Full-year results 'disappointing'

THE latest earnings reporting season generally disappointed analysts, although earnings estimates for the year ahead have been revised slightly higher, according to Bloomberg consensus data.

Aggregate full-year net profits reported between Jan 1 and March 1, 2014, were about 17.3 per cent below analyst estimates, with disappointments outnumbering positive surprises 71 to 63.

Quarterly results reported during this period were more balanced, with 27 sets of profits above expectations and 23 below. Total quarterly net profit, however, was 20.6 per cent higher than expectations.