把正确答案代入后，句子结构：
The company announced that its profits delined... and its business will improve ..., had expected and that its business would improve.
两个并列可以看出来。但是had expected 作为什么的谓语呢？或者作为什么成份呢？
announced that 过去时
delined过去或者过去分词
will improve 一般将来。
怎么看觉得its profits delined... and its business will improve 是两个并列的句子。
疑问：had expected 是什么成份，修饰什么，
请大牛解答。
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楼主那个 had expected前面有个than，意思是说比他们announced以前had expected的少很多，你看漏了个than，呵呵
底下这个链接是我为我第三次考试的mm收集的考试祝福，能帮忙顶一下么，谢谢～我希望借此给她信心和祝福，还有勇气，这是她最后一次申请前的机会了，她压力很大，心里素质也不好，谢谢大家了，好像发的太多了，希望大家不要烦我。。。想多收集点，在3月8号她考前收集到1000条祝福～请帮顶下
http://forum.chasedream.com/dispbbs.asp?boardID=34&ID=306308&page=1
analyst expect这个动作发生主句动作announce之前，announce用了一般过去，expect自然用过去完成。
its profits declined much less in... than analyst had expected.＝its profits declined much 【less than （much） analyst had expected】.“less than （much） analyst had expected”整体作后置定语修饰第一个much，相当于that is less...。 analyst had expected做定语从句修饰括号中补出的much（比较结构中的省略）。
btw，根据韦式词典，much可以作名词。
非牛人，供参考
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