Philip Morris International Earnings: Here’s Why Investors Don’t Like These Results
Philip Morris International, Inc. (NYSE:PM) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 2.84%.
Philip Morris International, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 4.41% to $1.30 in the quarter versus EPS of $1.36 in the year-earlier quarter.
Revenue: Decreased 60.49% to $7.92 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Philip Morris International, Inc. reported adjusted EPS income of $1.30 per share. By that measure, the company missed the mean analyst estimate of $1.41. It missed the average revenue estimate of $8.17 billion.
Quoting Management: “As expected, despite strong pricing and a robust share performance, our second-quarter results were primarily impacted by lower industry volume in several key markets, as well as the timing of inventory movements in Japan, higher costs, predominantly in Asia, and stiffer currency headwinds,” said André Calantzopoulos, Chief Executive Officer.
Key Stats (on next page)…