Marlboro maker Philip Morris cuts 2014 earnings forecast

Cigarette and tobacco firm blames ‘complex and truly atypical’ year for outlook

 

Cigarette and tobacco company Philip Morris International cut its 2014 earnings forecast saying it is proving to be a “complex and truly atypical” year for the company.

The Marlboro cigarettes maker now expects to earn $4.87-$4.97 per share, lower than the $5.09-$5.19 per share it expected earlier.

“We continue to face significant currency headwinds, an improving but weak macro-economic environment in the European Union and known challenges in Asia,” chief executive Andre Calantzopoulos said in a statement.

However, the company expects adjusted profit in 2014 to rise 6 to 8 per cent from the $5.40 it reported last year. (Reuters)