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Philip Morris Q3 Earnings Top Estimates – Philip Morris Intl (NYSE:PM) – Stocks to Watch
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Philip Morris Q3 Earnings Top Estimates – Philip Morris Intl (NYSE:PM)

ByShivani Kumaresan

Oct 20, 2022
Philip Morris Q3 Earnings Top Estimates - Philip Morris Intl (NYSE:PM)

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  • Philip Morris International Inc PM reported a third-quarter FY22 sales decline of 1.1% year-on-year to $8.03 billion, beating the consensus of $7.42 billion.

  • On a pro forma basis, adjusted net revenues increased by 6.9% in organic terms, primarily driven by total shipment volume growth of 2.3%.

  • Cigarette and Heated Tobacco unit shipment volume in Q3 rose by 0.6% Y/Y, with 4.6% growth in South & Southeast Asia.

  • Marlboro cigarette shipment volume decreased by 1.7%, mainly due to the European Union and Eastern Europe regions, partly offset by the Americas region. Chesterfield shipment volume jumped 8.6%, and Parliament saw a 2.9% hike.

  • Also Read: Philip Morris Ends IQOS Commercial Partnership With Altria

  • Revenue from smoke-free products on a pro forma basis increased by 14.2% on an organic basis.

  • Adjusted operating margin for the quarter compressed from 43.9% to 41.5%, with $3.3 billion in adjusted operating income.

  • Adjusted EPS of $1.53 beat the consensus of $1.37.

  • The company held $5.4 billion in cash and equivalents as of September 30, 2022.

  • Outlook: Philip Morris expects FY22 pro forma adjusted EPS of $5.81 – $5.96 and pro forma adjusted EPS, ex-currency, of $6.09 – $6.20.

  • Also See: Philip Morris Boosts Buyout Offer For Swedish Match

  • Price Action: PM shares are trading higher by 0.61% at $87.00 in premarket on the last check Thursday.

  • Photo Via Wikimedia Commons

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Image and article originally from www.benzinga.com. Read the original article here.

Shivani Kumaresan

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