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Looking at those companies that have reported earnings results, the earnings growth rate for the S&P 500 over the Q3 2017 was 6.1%. Among those that generate more than 50% of sales domestically, the earnings growth rate was 2.3%. For those that generate less than 50% of sales domestically, the earnings growth rate was 13.4%.

Fueling the outperformance of S&P 500 companies with higher global revenue exposure, information technology and energy sectors were the largest contributors to earnings and revenue growth in the third quarter for S&P 500 with a more global footprint. If these two sectors were excluded form the Q3 tally, the earnings and revenue growth rates for S&P 500 companies that generate less than 50% of sales inside the U.S. would have been 0.7% and 5.7%, respectively.

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