strategist, said.
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