Philip Morris Raises 2019 Full-Year Earnings Forecast
July 18 2019 - 8:16AM
Dow Jones News
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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