Philip Morris International Inc. (NYSE:PM), a cigarette company, released its earnings report for the third quarter of 2016 on Tuesday.
Here are a few things to know about the Philip Morris earnings report for the third quarter of 2016.
- The company reported earnings per share of $1.25 during the quarter.
- Earnings per share reported by the company in the third quarter of 2015 was the same.
- PM beat out Wall Street’s earnings per share estimates for the quarter by one penny.
- Revenue reported by the company during the quarter was $7 billion.
- This represents less than a 1% increase in revenue from the same time last year.
- Analysts were expecting Philip Morris to report revenue of $6.97 billion during the third quarter of the year.
- Operating income for the third quarter of 2016 was $3 billion, which is up slightly from the same time last year.
- Cigarette shipment volume for the quarter was 207.1 billion units.
- This is a 5.4% decrease in cigarette shipment volume when compared to the third quarter of 2015.
- PM also increased its regular quarterly dividend by 2% to $4.16 per year.
Philip Morris also reaffirmed its outlook for the full year of 2016. It is expecting earnings per share to range from $4.53 to $4.58 for the year. Earnings per share were $4.42 in 2015. Wall Street analysts are currently estimating that the company will report earnings per share of $4.51 for the year.
“We are confident that we will achieve our full-year reported diluted EPS forecast,” André Calantzopoulos, CEO of Philip Morris, said in a statement. “We continue to anticipate annual volume in line with the September year-to-date decline of 3.9%, despite temporary volume weakness this quarter.”
PM stock was up slightly as of Noon Tuesday.
