Procter & Gamble Co. and Philip Morris International Inc.found a common culprit for weaker financial results in recentweeks: changes in currency values.

P&G, the world's largest consumer products company, hadinitially been counting on foreign exchange to bolster results thisyear. Instead, Chief Executive Officer Robert McDonald toldinvestors last month it's turned into “a strong headwind” that mayhave cut about $3 billion in revenue and at least $400 million inprofit from previous projections.

The currency blame game is just beginning with second-quarterearnings reports kicking off this week. Members in the Standard& Poor's 500 Index are forecast to end 10 straight quarters ofprofit gains and report a 1.8 percent profit decline on average,according to data compiled by Bloomberg.