Lex专栏：中国经济放缓影响美国企业业绩_时事

Lex专栏：中国经济放缓影响美国企业业绩

The connection between market prices and economic realities is partial, uncertain, changeable and irrational. A connection there is, however, and after an equity market rout such as yesterday’s, causes will be sought and fingers will doubtless point to poor earnings reports from two very large industrial companies: 3M and DuPont.

市场价格和经济现实之间的关联是局部的、不确定的、多变的和非理性的。然而，两者之间终究是存在关联的，尤其是在周二股市大跌之后，人们会寻找原因，有人无疑会指向两家大型工业企业公布的盈利报告不佳：3M和杜邦公司(DuPont)。

Sales at DuPont fell sharply and earnings per share were sliced in half. Organic sales growth was slightly positive at 3M and earnings rose but profit targets for the year were cut. It is easy to moan about the declining US industrial base. The US was not the problem at either company, though. The problem was Asia, which represents a quarter of DuPont’s sales and almost a third of 3M’s. Du Pont saw Asian volumes and prices fall 10 and 5 per cent, respectively, excluding currency effects. At 3M, falling prices outweighed volume increases.

杜邦销售额急剧下降，每股盈利减半。3M的有机销售增长勉强达到正数，利润上升，但今年的盈利目标已被下调。人们很容易哀叹美国工业基础走下坡路。但美国并非这两家公司的问题。它们的问题是亚洲，那里代表着杜邦四分之一、3M近三分之一的销售。杜邦在亚洲的销售量和价格分别下跌了10%和5%（不计汇率影响）。对3M而言，价格下跌的影响超出销量增长的影响。

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