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Worst Europe Earnings Hit Industrials

Manufacturing falters as profits lag estimates and Stoxx 600 falls 9 %.

By Alexis Xydias , Adria Cimino | Updated on August 01, 2011

Profits at European companies are trailing analyst estimates by the most in at least five years, dragged down by manufacturing shares that had been forecast to lead a rally in the second half of the year.

About 53 percent of companies in the Stoxx Europe 600 Index that have reported earnings since July 11 missed analysts’ projections. That’s the most in data compiled by Bloomberg since 2006. The benchmark gauge lost 3.1 percent in the period, the largest decline to start an earnings season since April 2010.

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