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Sept. 8, 2021, 7:59 a.m. EDT

Philip Morris backs full-year EPS guidance but says chip shortage hurting IQOS business

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By Ciara Linnane

Philip Morris International Inc. shares /zigman2/quotes/201611010/composite PM -1.50% slid 0.7% in premarket trade Wednesday, after the Marlboro maker reaffirmed per-share earnings guidance for 2021, but said the global chip shortage is hurting its IQOS heated tobacco product. In a statement released ahead of a presentation at the Barclays Global Consumer Staples Conference, Chief Financial Officer Emmanuel Bateau said the company is still expecting full-year EPS to range from $5.76 to $5.86, and for adjusted EPS to range from $5.97 to $6.07. The FactSet consensus is for EPS of $6.10. "While the increased impact of the global semiconductor shortage is currently limiting our ability to realize the full potential of IQOS, the underlying momentum of the brand is clear -- as evidenced by the positive early results for IQOS ILUMA in Japan following the launch last month," Babeau said. The company is now expecting full-year heated tobacco unit shipment volume to to come in toward the low end of its 95-to-100-billion-unit range, if shortages persist, and for third-quarter heated tobacco unit shipment volume to range from 23 to 24 billion units. Shares have gained 28% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 20.3%.

/zigman2/quotes/201611010/composite
US : U.S.: NYSE
$ 88.68
-1.35 -1.50%
Volume: 2.67M
Nov. 26, 2021 1:10p
P/E Ratio
15.42
Dividend Yield
5.64%
Market Cap
$138.06 billion
Rev. per Employee
$404,183
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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