By Paulo Trevisani

Philip Morris International Inc. said Thursday that currency translations had a negative impact in its second quarter and are expected to hurt results in the current period and the full year.

The New York-based tobacco company said it expects an adverse pro forma currency impact of 86 cents a share, at prevailing exchange rates, on full-year results.

The company forecast reported diluted per-share earnings of $5.73 to $5.88 this year, excluding the FX hit and compared to $5.83 a share in 2021.

For the third quarter, Philip Morris forecast an adjusted profit of $1.23 to $1.28 a share, including an unfavorable currency impact of around 24 cents.

The company reported second quarter per-share earnings of $1.43, up from $1.39 a year earlier, with a negative impact of 16 cents from FX.

The US dollar has shown strength this year as the Federal Reserves raised rates more aggressively than other central banks, but is falling today as the European Central Bank bumped its rates more than expected.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

July 21, 2022 09:31 ET (13:31 GMT)

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