The global Q1 2024 results season for rated nonfinancial corporates is two-thirds done. Global earnings are still declining, with annual sales and EBITDA down 1.9% and 5.8% respectively. However, the picture is more encouraging if volatile commodity components are excluded, and the degree to which results have beaten market expectations has improved. Results overall can be characterized as fragile and fragmented, with marked regional and industry differences. Europe continues to struggle, while optimism is strongest in North America. Industrial cyclicals continue to experience contraction, with positive global industry growth concentrated in leisure-related consumer sectors, technology, healthcare, and aerospace and defense.