RTTNews | Apr 20, 2021 07:32AM EDT

07:32 Tuesday, April 20, 2021 (RTTNews.com) - While reporting financial results for the first quarter on Tuesday, Philip Morris International Inc. (PM) raised its earnings guidance for the full-year 2021 to a range of $5.93 to $6.03 per share from the prior range of $5.90 to $6.00 per share.

This represents organic adjusted earnings growth of 11 to 13 percent to a range of $5.75 to $5.85 per share, reflecting net revenue growth of 5 to 7 percent on the same basis, compared to a range of about 4 to 7 percent previously.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.95 per share on revenue growth of 8.1 percent to $31.01 billion for the year. Analysts' estimates typically exclude special items.

The company also projected heated tobacco unit shipment volume of 95 to 100 billion units, compared to a range of 90 to 100 billion units previously.

For the second quarter, this outlook represents earnings in a range of $1.50 to $1.55 per share, including a favorable currency impact, at prevailing exchange rates, of around $0.04 per share. The Street is currently looking for earnings of $1.53 per share for the quarter.

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