Photo: AFP/Jewel Samad

Analyst cuts to EPS estimates for S&P 500 firms in the first two months of Q4 were smaller than any quarter since Q2 2011, FactSet reports.

The Q4 bottom-up EPS estimate dropped by 0.7% over the period, compared to average declines of 2.3% (past year), 3.3% (five years), and 4.3% (ten years).

The industrial sector led declines in EPS estimates, falling 8.0%, helped by a significant downward revision for General Electric.

Four sectors recorded an increase in the bottom-up EPS estimates, including the energy sector, which saw an increase of 16.7%.