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Oct. 17, 2019, 7:17 a.m. EDT

Philip Morris profit tops estimates in Q3 but sales fall short, lowers full-year EPS guidance

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By Ciara Linnane

Philip Morris International Inc. shares /zigman2/quotes/201611010/composite PM +1.23% rose more than 2% then pared its gains to trade up 0.1% in premarket trade Thursday, after the company topped profit estimates for the third quarter as sales fell slightly short. The company said it had net income of $1.896 billion, or $1.22 a share, in the quarter, down from $2.247 billion, or $1.44 a share, in the year-earlier period. Adjusted per-share earnings came to $1.43, ahead of the $1.36 FactSet consensus. Revenue edged up to $7.642 billion from $7.504 billion, just below the FactSet consensus of $7.651 billion. The company revised down its full-year guidance and now expects EPS of at least $4.73, compared with prior guidance of at least $4.94. It expects adjusted EPS of $5.14. The current FactSet consensus is for EPS of $5.21. The new guidance includes a 4 cents a share tax benefit, asset impairment and exit costs fo about 4 cents a share, a Canadian tobacco litigation-related charge of about 9 cents a share and 12 cents impact of the loss of the deconsolidation of PMI's Canadian subsidiary Rothmans, Benson & Hedges Inc., among other special charges. The company is expecting a total international industry volume decline excluding China and the U.S. of 2.5% in 2019. Shares have gained 18% in 2019, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has gained 19%.

/zigman2/quotes/201611010/composite
US : U.S.: NYSE
$ 79.69
+0.97 +1.23%
Volume: 4.92M
Aug. 12, 2020 4:00p
P/E Ratio
17.08
Dividend Yield
5.87%
Market Cap
$122.59 billion
Rev. per Employee
$382,519
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/zigman2/quotes/210599714/realtime
US : S&P US
3,380.35
+46.66 +1.40%
Volume: 2.25B
Aug. 12, 2020 5:10p
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