Europe Inc eyes record first quarter earnings jump as economy recovers

[April 20, 2021]  MILAN (Reuters) - Europe Inc earnings are expected to have risen a record 61% in the first quarter of 2021, Refinitiv IBES data showed on Tuesday, as the global economy recovers from the severe downturn caused by the coronavirus pandemic.

That would mark the best quarter for Europe Inc since IBES records began around nine years ago and also represents a big improvement compared to last week's forecast for a 55.7% jump.

The forecasts, which track companies listed on the pan European STOXX 600 equity benchmark, point to revenues rising 2.8% in the first quarter, compared to 2.7% a week ago.

The rise in profits would also place Europe on course for a rare outperformance versus corporate America. Earnings for the S&P 500 are expected to have risen 30.9% in the first quarter of this year.

(Reporting by Danilo Masoni; editing by Thyagaraju Adinarayan)

[© 2021 Thomson Reuters. All rights reserved.]

Copyright 2021 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.