Philip Morris Raises 2019 Full-Year Earnings Forecast

By Aisha Al-Muslim

Philip Morris International Inc. (PM) said Thursday it increased its full-year earnings guidance after its strong year-to-date results.

For 2019, the company now expects earnings per share of at least $4.94 for the year, compared with its previous estimate of at least $4.87. The company forecast adjusted earnings per share of $5.14 for the year, compared with its prior outlook of $5.09.

The revised full-year earnings guidance reflects a 12 cents a share hit related to legal issues from its Canadian subsidiary Rothmans, Benson & Hedges Inc., as well as the Canadian tobacco litigation-related expense of about 9 cents a share.

The guidance also reflects the exclusion of the Canadian subsidiary's net earnings of about 28 cents a share, asset impairment and exit costs of about 3 cents a share due to plant closures in Pakistan and Colombia, a favorable tax item of 4 cents a share due to a reduction in the estimated U.S. federal income tax, and an unfavorable currency impact of about 14 cents a share.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

July 18, 2019 08:01 ET (12:01 GMT)

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