Philip Morris Raises 2010 Profit View Minus Currency Impacts |
| Wall Street Journal - Jun 23, 2010 |
Philip Morris International Inc. (PM) raised its 2010 earnings-growth projection excluding currency changes due to improving business trends, particularly in Japan, and the reversal of some tax provisions. But the recently volatile foreign-exchange market will cut more out of overall profit than previously anticipated.
Minus currency fluctuations, the cigarette giant now expects earnings growth of 14% to 17%, compared with the 10% to 13% range projected in April. That comes as the company, which does all its business outside the U.S., faces increasing pressure from smoking bans and higher taxes. However, Philip Morris's unadjusted figure was cut a nickel to a range of $3.70 to $3.80 a share.
The earnings-boost announcement came ahead of a two-day investors meeting starting Wednesday in Lausanne, Switzerland, at which Philip Morris executives plan to discuss the Altria Group Inc. (MO) spinoff's business outlook and long-term growth strategies.
Read Full Article from Wall Street Journal
- Posted: 2010-06-23 10:37:03
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