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EARNINGS SEASON PROVES RESILIENCE

An optimistic outlook for European markets is backed up by the recent earnings season

T. Rowe Price

The recent earnings season confirms an optimistic outlook for European earnings growth. Analysis1 highlights that earnings in the most recent quarter grew by 10%, with more companies surprisingly positive than negative.

There was good breadth to this performance with earnings in all but one European market sector advancing (10 of 11, with energy the exception). Although investors appear to be more focused on the potential for further earnings growth in the US, the advance in that market was a lesser 5%.

Furthermore, in recent weeks there has been a modest upward pressure on estimates for European earnings growth this year, with consensus expectations now standing at around 14% in 2017 2. In comparison, expectations in the US have slipped from the start of the year, with a lower rate of growth now expected than in Europe.

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