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.