estimates for 2016. Some cyclically risky sectors like Auto, Airlines, Chemicals & Semiconductors must avoid losing any earnings power. Figure 32: S&P Quarterly EPS growth breakdown -2% 0% 2% 4% 6% 8% 10% 12% Average for the last 15 quarters (S&P 500): EPS growth: 6.2% Net income growth: 4.8% EPS grow