Philip Morris International Ups 2011 Outlook

Source from:  Market Watch 11/17/2011

Philip Morris International on Wednesday upped its full year profit outlook, citing strong growth in developing markets. For all of 2011, the tobacco titan said it expects to earn at $4.85 a share, vs. a previous target of $4.75 to $4.80. Further ahead, it said that "barring any unforeseen major disruption," it expects to meet its adjusted EPS growth target of 10% to 12% next year. Over the next five years, the company said that it expects cigarette industry volume excluding the U.S. to rise 1.3% a year, driven by growth in China and non-OECD markets. "The forecast trend for the industry, excluding China and the USA, is between stability and a 1.3% annual decline, an improved outlook compared to previous forecasts," PMI said, adding that it "expects to continue to outperform the industry." Shares were up about 1% in midday action. Enditem