A search by Thomson Reuters found that materials companies Airgas, Praxair and Sherwin Williams all complained about weather impact, as did industrial names—United Parcel Service and Stanley Black & Decker.
Harrison points out that some companies besides utilities saw positive effects. For instance, Johnson Controls had higher volumes in North America and said the weather could be a tailwind, and O'Reilly Automotive said the early and extreme cold in the Midwest helped its sales because of more parts failures.
Meanwhile, Group 1 Automotive said Tuesday that 105 of its 118 stores have been impacted by hazardous driving conditions and road closures that have resulted in store closures or reduced traffic. It said the storm events resulted in the equivalent of 391 lost selling days for the quarter, or the equivalent of about a 9 percent loss in total available selling days through Feb. 16.
The utility sector is faring better. Utilities Wisconsin Energy and Exelon got boosts from cold weather, Harrison noted.
(Watch: Cold weather outlook fuels energy prices)
AGL Resources, the pipelines and gas utilities company, is one of the companies in the sweet spot to benefit. In a note last week, Citigroup analysts said they were raising their estimates on the company based on its infrastructure investment program and colder than normal temperatures. They have a neutral rating on the stock but boosted the price target to $48.
Home builders have not yet seen first-quarter earnings estimates revised lower, and in fact estimates for the household durables group were raised slightly, from 8 percent to 8.2 percent, according to Short at S&P. But that could change. The National Association of Home Builders survey Tuesday showed a steep drop, from 56 to 46, the biggest one-month decline since the index was launched in 1985 and the first time since May that it has been below 50.
Companies in the business of transportation have been particularly challenged.
After its recent earnings report, C.H. Robinson said it's margins were hurt by the weather.
"In the past, we've always believed that ... volume would come back after a period of time," CEO John Wiehoff said on a conference call.
"I don't know, in some of the January weather whether that was true or not, it does feel like some of the worst weather days in the month of January did diminish volumes pretty significantly where there wasn't a corresponding rebound to it. So that's another thing that we'll study more over time, but it does feel like weather was a contributor to some of our challenges over the last couple of months," he said.
United Continental Holdings also described bad weather on its earnings conference call, with Vice Chairman James Compton calling the subzero arctic blast in the first week of January "among the worst weather events in our history," resulting in 6,300 canceled flights. The airlines have canceled tens of thousands of flights this winter, and some of that lost revenue probably won't be recovered.
(Read more: NY manufacturing cools in February after surge)
The rail industry is also likely to feel headwinds, with storms impacting freight volume.
"The weather could play an increasing role in shipper's inventory decisions given that retailers typically switch to spring merchandise in February," Citigroup rail analyst Christian Wetherbee said in a note. "However, shoppers may be reluctant to spend for warmer weather items with winter still in full force across much of the country."
Bank of America Merrill Lynch analysts have been wary of consumer discretionary stocks for a while and say more than weather may be to blame for soft sales.
"While some of this is due to the weather, we have noted that negative surprises from consumer- oriented companies have been trending higher over the last several quarters," they wrote in a note Tuesday.
"This quarter's results could mark the weakest 4Q [year-over-year] growth for discretionary since the crisis. While guidance has recently improved for staples, it has deteriorated for discretionary. We remain market weight staples and underweight discretionary," the BofAML note said.
Suzuki said it appears there has been a slowdown but growth should pick up.
"From an academic standpoint, the impact of a single month or a couple of months of bad weather isn't huge in terms of the long-term earnings of a company, and it's less bad if you think about the different industries and sectors," he said. "Retail is probably going to get a little bounce back as the weather improves whereas in other areas it's lost for good, like restaurants."