Philip Morris Trims Forecast on Currencies, Iran War Costs

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Or sign-in if you have an account.(Bloomberg) — Philip Morris International Inc. trimmed its profit forecast blaming adverse currency conditions and rising costs linked to the conflict in the Middle East.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe tobacco maker, which sells Marlboro cigarettes outside the US, now expects adjusted diluted earnings per share of $8.26 to $8.41, down from as much as $8.46, according to a statement Wednesday. Its profit forecast for the third quarter also fell below analyst estimates.Shares of PMI fell as much as 2.7% in premarket trading in New York before paring some of the drop. They were up 17% this year through Tuesday’s close.Philip Morris said it had factored in higher transport, energy and other input costs due to the war between the US and Iran, though it also said it does not anticipate a prolonged impact from the conflict.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe company is seeking to transition away from traditional cigarettes. But the dominance of its Zyn products in the fast-growing nicotine pouch category is threatened by competitors including British American Tobacco Plc’s Velo Plus.Zyn shipments slipped 1.2% to 5.1 billion units in the second quarter from a year earlier, in line with analyst estimates.Its oral smoke-free product unit could see a boost after the US Food and Drug Administration last month authorized the company to market Zyn as less harmful than cigarettes. It means the company can say that 20 variants of the pouches pose less risk than the combustible alternatives for some diseases including lung cancer, stroke and emphysema.Philip Morris also said last month it would launch an updated version of Zyn to better compete with market entrants. Those pouches, called Zyn Ultra, will come in high-potency nicotine strengths and are not covered by the FDA’s order.—With assistance from Subrat Patnaik.(Updates shares in third paragraph, additional details throughout.)This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.