With the latest U.S. earnings season on tap, analysts at National Bank Financial Inc. (NBF) see weak profits ahead.

In a new report, NBF says that the companies that make up the S&P 500 Composite index are entering another reporting season, with about three quarters of them due to report in April, and most of the rest in May and June. The current estimate is for total net income for the first quarter to decline by about 5.6% from the previous quarter.

The energy sector is expected to lead the decline, with a 64.1% drop in earnings forecast, followed by utilities (-7.7%), and materials (-6.8%). On the positive side, healthcare companies are expected to lead profit gainers in the period, with a 6.9% increase forecast; followed by consumer discretionary firms (4.9%), and industrials (4.7%). Indeed, NBF says that six of 10 sectors are expected to record an increase in net income compared to the same quarter in 2014.

NBF also reports that estimates of sales/revenue for the first quarter of 2015 are for a decline of 2.8% quarter over quarter. And, profit margins are also expected to be compressed slightly to 9.9% from 10.2%.

Again, the energy sector is expected to be the big loser in terms of profit margins, whereas industrials and consumer discretionary companies are forecast to see healthier margins compared with last year. However, only three of the 10 major sectors are expected to record an increase in profit margins compared with 2014.