These are
the currency impact of Brexit on our actual performance and the impact of the reversal in commodity prices on fat and protein on our relative performance against our international peers.»
Rest of World net sales were $ 851 million, increasing 1.6 percent versus the year - ago period, despite an unfavorable
currency impact of 1.4 percentage points.
Negative
currency impacts of $ 9.5 million in Corporate and $ 0.2 million in International were partially offset by positive
currency impacts of $ 0.5 million in Canada and $ 1.9 million in Europe.
Not exact matches
The Company provides certain percentage changes excluding the
impact of foreign
currency translation («F / X»).
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability
of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost
of accommodating, announced increases in the build rates
of certain aircraft; 6) the effect on aircraft demand and build rates
of changing customer preferences for business aircraft, including the effect
of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result
of global economic uncertainty or otherwise; 8) the effect
of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign
currency exchange rates; 9) the success and timely execution
of key milestones such as the receipt
of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation
of our announced acquisition
of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability
of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk
of nonpayment by such customers; 13) any adverse
impact on Boeing's and Airbus» production
of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts
of terrorism; 14) any adverse
impact on the demand for air travel or our operations from the outbreak
of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan assets and the
impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase price for our announced acquisition
of Asco on favorable terms or at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect
of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect
of changes in tax law, such as the effect
of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations
of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect
of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability
of raw materials and purchased components; 23) our ability to recruit and retain a critical mass
of highly - skilled employees and our relationships with the unions representing many
of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment
of interest on, and principal
of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness
of any interest rate hedging programs; 28) the effectiveness
of our internal control over financial reporting; 29) the outcome or
impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition
of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result
of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks
of doing business internationally, including fluctuations in foreign current exchange rates, impositions
of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Another number that may have dampened investor enthusiasm was the
impact of foreign
currency fluctuations.
As well as their
impact on the
currency markets, rising interest rates weigh on gold in their own right, as they increase the opportunity cost
of holding non-yielding bullion.
The companies were selected based on a combination
of factors: their prodigious revenues or assets, their social
currency, their deep connection to our daily lives, and (particularly for the newer and smaller companies), their disruptive
impact.
It said it was aiming for a reduction
of 1 - 1.5 percent this year, excluding the
impact of currency, fuel and pension charges.
the
impact of investment (including changes in interest rates), economic (including inflation, recent changes in tax law, rapid changes in commodity prices and fluctuations in foreign
currency exchange rates) and underwriting market conditions;
Organic revenue growth is defined as U.S. GAAP revenue growth excluding the
impact of divestitures, acquisitions and
currency effects
But, as well as Spain, the euro - dollar
currency cross was also
impacted by rumours
of a potential hawkish name as next chairman
of the U.S. Federal Reserve.
The euro - dollar
currency cross was also
impacted by rumours
of a potential hawkish name as next chairman
of the U.S. Federal Reserve
Organic sales represents consolidated net sales (a GAAP measure), excluding the
impact of foreign
currency translation, acquisitions and divestitures completed in the preceding twelve months and other significant items.
Such risks, uncertainties and other factors include, without limitation: (1) the effect
of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels
of end market demand in construction and in both the commercial and defense segments
of the aerospace industry, levels
of air travel, financial condition
of commercial airlines, the
impact of weather conditions and natural disasters and the financial condition
of our customers and suppliers; (2) challenges in the development, production, delivery, support, performance and realization
of the anticipated benefits
of advanced technologies and new products and services; (3) the scope, nature,
impact or timing
of acquisition and divestiture or restructuring activity, including the pending acquisition
of Rockwell Collins, including among other things integration
of acquired businesses into United Technologies» existing businesses and realization
of synergies and opportunities for growth and innovation; (4) future timing and levels
of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability
of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope
of future repurchases
of United Technologies» common stock, which may be suspended at any time due to various factors, including market conditions and the level
of other investing activities and uses
of cash, including in connection with the proposed acquisition
of Rockwell; (7) delays and disruption in delivery
of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits
of organizational changes; (11) the anticipated benefits
of diversification and balance
of operations across product lines, regions and industries; (12) the outcome
of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the
impact of the negotiation
of collective bargaining agreements and labor disputes; (15) the effect
of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect
of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and
currency exchange rates in the near term and beyond; (16) the effect
of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act
of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability
of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition
of conditions that could adversely affect the combined company or the expected benefits
of the merger) and to satisfy the other conditions to the closing
of the pending acquisition on a timely basis or at all; (18) the occurrence
of events that may give rise to a right
of one or both
of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee
of $ 695 million to United Technologies or $ 50 million
of expense reimbursement; (19) negative effects
of the announcement or the completion
of the merger on the market price
of United Technologies» and / or Rockwell Collins» common stock and / or on their respective financial performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21) risks relating to the value
of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability
of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
Excluding the
impact of fuel and
currency fluctuations, total comp sales rose 5.7 percent, while analysts at research firm Consensus Metrix expected an increase
of 5.1 percent.
Jorgen Vig Knudstorp, CEO
of Lego Group, discusses how the
currency volatility
of the last 18 - 24 months have
impacted Lego.
Gold bugs like Sprott have long warned about the
impact of inflation, central bank policy measures and government spending on the value
of fiat national
currencies.
«The Japan virtual
currency act has likely had a major
impact, as there has been a lot
of buzz in Japanese media over the ruling over the last few months,» Aurélien Menant, founder and CEO
of Gatecoin, told CNBC by email.
The effort had little immediate
impact on the prices
of major digital
currencies, however.
Among the factors that could cause actual results to differ materially are the following: (1) worldwide economic, political, and capital markets conditions and other factors beyond the Company's control, including natural and other disasters or climate change affecting the operations
of the Company or its customers and suppliers; (2) the Company's credit ratings and its cost
of capital; (3) competitive conditions and customer preferences; (4) foreign
currency exchange rates and fluctuations in those rates; (5) the timing and market acceptance
of new product offerings; (6) the availability and cost
of purchased components, compounds, raw materials and energy (including oil and natural gas and their derivatives) due to shortages, increased demand or supply interruptions (including those caused by natural and other disasters and other events); (7) the
impact of acquisitions, strategic alliances, divestitures, and other unusual events resulting from portfolio management actions and other evolving business strategies, and possible organizational restructuring; (8) generating fewer productivity improvements than estimated; (9) unanticipated problems or delays with the phased implementation
of a global enterprise resource planning (ERP) system, or security breaches and other disruptions to the Company's information technology infrastructure; (10) financial market risks that may affect the Company's funding obligations under defined benefit pension and postretirement plans; and (11) legal proceedings, including significant developments that could occur in the legal and regulatory proceedings described in the Company's Annual Report on Form 10 - K for the year ended Dec. 31, 2017, and any subsequent quarterly reports on Form 10 - Q (the «Reports»).
«
Currency fluctuations do have an enormous
impact on cost
of living allowances,» says Eleana Rodriguez, principal in Mercer's Information Products Solutions division.
The European Central Bank (ECB) President Mario Draghi's concerns over the
impact of a strong euro on a weak euro zone economy raise the prospect
of monetary easing to dent the
currency's appeal, an analyst told CNBC.
And that's how the
currency devaluation in China can ripple through the global economic ecosystem to ultimately
impact not just how much you pay to watch House
of Cards, but the price
of a gallon
of milk on your local supermarket shelf.
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount
of discount required on Gilead's products; an increase in discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger than anticipated shift in payer mix to more highly discounted payer segments and geographic regions and decreases in treatment duration; availability
of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings; market share and price erosion caused by the introduction
of generic versions
of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect
of lowering prices or reducing the number
of insured patients; the possibility
of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels
of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits
of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages
of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development
of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other market conditions; fluctuations in the foreign exchange rate
of the U.S. dollar that may cause an unfavorable foreign
currency exchange
impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
Although the U.S. dollar value
of Yandex's U.S. dollar - denominated assets and liabilities was not
impacted by these
currency fluctuations, they resulted in a downward revaluation
of the ruble equivalent
of these U.S. dollar - denominated monetary assets and liabilities in Q1 2018.
These risks include, in no particular order, the following: the trends toward more high - definition, on - demand and anytime, anywhere video will not continue to develop at its current pace or will expire; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost
of revenue or operating expenses may exceed our expectations; the mix
of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; the
impact of general economic conditions on our sales and operations; our ability to develop new and enhanced products in a timely manner and market acceptance
of our new or existing products; losses
of one or more key customers; risks associated with our international operations; exchange rate fluctuations
of the
currencies in which we conduct business; risks associated with our CableOS ™ and VOS ™ product solutions; dependence on market acceptance
of various types
of broadband services, on the adoption
of new broadband technologies and on broadband industry trends; inventory management; the lack
of timely availability
of parts or raw materials necessary to produce our products; the
impact of increases in the prices
of raw materials and oil; the effect
of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business
of natural disasters.
Record - low yields obtained from QE are suspected to have an
impact on the solvency
of pension funds and life insurers, potentially undermining demand in the
currency area and thus provoking a counter-productive effect on growth and inflation.
From the devastating
impact of WannaCry and Petya / NotPetya, to the explosion in cryptojacking (stealth crypto
currency miners), 2017 was yet another year
of extraordinary cyber crime and mounting damage.
Commentary: «Revenues were up 8.3 % for the third quarter versus the prior - year period, due primarily to higher commodity prices
impacting the Company's supply chain revenues, higher same store sales in both domestic and international stores, store count growth in international markets and the positive
impact of changes in foreign
currency exchange rates.»
2 The percentage change has been calculated using actual exchange rates in use during the comparative prior year period to enhance the visibility
of the underlying business trends by excluding the
impact of translation arising from foreign
currency exchange rate fluctuations, which is considered a non-GAAP financial measure.
Consider, the many different channels
of potential Brexit influence — not only the
impact on international trade and global interest rates and
currencies, but also on bank equity prices and on political uncertainty.
«You're definitely seeing the
impact of the
currency headwinds in the first quarter results, and also the European economies have slowed relative to last year,» said Will Hamlyn, investment analyst at Manulife Asset Management.
The HFRI Macro (Total) Index is managed by trading a broad range
of strategies in which the investment process is predicated on movements in underlying economic variables and the
impact these have on equity, fixed - income, hard
currency, and commodity markets.
Organic sales exclude the
impact of currency, acquisitions and divestitures.
Matias Marquez to present on the adoption
of mobile technology and its
impact on branded
currency.
While wrongdoers unfortunately exist in all facets
of society, there is no basis to conclude that virtual
currency is enabling violence or other criminal activity, or that stricter regulation
of virtual
currency would have a meaningful
impact on those activities.
This is below our long - term goal
of mid-teens EPS growth as a result
of the significant negative
impact of weaker international
currencies on both gross margin and translated foreign earnings, as well as a higher effective tax rate.
The Bank recommends a comprehensive review
of the economic
impact of central bank digital
currency issuance as it predicts that digital
currencies will compete with commercial bank deposits.
Such risks and uncertainties include, but are not limited to: our ability to achieve our financial, strategic and operational plans or initiatives; our ability to predict and manage medical costs and price effectively and develop and maintain good relationships with physicians, hospitals and other health care providers; the
impact of modifications to our operations and processes; our ability to identify potential strategic acquisitions or transactions and realize the expected benefits
of such transactions, including with respect to the Merger; the substantial level
of government regulation over our business and the potential effects
of new laws or regulations or changes in existing laws or regulations; the outcome
of litigation, regulatory audits, investigations, actions and / or guaranty fund assessments; uncertainties surrounding participation in government - sponsored programs such as Medicare; the effectiveness and security
of our information technology and other business systems; unfavorable industry, economic or political conditions, including foreign
currency movements; acts
of war, terrorism, natural disasters or pandemics; our ability to obtain shareholder or regulatory approvals required for the Merger or the requirement to accept conditions that could reduce the anticipated benefits
of the Merger as a condition to obtaining regulatory approvals; a longer time than anticipated to consummate the proposed Merger; problems regarding the successful integration
of the businesses
of Express Scripts and Cigna; unexpected costs regarding the proposed Merger; diversion
of management's attention from ongoing business operations and opportunities during the pendency
of the Merger; potential litigation associated with the proposed Merger; the ability to retain key personnel; the availability
of financing, including relating to the proposed Merger; effects on the businesses as a result
of uncertainty surrounding the proposed Merger; as well as more specific risks and uncertainties discussed in our most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section
of www.cigna.com as well as on Express Scripts» most recent report on Form 10 - K and subsequent reports on Forms 10 - Q and 8 - K available on the Investor Relations section
of www.express-scripts.com.
The most obvious
impact on emerging market fixed income and
currencies may be felt in countries with direct trade or financial linkages with the UK, although we also expect the rest
of EM to be affected via higher global risk - aversion.
Beijing is trying to boost domestic liquidity in the hopes that this will generate stronger domestic demand, but expanding liquidity fuels capital outflows, and these put downward pressure on the
currency, while increasing PBoC concerns about the monetary
impact of money leaving the economy which, as an article in last week's FT argues, might be worse than we think.
Emanuel elaborated on the potential
impact of cryptocurrencies in the film industry: «I think crowdfunding using blockchain - backed
currency could work for some types
of content.
Given our significant international operations, which contribute approximately 30 %
of our total revenues, fluctuations in
currency exchange rates, which are generally out
of our management's control, often have a significant
impact on our financial results.
«The US dollar's recent
currency valuation is causing concern among many economists because
of the
impact that a stronger dollar will have on the country's exports.»
An adjustment for the
impact of currency exchange rate fluctuations, which was also mandated at the time goals were established.
Although manufacturing overcapacity is certainly a problem, much
of it is in areas in which global demand has simply collapsed, and isn't coming back, and so a cheaper
currency would have little
impact beyond temporarily reducing excess inventory, which is not enough
of a benefit to justify the many costs
of a weaker
currency.
John McDonnell, Co-Founder & CEO, Bitnet, said: «Rakuten's global marketplaces are great examples
of how digital
currencies can
impact global commerce.
In 2016 the
currency markets experienced a lot
of volatility, as many different geo - political events had an
impact on separate
currency values.
Rest
of World net sales were $ 798 million, down 15.6 percent versus pro forma net sales for the year - ago period, due to a negative 26.0 percentage point
impact from
currency, including a negative 17.0 percentage point
impact from the devaluation
of the Venezuelan bolivar in June 2015.