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A strong dollar and weak global economic growth made last quarter a bad time for U.S. companies to have significant overseas exposure.

S&P 500 companies that record more than half their revenue overseas are on pace to report weaker fourth-quarter earnings and sales growth than domestically focused companies, according to FactSet’s analysis, which blended actual and estimated results from analysts.

With 87% of S&P 500 constituents having reported fourth-quarter results, companies for which a majority of their revenue comes from outside the U.S. are on pace to record a 11.2% profit decline from the year earlier period. By comparison, those firms with a majority of their sales coming from the U.S. are set to report a 2.7% gain in earnings last quarter, according to FactSet.

The year-over-year change in sales diverged nearly as much. U.S.-focused firms in the S&P 500 are set to record a 0.8% rise in fourth-quarter sales, compared with a 13% decline for internationally-focused companies.

Overall, S&P 500 companies are expected to report a 3.7% and 3.6% decline in sales and earnings, respectively, last quarter from the year earlier period.

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