Philip Morris beats profit and revenue expectations and gives upbeat outlook, but stock slips

Shares of Philip Morris International Inc.
slipped 0.1% in premarket trading Thursday, ever after the cigarette seller beat profit and revenue expectations and provided an upbeat full-year outlook. Net income rose to $2.09 billion, or $1.34 a share, from $1.97 billion, or $1.27 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.35, above the FactSet consensus of $1.33. Revenue rose 8.9% to $8.10 billion, above the FactSet consensus of $7.75 billion, as Marlboro shipments increased 8.9% to 62.62 billion units. Total cigarette shipments rose 2.4% to 158.38 billion units while heated tobacco units jumped 17.0% to 25.40 billion. For 2022, the company expects adjusted EPS of $6.57 to $6.75, compared with the FactSet consensus of $6.35. The company said it expects to resume U.S. supply of IQOS in the first half of 2023. The stock has run up 10.3% over the past three months through Wednesday, while the S&P 500
has slipped 1.3%.


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