FXStreet (Guatemala) - Analysts at BBH looked at how much of a headwind is international exposure causing US-based companies. Key Quotes: "Factset did a study earlier this month, drawing on a combination of companies that had already reported Q3 earnings and used estimated results for those who had not reported. It sheds light on the much discussed earnings recession. The blended earnings (as of November 5) of S&P 500 companies in Q3 15 declined by 2.2%. For companies that earn over half of the their income in the US reported a 4.8% rise in earnings. Those that generate more than half their sales abroad reported a loss of 10.6%. Overall sales fell 3.7% in Q3. Domestic-oriented companies, sales rose 1%. The more international companies reported a 12.5% decline in sales. However, the performance has been exaggerated by the dramatic weakness of the energy sector. What if the energy sector was excluded? Then the S&P 500 earnings growth would have been 4.5%. Domestic-oriented companies , the blended earnings in Q3 rose 10.1%. International-oriented companies experienced a 2.1% decline in blended earnings. Excluding energy, the blended sales growth of the S&P 500 was a meager 1.4%. Domestic-oriented companies reported a 4.7% increase in sales, while the multinationals reported a 4.9% decline." For more information, read our latest forex news.