Mackenzie Tatananni
Philip Morris International stock climbed in premarket trading Thursday after the tobacco company provided strong earnings guidance that overshadowed the fourth-quarter report.
Shares were up 7.5% to $140.75 as Philip Morris reported fourth-quarter revenue of $9.7 billion, topping analysts' calls for $9.4 billion, according to FactSet, and representing 9.2% growth from the previous year.
The company posted a fourth-quarter loss of 38 cents a share, but excluding charges, adjustments, and net favorable exchange-rates, adjusted earnings per share were $1.49. Including the currency effect, earnings per share were $1.55. The analysts' consensus estimate was $1.50.
Philip Morris sees 2025 earnings per share of $7.26 to $7.39 (or $7.04 to $7.17, including the currency effect), with even the bottom range comfortably topping the $6.99 estimate. The outlook assumes a total international industry volume decline of around 1% for cigarettes and heated tobacco products, excluding the U.S. and China.
CEO Jacek Olczak said in the earnings release that the Food and Drug Administration's Jan. 16 authorization of Zyn nicotine pouches was evidence of the "compelling science" supporting smoke-free products. "We hope our other pending FDA applications will be accelerated," Olczak added.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 06, 2025 09:26 ET (14:26 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.