Foreign exchange (fx) advisory firm FiREapps analyzed the earnings calls of 800 large multinational companies; each company included in the study makes at least 15 percent of its revenues internationally, in at least two currencies.

Among these businesses, 213—or 27 percent—reported that currency fluctuations had a negative impact on their revenues in the first quarter of 2013. That number is down from Q4/2012, but it's still much higher than the number of companies reporting currency headwinds in 2011. (See Figure 1.)

Ninety-seven of these companies quantified the impact of currency fluctuations on their revenues in the first quarter of 2013. The impact totaled US$3.67 billion, or 1.11 percent of revenue on average. Among the companies that disclosed the impact on earnings per share (EPS), the average EPS impact was US$0.03.

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