Philip Morris tops quarterly estimates on nicotine pouch and tobacco prices
PM•PM•PM•PM•Philip Morris International beat third-quarter sales and profit estimates, with revenue up 5.5% to $11.44 billion and adjusted earnings of $2.36 per share. It maintained its full-year adjusted earnings forecast of $8.11 to $8.26 per share, excluding currency effects.
Philip Morris International beat Wall Street estimates for third-quarter sales and profit, helped by strong demand for its Zyn nicotine pouches and higher cigarette prices. Revenue rose 5.5% to $11.44 billion, above the $11.28 billion analyst estimate, while adjusted profit was $2.36 per share, compared with an average estimate of $2.29.
The company kept its full-year adjusted earnings forecast at $8.11 to $8.26 per share, excluding currency effects. Philip Morris has been working to grow revenue from smoke-free alternatives as consumers in some markets increasingly move away from traditional cigarettes.
