Philip Morris +2% after posting better-than-feared results

Jul. 21, 2020 7:36 AM ETPhilip Morris International Inc. (PM)PMBy: Clark Schultz, SA News Editor23 Comments
  • Shares of Philip Morris International (NYSE:PM) trade higher after the company tops Q2 estimates and sets full-year profit guidance ahead of expectations.
  • The company sees full-year adjusted EPS of $4.92 to $5.07 vs. $4.94 consensus.
  • For Q2, cigarette and heated tobacco unit shipment volume fell by 14.5%. The decline reflected a 17.6% drop in cigarette shipment volume offset by a 24.3% increase in heated tobacco unit shipment units. By region, demand in Europe held up the best with volume down 1.5% in the European Union vs. -7.4% consensus and volume +5.4% in Eastern Europe vs. -11.0% consensus.
  • "While further volatility and restrictions are clearly possible, and the pandemic's economic impact is difficult to quantify, we have improving visibility on the trajectory of our business for the remainder of the year," says CEO Andre Calantzopoulos.
  • PM +2.62% premarket to $74.80.
  • Previously: Philip Morris EPS beats by $0.19, beats on revenue (July 21)

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