Philip Morris International Inc. (NYSE: PM) reported its most recent quarterly results before the markets opened on Thursday. The company said that it had $1.41 in earnings per share (EPS) and $7.73 billion in revenue. The consensus estimates had called for $1.23 in EPS on revenue of $7.53 billion. The same period of last year reportedly had EPS of $1.14 and revenue of $6.92 billion.
During the quarter, the company noted cigarette and heated tobacco unit shipment volume of 201.7 billion, an increase of 0.9%, or 0.6% excluding the net impact of total estimated inventory movements. Overall this includes cigarette shipment volume of 190.7 billion units, down by 2.8 billion units or 1.5%, and heated tobacco unit shipment volume of 11.0 billion units, up by 4.6 billion units, or 73.0%.
Looking ahead to the full year, the company expects to see EPS in the range of $5.02 to $5.12. The consensus estimates are $5.15 in EPS and $30.8 billion in revenue.
Philip Morris increased its regular quarterly dividend by 6.5%, from $1.07 to $1.14, representing an annualized rate of $4.56 per common share.
CEO Andre Calantzopoulos commented:
Our second-quarter earnings highlight the fundamental strength of our business, with positive total volume growth, currency-neutral net revenue growth of more than 8%, driven by higher pricing from our combustible product portfolio, and close to double-digit growth in ex-currency operating income.
Shares of Philip Morris closed Wednesday at $82.15, with a consensus analyst price target of $99.00 and a 52-week trading range of $76.21 to $121.16. Following the announcement, the stock was down about 5% at $77.98 in early trading indications Thursday.
24/7 Wall St.Smart Investors Are Quietly Loading Up on These “Dividend Legends”
If you want your portfolio to pay you cash like clockwork, it’s time to stop blindly following conventional wisdom like relying on Dividend Aristocrats. There’s a better option, and we want to show you. We’re offering a brand-new report on 2 stocks we believe offer the rare combination of a high dividend yield and significant stock appreciation upside. If you’re tired of feeling one step behind in this market, this free report is a must-read for you.
Click here to download your FREE copy of “2 Dividend Legends to Hold Forever” and start improving your portfolio today.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
