Philip Morris Slashes FY EPS Guidance to $7.19-$7.34, Down from $8.31-$8.46
PM sits 34% above its 52-week low of $142.11.
Summary
Philip Morris cut its full-year EPS guidance to $7.19-$7.34, down from the $8.31-$8.46 range given on June 2, which itself had been lowered from an earlier $8.36-$8.51 range. This marks the second downward revision in two months, representing a roughly 14% reduction at the midpoint. The company reported second-quarter revenue of $11.19 billion and EPS of $1.80, with adjusted EPS of $2.20. The magnitude of the guidance cut suggests more than just the previously disclosed $500 million impairment charge, though specifics on the operational miss are expected with the Q2 earnings release. The stock is trading near its 52-week high, making the guidance cut a potential shock to bullish positioning.
At the time of this announcement, PM was trading at $189.88 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 negative market sentiment and an importance score of 9 out of 10. Source: Dow Jones Newswires.