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Philip Morris sees less profit as dollar gains
June 21, 2012 / 1:41 PM / 5 years ago

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.

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

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

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