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Just For You
A Weaker Dollar Could Put These 3 Industrial Stocks Back in FocusAuthored by Nathan Reiff. Publication Date: 6/8/2026. 
Key Points
- A weaker U.S. dollar can boost reported earnings for companies with significant international revenue by improving currency translation of foreign sales.
- Nucor reported 21% year-over-year sales growth and a roughly tripled EPS in Q1 2026, benefiting from dollar weakness, tariffs, and domestic reshoring trends.
- Ingersoll Rand and Illinois Tool Works offer additional weak-dollar exposure, though each carries distinct risks including share price declines and tepid organic growth.
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The U.S. dollar has weakened against other currencies during the second Trump administration, potentially pushing up the cost of foreign goods amid other inflation-related pressures. While that may not be welcome news for consumers already feeling the pinch, it can be a boon for investors who know where to look. A weaker dollar may also be a tailwind for industrial companies with a strong international presence and meaningful overseas revenue, thanks to more favorable currency translation. When those firms convert foreign sales into U.S. dollars, reported earnings can get a lift. At the same time, U.S. industrial exports become more competitive abroad as their effective prices fall for buyers outside the country, further supporting international business.
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For investors, the weak-dollar trade is less about currency alone and more about finding companies with the right mix of overseas revenue, export exposure, and domestic pricing power. Nucor's Dominance in Domestic Steel Grows Stronger Thanks to Dollar, Tariffs, and ReshoringNucor Corp. (NYSE: NUE) is well positioned in this environment because of its international sales exposure and its dominant role in the U.S. steel market. The company could benefit not only from dollar weakness, which can make imported steel less competitive, but also from tariff protections for domestic steel and from potential reshoring of construction and manufacturing activity that relies on Nucor’s products. This three-part tailwind has already helped drive impressive performance, including in Q1 2026, when Nucor reported 21% year-over-year (YOY) sales growth and earnings per share that roughly tripled from the prior-year period. Both top- and bottom-line results comfortably beat analyst expectations. EBITDA came in at a strong $1.5 billion, and higher shipments anticipated for the remainder of the year also bode well. That followed seven million tons of steel shipments in Q1, already a quarterly record for the company. Investors have taken note, and Nucor shares have rallied about 55% year to date (YTD). Still, there may be more room to run, particularly given the supportive tariff environment, which has boosted Nucor’s market share and helped keep prices elevated. Despite some caution from analysts—Wall Street sees a consensus price target for NUE that is about 4% below current trading levels—three quarters of ratings for Nucor stock are Buys. Ingersoll Rand's Acquisition Efforts May Get a BoostIndustrial firm Ingersoll Rand (NYSE: IR) sells a range of compressors, vacuum systems, and other equipment worldwide. With a significant presence in both Europe and Asia, the company may see the dollar value of its foreign revenues rise as the dollar weakens. Similarly, any products manufactured in the United States for export should become more competitive relative to non-domestic rivals because of the lower effective price. Ingersoll Rand has also posted gains in both earnings and revenue, with a three-cent beat on the former and a 7.6% YOY improvement, along with a modest beat on the latter, in Q1 2026. The company also completed its acquisition of Italian industrial firm Fox s.r.l. earlier this year, a move that expanded Ingersoll Rand’s international footprint and added to its M&A-driven growth strategy. Unlike Nucor, IR shares have fallen so far in 2026, down around 7% YTD. Analysts are fairly evenly split on whether the stock is a Buy or a Hold, but consensus price targets near $92.75 suggest upside potential of around 25%. A Riskier Play on Illinois Tool WorksIllinois Tool Works Inc. (NYSE: ITW) is another diversified industrial company with broad appeal among international customers. With GAAP EPS up 12% YOY in the first quarter of the year, management raised full-year earnings guidance and now anticipates strong operating margin expansion. Add in a strong dividend history and a 2.5% dividend yield, and the company would seem to have strong appeal even aside from the potential benefits it could see if the dollar continues to decline. If anything, investors may be holding back because of Illinois Tool Works' tepid organic growth. The company has so far been able to boost shareholder value with buybacks supported by 6% YOY free cash flow improvement in Q1, and it expects to repurchase a total of about $1.5 billion in stock this year. That may help explain why shares of ITW are only up around 3% YTD, even after rising considerably earlier in the year. Though ITW's financial health has very recently entered the red zone, according to TradeSmith, the stock may appeal more broadly if international business accelerates in the current environment. |
