Philip Morris Lowers EPS Outlook, Posts Q3 Beat

Philip Morris International reported third-quarter revenue of $11.4 billion, up 5.5% year over year, and adjusted diluted earnings of $2.36 per share, beating analyst estimates and reaching a quarterly record. Shipment volume rose 0.6%, led by 2.7% growth in smoke-free products and strong consumer demand, while combustible products also contributed to revenue growth. Smoke-free products accounted for more than 40% of quarterly revenue. For the full year, the company forecast 5% to 7% organic revenue growth and 7% to 9% organic operating-income growth, while citing geopolitical cost pressures and increased U.S. investment.