Why Cigarette Maker Philip Morris International Stock Is Plunging Today

April 20, 2023 The Wall Street Analyzer Market News Comments Off on Why Cigarette Maker Philip Morris International Stock Is Plunging Today

Shivani Kumaresan Thu, April 20, 2023, 12:42 PM EDTIn this article: 

  • Philip Morris International Inc (NYSE: PM) reported a first-quarter FY23 sales increase of 3.5% year-on-year to $8.02 billion, missing the analyst consensus estimate of $8.11 billion.
  • Cigarette and Heated Tobacco unit shipment volume in Q1 fell by 1.1% Y/Y, reflecting a 3.1% decline in cigarette shipments.
  • Marlborocigarette shipment volume decreased by 2.4%.
  • Revenue from smoke-free products accounted for 34.9% of total net revenues.
  • Adjusted operating margin for the quarter compressed from 43.6% to 37.3%, with $3 billion in adjusted operating income.
  • Adjusted EPS of $1.38 beat the consensus of $1.34.
  • The company held $2.4 billion in cash and equivalents as of March 31, 2023.
  • Following the termination of a distribution arrangement in the Middle East, PMI recorded a pre-tax charge of $80 million in Q1.
  • Outlook: Philip Morris expects FY23 adjusted EPS of $6.10 – $6.22 versus an estimate of $6.34.
  • It sees FY23 organic revenue growth of 7% – 8.5%.
  • Price Action: PM shares are trading lower by 4.96% at $96.48 on the last check Thursday.
  • Photo via Wikimedia Commons

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This article Why Cigarette Maker Philip Morris International Stock Is Plunging Today originally appeared on Benzinga.com

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