By Patrick Thomas
Philip Morris International Inc. (PM) Tuesday revised its profit outlook for the year.
For its current fiscal year, the tobacco company said it now expects to report earnings of at least $4.55 a share, up from its previous guidance of $4.53 a share.
The company lowered its earnings guidance in November from its prior forecast of at least $4.73 a share after it said it expects to book pretax charges of about $355 million.
The company also said Tuesday it expects adjusted earnings to be at least $5.16 a share, compared with its previous forecast of $5.14 a share. Excluding currency fluctuations, the company expects earnings of at least $5.30 a share for the year, compared with its November outlook of $5.28 a share.
Analysts polled by FactSet are expecting the company to post annual earnings of $4.82 a share and $5.21 a share on an adjusted basis.
"We are today revising our full-year guidance to reflect currency-neutral like-for-like adjusted diluted EPS growth of around 9.5% compared to our previous projection of at least 9%," Chief Executive Andre Calantzopoulos said in a statement. "We remain firmly on course to reach our heated tobacco unit shipment target of 90 to 100 billion units internationally by 2021."
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