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Saturday, November 28, 2020

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  • Philip Morris’ net income jumps to £1.78 billion in the fiscal third quarter.
  • The U.S. company posts a 2.6% annualised decline in its Q3 revenue.
  • Philip Morris forecasts up to £3.94 per share of adjusted earnings in fiscal 2020.

Philip Morris International Inc (NYSE: PM) published its financial results for the fiscal third quarter on Tuesday that came in stronger than what analysts had anticipated. In a statement last month, CEO Andre Calantzopoulos of Philip Morris said cigarette sales were expected to end in many countries in the next 10 to 15 years.

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Shares of the company remained almost flat in premarket trading on Tuesday but slid close to 4% on market open to hit an intraday low of £57.67 per share. In comparison, shares of the company had tanked to as low as £46.33 per share in March due to COVID-19 disruptions. Here’s what you need to know about capital markets.


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Philip Morris Q3 financial results versus analysts’ estimates

Philip Morris said that its net income in the third quarter printed at £1.78 billion that translates to £1.14 per share. In the comparable quarter of last year, the cigarettes maker had recorded a lower £1.47 billion of net income or 94 pence per share. In the prior quarter (Q2), Philip Morris had registered £1.51 billion of net income.

Adjusted for one-time items, the American multinational earned £1.10 per share in Q3 versus the year-ago figure of £1.11 per share. FactSet Consensus for Philip Morris’ per-share earnings in the third quarter stood at £1.05.

In terms of net revenue, the New York-based company revealed a 2.6% annualised decline to £5.75 billion in the third quarter. According to FactSet, experts had anticipated a lower £5.62 billion of revenue for Philip Morris in Q3.

Other prominent figures in Philip Morris’ earnings reports

Other prominent figures in the company’s earnings report on Tuesday include 127.76 billion units of total cigarette shipments that represent a 9.8% year over year decline. Marlboro shipments in particular, Philip Morris said, were 10.6% lower in the third quarter at 61.58 billion units.

Shipments for heated tobacco, however, jumped 18.7% in Q3 to 18.97 billion units. For the full financial 2020, Philip Morris now forecasts £3.90 per share to £3.94 per share of adjusted earnings. It had previously estimated a lower £3.80 per share to £3.91 per share.

Philip Morris performed fairly upbeat in the stock market last year with an annual gain of more than 25%. At the time of writing, the American multinational cigarette and tobacco manufacturing company is valued at £90 billion and has a price to earnings ratio of 16.03.

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