Cigarette Maker Philip Morris Reports Mixed Q3 Performance; Marlboro Cigarette Shipment Volume Down 1.6%
Portfolio Pulse from Shivani Kumaresan
Philip Morris International Inc (NYSE:PM) reported Q3 FY23 sales growth of 13.8% year-on-year to $9.14 billion, slightly missing the analyst consensus estimate of $9.17 billion. Cigarette and Heated Tobacco unit (HTU) shipment volume grew by 2.2% Y/Y, with Marlboro cigarette shipment volume decreasing by 1.6%. Revenue from smoke-free products increased 35.6% Y/Y to $3.3 billion. The company increased its regular quarterly dividend by 2.4% to $1.30 per share. PM shares are trading lower by 2.16% at $91.20.
October 19, 2023 | 1:49 pm
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Philip Morris reported a mixed Q3 performance with sales growth of 13.8% Y/Y, slightly missing estimates. Marlboro shipment volume decreased by 1.6% while smoke-free product revenue increased by 35.6%. The company also increased its dividend by 2.4%. PM shares are down 2.16%.
Philip Morris reported a mixed Q3 performance with sales growth slightly missing estimates and a decrease in Marlboro shipment volume. However, the company saw a significant increase in smoke-free product revenue and increased its dividend. Despite these positive aspects, PM shares are trading lower, indicating a negative short-term impact.
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