Philip Morris Sees 2023 Currency-neutral Adj. EPS Growth Of 7-9%, Organic Top-line Growth Of 7-8.5%

(RTTNews) - Philip Morris International Inc. (PM) said, for 2023, the company expects reported EPS to be in a range of $6.09 to $6.21, at prevailing exchange rates. Excluding a total 2023 adjustment of $0.16 per share and an adverse currency impact, at prevailing exchange rates, of $0.15 per share, this forecast represents a projected increase of 7% to 9% versus adjusted EPS in 2022. Net revenue growth or 2023 is projected to be approximately 7% to 8.5% on an organic basis. For the first-quarter, the company expects reported EPS in a range of $1.28 to $1.33.

"For the year, we forecast organic top-line growth of 7% to 8.5% and currency-neutral adjusted diluted EPS growth of 7% to 9%, despite inflationary pressures and transitory impacts related to ILUMA deployment," said Jacek Olczak, CEO.

Fourth quarter adjusted EPS was $1.39 compared to $1.37, prior year. Excluding Russia and Ukraine, adjusted EPS was $1.23 compared to $1.20. Excluding Russia and Ukraine, adjusted operating income increased by 10.3% on an organic basis.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.24, for the quarter. Analysts' estimates typically exclude special items.

Net earnings attributable to PMI increased to $2.40 billion or $1.54 per share from $2.09 billion or $1.34 per share, last year.

Fourth quarter net revenues were $8.15 billion, up 0.6%. Excluding Russia and Ukraine, net revenues increased by 7.9% on an organic basis. Analysts on average had estimated $7.58 billion in revenue.

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