America Inc.’s Profits Thwacked by Effects of a Strong Dollar
- North American firms took $8.4 billion FX earnings hit in 1Q
- Dollar gauge gained nearly 3% between January and March
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A strong US dollar dragged on corporate bottom lines for North American firms in the first quarter of this year, hitting earnings three times harder than the prior period.
The blow to companies’ profits from currency swings totaled $8.4 billion in the first three months of 2024, up more than 200% compared to the fourth quarter, according to a report released Tuesday by corporate treasury management company Kyriba Corp.