NEW YORK (TheStreet) -- Shares of Philip Morris International (PM) are down 2.7% to $86.47 in early trading Thursday after it cut its earnings per share guidance to a range of $4.87 to $4.97 for the 2014 fiscal year from a previous range of $5.09 to $5.19.
The company said it's due to plant closures and the impact from currency exchange rates.
Philip Morris also projects total cigarette industry volume, excluding the United States and China, to decline by 2% to 3% in 2014, and said it is "cautiously optimistic" that in 2015 the decline will revert to the historical average of 1% to 2%.
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Separately, TheStreet Ratings team rates PHILIP MORRIS INTERNATIONAL as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PHILIP MORRIS INTERNATIONAL (PM) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its expanding profit margins and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share."