Dollar Topping Most Estimates Bodes Ill for Profits: Currencies
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The strongest dollar in more than five years is threatening to wreak havoc with the earnings of U.S. companies for a second straight quarter and into 2015.
Just this week, Atlanta-based Coca Cola Co., the world’s largest soft-drink maker, said currency movements will cut its pre-tax profit by 5 percent to 6 percent next year. Pfizer Inc., the biggest U.S. drugmaker, has said it “expects significant negative sales and earnings impacts from foreign exchange” this quarter.