Philip Morris International Inc. (NYSE:PM) stock took a hit today on an earnings miss and a poor outlook.
Philip Morris International Inc. reported earnings per share of $1.27 on revenue of $7.47 billion for the third quarter of 2017. Earnings per share and revenue for the third quarter of 2016 were $1.25 and $6.98 billion, respectively. This was bad news for PM stock as Wall Street was looking for earnings per share of $1.38 on revenue of $7.72 billion for the quarter.
During the third quarter of the year, Philip Morris International Inc. saw its cigarette and heated tobacco unit shipment volume decrease by 0.5%. Cigarette shipment volume was down 4.1% to 198.5 billion units. Heated tobacco shipment volume was up from from 2.1 billion to 9.7 billion units.
Breaking down Philip Morris International Inc. cigarette and heated tobacco unit shipment volume by region paints an ugly picture for the company. This includes shipments in the European Union and EEMA falling by more than 4%. Latin America & Canada saw shipment drop by more than 3%. Asia was the only region that saw shipment volume increase in the third quarter of the year and it was up by 8.1%.
Philip Morris International Inc.’s outlook for the full year of 2017 also didn’t do PM stock any favors today. The company says that it expects earnings per share for the year to range from $4.75 to $4.80. Wall Street is looking for the company to report earnings per share of $4.84 in 2017.
PM stock was down 3% as of noon Thursday, but is up 18% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
