When the Reserve Bank surprised the market and cut interest rates on Tuesday the Australian dollar took quite a tumble. In fact, the Australian dollar has now declined by 3.3% in total against the US dollar after steadily edging lower since the decision was made.

So far so good for the RBA which hinted many times in the past that the dollar was too strong for its liking and liable to strangle the country’s economic transition.

As well as being good for the RBA, the weaker Australian dollar is good for a number of shares on the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). I have picked out three which could receive a boost to earnings if the currency stays at this level or goes lower.

Ardent Leisure Group (ASX: AAD)

The company is perhaps best known as the owner and operator of brands such as Goodlife Health Clubs, AMF Bowling, and Dreamworld. But it also has a US-based family entertainment brand by the name of Main Event.

The Main Event segment grew revenue by a massive 48% year-over-year in Australian dollars during the first half of its fiscal year, meaning it now accounts for almost one third of the company’s overall revenue. Management expects to open seven more Main Event centres by the end of its fiscal year, increasing total centres by 33% to a total of 28.

ARB Corporation Limited (ASX: ARB)

ARB is a designer, manufacturer, and distributor of high-quality four-wheel drive parts and light metal engineering works. Because there was a large number of new four-wheel drive vehicles released across the world last year, demand for its products is expected to ramp up this year.

US sales have been growing at a fantastic pace. Last year they grew by 37% year-over-year, meaning they now account for 12% of total sales compared to 9.5% a year earlier. Whilst this is still a small portion of overall sales, I expect there is room for a lot of growth in this huge market.

Treasury Wine Estates Ltd (ASX: TWE)

Treasury Wine’s main market is the Americas market. This segment accounts for 42% of total sales and is growing at an incredibly strong rate. Its half year results showed segment growth of 22% from the same period last year.

But before we all get too excited it is worth pointing out that a large portion of this was due to currency tailwinds. On a constant currency basis sales would have been up by just 3% in the segment.

The company based these results on an Australian dollar being worth 73.5 US cents. So at present the currency at 74.5 US cents is actually going to be a headwind.

If the dollar doesn’t drop below last year’s level then the company will hope that its Asia segment will continue its great run and offset any declines. The Asia segment grew by a massive 123% to grow to being 14.5% of sales compared to 7.8% of sales last year in constant currency terms.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.