Why Is Philip Morris Stock Falling Today?
Portfolio Pulse from Nabaparna Bhattacharya
Philip Morris International Inc (NYSE:PM) shares fell after reporting Q4 results with revenues slightly beating expectations at $9.047 billion versus $9.01 billion expected, but adjusted EPS of $1.36 missing the $1.45 estimate. Organic net revenue grew by 8.3%, driven by higher combustible tobacco pricing. The company also saw significant growth in ZYN nicotine pouch shipments in the U.S. However, adjusted operating income margin decreased compared to the previous year. For 2024, Philip Morris projects net revenue growth of 6.5% to 8% and adjusted EPS below Wall Street estimates.
February 08, 2024 | 6:38 pm
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Philip Morris International Inc reported Q4 results with a slight revenue beat but missed EPS estimates, leading to a stock price decline. The company's outlook for 2024 indicates lower than expected EPS.
The stock price of Philip Morris fell due to the company's Q4 earnings missing analyst expectations, particularly the adjusted EPS. The outlook for 2024, which forecasts lower than expected EPS, likely contributed to negative investor sentiment. The revenue beat was marginal and not enough to offset concerns over profitability and future earnings.
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