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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