As Margins Begin To Slide, Will Corporations Choose To Defend Profits Or Absorb Transitory Shocks

zerohedge2021-09-27

Having spent much of the summerwarningthat as a result of surging labor costs, commodity prices and generally "transitory hyperinflation",corporate margins would tumble(which in the view of Morgan ...

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ohmytiannn
2021-09-27
ohmytiannn
Awesome
- och:
  [微笑]
Daniel03
2021-09-27
Daniel03
👍
Ivanhojh
2021-09-27
Ivanhojh
Like pls
- hello369:
  Done
chqngchang
2021-09-27
chqngchang
[Smile]
terryvstitch
2021-09-27
terryvstitch
Like

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This is not good!\" Yes... after the fact.\nWe won't waste our readers' time on why margins are set to plunge, and drag profits along with them absent a continued surge in revenues - we have discussed that extensively in the past few months - but we will highlight a recent note from SocGen's Andrew Lapthorne who cuts through the noise and says that corporates now have to make a decision:defend high margins or absorb \"transitory\" shocks.\nAs Lapthorne writes last week, while the rest of the world's attention turns to China, his charts focused on corporate profitability given the concerns about rising costs, supply disruption and now higher energy costs. According to the SocGen strategist, reported EBIT growth in the US has jumped by over 30% and over 55% in Europe, a remarkable surge which has been accompanied by a sharp increase in profit margins as sales growth has easily outstripped the growth in costs. Indeed, as noted recently, US profit margins hit an all all-time high in Q2, leading to a substantial uplift in profit margins to all-time highs.\nWhy the focus on margins and profitability? As Lapthorne explains, \"profit margins act as shock absorbers. If businesses can absorb price shocks and business disruption into their P&L instead of passing the problems onto customers then logic has it that short-term profitability would be hit, but bigger issues, such as the need for policy tightening, is reduced.\"\nAnd while on aggregate profit margins are healthy enough - for now - to absorb some temporary pain, it will be interesting to see what path the corporates take:to defend margins and risk inflation taking hold, or allow profits suffer for a while?","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":866991822,"gmtCreate":1632718514766,"gmtModify":1632798316594,"author":{"id":"3585864277547316","authorId":"3585864277547316","name":"ohmytiannn","avatar":"https://static.tigerbbs.com/51875031030c53b01a1c3bbcbf6159ef","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Awesome","listText":"Awesome","text":"Awesome","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866991822","repostId":1172059559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6010976,"gmtCreate":1632719582867,"gmtModify":1634784661289,"authorId":3565663543754207,"author":{"id":3565663543754207,"authorId":3565663543754207,"name":"och","avatar":"https://static.tigerbbs.com/1c195b2a32a90ae2210984600e352644","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":866991822,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":866991090,"gmtCreate":1632718490010,"gmtModify":1632798316837,"author":{"id":"3585453082564093","authorId":"3585453082564093","name":"Daniel03","avatar":"https://static.tigerbbs.com/a1f7c180d34c60deb481e2b1f191f99b","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866991090","repostId":1172059559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":866999441,"gmtCreate":1632718402083,"gmtModify":1632798318325,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/866999441","repostId":1172059559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6010902,"gmtCreate":1632718712478,"gmtModify":1634784669074,"authorId":3581346389720502,"author":{"id":3581346389720502,"authorId":3581346389720502,"name":"hello369","avatar":"https://static.tigerbbs.com/6f472aef15b4385af1feba4d7bd16e06","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":866999441,"type":1,"supId":0,"prevId":0,"content":"<u>Done</u>","text":"<u>Done</u>","html":"<u>Done</u>"}],"langContent":"CN"},{"id":866999161,"gmtCreate":1632718322253,"gmtModify":1632798318687,"author":{"id":"3582358454168309","authorId":"3582358454168309","name":"chqngchang","avatar":"https://static.tigerbbs.com/b56233832049ceeac966ba711e0e1f75","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866999161","repostId":1172059559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":866075548,"gmtCreate":1632716981984,"gmtModify":1632798329864,"author":{"id":"3582770069606941","authorId":"3582770069606941","name":"terryvstitch","avatar":"https://static.tigerbbs.com/7a0184a6e9d86edb86f52e47b7268432","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866075548","repostId":1172059559,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":142,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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