Stronger Dollar Hits U.S. Earnings
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The dollar’s surge is reducing earnings at American companies from Procter & Gamble Co. to Pfizer Inc. and DuPont Co. that make a large portion of their revenue abroad.
P&G, the world’s biggest consumer-products maker, Tuesday reported profit that missed analysts’ estimates in the quarter ended Dec. 31 after what Chief Executive Officer A.G. Lafley called “unprecedented” foreign-exchange rate fluctuations reduced sales by 5 percentage points. DuPont and drugmakers Pfizer and Bristol-Myers Squibb Co. all posted annual forecasts that trailed predictions, in part because of the dollar.