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Philip Morris (PM) Q3 Earnings Beat Estimates, Sales In-Line

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Philip Morris International Inc. (PM - Free Report) is one of the leading manufacturer and distributor of cigarettes and smokeless tobacco products in approximately 180 countries in the European Union, Eastern Europe, the Middle East, Africa, Asia, Latin America, and Canada.

Philip Morris has seen soft cigarette volume trends for the past few quarters, due to a general shift away from tobacco products amid accelerating prices of cigarettes and worldwide anti-tobacco campaigns. In addition, a strengthening dollar leads to unfavorable foreign currency impact on

Investors should also note that PM has witnessed significant upward earnings estimate revision during the last 30 days as some of the analysts have revised their estimate northward. PM has a mixed history when it comes to recent earnings reports as the stock has posted a positive surprise in one of the previous four quarters, negative surprise for one quarter and in-line results for the remaining quarter, with an average negative surprise of 1.24%.

PHILIP MORRIS Price and EPS Surprise



Currently, PM has a Zacks Rank #2 (Buy), but that could definitely change following Philip Morris’ earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Miss: PM reported higher than expected earnings. Our consensus earnings estimate called for EPS of $1.23/share, while PM reported earnings of $1.25/share. Investors should note that these figures take out stock option expenses.

Revenues Miss: PM reported revenues of $7.0 billion. This was in-line with our consensus estimate.

Key Stats to Note: Cigarette Shipment volume went down 5.4% year over year.

Check back later for our full write up on this PM earnings report later.

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