Forsyth Barr broker Tony Conroy said that because the past year had been harsh for listed companies, his expect-ations had been formed accordingly.
"It also means companies have been reluctant to give too much guidance for the next 12 months compared with the recent United States season, which was only quarterly. The outlooks in the US were just for the coming quarter."
So far, the results had come in broadly as expected - given that those expectations were for a significant drop on last year, he said.
For the companies that had reported, Forsyth Barr's expectations were for operating earnings to be down 16% and reported profit down 11%.
The actual figures were worse, with operating earnings down 22% and reported profit down 21%.
That looked disappointing, but Air New Zealand was worse than expected.
When Air New Zealand was excluded, earnings came in about in line at 18%, Mr Conroy said.
Outlook comments were as important as the results themselves.
In the past three months, Forsyth Barr had upgraded forecasts for 17 companies, but downgraded 15.
Following the latest results, the firm had upgraded 10 and downgraded 12.
"What does this mean? It suggests that the downgrades we have seen over the past two years have come to an end and that expectations have stabilised.
"But we have not seen any significant pattern of upgrades. This confirms our view that economic recovery will be slow."
The bottom of the market should have been reached, but Mr Conroy did not expect a strong bull market from here.
Forsyth Barr broker Suzanne Kinnaird concentrates on retail stocks which start reporting on September 9.
Briscoe Group is the first to report, followed by The Warehouse, Hallenstein Glasson and Pumpkin Patch.
So far, listed jeweller Michael Hill International has reported.
Ms Kinnaird said that the MHI result, while not outstanding, was solid.
Briscoe Group released a market update upgrading forecasts.
From a theme perspective, the initial indications from the retail sector were encouraging.
"We will be watching with interest to see if the companies to report continue this theme," she said.
