Philip Morris Crushes Q2 Estimates, Raises FY EPS Midpoint to $8.26
PM sits 30% above its 52-week low of $142.11.
Summary
Philip Morris delivered a strong Q2 beat with adjusted EPS of $2.20 versus the $2.03 consensus and revenue of $11.19 billion, up 10% year-over-year and well above the $10.60 billion forecast. Smoke-free products drove the outperformance, with international smoke-free sales surging 14% and Zyn pouch shipments rising 1.8% to 2.9 billion units. The company set a new full-year adjusted EPS midpoint of $8.26, above the analyst estimate of $8.36, a sharp reversal from the guidance cut to $7.19-$7.34 announced earlier today. This follows the June 2 guidance raise and subsequent impairment charge, but the Q2 results and new outlook suggest underlying momentum is stronger than feared. The smoke-free business now accounts for 42% of total sales, underscoring the successful pivot away from combustibles.
At the time of this announcement, PM was trading at $185.01 on NYSE in the Trade & Services sector, with a market capitalization of approximately $293.1B. The 52-week trading range was $142.11 to $194.90. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.