Philip Morris Raises Full-Year Earnings Outlook
April 20 2021 - 7:56AM
Dow Jones News
By Dave Sebastian
Philip Morris International Inc. raised its earnings outlook for
the year as it sees better performance driven by IQOS, a hand-held
device that heats but doesn't burn tobacco, particularly in the
European Union and Japan.
The tobacco company on Tuesday said it expects 2021 earnings of
$5.93 a share to $6.03 a share, representing an increase of about
15% to 17% over 2020. It previously guided for earnings of $5.90 a
share to $6 a share.
The company said it sees 2021 adjusted earnings of $5.95 a share
to $6.05 a share, or $5.75 a share to $5.85 a share excluding
currency.
The outlook reflects a currency benefit of about 20 cents a
share and asset impairment and exit costs of 2 cents a share, the
company said.
For the second quarter, the company said it sees earnings of
$1.50 a share to $1.55 a share, including a currency benefit of
about 4 cents a share. It expects its key markets to have largely
emerged from pandemic-related restrictions in the second half of
the year, the company said.
The forecast assumes a gradual improvement in operating
environment, with potential volatility related to the Covid-19
pandemic and a lack of near-term recovery in the company's
duty-free business given the uncertain outlook for travel, Philip
Morris said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
April 20, 2021 07:41 ET (11:41 GMT)
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