Shares of Philip Morris International Inc. PM, -0.94% rose 0.6% in premarket trading Tuesday, after the cigarette and tobacco company reported third-quarter profit and revenue that rose above expectations, as overall shipment volume increased. The company reported operating income that rose 6.5% from a year ago to $3.46 billion, and earnings per share that grew to $1.55 from $1.48. Excluding nonrecurring items, adjusted EPS rose 11.3% to $1.58 to top the FactSet consensus of $1.56. Revenue increased 9.1% to $8.12 billion, above the FactSet consensus of $7.94 billion, while cost of sales rose 7.5% to $2.60 billion. Overall shipment volume rose 2.1% to 188.33 billion units, as a 23.8% surge in heated tobacco shipments to 23.49 billion units offset a 0.4% decline in cigarette shipments to 164.84 billion units. Looking ahead, the company said it expects adjusted EPS toward the upper-half of previously provided guidance. “We confirm our confidence in our 2021 to 2023 growth targets, despite device constraints that could persist into the first half of 2022, with temporarily lower IQOS user growth rates,” said Chief Executive Jacek Olczak. The stock has slipped 0.4% over the past three months through Monday while the S&P 500 SPX, +0.34% has gained 5.4%.
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