Philip Morris maintains annual profit outlook; shares fall
PM•Philip Morris maintained its annual adjusted EPS forecast of $8.11 to $8.26, excluding currency. Third-quarter revenue rose 5.5% to $11.44 billion and adjusted EPS was $2.36, both above estimates.
1. Quarterly results
Philip Morris reported third-quarter revenue of $11.44 billion, up 5.5% and above analysts’ estimate of $11.28 billion. Adjusted EPS of $2.36 also topped the $2.29 estimate, helped by strong demand for smoking alternatives, including Zyn nicotine pouches.
2. Annual outlook
The company maintained its annual adjusted EPS forecast, excluding currency, at $8.11 to $8.26. Its shares fell about 3% in premarket trading.
