第三季度财报中反复出现的一个词是：“韧性”。这是本周发布财报的多家公司对美国消费者的初步判断。许多企业表示，尽管面临通胀压力，美国人仍在继续消费，但并非每家公司都享受到了同样的成功。
One word keeps appearing in third-quarter earnings reports: "resilient." That's the early read on U.S. consumers from various companies that released their results this week. Many businesses say Americans are still spending despite inflationary pressures, though not every company has enjoyed the same success.
此番论调出现之际，市场担心柴油价格——9月曾触及每加仑6.52美元的历史高位——会推高消费品价格。经济学家还担心，更贵的普通汽油价格、高昂的借贷成本，加上美伊持续紧张的关系，会引发消费支出回落。
The commentary comes amid fears that diesel fuel prices, which hit an all-time high of $6.52 per gallon in September, would drive up prices on consumer products. Economists also worried that more expensive regular gas, combined with high borrowing costs and continued tension between the U.S. and Iran, would spur a pullback in consumer spending.
9月零售销售环比增长0.8%，此前8月曾跃升1.3%。9月销售受加油站支出上升提振。尽管面临所有这些挑战，一些企业高管表示，逆风因素尚未影响销售。
Retail sales rose 0.8% in September, following a jump of 1.3% in August. Sales in September were boosted by rising gas station spending. Despite all those challenges, some corporate executives say the headwinds aren't yet affecting sales.
“今年市场上有很多噪音，有很多地缘政治因素，”皇家加勒比集团董事长兼首席执行官杰森·利伯蒂周二在公司财报电话会上表示。“但我看看我们的业务[和业绩]，我认为这真正说明了业务的韧性，消费者的韧性。”皇家加勒比报告称第三季度预订量增加，而宣伟首席执行官则表示，该季度证明了公司的实力。以下是各公司对最近三个月消费者状况的解读：可口可乐 这家食品饮料公司第三季度盈利和营收均超出分析师预期，尽管首席执行官亨利克·布劳恩称环境“参差不齐”。
"There's been a lot of noise in the market this year. There's a lot of geopolitical stuff," Royal Caribbean Chairman and CEO Jason Liberty said on the company's earnings call on Tuesday. "But I look at our business [and our results], and I think that really talks to the resilience of the business, the resilience of the consumer." Royal Caribbean reported an increase in bookings during its third quarter, while Sherwin-Williams's CEO said the quarter was evidence of the company's strength. Here's how companies are reading the consumer in the most recent three-month period: Coca-Cola The food and beverage company beat analysts' expectations for third-quarter earnings and revenue despite what CEO Henrique Braun called an "uneven environment."
可口可乐报告称，北美单箱销量持平，表明在价格上涨的情况下需求保持稳定。公司整体单箱销量得益于北美以外地区的更高需求。
Coca-Cola reported that North America unit case volume was flat, indicating demand was steady in the face of higher prices. The company's overall unit case volume was helped by higher demand outside of North America.
“底层动能依然相当强劲，”首席财务官约翰·墨菲（John Murphy）对CNBC表示。“消费者情绪在很大程度上保持不变，意思是无论你处于收入阶层的哪个位置，都在寻求性价比，我认为我们的体系在这方面做得很好，准确解读了这一点。”该公司上调了全年预期，现在预计可比每股收益将增长至少11%，此前预期为增长9%至10%。
"The underlying momentum remains quite strong," CFO John Murphy told CNBC. "Consumer sentiment is largely unchanged in the sense that, wherever you are on the income scale, you're looking for value, and I think our system here has done a good job interpreting that." The company increased its full-year forecast and now expects its comparable earnings per share to grow at least 11%, up from a prior forecast of growth between 9% and 10%.
皇家加勒比 这家邮轮公司每股收益超出华尔街预期，营收则略低于预期。
Royal Caribbean The cruise company beat Wall Street's expectations for earnings per share and narrowly missed on revenue.
“我们第三季度的业绩反映了消费者对我们度假体验的持续强劲需求，以及我们行业领先品牌加速增长的势头，”首席执行官利伯蒂（Liberty）在财报中表示。
"Our third quarter results reflect continued strong consumer demand for our vacation experiences and the accelerated momentum across our industry leading brands," CEO Liberty said in the release.
公司报告称，第三季度接待游客数量同比增长9%，达到270万度假者，并表示2027年的预订量已经“增长十几个百分点”，领先于历史水平，显示出旺盛的旅游需求。
The company reported that the number of guests served in the third quarter increased 9% year over year to 2.7 million vacationers and said booking volumes for 2027 were already "up in the high teens," pacing ahead of historical levels and indicating high travel demand.
“并非我们没看到挑战点，但我们真正看到的是，即使在这些挑战点上，消费者在度假体验方面也会强势回归，”利伯蒂在财报发布后对CNBC的《开市直击》（Squawk on the Street）节目表示。周二交易中，皇家加勒比股价上涨逾8%。宣伟 宣伟营收超出分析师预期，但每股收益未达预期。
"It's not that we don't see points of challenges, but really what we've seen is that even in those points of challenges, the consumer comes roaring back as relates to the vacation experiences," Liberty told CNBC's "Squawk on the Street" following the report. Royal Caribbean shares rose over 8% in Tuesday trading. Sherwin-Williams Sherwin-Williams beat analysts' expectations for revenue but fell short of expected earnings per Sherwin-Williams CEO Heidi Petz said in the company's earnings release that the paint retailer's performance demonstrated "the resilience of our Company and the strength of our strategy in a challenging demand environment."
宣伟首席执行官海迪·佩茨（Heidi Petz）在公司财报中表示，这家涂料零售商的表现展示了“我们公司的韧性以及我们战略在充满挑战的需求环境中的强度”。“尽管基础市场量疲软，我们仍持续赢得新客户、提高客户钱包份额，并在所有三个报告部门实现销售增长，”她说。
"Despite muted underlying market volumes, we continued to win new customers, increase share-of-wallet and deliver sales growth across all three reportable segments," she said.
净销售额较去年同期增长7.9%。公司将这一增长归因于售价上涨，但原材料成本上升及供应链相关费用增加部分抵消了利润方面的收益。
Net sales increased 7.9% from the same period last year. The company attributed the gain to higher selling prices, but the benefits to profits were partially offset by increased costs of raw materials and supply-chain related expenses.
公司维持了全年业绩指引，称“客户情绪以及我们追踪的领先指标显示，今年剩余时间直至2027年需求将较为低迷”。UPS第三季度每股收益和营收均超出华尔街预期。期内美国营收增长4.5%，达到148.6亿美元。
And the company maintained full-year guidance, saying "customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027." UPS beat Wall Street expectations for both earnings per share and revenue in the third quarter. Revenue in the U.S. rose 4.5% during the period to $14.86 billion.
首席执行官卡罗尔·托梅在公司财报电话会议上告诉投资者，在假日季——公司最繁忙的时期——到来之前，消费者仍保持“韧性”。她表示，公司预计下一季度日均发货量将以与去年一致的速度增长。但她表示，由于减少与亚马逊的配送合作，第四季度美国国内日均货量可能会下降。
CEO Carol Tomé told investors on the company's earnings call that consumers remain "resilient" ahead of the holiday season, the company's busiest period. She said the company expects that average daily shipping volume will grow next quarter at a rate consistent with last year. However, fourth-quarter domestic average daily volume will likely fall due to reducing deliveries with Amazon, she said.
UPS一直在逐步解除与亚马逊的合作关系，同时正在推进一项广泛的转型努力，以更精简的方式运营。
UPS has been in the midst of unwinding its partnership with Amazon at the same time it's executing a broad turnaround effort to operate more leanly.
公司连续第二个季度上调全年业绩预期，预计合并营收约为926亿美元，高于此前预期的912亿美元。周二交易中，股价上涨超过4%。惠而浦 然而，并非所有公司都看到相同的消费趋势。
The company raised its full-year forecast for the second quarter in a row, projecting consolidated revenue of approximately $92.6 billion, up from its previous expectations of $91.2 billion. Shares rose more than 4% in Tuesday trading. Whirlpool Not every company is seeing the same spending trends, however.
家电制造商惠而浦第三季度营收和利润均未达预期，并下调了全年营收指引。在截至9月30日的这一季度，北美净销售额同比下降超过8%。
Appliance maker Whirlpool missed on both the top and bottom lines for its third quarter and cut its full-year revenue guidance. Net sales in North America fell more than 8% year over year during the period ending on Sept. 30.
即便如此，公司仍援引自身对“韧性”的解读。首席财务官罗克珊·沃纳在财报中表示：“通过严格的营运资金管理，我们正在保护年末自由现金流以及资产负债表的韧性，以应对充满挑战的市场环境。”周二交易中，股价下跌近1%。
Even still, the company cited its own read on "resilience." "Through disciplined working capital management, we are protecting our year end free cash flow and our balance sheet resilience to navigate challenging market conditions," CFO Roxanne Warner said in the earnings release. Shares were down nearly 1% in Tuesday trading.