Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyPhilip Morris cuts outlook on US$500 million Canada writedownLike its rivals, Philip Morris International is seeking to transition away from traditional cigarettesAuthor of the article:Last updated 0 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.The tobacco maker also lowered its guidance for adjusted diluted earnings per share to account for currency movements. Photo by FABRICE COFFRINI/AFP/Getty ImagesPhilip Morris International Inc. cut its profit forecast for this fiscal year after writing down the value of its investment in its Canadian affiliate by US$500 million.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe tobacco maker, which sells Marlboro cigarettes outside the United States, now expects diluted earnings per share of US$7.18 to US$7.33, down from as much as US$7.71, according to a statement Tuesday.The downgrade comes after PMI said Rothmans, Benson & Hedges (RBH) updated its five-year financial projections, resulting in a non-cash impairment charge in the second quarter.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againRBH continues to operate as PMI’s affiliate in Canada, despite deconsolidating from the group after damages awarded in a protracted tobacco lawsuit forced Canadian subsidiaries to seek bankruptcy protection.The lawsuit alleged that companies failed to adequately warn consumers that their products caused cancer and other illnesses.PMI also lowered its guidance for adjusted diluted earnings per share to account for currency movements.Like its rivals, PMI is seeking to transition away from traditional cigarettes. “There is not a single country which will not see the growing demand for the smoke-free products,” chief executive Jacek Olczak said Tuesday at the Deutsche Bank global consumer conference in Paris, according to a transcript.Separately, British American Tobacco PLC said it still expects adjusted operating profit growth to be at the lower end of its four per cent to six per cent target range this fiscal year. The shares slipped as much as 4.6 per cent in London before paring the drop.BAT is not seeing a significant impact from the Middle East conflict, though consumer sentiment is uncertain, chief executive Tadeu Marroco said.“We are all aware that there is correlation between gas price, for example, and sales of cigarettes in the U.S.,” he told analysts on a call.The London-based maker of Dunhill, Lucky Strike and Pall Mall cigarettes is shifting its focus to smoke-free alternatives such as Velo nicotine pouches. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.