Philip Morris ups guidance on strong quarterly earnings

Philip Morris International Inc on Tuesday celebrated "excellent momentum" after seeing both revenue and profit increase in the third quarter.

Philip Morris ups guidance on strong quarterly earnings

For the third quarter, the Stamford, Connecticut-based tobacco company reported operating income of USD3.65 billion, up from USD3.37 billion a year prior. Net revenue came to USD9.91 billion, up from USD9.14 billion the previous year. During the period, total cigarette and heated tobacco units shipment volume increased by 2.6%, with an uptick across all regions except the Americas. Additionally, total oral product shipment volume in cans increased by 25%, which Philip Morris attributed to growth in nicotine pouches. Philip Morris increased its regular quarterly dividend by 3.8% to USD1.35 per share. Diluted earnings per share came to USD1.97, up 49% from USD1.32.

Raising outlook

Looking ahead, Philip Morris raised its annual guidance for diluted EPS to between USD6.20 and USD6.26, and adjusted diluted EPS to USD6.45 to USD6.51. "In the third quarter, we delivered exceptionally strong performance, with record quarterly net revenues and earnings per share," said Chief Executive Officer Jacek Olczak. "This reflects excellent momentum across all regions and categories, with a reacceleration in IQOS adjusted in-market sales growth, strong ZYN volumes, and resilient combustible performance."