UST Inc. said Thursday that its chairman and chief executive plans to reaffirm the company's 2008 earnings guidance at a JPMorgan tobacco conference on Friday and predict long-term growth for its smokeless tobacco category.
Chairman and CEO Murray S. Kessler plans to maintain UST's 2008 profit target of $3.65 per share, with a range of $3.60 to $3.70 per share. The outlook excludes any restructuring charges.
Analysts surveyed by Thomson Financial, who generally exclude one-time items, forecast earnings of $3.68 per share.
At the conference, Kessler plans to describe the company's ongoing success in attracting adult cigarette smokers to moist smokeless tobacco. He will also point to strong performance in the company's wine business.
UST shares fell with the broader market on Thursday, dropping $1.29, or 2.3 percent, to $54.54. The stock has traded between $47.40 and $59.95 during the past 52 weeks.
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