Philip Morris International reported better-than-expected earnings for the quarter, but its outlook for the year was slightly below forecast.
The maker of Marlboro cigarettes outside the United States posted adjusted earnings per share of $1.60 for the second quarter that ended around June. Analysts tracking FactSet had expected $1.50 per share. Revenue of $9 billion was also above the $8.8 billion forecast by analysts.
Philip…
Philip Morris International reported better-than-expected earnings for the quarter, but its outlook for the year was slightly below forecast.
The maker of Marlboro cigarettes outside the United States posted adjusted earnings per share of $1.60 for the second quarter that ended around June. Analysts tracking FactSet had expected $1.50 per share. Revenue of $9 billion was also above the $8.8 billion forecast by analysts.
Philip Morris (ticker: PM) stock was up almost 1% on Thursday morning.
Some of the blame could be placed on the outlook for the year ahead. The company is forecasting full-year adjusted earnings per share of between $6.13 and $6.22, compared to analysts’ estimate of $6.24.
It is estimated that currencies, based on current exchange rates, will impact the company’s annual profit by 8% to 9.5%.
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Write to Karishma Vanjani at [email protected].