Marlboro maker Philip Morris cuts 2014 earnings forecast

Cigarette and tobacco company Philip Morris International cut its 2014 earnings forecast saying it is proving to be a "complex and truly atypical" year for the company.

The Marlboro cigarettes maker now expects to earn $4.87-$4.97 per share, lower than the $5.09-$5.19 per share it expected earlier.

"We continue to face significant currency headwinds, an improving but weak macro-economic environment in the European Union and known challenges in Asia," chief executive Andre Calantzopoulos said in a statement.

However, the company expects adjusted profit in 2014 to rise 6 to 8 per cent from the $5.40 it reported last year. (Reuters)