Guidance analysis reveals ongoing uncertainty

Q1 earnings saw an unprecedented volume of companies withdrawing guidance due to ongoing market disruptions resulting from COVID-19. As Q2 earnings wraps up, management positions continue to reflect the ongoing uncertainty surrounding the continued pandemic response. This quarter, however, we began to see some companies reinstating previously withdrawn guidance, while others maintained their ambiguous position and declined to provide quarterly or annual guidance. To understand which companies have been commenting on guidance and what positions they’ve taken over time, take a look at company commentary we’ve compiled below. Overall, about 50% of the companies we analyzed provided guidance. The Consumer Discretionary and Real Estate sectors are not providing guidance at higher rates than other sectors. Energy, Financials and Materials companies appeared more confident, sharing guidance at higher rates. Takeaways: Since the huge spike in guidance withdrawals this Spring, companies have taken different approaches to providing guidance Q2 earnings, with a near even split between companies providing guidance and those declining to do so Consumer Discretionary companies declined to provide guidance most often, accounting for 19% of companies not providing guidance this quarter Information Technology companies account for 17% of companies declining to provide guidance and 24% of companies sharing guidance this quarter, showing a split in confidence across the sector Lockheed Martin, KeyCorp, Iqvia and others increased guidance after tailwinds from COVID demand showed better-than-expected results Some companies, including 3M, are no longer providing quarterly or annual guidance are updating investors monthly instead AlphaSense can track management commentary on guidance in real-time across the entire market, by industry, or watchlist. Start your free trial of AlphaSense now or login to your account. See the non-exhaustive list of companies with a $5B+ market cap and their Q2 updates on guidance below: Company GICS Date of Original Status Update Status Q2 Update Slack Technologies, Inc. Class A Information Technology 6/4 Withdraw Not providing guidance Pan American Silver Corp. Materials 6/1 Withdraw Provided guidance Singapore Telecommunications Limited Communication Services 5/27 Withdraw Not providing guidance Dentsu Group Inc. Communication Services 5/27 Withdraw Not providing guidance Anaplan, Inc. Information Technology 5/26 Withdraw Not providing guidance Koc Holding A.S. Industrials 5/22 Withdraw Not providing guidance Hormel Foods Corporation Consumer Staples 5/21 Withdraw Not providing guidance Nordson Corporation Industrials 5/20 Withdraw Not providing guidance Walmart Inc. Consumer Staples 5/19 Withdraw Not providing guidance D.R. Horton, Inc. Consumer Discretionary 5/19 Withdraw Not providing guidance Poste Italiane SpA Financials 5/13 Withdraw Not providing guidance International Flavors & Fragrances Inc. Materials 5/11 Withdraw Not providing guidance Genpact Limited Information Technology 5/11 Withdraw Provided guidance Continental Resources, Inc. Energy 5/11 Withdraw Not providing guidance Credicorp Ltd. Financials 5/8 Withdraw Not providing guidance Wheaton Precious Metals Corp Materials 5/7 Withdraw Provided guidance WEX Inc. Information Technology 5/7 Withdraw Not providing guidance Waste Connections, Inc. Industrials 5/7 Withdraw Provided Guidance Universal Display Corporation Industrials 5/7 Withdraw Not providing guidance UDR, Inc. Real Estate 5/7 Withdraw Not providing guidance Trade Desk, Inc. Information Technology 5/7 Withdraw Not providing guidance TELUS Corporation Communication Services 5/7 Withdraw Not providing guidance Motorola Solutions, Inc. Information Technology 5/7 Withdraw Provided guidance Intuit Inc. Information Technology 5/7 Withdraw Not providing guidance Guardant Health, Inc. Healthcare 5/7 Withdraw Not providing guidance FleetCor Technologies, Inc. Information Technology 5/7 Withdraw Not providing guidance Fiserv, Inc. Information Technology 5/7 Withdraw Not providing guidance Cognizant Technology Solutions Information Technology 5/7 Withdraw Provided guidance Becton, Dickinson and Company Healthcare 5/7 Withdraw Provided guidance Wolters Kluwer NV Industrials 5/6 Withdraw Not providing guidance Waste Management, Inc. Industrials 5/6 Withdraw Provided guidance Twilio, Inc. Information Technology 5/6 Withdraw Provided guidance Siemens Gamesa Renewable Energy, S.A. Industrials 5/6 Withdraw Provided guidance PPD, Inc. Healthcare 5/6 Withdraw Provided guidance PayPal Holdings Inc Information Technology 5/6 Withdraw Provided guidance Invitation Homes, Inc. Real Estate 5/6 Withdraw Not providing guidance Fortinet, Inc. Information Technology 5/6 Withdraw Not providing guidance FLIR Systems, Inc. Information Technology 5/6 Withdraw Not providing guidance Extra Space Storage Inc. Real Estate 5/6 Withdraw Not providing guidance Essex Property Trust, Inc. Real Estate 5/6 Withdraw Not providing guidance Corteva Inc Materials 5/6 Withdraw Provided guidance Ceridian HCM Holding, Inc. Information Technology 5/6 Withdraw Provided guidance CenturyLink, Inc. Communication Services 5/6 Withdraw Not providing guidance TransDigm Group Incorporated Industrials 5/5 Withdraw Not providing guidance PerkinElmer, Inc. Healthcare 5/5 Withdraw Provided guidance Westinghouse Air Brake Technologies Corporation Industrials 5/4 Withdraw Provided guidance Honeywell International Inc. Industrials 5/1 Withdraw Not providing guidance Colgate-Palmolive Company Consumer Staples 5/1 Withdraw Not providing guidance Willis Towers Watson Public Limited Co. Financials 4/30 Withdraw Not providing guidance Teleflex Incorporated Healthcare 4/30 Withdraw Not providing guidance Pentair plc Industrials 4/30 Withdraw Provided guidance Lloyds Banking Group plc Financials 4/30 Withdraw Provided Guidance Kilroy Realty Corporation Real Estate 4/30 Withdraw Not providing guidance International Paper Company Materials 4/30 Withdraw Not providing guidance IDEXX Laboratories, Inc. Healthcare 4/30 Withdraw Not providing guidance Eaton Corp. Plc Industrials 4/30 Withdraw Provided guidance DSV Panalpina A/S Transportation 4/30 Withdraw Provided guidance Church & Dwight Co., Inc. Consumer Staples 4/30 Withdraw Provided guidance Altria Group Inc Consumer Staples 4/30 Withdraw Provided guidance CACI International Information Technology 4/30 Hold Provided guidance Yum! Brands, Inc. Consumer Discretionary 4/29 Withdraw Not providing guidance Tyler Technologies, Inc. Information Technology 4/29 Withdraw Provided guidance Laboratory Corporation of America Holdings Healthcare 4/29 Withdraw Not providing guidance Klepierre SA Real Estate 4/29 Withdraw Not providing guidance Humana Inc. Healthcare 4/29 Withdraw Provided guidance Fair Isaac Corporation Information Technology 4/29 Withdraw Not providing guidance Donaldson Company, Inc. Industrials 4/29 Withdraw Not providing guidance BASF SE Materials 4/29 Withdraw Not providing guidance Anthem, Inc. Healthcare 4/29 Withdraw Provided guidance Align Technology, Inc. Healthcare 4/29 Withdraw Not providing guidance Zebra Technologies Information Technology 4/28 Withdraw Provided guidance Waters Corporation Healthcare 4/28 Withdraw Not providing guidance Universal Health Services Healthcare 4/28 Withdraw Not providing guidance Trans Union Industrials 4/28 Withdraw Not providing guidance SiriusXM Communication Services 4/28 Withdraw Provided guidance Paycom Software, Inc. Information Technology 4/28 Withdraw Provided guidance ONEOK, Inc. Energy 4/28 Withdraw Provided guidance Mondelez International, Inc. Class A Consumer Staples 4/28 Withdraw Not providing guidance Juniper Networks, Inc. Information Technology 4/28 Withdraw Provided guidance Caterpillar Inc. Industrials 4/28 Withdraw Not providing guidance 3M Industrials 4/28 Withdraw Provided guidance Novartis Healthcare 4/28 Hold Provided guidance Pfizer Healthcare 4/28 Adjustments Provided guidance Merck & Co Healthcare 4/28 Adjustments Provided guidance Verizon Communication Services 4/24 Withdraw Provided guidance PulteGroup, Inc. Consumer Discretionary 4/23 Withdraw Provided guidance Eli Lilly Healthcare 4/23 Adjustments Provided guidance Quest Diagnostics Incorporated Healthcare 4/22 Withdraw Provided guidance Kimberly-Clark Corporation Consumer Staples 4/22 Withdraw Provided guidance Lyft Inc Industrials 4/21 Withdraw Not providing guidance HCA Healthcare Inc Healthcare 4/21 Withdraw Not providing guidance Entegris, Inc. Information Technology 4/21 Withdraw Provided guidance Dover Corp Industrials 4/21 Withdraw Provided guidance Carlisle Companies Incorporated Industrials 4/21 Withdraw Provided guidance Atos SE Information Technology 4/21 Withdraw Provided guidance Philip Morris Consumer Staples 4/21 Adjustments Provided guidance Lockheed Martin Industrials 4/21 Adjustments Provided guidance Emerson Electric Energy 4/21 Adjustments Provided guidance Vale SA Materials 4/20 Withdraw Provided guidance IBM Information Technology 4/20 Withdraw Not providing guidance Equifax Inc Industrials 4/20 Withdraw Not providing guidance Kansas City Southen Industrials 4/17 Withdraw Provided guidance Volkswagen Industrials 4/16 Withdraw Provided guidance Sonoco Materials 4/16 Withdraw Provided guidance Keycorp Financials 4/16 Withdraw Provided guidance CDW Information Technology 4/16 Withdraw Not providing guidance Abbott Healthcare 4/16 Withdraw Provided guidance Camden Property Trust Real Estate 4/15 Withdraw Not providing guidance Howmet Aerospace Industrials 4/14 Withdraw Provided guidance Roku Communication Services 4/13 Withdraw Not providing guidance Mettler-Toledo International Healthcare 4/13 Withdraw Provided guidance FIS Information Technology 4/13 Withdraw Not providing guidance Agilent Technologies Healthcare 4/13 Withdraw Not providing guidance Advance Auto Parts Consumer Discretionary 4/10 Withdraw Not providing guidance Realty Income Real Estate 4/9 Withdraw Provided guidance EPAM Information Technology 4/9 Withdraw Provided guidance Diageo Consumer Discretionary 4/9 Withdraw Not providing guidance Allegion Industrials 4/9 Withdraw Provided guidance FactSet Financials 4/9 Hold Provided guidance Starbuck's Consumer Discretionary 4/8 Withdraw Provided guidance Masco Industrials 4/8 Withdraw Provided guidance Heineken Consumer Staples 4/8 Withdraw Not providing guidance SAP Information Technology 4/8 Adjustments Provided guidance Pinterest Communication Services 4/7 Withdraw Provided guidance Hologic Healthcare 4/7 Withdraw Provided guidance Henkel AG Consumer Staples 4/7 Withdraw Not providing guidance Deutsche Post Industrials 4/7 Withdraw Provided guidance Zimmer Biomet Healthcare 4/6 Withdraw Not providing guidance Thermo Fischer Scientific Healthcare 4/6 Withdraw Not providing guidance Penumbra Healthcare 4/6 Withdraw Not providing guidance Henry Schein Healthcare 4/6 Withdraw Not providing guidance Global Payments Inc Information Technology 4/6 Withdraw Not providing guidance Genuine Parts Consumer Discretionary 4/6 Withdraw Not providing guidance HP Information Technology 4/6 Uncertain Provided guidance Service Corp International Consumer Discretionary 4/3 Withdraw Provided guidance RTL Group Communication Services 4/3 Withdraw Not providing guidance Carrier Industrials 4/3 Withdraw Provided guidance Bae Systems Industrials 4/3 Uncertain Provided guidance Iqvia Healthcare 4/3 Adjustments Provided guidance Textron Industrials 4/2 Withdraw Provided guidance Stanley Black & Decker Industrials 4/2 Withdraw Not providing guidance GoDaddy Information Technology 4/2 Withdraw Provided guidance Etsy Consumer Discretionary 4/2 Withdraw Provided guidance National Grid Utilities 4/2 Hold Provided guidance T-Mobile Communication Services 4/1 Withdraw Provided guidance Shopify Information Technology 4/1 Withdraw Not providing guidance Lamb Weston Consumer Staples 4/1 Withdraw Not providing guidance Kinross Gold Materials 4/1 Withdraw Not providing guidance Continental AG Industrials 4/1 Withdraw Not providing guidance Masimo Corp Healthcare 4/1 Uncertain Not providing guidance Kroger Co Consumer Staples 4/1 Hold Not providing guidance Xylem Industrials 3/31 Withdraw Not providing guidance Stryker Healthcare 3/31 Withdraw Not providing guidance Munich Re Financials 3/31 Withdraw Provided guidance McCormick Consumer Staples 3/31 Withdraw Not providing guidance Dollar Tree Consumer Discretionary 3/31 Withdraw Not providing guidance Imperial Oil Energy 3/31 Adjustments Not providing guidance Conagra Consumer Staples 3/31 Adjustments Provided guidance UPM Materials 3/30 Withdraw Provided guidance Netapp Information Technology 3/30 Withdraw Not providing guidance Domino's Pizza, Inc. Consumer Discretionary 3/30 Withdraw Not providing guidance Boston Scientific Healthcare 3/30 Withdraw Provided guidance Smith & Nephew Healthcare 3/30 Uncertain Not providing guidance Abb Ltd Industrials 3/30 Uncertain Provided guidance QBE Insurance Financials 3/29 Withdraw Provided guidance Western Union Information Technology 3/27 Withdraw Provided guidance Molson Coors Consumer Staples 3/27 Withdraw Not providing guidance Bruker Healthcare 3/27 Withdraw Not providing guidance VMWare Information Technology 3/26 Withdraw Not providing guidance Umicore Materials 3/26 Withdraw Provided guidance Scout24 AG Communication Services 3/26 Withdraw Provided guidance MTU Aero Engines Industrials 3/26 Withdraw Provided guidance Magna International Consumer Discretionary 3/26 Withdraw Provided guidance Lululemon Consumer Discretionary 3/26 Withdraw Not providing guidance LKQ Corp Consumer Discretionary 3/26 Withdraw Not providing guidance Infineon Information Technology 3/26 Withdraw Provided guidance Dell Information Technology 3/26 Withdraw Provided guidance Analog Devices Information Technology 3/26 Withdraw Provided guidance Ugi Corp Utilities 3/26 Uncertain Provided guidance Telia Communication Services 3/26 Uncertain Provided guidance Splunk Information Technology 3/26 Uncertain Not providing guidance Kion group Industrials 3/26 Uncertain Not providing guidance Novo Nordisk Healthcare 3/26 Hold Provided Guidance Paychex Inc Information Technology 3/26 Adjustments Provided Guidance Whirlpool Consumer Discretionary 3/25 Withdraw Not providing guidance SunPower Corp Information Technology 3/25 Withdraw Provided Guidance Mid America Apartment Communities Real Estate 3/25 Withdraw Not providing guidance Nike Consumer Discretionary 3/25 Uncertain Not providing guidance Square Financials 3/24 Withdraw Not providing guidance GM Industrials 3/24 Withdraw Not providing guidance elanco Healthcare 3/24 Withdraw Provided Guidance Agnico Eagle Mines Materials 3/24 Withdraw Provided Guidance Suncor Energy 3/24 Adjustments Provided Guidance IHS Markit Industrials 3/24 Adjustments Provided Guidance Chevron Energy 3/24 Adjustments Provided Guidance Unibail-Rodamco Real Estate 3/23 Withdraw Not providing guidance Newmont Materials 3/23 Withdraw Provided guidance Deere & Co Industrials 3/23 Withdraw Provided guidance Cummins Industrials 3/23 Withdraw Not providing guidance Best Buy Consumer Discretionary 3/23 Withdraw Not providing guidance Sysco Consumer Staples 3/20 Withdraw Not providing guidance RPM Materials 3/20 Withdraw Not providing guidance BMW Consumer Discretionary 3/20 Adjustments Provided guidance Target Consumer Discretionary 3/19 Withdraw Not providing guidance Ford Industrials 3/19 Withdraw Provided guidance Exact Sciences Healthcare 3/19 Withdraw Not providing guidance Darden Restaurant Consumer Discretionary 3/19 Withdraw Not providing guidance Cintas Industrials 3/19 Withdraw Not providing guidance Burlington Stores Consumer Discretionary 3/19 Withdraw Not providing guidance KDP Consumer Staples 3/19 Adjustments Provided guidance ConocoPhillips Energy 3/18 Withdraw Not providing guidance Tapestry Consumer Discretionary 3/18 Adjustments Not providing guidance General Mills Inc Consumer Staples 3/18 Adjustments Not providing guidance Lam Research Information Technology 3/17 Withdraw Provided guidance Capri Consumer Discretionary 3/17 Uncertain Not providing guidance Baxter Healthcare 3/17 Uncertain Provided guidance Broadcom Inc Information Technology 3/12 Withdraw Provided guidance Ulta Beauty Consumer Discretionary 3/12 Uncertain Not providing guidance Gap Consumer Discretionary 3/12 Uncertain Not providing guidance TransUnion Industrials 3/12 Hold Provided Guidance Parker-Hannifin Industrials 3/12 Hold Provided guidance CVS Healthcare 3/12 Hold Provided guidance Huntington Bancshares Financials 3/11 Uncertain Provided guidance Sherwin Williams Materials 3/11 Hold Provided guidance Cigna Healthcare 3/11 Hold Provided guidance Moody's Financials 3/11 Adjustments Provided guidance Royal Caribbean Consumer Discretionary 3/10 Withdraw Not providing guidance Delta Air Lines Inc Industrials 3/10 Withdraw Not providing guidance The Cooper Companies Inc Healthcare 3/10 Hold Not providing guidance Anthem Inc Healthcare 3/10 Hold Provided guidance Host Hotels Consumer Discretionary 3/9 Withdraw Not providing guidance Bookings Holdings Consumer Discretionary 3/9 Withdraw Not providing guidance Advanced Micro Devices Inc Information Technology 3/5 Hold Provided guidance Marvell Technology Information Technology 3/5 Adjustments Provided guidance Home Depot Consumer Discretionary 3/4 Hold Not providing guidance Brown-Forman Consumer Staples 3/4 Adjustments Not providing guidance United Rentals Industrials 3/3 Withdraw Provided guidance Qorvo Information Technology 3/3 Adjustments Provided guidance Microchip Technology Information Technology 3/2 Withdraw Provided guidance Fidelity National Information Services Information Technology 3/2 Hold Not providing guidance Nutanix Information Technology 3/2 Adjustments Not providing guidance Apple Information Technology 2/18 Adjustments Not providing guidance