Philip Morris Hits New 52-Week High As Management Reaffirms 2016 Guidance

Shares of

hit a new 52-week high of $92.19 on Wednesday and were trading higher by nearly 2 percent after the company

its prior 2016 guidance. Speaking at the Consumer Analyst Group of New York (CAGNY) Conference, Philip Morrris

a presentation

and business outlook. The company also reaffirmed its prior guidance and expects to earn $4.25 to $4.35 in the full fiscal year 2016. Philip Morris added that its earnings per share represents a 10 to 12 percent gain from 2015's level when excluding the unfavorable currency impact. The company's guidance also does not include any share repurchases in 2016 which will be reviewed throughout the year and any buyback activity depends on the "currency environment."