Reported diluted EPS declined 7.7% due to non-cash impairment of RBH investment
Result Drivers
Smoke-free growth - International smoke-free segment drove results with 8% shipment volume growth and 14.2% revenue growth, led by IQOS and e-vapor products
Strong pricing - Higher prices, especially in international combustibles, contributed to net revenue and gross profit growth
Non-cash impairment - Reported EPS was negatively affected by a $511 million non-cash impairment of the RBH equity investment
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the tobacco peer group is "buy"
Wall Street's median 12-month price target for Philip Morris International Inc is $200.00, about 6.4% above its July 21 closing price of $188.04
The stock recently traded at 21 times the next 12-month earnings vs. a P/E of 19 three months ago
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