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Philip Morris Backs 2018 Profit View

Philip Morris International Inc. (PM) said that it reaffirmed its 2018 reported earnings per share guidance, announced on February 8, for 2018 full-year reported diluted earnings per share to be in a range of $5.20 to $5.35, versus $3.88 in 2017.

Excluding a favorable currency impact, at then-prevailing rates, of approximately $0.16 per share, the reported earnings per share range represents an increase of approximately 7% to 10% versus adjusted earnings per share of $4.72 in 2017. Analysts polled by Thomson Reuters expected the company to report earnings of $5.28 per share for 2018. Analysts' estimates typically exclude special items.

Adjusted earnings per share of $4.72 in 2017 is calculated as reported earnings per share of $3.88, plus tax items of $0.84 per share primarily related to the implementation of the Tax Cuts and Jobs Act.

The 2018 forecast assumes: currency-neutral net revenue growth of over 8%, operating cash flow of over $9.0 billion; capital expenditures of approximately $1.7 billion; and no share repurchases.

The company's Chief Executive Officer, André Calantzopoulos, Chief Operating Officer, Jacek Olczak, and Chief Financial Officer, Martin King, address investors today at the Consumer Analyst Group of New York Conference in Boca Raton, Florida, USA.

The company will revisit the impact of currency when it provides earnings per share guidance with its first quarter earnings results on April 19.

The company still anticipates reported earnings per share of approximately $0.87 in the first quarter of 2018, including approximately $0.03 of favorable currency, at then-prevailing rates. Analysts expect the company to report earnings of $0.90 per share for the first-quarter.

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