Philip Morris Revises Earnings Guidance - Quick Facts

(RTTNews) - Philip Morris International Inc. (PMI) revised its 2017 reported earnings per share forecast to a range of $4.75 to $4.80, at prevailing exchange rates. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.17 for the full-year 2017, as well as the favorable tax item of $0.04 recorded in the first quarter of 2017, the forecast range represents a projected increase of approximately 9% to 10% versus adjusted earnings per share of $4.48 in 2016. In July, PMI projected 2017 reported earnings per share, for currency only, in the range of $4.78 to $4.93.

For 2017, the company anticipates net revenue growth, excluding excise taxes, of over 7%, excluding currency and acquisitions.

André Calantzopoulos, CEO, said: "Despite pressure on profitability from adverse developments in Russia and Saudi Arabia, as well as significant investments behind IQOS, which continues its stellar performance, we are on track to deliver full-year currency-neutral adjusted diluted EPS growth of approximately 9% to 10%."

Third-quarter adjusted earnings per share was $1.27, up 1.6% from $1.25, prior year. Excluding unfavorable currency of $0.12, adjusted earnings per share was up by 11.2% from $1.25, last year.

Third-quarter reported net revenues were $20.6 billion, up 3.5% from a year ago. Net revenues, excluding excise taxes, were $7.5 billion, up by 7.0%. Excluding unfavorable currency of $136 million, net revenues, excluding excise taxes, was up by 9.0%.