European corporate earnings, as in the U.S., have been great. Here’s where they are lagging.

With 96% of U.S. companies reporting results, and 97% of European firms also done so, it’s clear that earnings on both sides of the Atlantic have been stellar.

On sales, however, European companies haven’t delivered as much. Per SocGen, the U.S. consensus is for sales to be 12% higher than before COVID, compared to Europe where sales are seen being 1% below their 2019 levels. The strategists continue to favor construction materials, utilities, technology and healthcare sectors.

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