Philip Morris Q3 Earnings Top Estimates

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.
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