Philip Morris Raises EPS Forecast
September 29 2016 - 6:52AM
Dow Jones News
By Austen Hufford
Philip Morris International Inc. (PM) raised its profit forecast
for the year, citing currency exchange rates.
The tobacco company said it now expects earnings per share
between $4.53 and $4.58, above its previous estimate of between
$4.45 and $4.55.
It said currency exchange rates would hurt results by 35 cents,
down from 40 cents previously.
For the year, Philip Morris expects total cigarette industry
volumes to decline between 2.0% and 2.5%, excluding China and the
U.S., and expects its cigarette shipment volume, excluding those
countries, to decline at a rate of 3.9%.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 29, 2016 07:37 ET (11:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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