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Philip Morris (PM) Misses Q1 Earnings and Sales; Stock Down
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Philip Morris International Inc. (PM - Free Report) , the world’s leading tobacco company, came out with first-quarter 2017 results, wherein adjusted earnings of 98 cents a share missed the Zacks Consensus Estimate of $1.03 but remained flat year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has increased by a penny in the last seven days. However, in the trailing four quarters, excluding quarter under review, the company missed the Zacks Consensus Estimate by an average of nearly 4%.
Philip Morris International Inc Price, Consensus and EPS Surprise
Revenues: Philip Morris’ net revenues (excluding excise taxes) dipped 0.3% to $6,064 million, and also came below the Zacks Consensus Estimate of $6,427 million. While excluding adverse currency impact of $120 million, the same advanced 1.7%, backed by a positive pricing variance across all the regions, mainly EEMA and Asia.
Guidance: Philip Morris provided guidance for 2017. The company expects its 2017 diluted earnings per share in the band of $4.84–$4.99, compared with $4.48 in 2016. Excluding adverse effect of currency of 8 cents expected in 2017 and favorable tax item of 4 cents reported in the first quarter, this guidance reflects a growth of nearly 9–12% over the adjusted earnings of $4.48 delivered in 2016. The Zacks Consensus Estimate for 2017 is currently pegged at $4.90.
Further, this guidance reflects revenue growth (excluding excise taxes), more than its present target growth, which in the range 4–6%, annually. Moreover, the outlook excludes share repurchases in the year.
Stock Movement: Philip Morris’ shares are down nearly 3.4% during pre-market trading hours following the company’s dismal earnings release.
Check back later for our full write up on Philip Morris’ earnings report!
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Philip Morris (PM) Misses Q1 Earnings and Sales; Stock Down
Philip Morris International Inc. (PM - Free Report) , the world’s leading tobacco company, came out with first-quarter 2017 results, wherein adjusted earnings of 98 cents a share missed the Zacks Consensus Estimate of $1.03 but remained flat year over year.
Earnings Estimate Revision: The Zacks Consensus Estimate for 2017 has increased by a penny in the last seven days. However, in the trailing four quarters, excluding quarter under review, the company missed the Zacks Consensus Estimate by an average of nearly 4%.
Philip Morris International Inc Price, Consensus and EPS Surprise
Philip Morris International Inc Price, Consensus and EPS Surprise | Philip Morris International Inc Quote
Revenues: Philip Morris’ net revenues (excluding excise taxes) dipped 0.3% to $6,064 million, and also came below the Zacks Consensus Estimate of $6,427 million. While excluding adverse currency impact of $120 million, the same advanced 1.7%, backed by a positive pricing variance across all the regions, mainly EEMA and Asia.
Guidance: Philip Morris provided guidance for 2017. The company expects its 2017 diluted earnings per share in the band of $4.84–$4.99, compared with $4.48 in 2016. Excluding adverse effect of currency of 8 cents expected in 2017 and favorable tax item of 4 cents reported in the first quarter, this guidance reflects a growth of nearly 9–12% over the adjusted earnings of $4.48 delivered in 2016. The Zacks Consensus Estimate for 2017 is currently pegged at $4.90.
Further, this guidance reflects revenue growth (excluding excise taxes), more than its present target growth, which in the range 4–6%, annually. Moreover, the outlook excludes share repurchases in the year.
Zacks Rank: Currently, Philip Morris carries a Zacks Rank #2 (Buy) which is subject to change following the earnings announcement. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stock Movement: Philip Morris’ shares are down nearly 3.4% during pre-market trading hours following the company’s dismal earnings release.
Check back later for our full write up on Philip Morris’ earnings report!
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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