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Philip Morris Revises 2010 Profit Outlook

The tobacco company revised its outlook for 2010 earnings to a range of $3.70 to $3.80 a share.

NEW YORK (

TheStreet

) --

Philip Morris International

(PM) - Get Report

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revised its outlook for 2010 earnings to a range of $3.70 to $3.80 a share.

Philip Morris International said Wednesday reported diluted earnings per share are projected to increase by about 14% to 17% from $3.24 a share in 2009. The company in April said it expected 2010 earnings of $3.75 to $3.85 a share.

The tobacco company said the revised forecast 2010 reflects an "improved business outlook, in particular with regards to Japan, and the positive impact of the reversal of certain tax provisions," offset by adverse currency of 20 cents a share.

Analysts surveyed by Thomson Reuters expect the company to earn $3.76 a share in 2010.

-- Reported by Joseph Woelfel in New York.