September 24, 2019 / 9:03 AM / 21 days ago

European third-quarter revenue estimate worsens as corporate recession drags on

FILE PHOTO: A trader sits in front of the computer screens at his desk at the Frankfurt stock exchange, Germany, June 29, 2015. REUTERS/Ralph Orlowski/File Photo

MILAN (Reuters) - Revenue expectations for European companies for the third quarter have deteriorated, data on Tuesday showed, as a drawn-out trade dispute and a manufacturing slowdown in the region weighs on corporate results.

Companies listed on the STOXX 600 regional index are expected to report a 0.4% decline in revenue for the July-September quarter, compared with the 0.1% drop expected a week ago, according to the latest data from I/B/E/S Refinitiv.

Third-quarter earnings are forecasts to fall 1.9%, unchanged from last week, marking the third consecutive quarter of contraction and confirming that Europe is in a corporate recession.

Second-quarter earnings are seen declining 2.1%, an improvement compared with the 2.4% drop seen last week, while revenues are seen rising 3.3%, also up from 3.2% last week.

Reporting by Danilo Masoni; editing by Josephine Mason

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