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While the majority of S&P 500 companies will report earnings results for Q2 2015 over the next few weeks, approximately 5% of the companies in the index (24 companies) have already reported earnings results for the second quarter.

Given the number of concerns in the market, including the debt crisis in Greece, have these companies discussed specific factors that had a negative impact on earnings or revenues for the second quarter during their earnings conference calls?

To answer this question, FactSet searched for specific terms related to a number of factors (i.e. "currency" "Greece," etc.) in the conference call transcripts of the 23 S&P 500 companies that have conducted second quarter earnings conference calls through July 10 to see how many companies discussed these factors. FactSet then looked to see if the company cited a negative impact or expressed a negative sentiment (i.e. "volatility," "uncertainty," "headwind," etc.) regarding the factor for either the quarter just reported or in guidance for future quarters. The results are listed below.

Based on the earnings calls to date, the stronger U.S. dollar has been cited by the most companies (17) in the index as a factor that either had a negative impact on earnings or revenues for Q2, or is expected to have a negative impact on earnings and revenues in future quarters.

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It is interesting to note that only one company (Walgreens Boots Alliance) in the index has commented on the crisis in Greece during an earnings call to date.

"Given the current situation in Greece, where we fortunately have no business interest, we anticipate a certain level of volatility in the currency markets in the forthcoming months." -Walgreens Boots Alliance (Jul. 9)

Overall for Q2 2015, year-over-year earnings for the S&P 500 are projected to decline by 4.4%. The last time the index reported a year-over-year decrease in earnings was Q3 2012 (-1.0%). Of the 24 companies that have reported earnings to date for Q2 2015, 16 have reported earnings above the mean estimate and 12 have reported sales above the mean estimate.

Read more about earnings trends in this edition of FactSet Earnings Insight. Visit www.factset.com/earningsinsight to launch the latest report.

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