iMarlboro: Philip Morris bets on e-cigs for smokin' profits
Marlboro cigarettes maker Philip Morris International raised its full-year profit forecast, citing a lower impact from unfavorable exchange rates, and said it would enter the e-cigarette business in the second half of 2014.
The world's largest listed tobacco company raised its full-year earnings forecast to $5.37-$5.42 per share from $5.35-$5.40.
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Analysts on average were expecting Philip Morris to earn $5.39 per share, according to Thomson Reuters I/B/E/S.
Philip Morris shares were down 2.7 percent at $89 on Wednesday afternoon on the New York Stock Exchange.