Philip Morris Cuts Full-Year Forecast, Citing FX Rates -- Currency Comment
July 20 2021 - 11:08AM
Dow Jones News
By Paulo Trevisani
Philip Morris International Inc. on Tuesday reduced its
full-year earnings forecast due, in part, to expectations that
currency exchange rates would be less favorable.
The New York, N.Y., tobacco company expects diluted earnings per
share of $5.76 to $5.86 for the year, down from its previous
forecast of $5.93 to $6.03 a share.
The reduction reflects "a favorable currency impact of $0.18 at
prevailing exchange rates, compared to $0.20 per share,
previously," among other factors, Philip Morris said.
Also implied in the full-year outlook is a forecast for a
third-quarter diluted EPS of $1.50 to $1.55, "including a favorable
currency impact, at prevailing exchange rates, of around $0.04 per
share," the company said.
Philip Morris has 150 million consumers and 39 production
facilities worldwide, according to the company's website.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
July 20, 2021 10:59 ET (14:59 GMT)
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