Philip Morris International Inc., the world’s largest tobacco company famous for making Marlboro cigarettes brand, declared that in 2014 its per-share profit would raise more slowly than the company planned because shipments to Russia and Europe do drop.
The company representatives told recently that in 2014 per-share profit excluding currency swings will raise from 6% to 8%. Its long-term target is for 10% to 12% growth.
International cigarette volume may fall by 2% in 2014, with declines of 8% in EU and 11% in Russia. Philip Morris company will provide precise profit guidance in February.
Philip Morris fell 2.4% to $89.30 at the close in New York, for the greatest drop since September. The shares have advanced 6.8% current year in comparison with a 25% gain for the Standard & Poor’s 500 Index.
Philip Morris, an English tobacconist and importer of fine cigars founded Philip Morris company in the mid 1800’s, by opening a shop on Bond Street in London It’s first cigar was produced in 1854. Today it is a largest tobacco company which produces Marlboro, number one cigarettes brand worldwide.