Philip Morris Q3 Profit Tops Estimates; Net Revenues Down 1.5% On Organic Basis

(RTTNews) - Philip Morris International Inc. (PM) reported third quarter adjusted earnings per share of $1.42, down by 0.7% from prior year. Excluding currency, adjusted earnings per share was $1.51, up 5.6% from last year. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.36, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net revenue was $7.45 billion compared to $7.64 billion, previous year. Analysts expected revenue of $7.28 billion, for the quarter. Cigarette and heated tobacco unit shipment volume was down by 7.6%, for the quarter.

"We delivered stronger-than-anticipated results in the third quarter, despite the ongoing challenges of the pandemic, with adjusted diluted EPS growth of 5.6% on an organic basis. Despite continued headwinds for our duty-free business and in Indonesia, we are raising our full-year 2020 guidance and now anticipate adjusted EPS growth of around 5% to 6% on an organic basis, compared to a range of approximately 3.5% to 5.0% previously," said André Calantzopoulos, CEO.

For the full year, the company now projects adjusted earnings per share in a range of $5.05 - $5.10. Excluding currency, adjusted earnings per share is projected in a range of $5.37 - $5.42, an organic growth of 5% - 6%. The forecast assumes a net revenue decline in the low single digits on an organic basis. Excluding Indonesia and PMI Duty Free, net revenue growth is anticipated in the low single digits.