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A struggling global economy. A trade war. Geopolitical turmoil.

Heading into 2019, Wall Street analysts had good reason to worry about the impact of international markets on corporate America’s profits. So far, it appears they weren’t worried enough.

A wide divide has developed in the performance between the companies with the most exposure to the rest of the world and those that are mostly focused on the United States.

At companies in the S&P 500 that draw more than half their revenue from abroad, first-quarter profits fell about 12 percent, according to data from John Butters, the senior earnings analyst at FactSet. By contrast, earnings at firms that generate most of their sales within the United States grew about 6 percent.