Apple is one of only three of the top S&P 500 companies that are seeing any sizable growth in Europe while the Euro zone suffers a crisis due to government debts and high unemployment. And Apple’s predicted growth for the second quarter of 2012 is well ahead of the companies reporting any growth in the area.

In the second quarter of 2012 Apple seems set buck the trend and push ahead of the ten most valuable S&P companies, posting notable second quarter growth of 32.3 percent year-over-year for the second quarter, according to FactSet research.

Of the ten, “Apple (32.3%), Intel (4.5%), and Coca-Cola (2.1%) are the only three companies within this group projected to see higher revenue growth in Q2 2012 relative to the entire S&P 500,” states FactSet.

Apple is bucking a trend that is seeing 70 companies issue negative EPS guidance and 32 companies issue positive EPS guidance for the second quarter, according to the report.

The Information Technology sector is looking good in Europe, but this is all down to Apple. “Excluding Apple, the earnings growth rate for the Information Technology sector falls to -1.7%, and the sales growth rate falls to 3.4%,” states FactSet.

“Apple is part of the Computers & Peripherals industry, which has the highest earnings growth (18.9%) of any industry in the sector,” adds the report.

“Not only are Bank of America and Apple the largest contributors to earnings growth for their respective sectors, they are also the largest and second largest contributors to earnings growth for the entire S&P 500. Excluding Bank of America and Apple, the earnings growth rate for the index would fall to -2.1% from 3.8%. Bank of America is predicted to report EPS of $0.18 compared to the year-ago actual EPS of -$0.90. Apple is projected to report EPS of $10.44 compared to year-ago actual EPS of $7.79.” Read more here.

In the first quarter of 2012 Apple performed well, with Europe accounting for 22.5 percent of Apple's revenue, placing it seventh in line after Oracle, IBM. The 22.5 percent figure was just below the average for that quarter, with ten of the largest 25 companies in the S&P 500 by market cap generating 23% of their revenues from Europe.