Philip Morris International (NYSE:PM) report cigarette shipment volume fell 1.7% in Q3 to 195.1B units vs. an estimated industry-wide volume drop of 2.5%.
Cigarette shipment volume was down 1.8% for the European Union business and dropped 4.1% for the LatAm/Canada business.
The company says heated tobacco unit shipment volume came in at 8.65B units.
Operating income was up 2.2% Y/Y during the quarter to 3.2B.
Looking ahead, Philip Morris expects full-year EPS of $4.97 to $5.02 vs. $5.01 consensus.
CEO update: "Our third-quarter results demonstrate that our underlying business performance is in good shape. Excluding distributor inventory movements, our total shipment volume was up in the quarter and year-to-date, reflecting the continued growth of our heat-not-burn products as well as the solid performance of our combustible products. Our total market share was up by 0.5 and 0.6 points in the quarter and year-to-date, respectively. In addition, supported by our leading brand portfolio, pricing was strong. As a result, we continue to forecast currency-neutral EPS growth for the full year of 8-9%."
Previously: Philip Morris beats by $0.16, beats on revenue (Oct. 18)
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