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Weaker Euro is boosting revenues and profits of European companies but dollar is doing just the opposite for US companies.
This earning season totally revealed that strong dollar is not being good for US economy, moreover US companies and US economy is not yet that strong to compensate for global sales.
The results of Goodyear Tire & Rubber is one of those pointing to just that.
Goodyear managed to increase its unit volume by 1% (it is too weak a growth, due to competitive disadvantage) revenue fell 8.4% to $4.6 billion. Moreover, net income slumped 10% to $208 million.
Stronger dollar hitting the companies both way, by reduction in sales and reduction in volume.
- In EMEA, due to tougher competition unit volume dropped by 2% due to price competiveness and sales dropped by 20%.
- In Asia, volumes rose by 5% but revenue slumped by 10% due to unfavorable exchange rates.
Strength of Dollar, even if doesn't make the FED dovish in its first rate hike, is likely to provide one of the biggest headwinds for the next ones.
