Philip Morris Gains on Earnings Beat, Raised Outlook

Philip Morris International (PM) shares roseate Tuesday to their highest level successful much than 2 years aft nan baccy elephantine posted better-than-expected results and raised its full-year outlook connected increasing request for its smokeless products.

The shaper of Marlboro cigarettes and nan IQOS baccy heating strategy reported second-quarter adjusted earnings per stock (EPS) of $1.59, pinch gross advancing 9.6% from a twelvemonth agone to $9.47 billion. Both exceeded expert estimates. 

The company’s income of smoke-free products jumped 23.5% to 243.8 cardinal cans. Nicotine pouch income soared 50.6% to 149.9 cardinal cans, boosted by its Zyn brand, which had a 50.3% summation successful cans delivered.

Heated baccy items had a 13.1% summation successful shipment volume, and cigaret shipment measurement was 0.4% higher.

CEO Jacek Olczak said “the fantabulous momentum of our smoke-free business continued.”

Philip Morris lifted its outlook for full-year adjusted EPS growth, excluding currency impacts, to 11% to 13%, up from nan earlier 9% to 11%. It anticipates shipment measurement of nicotine pouches successful nan U.S. to beryllium 560 cardinal to 580 cardinal cans, compared pinch nan erstwhile forecast of astir 560 cardinal cans for 2024.

Philip Morris shares closed 2.2.% higher Tuesday astatine $109.56 and person added astir 16.5% since nan commencement of nan year.