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Company News

BUZZ-Philip Morris: Cuts forecast after tobacco cos lose appeal in Quebec lawsuits

** Tobacco company Philip Morris cuts 2019 EPS forecast to $5.28 from $5.37, after losing an appeal of class-action lawsuits in Quebec

** Quebec appeals court upheld last Friday a 2015 decision that awarded around C$15 billion to smokers in the province

** PM will incur pre-tax charge of about $194 mln, representing about $142 mln net of tax in Q1

** Company’s Rothmans, Benson & Hedges Inc deposited total of C$257 mln to the trust account deposit required by the court; Unit had previously deposited C$226 mln as security

** European tobacco companies under pressure following Quebec lawsuit (Reporting by Nivedita Balu in Bengaluru)

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