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Business Outlook Findings 
Surveyed Chief Financial Officers (CFOs) upgraded their forecasts of the year ahead on key comp...
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CFO Signals Q3: What North America’s top finance executives are thinking – and doing

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Mixed messages have been a fixture in our survey findings for the better part of a year. While CFOs have been mostly optimistic about the trajectory of the global economy and their own companies’ prospects, their expectations for sales, earnings, investment, and hiring have been on a mostly downward trend.

Last quarter, substantial improvements in CFOs’ year-over-year growth expectations seemed to suggest a possible reversal in momentum. But tepid growth expectations among U.S. CFOs, rising pessimism among Manufacturing CFOs, and declining perceptions of global economic health provided dampening counterpoints.

This quarter’s findings appear to build foremost on last quarter’s positive momentum. And they seem to make the strongest case yet for the sustained economic acceleration that has previously been so elusive.

What else are CFOs saying?

Visit: http://www.deloitte.com/view/en_US/us/Services/additional-services/chief-financial-officer/cfo-signals/31cb971d84ca8410VgnVCM3000003456f70aRCRD.htm for the full report.

Publié dans : Économie & finance
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CFO Signals Q3: What North America’s top finance executives are thinking – and doing

  1. 1. Business Outlook Findings Surveyed Chief Financial Officers (CFOs) upgraded their forecasts of the year ahead on key company metrics in the third quarter in a sign of growing optimism. However, capital spending forecasts hit their second lowest level in the survey’s history while concerns over geopolitics and tax reform returned, suggesting some obstacles to growth remain. Sales and earnings growth and domestic hiring forecasts increased significantly year-over-year and from the second quarter of 2014. However, CFOs are less optimistic about the picture one year from now, particularly in regards to Europe and North America. Sales growth 5.0 % 6.1 % 6.8 % Domestic hiring Capital spending 2.3 % 1.6 % 1.3 % 6.8 % 4.9 % Economy optimism 3 Views of North America are still strongest, with 44 percent of CFOs describing conditions as good (up from 40 percent last quarter), and 55 percent expecting better conditions in a year (down from 60 percent last quarter). Twenty-seven percent regard China's economy as good (up from 24 percent), and 29 percent expect improvement (up from 21 percent). Just five percent describe Europe as good, and only 23 percent see it improving over the next year. North America Europe Current One Year Own-Company optimism 4 For the sixth straight quarter, net-optimism increased in 3Q14. Forty-four percent of CFOs express rising optimism (about even with last quarter), and just 12 percent express increasing pessimism — the lowest proportion since the survey began in 2Q10. Over 60 percent of CFOs also stated they consider this a "good time" to be taking greater risks. 5.0 % 44% 12% 3Q14 44% 19% 2Q14 47% 20% 1Q14 54% 21% 4Q13 42% 24% 3Q13 3Q13 2Q14 3Q14 Earnings growth 8.9 % 3Q14 8.0 % 2Q14 10.9 % 3Q13 3Q14 3Q13 2Q14 3Q14 2Q14 3Q13 Status From Now Current Status One Year From Now Current Status One Year From Now China 3Q13 4Q13 1Q14 2Q14 3Q14 Very good Neutral Very bad Very good Neutral Very bad Very good Neutral Very bad Much better Same Much worse Much better Same Much worse Much better Same Much worse Company growth projections 2 3rd Quarter 2014 1 CFO SignalsTM What North America’s top finance executives are thinking – and doing 1. These are a subset of the full CFO Signals Q3 findings. The full report is available at http://www.deloitte.com/us/pr/cfosignals2014Q3. 2. Quarterly numbers represent CFOs expected change year-over-year. Averages have been adjusted to eliminate the effects of stark outliers. 3. These figures are the average CFO rating based on five-point scales for current state (“very bad” to “very good”) and expected state one year from now (“much worse” to “much better”). 4. Figures represent percent of CFOs saying their optimism regarding their organization’s prospects is higher/lower than the previous quarter. The balance of CFOs indicated no change in sentiment. The 3Q Deloitte CFO Signals survey was conducted between August 8, 2014 and August 22, 2014. Eighty-three percent of the 103 CFO respondents were from organizations with more than $1 billion in annual revenues and 75 percent were from publicly-traded organizations. This publication contains general information only and is based on the experiences and research of Deloitte practitioners. Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decisions or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2014 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited

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