Earnings Are Mainly Down at Europe-Based Companies

Most Europe-based companies reported lower earnings for the first quarter of 2012 compared with the corresponding period of the previous year. Firms cite the slowdown in the European economy due to the sovereign debt crisis, and unfavorable comparisons with an exceptionally strong first quarter of 2011. First-quarter 2012 sales were generally higher but that owed more to higher selling prices than stronger volumes. A number of companies say markets may have stabilized, and that profits were higher in the first quarter of 2012 than in the final quarter of 2011...

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