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Philip Morris Forecasts Below-Target Profit Growth Next Year

Philip Morris International Inc., (PM) 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 2.4 percent to $89.30 at the close in New York, for the biggest drop since September. The shares have advanced 6.8 percent this year compared with a 25 percent gain for the Standard & Poor’s 500 Index.

To contact the reporter on this story: Cotten Timberlake in Washington at ctimberlake@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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