From BigGo Finance · BigGo Finance · · 1m 20s
Philip Morris Q3 EPS Hits $2.36 Record
Philip Morris reports record Q3 adjusted EPS of $2.36 as smoke-free products now exceed 40% of revenue.
In brief
Philip Morris reports record Q3 adjusted EPS of $2.36 as smoke-free products now exceed 40% of revenue. Philip Morris International reported Q3 adjusted earnings of $2.36 per share, a record, with smoke-free products accounting for over 40% of net revenue. Originally reported by BigGo Finance.
Philip Morris Q3 Results
Philip Morris International reported third-quarter adjusted earnings of $2.36 per share, a single-quarter record and up 5.4% from a year earlier.
Smoke-Free Revenue Milestone
Smoke-free products accounted for more than 40% of net revenue for the first time, with IQOS shipments up 1.5% and VEEV up 61.6%.
Net Revenue Growth
Quarterly net revenue rose 5.5% to $11.4 billion, beating analyst estimates of $11.28 billion.
Operating Performance
Operating income climbed 14.1% to $4.9 billion, with gross profit up 6.7% to $7.9 billion.
Dividend Increase
The company raised its quarterly dividend 8.8% to $1.60 per share, or $6.40 annualized.
Full-Year Outlook
Philip Morris kept its full-year adjusted EPS guidance of $8.29 to $8.44 but warned organic operating income growth may fall to middle or lower half of target range.
Investor Reaction
Shares fell about 2.5% in premarket trading as investors focused on the company's full-year outlook and margin pressures.
What matters most
Philip Morris International reported Q3 adjusted earnings of $2.36 per share, a record, with smoke-free products accounting for over 40% of net revenue.
