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New York Markets After Hours

Dec. 1, 2021, 6:58 a.m. EST

Philip Morris tweaks 2021 profit view on currency exchange impact

Philip Morris International said Wednesday it expects 2021 earnings of $5.74 a share to $5.79 a share, including the impact of foreign currency exchange. The cigarette maker expects adjusted profit of $5.98 to $6.03 a share. Analysts expect the company to earn $6.08 a share, according to a FactSet survey. "We remain on-track to deliver an excellent performance in 2021, with a full-year EPS forecast that continues to represent currency-neutral adjusted diluted EPS growth of 13% to 14%," said CEO Jacek Olczak. The company is seeing "strong momentum" in its IQOS tobacco heat stick business despite the impact of the semiconductor supply shortage. The company expects "improved sequential IQOS user growth" in the fourth quarter. Shares of Philip Morris rose 0.2% in pre-market trades. The stock is up 3.8% thus far in 2021, compared to a rise of 21.6% by the S&P 500.

Link to MarketWatch's Slice.