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Energy Surge Drives European Blue-Chip Earnings Amid Slower Underlying Growth
European Blue-Chip Earnings Performance in Q2 2024
July 9 (Reuters) – A surge in energy profits linked to higher oil prices is set to drive European blue-chip earnings growth in the second quarter, masking weaker underlying momentum across the broader market, forecasts showed on Thursday.
Impact of Energy Sector on Earnings Growth
STOXX 600 companies are forecast to report earnings growth of 15.3%, according to LSEG IBES data, but growth falls to 6.0% when energy companies are excluded.
Revenue Growth Patterns
Revenue growth shows a similar pattern, with second-quarter sales forecast to rise 10.5% overall but just 3.9% outside the energy sector.
Sector-Wide Performance Overview
Although gains are becoming more broad-based, with eight of 10 sectors expected to grow compared with five in the first quarter, energy companies are expected to see earnings more than double, far outpacing growth in other industries.
Reporting and Editorial Credits
(Reporting by Rafal Nowak and Javi West Larrañaga in Gdansk; Additional reporting by Editing by)
