Earnings Season Global: Beats, Misses and Guidance — 2026-09-27
The week brought a mixed earnings picture: Korean chipmakers saw their Q3 profit estimates revised higher while fuse non-semiconductor sectors split on currency headwinds. In Europe, HelloFresh deepened its crisis with a guidance cut while Daimler Truck held near 52-week highs on solid results. In the US, H.B. Fuller and MillerKnoll beat estimates, and a Seeking Alpha review confirmed the S&P 500's Q2 results powered the index to fresh all-time highs.
Earnings Season Global: Beats, Misses and Guidance — 2026-09-27
Top developments
Korea's Q3 profit estimates rise, led by chips
Third-quarter operating-profit estimates for South Korean listed companies rose over the past three months, with forecasts for chipmakers Samsung Electronics and SK hynix revised higher, FnGuide data showed Sunday — though nearly half of covered firms saw cuts. Local coverage notes a stronger won is splitting results across non-semiconductor sectors, with exporters facing margin pressure while chips boom. This sets the stage for Africa's... i.e., Asia's most consequential export earnings season of the year.
HelloFresh cuts targets, stock hits record low
German meal-kit maker HelloFresh cut both its revenue and profit targets, and the stock sank to a new all-time low on September 25, per onvista and Handelsblatt's earnings newsblog. It's a stark miss-and-cut case in the European consumer discretionary space.
H.B. Fuller beats consensus
On Wednesday, September 23, H.B. Fuller (NYSE: FUL) reported $1.52 EPS for the quarter, beating the consensus of $1.47 by $0.05, on revenue of $938.17 million, according to Zacks data cited by Markets Daily. A steady beat from the specialty chemicals name.
MillerKnoll beats on EPS
MillerKnoll beat on Q1 2026 EPS and shares rose in premarket trading this week, per Investing.com's earnings call transcript coverage.
Daimler Truck holds near 52-week high
Daimler Truck shares traded on September 22 near their 52-week high in Xetra trading, supported by solid Q2 2026 results and ongoing analyst commentary, per ad-hoc-news.de.
Local view
Korean-language and English-Korean media remain focused on the Q3 forecast divergence: SBS reported that operating-profit expectations for more than half of listed companies had recently been revised upward while the rest were cut, flagging Samsung Electronics and SK hynix as the notable upward revisions. Maeil Business (MK) framed the mix as the "joys and sorrows" of major domestic companies' third-quarter forecasts amid fluctuating oil prices and exchange rates. In Germany, Handelsblatt's earnings newsblog is tracking a cluster of disappointments — HelloFresh cutting its profit target, Verbio disappointing with its profit outlook, and TUI expecting a slight profit decline while throttling back capacity.
Context & numbers
- The S&P 500 continued its march to fresh all-time highs through Q2 2026, according to Seeking Alpha's earnings review published this week — a backdrop of elevated expectations heading into Q3 reporting.
- For context on the season's stratospheric bar: of S&P 500 companies that had reported Q2 results as of August 7, 86% topped estimates and blended earnings growth stood at 50.4% year over year (FactSet data via Chase).
- German market watchers note September's DAX winners on a 30-day view were led by Qiagen, MTU Aero Engines and Commerzbank (finanznachrichten.de).
On the radar
- Korea's Q3 reporting season, which local media expect to be led by chipmakers as won strength splits non-semiconductor results (Seoul Economic Daily, Sept 25).
- DF Deutsche Forfait AG raised its full-year forecast on September 21 on the basis of preliminary half-year figures — a small-cap German guidance raise worth tracking.
- TUI expects a slight profit decline and is slowing capacity growth, per Handelsblatt — a signal to watch for European travel-sector guidance.
- German commentary (goldesel.de) flags Q4 as historically the strongest quarter, with Fed and ECB decisions shaping the year-end rally — a macro frame for the next earnings season.
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