Philip Morris sees less profit as dollar gains
(Reuters) - Philip Morris International Inc (PM.N) forecast full-year earnings below Wall Street estimates, saying a strong dollar has hurt sales abroad.
The company, which sells Marlboro and other cigarettes overseas, said it now expects to earn between $5.10 a share and $5.20 a share for 2012. Analysts, on average, were expecting it to earn $5.23 a share, according to Thomson Reuters I/B/E/S.
Philip Morris held about 16.0 percent share of the total international cigarette market in 2011.
Shares were trading down 1.1 percent at $87.53 in early New York Stock Exchange dealings.
(Nivedita Bhattacharjee in Chicago; Editing by Gerald E. McCormick)