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Euro Crisis Hits Profits Globally

S&P 500 companies seen reporting average 1.1% drop in Q2 earnings.

By Chris Burritt, Bloomberg | Updated on June 25, 2012

Europe’s debt crisis is putting pressure on corporate earnings globally with companies from Procter & Gamble Co. to Danone cutting forecasts and signaling profits will fall at more companies this year.

Analysts predict members of the Standard & Poor’s 500 Index in the U.S. will report a 1.1 percent average drop in second-quarter earnings, after estimating a gain as recently as last month, according to data compiled by Bloomberg. That would be the first decline in 11 quarters after a 6.2 percent average increase in the first quarter. A stronger dollar is another threat to earnings as U.S. exports become more expensive.

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