By Matt Grossman
Philip Morris International Inc. on Tuesday reaffirmed previously issued quarterly and full-year guidance, but said customs assessments in Saudi Arabia may eat into unadjusted earnings this year.
The tobacco company said it continues to expect full-year adjusted earnings of $5.95 to $6.05 a share, as well as second-quarter earnings of $1.50 to $1.55 a share.
Last week, Saudi Arabia's Customs Appeal Committee rejected Philip Morris distributors' challenge to additional customs duties. The decision could detract from full-year unadjusted earnings by up to 18 cents a share, Philip Morris said.
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(END) Dow Jones Newswires