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Philip Morris International beats earnings, revenue expectations

Philip Morris International on Thursday reported quarterly earnings and revenue that beat analysts’ expectations.

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Shares of the company rose 1 percent.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $1.25, adjusted, vs. $1.16 expected
  • Revenue: $7.5 billion vs. $7.39 billion expected

PMI reported fourth-quarter net income of $1.91 billion, or $1.23 per share, up from $694 million, or 44 cents per share a year earlier.

On an adjusted basis, PMI earned $1.25 per share, above the $1.16 per share expected by analysts surveyed by Refinitiv.

Net sales declined nearly 10 percent to $7.5 billion, more than the $7.39 billion in revenue expected by Wall Street. When excluding currency, sales declined 4 percent.

Cigarette shipment volume fell about 3 percent to 190.25 billion units in the quarter. Heated tobacco shipment volume fell 23 percent to 12.17 billion units overall.

For 2019, PMI forecasts reported diluted earnings per share of at least $5.37. Analysts are expecting $5.29 per share.

PMI’s forecast includes an expected decline in volume of about 1.5 to 2 percent, which PMI says compares to the total international decline, excluding China and the U.S., of about 2.5 percent to 3 percent. The company anticipates about $1.1 billion in capital expenditures.