Philip Morris: cuts 2018 earnings forecast at investor day

(CercleFinance.com) - Cigarette maker Philip Morris International cut its earnings forecast for 2018 on Thursday, mainly due to the depreciation of the Argentine peso.


The maker of Marlboro cigarettes - which is hosting a one-day investor meeting today at its operations center in Lausanne, Switzerland - said it now expects to post EPS of 4.97 dollars to 5.02 dollars in 2018.

This is lower than the 5.02-5.12 dollars that previously expected.

The US group, which is switching to smoke-free products, justified the revision by the highly inflationary environment for its Argentinian businesses and an unfavourable impact due to the devaluation of the Turkish lira.

Copyright (c) 2018 CercleFinance.com. All rights reserved.