Corporate joy

23 Aug 2005 By Edward Hadas

With secondquarter earnings per share up 27% over last year, companies seem detached from the dull economy. More expensive oil will hurt next year, but debt is still cheap and wage pressures remote. Profits could rise modestly in 2006.

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Secondquarter 2005 European earnings per share are up 27% according to a report by Gareth Williams and Ian Scott of Lehman Brothers. The report covers the 55% of the stocks in the Eurofirst 300 – accounting of twothirds of the market capitalisation – which had reported results by August 19. Comparable earningspershare growth in the first quarter was 33%.

Revenues for the reporting companies grew 9% over the second quarter in 2004, up from 7.8% annual growth in the first quarter. Ebitda was up 13% in the second quarter, compared to a 12% increase in the first.

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