Philip Morris International: cuts 2018 earnings forecast
(CercleFinance.com) - Cigarette and tobacco company Philip Morris International cut its 2018 earnings forecast on Thursday, citing the impact of a strong dollar.
The maker of Marlboro cigarettes now expects to earn between 5.02 and 5.12 dollars per share this year, lower than the 5.25-5.40 dollars it expected earlier.
However, PMI is seeing encouraging improvement in the markets it previously cited as "challenging," the company said.
While cigarette shipment volume fell by 3.3% to 355 billion units in the first half, heated tobacco unit shipment volume, including the IQOS device, jumped by over 90% to 20.6 billion units.
Its heated tobacco portfolio is performing well, notably in key markets such as the EU, the group said.
Even so, the shares were dropping by 4.5% in pre-market trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The maker of Marlboro cigarettes now expects to earn between 5.02 and 5.12 dollars per share this year, lower than the 5.25-5.40 dollars it expected earlier.
However, PMI is seeing encouraging improvement in the markets it previously cited as "challenging," the company said.
While cigarette shipment volume fell by 3.3% to 355 billion units in the first half, heated tobacco unit shipment volume, including the IQOS device, jumped by over 90% to 20.6 billion units.
Its heated tobacco portfolio is performing well, notably in key markets such as the EU, the group said.
Even so, the shares were dropping by 4.5% in pre-market trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.