Tobacco Company Philip Morris Lights Up Q2: Earnings Surpass Estimates, Raises 2024 EPS Forecast
Portfolio Pulse from Shivani Kumaresan
Philip Morris International Inc. (NYSE:PM) reported better-than-expected Q2 FY24 earnings, raised its adjusted EPS outlook for 2024, and saw a 2.87% increase in share price. The company reported a 5.6% year-on-year revenue growth to $9.468 billion, with smoke-free products accounting for 38.1% of total net revenues. Adjusted EPS of $1.59 beat the consensus estimate of $1.57. The company also raised its FY24 adjusted EPS outlook to $6.33 – $6.45.
July 23, 2024 | 2:26 pm
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Philip Morris International Inc. (NYSE:PM) reported better-than-expected Q2 FY24 earnings and raised its adjusted EPS outlook for 2024. The company saw a 5.6% year-on-year revenue growth to $9.468 billion, with smoke-free products accounting for 38.1% of total net revenues. Adjusted EPS of $1.59 beat the consensus estimate of $1.57. The company also raised its FY24 adjusted EPS outlook to $6.33 – $6.45.
The better-than-expected earnings and raised EPS outlook are positive indicators for Philip Morris's stock price. The growth in smoke-free products and overall revenue growth further support a positive short-term impact on the stock.
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