04:08 PM EDT, 05/03/2024 (MT Newswires) -- A majority of S&P 500 companies and sectors have exceeded Wall Street's earnings outlook so far in the current reporting cycle, with bottom-lines beating estimates by 8.1% overall, UBS Securities said in a note e-mailed Friday.

The brokerage said that 338 companies in the benchmark equity index have already reported their latest quarterly results, with 72% topping earnings outlooks and 17% delivering a miss. Barring real estate investment trusts, all S&P 500 sectors have beaten earnings estimates, led by Internet retail and media and Internet, according to the note.

UBS said 56% of the 338 companies have delivered a revenue beat so far, with top-lines surpassing estimates by 0.8% in aggregate, while 35% of the firms have missed the Street's views. The utilities, industrials and telecommunication sectors have lagged market projections.

Overall, the Street's outlook is for S&P 500 companies' quarterly per-share earnings to grow 9.3% year over year and revenue to increase 3.6% in the ongoing reporting season. "EPS is on pace for 10.6%, assuming the historical beat rate of 4.8% for the rest of this season," UBS strategists Jonathan Golub and Patrick Palfrey said in a note.

Companies beating on both earnings and sales are outperforming the market by 0.9%, compared with a 1.7% historical average, while those missing on both are underperforming by 3.1%, steady with past trends, according to the note.

Walt Disney ( DIS ) , Uber Technologies ( UBER ) , Airbnb ( ABNB ) , Warner Bros. Discovery ( WBD ) , Tyson Foods ( TSN ) and Constellation Energy ( CEG ) are among the major companies scheduled to report next week, UBS said.

Price: 113.80, Change: +0.12, Percent Change: +0.11