However, an increasing number of companies are veering away from giving financial guidance for 2010.
ABN Amro Craigs broker Chris Timms said with economic uncertainty, the lack of New Zealand company outlooks was making it more difficult for investors to "look ahead and invest with any certainty".
Mainfreight yesterday reported a more than 50% decline in after-tax profit in tough trading conditions in the global recession, including for its divisions in New Zealand, Australia and the United States, but its relatively positive outlook buoyed investors and its share price remained steady yesterday, Mr Timms said.
"The outlooks in general are conservative because no-one wants to [unexpectedly] deliver below-par expectations and see their share price slaughtered," Mr Timms said.
Forsyth Barr broker Peter Young said of 11 New Zealand businesses to have reported so far, they had bettered 10 analysts' forecasts for earnings before interest and tax, sales/revenue and earnings before interest, tax, depreciation and amortisation, but were all down, in an actual range spanning -22% to -24.5% as opposed to analysts' forecasts spanning -28% to -32.5%.
"The general outlook is for carefully watching debt levels and cash positions and run as tight a ship as possible," he said.
Mr Timms said Australia was about 22%, or 50 companies, of the way through its reporting season, and while results were also not so surprising, earnings overall were down almost 20%.
"The long earnings downgrade cycle which preceded the reporting season established an environment where stocks were expected to report in line with expectations, or better," he said.
About 32% had delivered a positive surprise, while 20% had disappointed, the latter made up predominantly of small-cap companies outside the ASX top-100, where 26% disappointed, compared with 13% of the large caps within the ASX 100.
In the United States, 50% of companies delivered a positive surprise, with an important emergence of an earnings upgrade cycle appearing, which would emerge here, Mr Timms said.
