The Miami Entrepreneur

: Philip Morris backs full-year profit guidance ahead of conference

Philip Morris International Inc. PM backed its full-year profit guidance on Tuesday, and said it expects organic top-line growth and double-digit, currency-neutral adjusted EPS growth. “This is underpinned by the continued strength of our smoke-free portfolio led by our two blockbuster premium brands: IQOS and ZYN,” said Chief Financial Officer Emmanuel Babeau in a statement released ahead of an investor conference. The tobacco company expects full-year EPS to range from $4.95 to $4.98, which includes a $1.10 adjusted and a currency impact of 53 cents a share. The FactSet consensus is for $6.11 in EPS. The stock was down 0.8% premarket, and has fallen 8% in the year to date, while the S&P 500 SPX has gained 19%.

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