EXTRACTS FROM THE ARTICLE: Global Corporate Profits to Drop in 09; More Bankruptcies Loom
By Katie Hoffmann and Joseph Galante
Jan. 5 (Bloomberg) — Corporate earnings will continue to slump into the first half of 2009 amid the first simultaneous recessions in the U.S., Japan and Europe since World War II.
While profits will rise 4.3 percent for the full year in the U.S., earnings in Europe are projected to decline for all of 2009 and analysts predict worsening reports out of Asia because the recession hasnt fully hit there yet.
The energy industry will lead U.S. declines, with earnings estimated to drop 29 percent in 2009. Profit at Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, the largest U.S. oil companies, will probably fall after the recession sapping fuel demand, spurring a 78 percent drop in crude-oil prices from Julys record.
At Irving, Texas-based Exxon Mobil, the worlds biggest publicly traded company, earnings will probably tumble 39 percent to $28.2 billion, the first decline since 2002, according to a Bloomberg survey of analysts.
Earnings at European oil companies may drop 21 percent in 2009, compared with a 4.7 percent gain last year, according to estimates. Profit at Royal Dutch Shell Plc, Europes largest oil company, may drop 27 percent. The company postponed projects in Canada and Australia as demand for oil declined.
BLOOMBERG ARTICLE (COMPLETE ARTICLE)
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