美国公司2016年投资额下降

资本支出骤降先是在遭受重创的美国能源行业出现，看来已经开始向其他行业蔓延。

路透社的分析显示，和打算增加资本支出的公司相比，2016年资本支出减少或不变的公司是前者的两倍以上。

勒紧裤腰带的公司分布在各行各业，而且都是一向稳健的行业，比如医疗保健、消费品和餐饮。这再次表明2016年美国经济可能增长乏力。

举例来说，2015年麦当劳的股价上涨了26.1%，目前处于历史高点。但该公司表示，将保持2015年约20亿美元的资本支出规模不变，而这是五年多以来预算最低水平。

制药公司礼来同样保持资本支出不变。Verizon电信则计划将资本支出从178亿美元削减至172亿-177亿美元。

设在匹兹堡的资产管理公司Fort Pitt Capital Group高级股票研究分析师金•福里斯特说：“我认为各大公司会缩减规模，精打细算，今后会捂紧钱包，只在该花的地方花钱，因为赚钱不容易。”

通常，如果公司对经济好转充满信心，就会增加投资。因此，资本支出下行可能预示着今后的经济疲软。

去年第四季度公司预期收入再次下降，再加上宏观数据显示美国经济当季增速急速放缓，所以企业普遍保持谨慎。

当然，一些行业形势良好，自身现金流也充沛的公司正在增加投资。

医药科技公司Stryker预计，2016年资本支出将达到4.5亿美元，高于2015年的2.70亿美元。Facebook今年的资本支出规模也将从25亿美元增至40亿-45亿美元。

不过，国际数据公司分析师史蒂芬•明顿指出，虽然近几年IT支出一直表现强劲，但看来也将从高点回落。

他说：“美国公司将提高支出水平，但增幅不会达到过去两年的水平。”

明顿预计，2016年美国公司的硬件支出将增长3%，达到1330亿美元左右。作为传统IT支出大户，通信和金融服务公司花销将持平或略有上升。

路透社查看了标普500指数中提交初步业绩指引的公司，其中2016年资本支出将减少或不变的至少有43家，而提高资本支出的约有20家。

以往，能源公司的资本支出经常名列前茅。而今，能源且的资本支出仍在加速下降，这并不意外。

2014年中以来油价不断下滑，能源公司大幅削减支出。今年，能源公司将启动第二轮大规模节流措施。

多家能源公司都表示2016年将减少资本支出，其中包括阿美拉达赫斯公司、阿纳达科石油公司、哈尔孔资源、Noble Energy和Continental Resources。

大宗商品价格全面跳水影响了材料厂商的支出水平，比如杜邦就把资本支出从14亿美元降至11亿美元。铁路等行业同样受到了冲击，联合太平洋铁路公司和诺福克南方公司都下调了2016年的资本支出规划。

就连受益于低油价的航空公司也开始谨慎起来。比如达美航空就表示，2016年支出将保持在30亿美元。

达美航空首席执行官理查德•安德森说：“这确实是保持公司增长的支出上限了。”（财富中文网）

译者：Charlie

校对：夏林

The capital spending slump that originated in the hard-hit energy sector appears to be spreading more widely across other U.S. industries.

Companies cutting or flat-lining their capital expenditures in 2016 outpace those that say they will increase spending by a factor of more than two to one, according to a Reuters analysis.

Companies in industries as diverse—and relatively strong—as healthcare, consumer goods and restaurants are among those tightening their belts in yet another sign that economic growth in 2016 may be anemic.

For instance, McDonald’s MCD -0.53% , which saw its stock jump 26.1% in 2015 and is trading at record levels now, said it would keep capital expenditures flat with 2015 at about $2 billion, the company’s lowest budget in more than five years.

Drugmaker Eli Lilly LLY -2.68% is holding its capital expenditures budget flat and Verizon Communications VZ -1.67% said it plans to cut its budget from $17.8 billion, to between $17.2 and $17.7 billion.

“I think companies are going to be lean and mean and are going to keep the purse strings tight and only spend where absolutely necessary, because cash isn’t coming into them,” said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

Companies typically invest more when they feel confident that the economy is improving, so a downturn in capital spending could portend further weakness ahead.

That corporate caution follows another expected decline in revenues in the fourth quarter and data showing U.S. economic growth braked sharply in the quarter.

To be sure, some well-heeled companies in healthy industries are bumping up their investments.

Medical technology company Stryker SYK -0.14% expects to have capital expenditures as high as $450 million in 2016, up from $270 million in 2015. Facebook FB -0.42% plans capital expenditures between $4 billion and $4.5 billion this year, up from $2.5 billion.

But even growth in information technology spending—which has been strong in recent years—appears to be off its recent peaks, according to International Data analyst Stephen Minton.

“U.S. companies will increase their spending, but not by the rate it has been over the last two years,” he said.

Hardware spending in 2016 for all U.S. companies is expected to grow 3% to about $133 billion. Telecommunications and financial services companies—typically among the biggest spenders on IT—are expected to have flat to little growth in spending, he said.

At least 43 companies plan to cut, or leave unchanged, their capital spending levels in 2016, while about 20 are increasing, according to a Reuters review of Standard & Poor’s 500 companies that have given explicit early guidance.

Not surprisingly, the collapse in capital spending by energy companies—which typically lead in capital expenditures—appears to be accelerating.

This year marks the second round of big cuts for energy companies, which have had to sharply scale back spending because of the drop in oil prices since mid-2014.

A slew of energy names have announced capital expenditures cuts for 2016 including Hess HES -5.75% , Anadarko Petroleum APC 2.64% , Halcon Resources HK -8.40% , Noble Energy NBL -3.10% and Continental Resources.

The broad slump in commodities prices has hit spending by materials companies, including DuPont DD 5.40% , which is cutting capital spending from $1.4 billion to $1.1 billion, and industrials such as railroads Union Pacific UNP -1.89% and Norfolk Southern NSC -5.11% , both of which slashed capital spending plans for 2016.

Even airlines, which benefit from low energy prices, are being careful. Delta Air Lines DAL -3.54% , for example, said it would hold the line in 2016 at $3 billion in spending.

“That is really the optimum number that we can execute on,” said Richard Anderson, Delta chief executive.