Philip Morris Raises Full Year Guidance

(RTTNews) - Philip Morris International (PM) said, for the full year period, reported EPS is forecast to be in a range of $5.89 to $6.01, at prevailing exchange rates. In April, the company projected reported EPS in a range of $5.70 to $5.82. Adjusted EPS is projected in a range of $6.33-$6.45. Adjusted EPS, excluding currency, is anticipated to be in a range of $6.67-$6.79.

The company's full year forecast assumes: net revenue growth of 7.5% to 9% on an organic basis; and an organic operating income growth of 11% to 13%. The company also anticipates a strong second-half performance, with third quarter adjusted EPS of $1.77 to $1.82 including an estimated adverse currency impact of 2 cents at prevailing exchange rates.

Second-quarter reported EPS rose 52.5% year-over-year to $1.54. Adjusted operating income increased by 12.5% on an organic basis. Adjusted EPS decreased by 0.6% to $1.59; and increased by 10.6% excluding currency. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $1.57, for the quarter. Analysts' estimates typically exclude special items. Adjusted EPS ex. currency, was $1.77, up 10.6% from prior year.

Second quarter net revenues increased to $9.47 billion from $8.97 billion, last year. Analysts on average had estimated $9.18 billion in revenue. Net revenues increased by 9.6% on an organic basis. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.