Philip Morris International Inc., (PM:US) the world’s largest publicly traded tobacco company, said its per-share profit would grow more slowly next year than its long-term target as shipments to Europe and Russia shrink.
Per-share profit excluding currency swings will grow 6 percent to 8 percent in 2014, the New York-based maker of Marlboro cigarettes said today in a statement. Its long-term target is for 10 percent to 12 percent growth, it said.
International cigarette volume may drop 2 percent to 3 percent next year, with declines of as much as 8 percent and 11 percent in the EU region and Russia, respectively, it said. The company will provide precise profit guidance in February.
Philip Morris fell 2.6 percent to $89.07 at 1 p.m. in New York, after earlier declining to $88.60, the biggest intraday drop since June. The shares had gained 9.4 percent this year through yesterday compared with a 25 percent gain (PM:US) for the Standard & Poor’s 500 Index.
To contact the reporter on this story: Cotten Timberlake in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Robin Ajello at email@example.com