How the Strong Dollar Affects Earnings: 17 Winners and Losers

NEW YORK (TheStreet) -- The stronger U.S. dollar is likely to have a significant impact on third-quarter earnings, which companies began reporting this week.

"A stronger dollar will drive earnings revisions simply from the fact that you have translation impacts," explained Steven Klopukh, CFA, senior portfolio manager and CIO of mid-cap equities with Allianz Global. "It's a good, first approximation to say, 'Okay where is that risk off the table for some of these companies?'"

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U.S.-based multinationals, which derive much of their sales from outside of the country, will see a hit when converting those sales back into dollars. By comparison, companies that import raw materials from overseas will see an advantage, even with the tariffs.

"If the dollar strengthens by 20% or 30% against the foreign currency, it could more than offset the tariff associated with importing a lot of that steel, for instance," said Eric Marshall, CFA, portfolio manager for Hodges Funds in Dallas, Texas.

Of course, a lot of factors go into a company's financial performance during the quarter. But if you just look at the effect of the stronger dollar, there are some clear winners and losers. Click ahead to see how 17 different companies are likely to fare.

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