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Philip Morris International
PM,
lowered its earnings outlook for the year, citing the strengthening of the U.S. dollar against a range of currencies, as well as a balance-sheet-related currency impact in Argentina. It’s lowering its 2023 earnings per share forecast to a range of $5.19 and $5.28, which it said is still a rise of 8% to 9.5% after adjustments. Analyst polled by FactSet had expected earnings of $5.66 per share. For the third quarter, it’s targeting the lower end of its $1.60 to $1.65 a share earnings range. It also set 2024 to 2026 compound annual growth targets, of organic revenue growth between 6% and 8% and adjusted earnings per share growth at constant currencies between 9% and 11%.
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