In a previous blog post, we discussed certain high-level considerations for first-quarter 2020 earnings releases and guidance in the context of the macroeconomic uncertainty brought about by the novel coronavirus (COVID-19) pandemic. We indicated our expectation that a significant number of registrants would elect to withdraw guidance in light of this uncertainty.
To get a more comprehensive view of how registrants have approached financial guidance, we analyzed disclosures in earnings releases by off-calendar year-end companies furnished with the Securities and Exchange Commission (SEC) on or after March 16, 2020. As noted in greater detail below, a majority of companies issuing earnings releases during this period have withdrawn or suspended guidance. This post presents the results of our analysis.