美元成美国公司头号敌人

    倘若CEO们要在这个收益发布季节合唱一曲的话，他们或许会不约而同地提及强大的美元。它是公司利润面临的最大威胁之一。

    对于美国工商界而言，美元走强并不总是坏消息。但随着公司收益的增长在第二季度减速，从麦当劳（McDonald's）到高露洁（Colgate-Palmolive），各大公司的CEO纷纷表示，美元近期的升值对企业不利。美元升值不仅让产品变得更加昂贵，而且意味着当海外销售额转换为更强势的美元时，面临价值缩水的问题。

    诚然，大多数公司通常会采取措施，应对汇率波动。比如，它们可以提高产品价格。但在截止到6月份的3个月中，美元升值的步伐之快着实让大多数高管感到意外。第二季度，美元对欧元升值了5%。随着正在上演的欧洲债务危机显露出恶化迹象，投资者为了给资金寻找更安全的存放之地，因而纷纷转向美元。截至周三上午，在纽约汇市，1欧元兑1.2311美元。

    特百惠公司（Tupperware）是最近受美元走强打击的公司之一。这家位于佛罗里达州奥兰多市的家居用品公司周二发布报告称，公司净收入下跌了81%。虽然这一结果超出了华尔街的预期，但该公司表示，包括美元走强在内的其他因素将进一步抑制未来的业绩。营业收入则下跌了5%，从6.999亿美元跌至6.389亿美元。倘若不受汇率影响的话，营收其实可以增长5%。

    高露洁公司在周三面对分析师进行的电话会议上报告称，利润小幅增长了0.8％。公司CEO伊恩·库克表示，汇率因素使得这家世界最大的牙膏生产商的利润减少了9%。他说，如果汇率保持现有水平，高露洁公司今年的利润可能下降6%到7%。许多分析师认为，只要欧债危机引发的市场不安情绪得以延续，美元走强的趋势预期就不会改变——至少在短期内不会改变。正在密切关注汇市变化的公司警告投资者称，未来的汇率波动或许很难管理。

    周四，亚马逊公司（Amazon）报告称第二季度的销售额出现不错的涨幅，但依然没有达到华尔街的预期。利润同比下跌96%，从1年前的1.91亿美元下跌至700万美元。正如《财富》杂志（Fortune）指出的，利润缩水的原因在于，亚马逊公司为了实现长期的收益，投下巨资拓展多种业务。

    尽管这当然是一个因素，但包括汇率波动在内的其他外部变量也有可能影响亚马逊公司未来的收益。“我们的业绩具有固有的不可预测性，除了全球经济的消费支出之外，或许还受到了许多因素的影响，比如具有高度不确定性的汇率波动，”亚马逊首席财务官汤姆·斯库塔克在电话会议上对分析师如是说。

    因此，美元这一世界储备货币的价值上升至顶端的时候，它其实在危及每家公司的利润水平。

    译者：任文科

    If there was a chorus to be sung this earnings season, CEOs would probably reference the mighty greenback in harmony. It's one of the biggest threats to profits.

    A stronger dollar isn't always bad news for corporate America. But as the growth of earnings decelerates in the second quarter, CEOs from McDonald's ( MCD ) to Colgate-Palmolive ( CL ) say that an appreciating dollar has been bad for business lately. Not only does it make products more expensive, but it also means sales made overseas aren't worth as much when converted into a stronger greenback.

    To be sure, most companies generally prepare for fluctuating exchange rates. They could raise prices, for instance. But the pace at which the dollar has strengthened in the three months ending in June has surprised most executives. During the second quarter, the dollar gained 5% against the euro. As Europe's ongoing debt crisis took a turn for the worse, investors looking for a safer place to park their cash turned to the U.S. dollar. As of Wednesday morning, it stands at $1.2311 per euro in New York.

    Tupperware ( TUP ) is among the latest companies hit by the stronger dollar. On Tuesday, the Orlando, Fla.-based home products line reported that net income slid 81%. That beat Wall Street expectations, but the company said the stronger dollar , among other factors, will dampen results going forward. Revenue fell 5% to $638.9 million from $699.9 million. If the impact of exchange rates weren't a factor, revenue actually would have climbed by 5%.

    In a call with analysts Wednesday, Colgate-Palmolive reported that profits edge up by 0.8%. CEO Ian Cook said foreign exchange rates cut the world's largest toothpaste maker's bottom line by 9%. If exchange rates remain the same as today, he said, profits could fall 6% to 7% for the year.Many analysts think the strengthening dollar isn't expected to go away, at least not any time soon or so long as Europe's ongoing debt crisis continues to rattle markets. Companies are watching closely, warning investors that exchange rate fluctuations could be difficult to manage going forward.

    On Thursday, Amazon.com ( AMZN ) reported a decent bump in sales for the second quarter, but missed Wall Street expectations. Profits declined 96% to $7 million, compared with $191 million a year earlier. As Fortune pointed out, the softer profits come as the company invests heavily to expand multiple businesses to achieve long-term gains.

    While that's certainly a factor, fluctuations in exchange rates, among other variables outside the walls of Amazon, could also impact earnings going forward. "Our results are inherently unpredictable and maybe materially affected by many factors including a high level of uncertainties surrounding exchange rate fluctuation as well as the global economy consumer spending," chief financial officer Tom Szkutak told analysts during a conference call.

    So while we watch the world's reserve currency rise to the top, it's threatening most everyone's bottom line.