Philip Morris Lifts FY EPS Guidance to $8.35-$8.50, Reversing July Cut
PM sits 28% above its 52-week low of $142.11.
Summary
Philip Morris raised its full-year adjusted EPS guidance to $8.35-$8.50, a sharp reversal from the $7.19-$7.34 range set on July 22. The prior cut was driven by a $511M non-cash impairment on its Canadian affiliate RBH. The company also sees third-quarter adjusted EPS of $2.29-$2.34. The new full-year range implies a significant improvement in expected profitability, likely reflecting stronger underlying business trends or a favorable resolution of the impairment. This is a major positive signal for investors, as it suggests the company's fundamentals are stronger than previously communicated.
At the time of this announcement, PM was trading at $181.50 on NYSE in the Trade & Services sector, with a market capitalization of approximately $284.5B. The 52-week trading range was $142.11 to $207.76. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.