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U.S. company profits even bigger than Wall Street's lofty targets

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Much stronger-than-expected profit reports from U.S. companies in recent weeks have ratcheted up already high Wall Street forecasts on how second-quarter earnings growth will look versus last year.

Earnings are now expected to have climbed about 90% in the second quarter versus analysts' forecasts of 65.4% at the start of July, according to IBES data from Refinitiv, with results in so far from roughly 300 of the S&P 500 companies as of Monday morning.

A gangbuster second quarter is expected to mark a peak for recent U.S. earnings growth as companies recover from the depths of last year's pandemic-induced profit collapse. "It will be interesting when you start getting deeper into third and fourth quarters. The market might be anticipating a bit of a trip-up."

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