Philip Morris International Inc., the world’s largest tobacco company, cut its 2012 earnings forecast because of movements in foreign-exchange rates.
The cigarette maker expects earnings per share of $5.10 to $5.20 based on prevailing rates, the New York-based company said in a statement Wednesday, compared with an April forecast of $5.20 to $5.30. Philip Morris said currency shifts will cut 25 cents from 2012 EPS, more than the 15 cents forecast in April.
Philip Morris, created in 2008 when Altria Group Inc. spun off its businesses outside the U.S., has boosted profit for 10 straight quarters as Chief Executive Officer Louis Camilleri raises cigarette prices and boosts Marlboro sales in Asia and Latin America.
© Copyright 2013 Bloomberg News. All rights reserved.