Cigarette maker Philip Morris International Inc. has raised its outlook for the year.
The company, which sells brands like Marlboro outside the United States, now expects net income of at least $4.85 per share for 2011. Its previous forecast was for net income of $4.75 to $4.80 per share. Analysts polled by FactSet expect $4.82 per share, on average.
Philip Morris International cigarette ad
Last year, the company recorded adjusted earnings of $3.87 per share.
CEO Louis Camilleri presented Wednesday at the Morgan Stanley Global Consumer & Retail Conference in New York.
Camilleri said that the company’s strong underlying business momentum continues into the fourth quarter, particularly driven by Indonesia and Japan.
Last month, the company said its third-quarter net income grew nearly 31 percent as it sold more cigarettes, particularly in Asia, and raised prices.
It raised prices and has focused on emerging markets for growth as tax hikes, smoking bans, health concerns and social stigma have cut cigarette demand worldwide. The company, with offices in New York and in Lausanne, Switzerland, has compensated for consumers buying cheaper cigarettes worldwide — and for the weak economy — by cutting costs.
Shares of the company added 74 cents to $72.26 in afternoon trading.
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