All the experts interviewed agreed that at least part of the shortfall in corporate tax receipts was the result of lower-than-expected corporate profits.

Newcourt reported lower-than-expected first-quarter profit in May, and CIT has reopened acquisition talks.

At the time, the company was looking to reduce debt after lower-than-expected profits this year.

Due to lower-than-expected profit in 2011, Cisco was forced to reduce annual expenses by $1 billion.

While overall earnings appeared to beat Wall Street expectations, Kodak shares fell about 2 percent on lower-than-expected fourth-quarter profit from its fast-expanding digital business.

The company also said that its slumping American supermarkets unit contributed to a lower-than-expected profit of just 32 million euros, or $38.7 million.

Automotive stocks also dropped on anticipation of lower-than-expected third-quarter profits and reduced production.

And only 17 percent announced lower-than-expected profits, matching the historical average of 17 percent.

Last fall, WPP caught the financial community off guard when it canceled an interim dividend it had already announced because of lower-than-expected profits.

And Broken Hill Proprietary, which reported lower-than-expected profits, plummeted 2 1/8, to 55 5/8.