Philip Morris shares spark up following revenue beat
Tobacco giant Philip Morris turned in revenues ahead of market expectations on Thursday despite a decline in net sales.
Philip Morris International Inc.
$95.02
10:59 26/04/24
Philip Morris saw net income soar 175% to $1.91bn in the final quarter of its trading year, or $1.25 per share on an adjusted basis - well above the $1.16 predicted by analysts on the Street.
On the other hand, net sales declined almost 10% to $7.5bn, more than the $7.39bn revenue drop expected by analysts, partly due to currency fluctuations throughout the quarter.
Cigarette shipment volume dropped 3% to 190.25bn units, with shipments of heated tobacco products falling 23% year-on-year to 12.17bn units overall.
Looking forward, Philip Morris expects to record earnings per share of $5.37 per share, a touch ahead of the $5.29 predicted by analysts.
The outfit's forecast included a further decline in volume of 1.5% to 2%, which Philip Morris highlighted was still ahead of the total international decline, excluding China and the US, of roughly 2.5% to 3%.
As of 2100 GMT, Philip Morris shares had lit up 1.70% to $76.69 each.