Among large American companies that make up the S&P 500 index, nearly one-quarter have reported financial results for the second calendar quarter. Earnings are running about 15% ahead of Wall Street's estimates, but sales are less than 5% ahead.

Forecasts these days seem carefully managed to produce happy surprises; the proportion of surprises that are positive has jumped from half in the late 1980s to around three-quarters today. Hence, the slim beat for sales may be read as disappointing, especially considering the importance of sales to the economy.

S&P's senior index analyst, Howard Silverblatt, points out that larger profits amid smaller sales are the result of cost-cutting, including plenty of layoffs. Profits might give stock investors a lift in the short term, but only a sustained rise in sales will put Americans back to work.

Results for the three companies below, at least, look healthy all around. Each managed to increase not only sales and earnings by double-digit percentages last quarter, but also to exceed analyst forecasts for both. Long-term studies suggest that's a superb sign for future stock returns.

Biogen Idec

Sales growth, most recent quarter: 11%
EPS growth: 130%
Forward P/E: 12

Only five of 19 analysts who cover Biogen (BIIB) recommend a purchase of its shares, an unusually pessimistic ratio for Wall Street forecasters. The drug developer is solidly profitable. Its major money makers include Avonex and Tysabri for multiple sclerosis and Rituxan for certain non-Hodgkin's lymphomas (cancers) and rheumatoid arthritis. However, the multiple sclerosis drugs could soon face pressure from Novartis (NVS) Gilenia, the first oral drug for the disease, recommended for approval by a U.S. regulatory panel in June. Wall Street expects Biogen sales to increase 6% this year but to remain flat next year. Shares seem modestly priced relative to profits, though, even after a 10-point run-up this month, perhaps fueled by takeover speculation. Major drug firms have snapped up specialty pharmaceutical companies over the past two years in order to bolster their developmental drug pipelines.

FedEx

Sales growth, most recent quarter: 20%
EPS growth: 92%
Forward P/E: 17

Shipper FedEx (FDX) is benefitting from increased trade and a rebuilding of manufacturer inventories following last year's economic contraction. Management says the company's International Priority service is proving especially popular, with volumes on pace to increase 20% this year. Shares sell for a lofty 22 times trailing profits, but the company's profits can rise quickly with an increase in package volumes. Earnings per share are forecast to increase 32% this year and 20% next year. If those estimates are reliable, shares are trading at 14 times profits for the company's fiscal year ending May 2012 a reasonable if not rock-bottom valuation.

Eaton

Sales growth, most recent quarter: 16%
EPS growth: 178%
Forward P/E: 16

An analyst for investment bank Sterne Agee called Eaton (ETN) second-quarter performance "one of the best of any company in recent years." The industrial-equipment maker experienced much greater-than-expected demand for truck, hydraulic and electrical gear. After Eaton reported earnings per share for the quarter of $1.36, beating the Street consensus by 22 cents, management increased its full-year earnings guidance by 55 cents a share and boosted the dividend by 16%. The company's stock price has climbed nearly 50% in a year, versus a little over 10% for the S&P 500 index, but its shares still look affordable at 16 times estimated 2010 earnings, with 2011 earnings forecast to rise 23%. The new dividend gives Eaton a yield of about 3%.