Philip Morris International , which sells Marlboro cigarettes and other brands internationally, has cut its full-year earnings outlook, hurt by a weak euro since April.
The revised earnings outlook reflects a negative currency impact of 20 cents, chief executive Louis Camilleri told investors at a meeting in Lausanne, Switzerland. The transcript was made available to Reuters by the company.
For the full-year 2010, the U.S. company now expects to earn $3.70-$3.80 per share, down from its previous expectation of $3.75-$3.85 a share.
Analysts, on average, were expecting full-year earnings of $3.77 a share, excluding items, according to Thomson Reuters I/B/E/S.
Shares of Philip Morris closed at $44.99 Tuesday on the New York Stock Exchange.
(Reporting by Sakthi Prasad in Bangalore; Editing by Dan Lalor)