DJ Philip Morris Revises Net Profit Guidance Range Higher Amid Improved Volumes And Pricing -- MarketWatch

Shares of Philip Morris International Inc. (PM) gained 0.9% in premarket trading Thursday, after the cigarette seller revised its net full-year profit outlook higher, citing better-than-expected industry volume trends and pricing. The company revised its net earnings-per-share guidance range to $4.92 to $4.99 from $4.84 to $4.99. Excluding non-recurring items, such as asset impairment costs and fair value adjustments for equity security investments, the adjusted EPS outlook if $5.00 to $5.07, compared with the FactSet consensus of $5.08. Excluding the negative impact of currency translation, the company said its adjusted EPS outlook would be $5.31 to $5.38. The stock has lost 5.4% year to date through Wednesday, while the S&P 500 has gained 5.2%.

-Tomi Kilgore

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September 10, 2020 09:20 ET (13:20 GMT)

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