Q3 earnings season: results better than expected but doubts remain about next year

Q3 21 results were generally well above expectations, which was not taken for granted given the bottlenecks and higher input costs. However, the 2022 consensus remained very cautious, with EPS forecasts at best equivalent to nominal GDP growth! Good surprises cannot therefore be ruled out.

Since most companies have released their third quarter results by now, it is a good time to review the situation. With publications coming out well above expectations across all regions, things are looking good. After the economic halt suffered in 2020, the comparison bases were without doubt easy. 

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