WASHINGTON (dpa-AFX) - Philip Morris International Inc. (PM) Tuesday said it now expects second-quarter adjusted earnings at the top end of previous view, and also reaffirmed its fiscal 2023 forecast.
For the second quarter, the company now expects adjusted earnings per share toward the top end of its prior forecast of $1.42 to $1.47, including an unfavorable currency impact of $0.13 per share.
On average, 10 analysts polled by Thomson Reuters expect earnings of $1.46 per share for the quarter. Analysts' estimates typically exclude special items.
HTU shipment volume is now expected to be around 31 to 32 billion units, reflecting the upper half of the company's previous range of around 30 to 32 billion units. The new outlook reflects a growth of 25 percent to 29 percent from last year.
The company previously expected high single-digit organic top-line growth for the quarter.
For fiscal 2023, Philip Morris continues to expect earnings of $5.88 to $6.00 per share, compared to last year's profit of $5.81 per share.
Adjusted earnings per share are still expected to be in the range of $6.10 to $6.22, compared to prior year's $5.98.
Adjusted earnings per share, excluding currency, is now expected to be $6.40 to $6.52. The currency-neutral adjusted earnings per share growth is still expected to be 7 percent to 9 percent from the previous year.
The Street is looking for earnings of $6.24 per share for the year.
The company previously expected organic net revenue growth of 7 percent to 8.5 percent.
Chief Financial Officer, Emmanuel Babeau, said, 'We expect strong second-quarter performance, including total shipment volume growth driven by our smoke-free portfolio. Today, we are reaffirming our 2023 full-year EPS forecast, which is underpinned by the excellent outlook for IQOS and ZYN.'
Babeau will address investors today at the Deutsche Bank Global Consumer Conference in Paris.
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