{"id":17567,"date":"2023-04-20T11:22:53","date_gmt":"2023-04-20T11:22:53","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/philip-morris-trims-annual\/"},"modified":"2023-04-20T11:25:26","modified_gmt":"2023-04-20T11:25:26","slug":"philip-morris-trims-annual","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/philip-morris-trims-annual\/","title":{"rendered":"Philip Morris trims annual profit forecast on elevated costs"},"content":{"rendered":"

(Reuters) -Marlboro maker Philip Morris International Inc cut its full-year profit forecast on Thursday, hit by rising tobacco leaf prices, energy and labor costs.<\/p>\n

Shares of the company fell about 2% in premarket trade.<\/p>\n

The company’s margins have been strained in the last few quarters due to these costs which were driven by lingering industry-wide supply chain challenges further aggravated by the Russia-Ukraine crisis.<\/p>\n

The adjusted operating income margin during the first quarter shrinked by 5.8 percentage points pressured by higher logistics and energy costs.<\/p>\n

The Marlboro maker sees adjusted full-year profit per share of $6.10 to $6.22, down from its previous forecast of $6.25 to $6.37.<\/p>\n

The Stamford, Connecticut-based company’s revenue rose 3.5% to $8.02 billion in the quarter ended March 31,\u00a0but missed analysts’ estimates of $8.11 billion, according to Refinitiv IBES data, hurt by lower cigarette shipment volumes.<\/p>\n

(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru; Editing by Shailesh Kuber)<\/p>\n

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(Reuters) -Marlboro maker Philip Morris International Inc cut its full-year profit forecast on Thursday, hit by rising tobacco leaf prices, energy and labor costs. Shares of the company fell about 2% in premarket trade. The company’s margins have been strained in the last few quarters due to these costs which were driven by lingering industry-wide […]<\/p>\n","protected":false},"author":8,"featured_media":17568,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-17567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3J0G3-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=17567"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17567\/revisions"}],"predecessor-version":[{"id":17581,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/17567\/revisions\/17581"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/17568"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=17567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=17567"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=17567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}