????巴特斯補(bǔ)充道，消費(fèi)品公司特別容易受到?jīng)_擊，如耐克（Nike）、Cheerios麥圈和Yoplait酸奶的生產(chǎn)廠家通用磨坊（General Mills）以及Carnival的郵輪航線等。

????雖然美國(guó)航空業(yè)去年在油價(jià)飆升背景下努力實(shí)現(xiàn)了盈利，但今年機(jī)票價(jià)格和各種附加費(fèi)上漲可能仍不足以成為盈利保障。國(guó)際航空運(yùn)輸協(xié)會(huì)（International Air Transport Association）3月份的報(bào)告指出，燃料成本可能導(dǎo)致全球航空業(yè)利潤(rùn)下降62%，降幅大于該協(xié)會(huì)5個(gè)月前做出的預(yù)測(cè)。它預(yù)計(jì)，航空業(yè)凈利潤(rùn)將從去年的79億美元降至30億美元。

歐元匯率

????近月來(lái)歐債危機(jī)持續(xù)推動(dòng)美元對(duì)歐元走強(qiáng)。今年年初，歐元平均降至約1.31美元，低于去年差不多同期的1.37美元。

????由于有幾家美國(guó)公司的年?duì)I收大部分來(lái)自國(guó)際市場(chǎng)，匯率波動(dòng)可能導(dǎo)致數(shù)百萬(wàn)美元的盈利波動(dòng)。對(duì)于那些在歐洲有大幅銷(xiāo)售額的公司，美元對(duì)歐元走強(qiáng)自然會(huì)導(dǎo)致凈利潤(rùn)走低。

????以麥當(dāng)勞（McDonald's）為例。這家總部位于芝加哥西郊橡溪鎮(zhèn)的快餐連鎖企業(yè)在經(jīng)濟(jì)衰退和隨后的歲月中幾乎沒(méi)有受到大的打擊。但風(fēng)向即將逆轉(zhuǎn)。去年，麥當(dāng)勞在歐洲實(shí)現(xiàn)營(yíng)收109億美元，占總營(yíng)收的40%。匯兌收益將其每股收益提升了19美分，但今年匯兌因素可能對(duì)這家公司造成不利影響。麥當(dāng)勞在1月份的投資者電話會(huì)議中警告稱(chēng)，匯兌因素（主要是歐元）可能拉低收益，導(dǎo)致2012年每股收益減少16-18美分。

????麥當(dāng)勞預(yù)計(jì)將于4月20日發(fā)布財(cái)報(bào)。

????譯者：老榆木

????Butters adds that consumer-focused companies, such as Nike (NKE), General Mills (GIS), maker of Cheerios and Yoplait yogurt, as well as Carnival (CCL) cruise lines, are especially vulnerable.

????And while the U.S. airline industry managed to turn profits amid soaring fuel prices last year, raising ticket prices and fees might not help cushion margins this year. Fuel costs could cause profits across the world's airline industry to plunge 62%, according to the International Air Transport Association's March report. That's a bigger drop than the trade group predicted five months ago. It forecasts that carriers' net profit could fall to $3 billion in 2012 from $7.9 billion last year.

The power of the euro

????In recent months, Europe's ongoing debt crisis has helped strengthen the U.S. dollar against a weakening euro. At the start of this year, the euro on average weakened to about $1.31, compared with $1.37 around the same period last year.

????Because several U.S. companies derive a majority of annual revenues from international markets, swings in exchange rates can translate to millions of dollars in earnings. And for companies with big sales in Europe, a stronger greenback relative to the euro could certainly slow earnings.

????Take McDonald's (MCD). It rode out the recession and the months following almost unscathed. But headwinds are on the horizon. Last year, the Oak Brook-based restaurant chain generated $10.9 billion or 40% of its revenue in Europe. Foreign exchange boosted its earnings by 19 cents per share, but that will likely work against the company this year. During a call with investors in January, the company warned that foreign currency conversion, primarily driven by the euro, could drag down per-share earnings by 16 to 18 cents in 2012.

????McDonald's is expected to report earnings on April 20.