Philip Morris Tops Profit Forecasts, But Cuts Full-year Outlook

Philip Morris reported Thursday third-quarter profit that topped expectations, but cut its full-year outlook citing the negative impact from the currency markets. Earnings for the quarter ended Sept. 30 fell to $2.16 billion, or $1.38 a share, from $2.34 billion, or $1.44 a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings were $1.39, above the FactSet consensus analyst estimate of $1.34. Reported net revenue declined 0.9% from last year to $7.9 billion, as cigarette shipments slipped 0.4%, but topped analyst forecasts of $7.6 billion. The company now expects full-year earnings per share of $4.76 to $4.81, down from a previous outlook of $4.87 to $4.97. The stock, which was still untraded in premarket trade, has lost 4.1% year to date through Wednesday, compared with a 0.8% gain in the S&P 500.