June 21, 2012 / 1:41 PM / 5 years ago

Philip Morris sees less profit as dollar gains

1 Min Read

Philip Morris International Operation Center is pictured in Lausanne August 19, 2009.Denis Balibouse

(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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below