By Allegra Catelli

(Bloomberg) -- S&P 500 companies trounced expectations this earnings season after they found ways to blunt the impact of tariffs and benefitted from a weaker dollar, according to strategists at Goldman Sachs Group Inc.

As the second-quarter reporting season draws to a close, aggregate S&P 500 earnings per share are up 11% over the previous year, far exceeding the 4% consensus expectation, according to the strategists. With 92% of S&P 500 companies having reported, 60% have beaten earnings per share forecasts by more than a standard deviation of estimates, they added.

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“The quarter has been marked by one of the greatest frequency of earnings beats on record,” David Kostin, chief US equity strategist at Goldman Sachs, wrote in a note.

The profit margins of US firms held up better than expected in the face of tariffs because companies were able to negotiate with suppliers, adjust supply chains, slash costs and pass price hikes to consumers, according to the strategists.

Companies also benefitted from low expectations after analysts slashed earnings estimates during the spring as President Donald Trump announced new tariffs. In June, a team led by Kostin warned that margins would be under pressure if companies were forced to “swallow a larger-than-expected share” of the cost from levies.

A weaker dollar helped drive an acceleration in S&P 500 sales growth during the second quarter, according to the Goldman strategists. They warned, however, that sales growth appears more at risk for smaller companies, which enjoy less of a tailwind from dollar weakness.

--With assistance from Sagarika Jaisinghani.

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