Philip Morris stock got a boost on Thursday following the release of its earnings report for the third quarter of 2018.
Philip Morris’ (NYSE:PM) earnings report for the third quarter of the year includes earnings per share of $1.44. This is an increase over the company’s earnings per share of $1.27 reported in the same period of the year prior. It was also good news for Philip Morris stock by coming in above Wall Streets’ earnings per share estimate of $1.27 for the quarter.
Net income reported by Philip Morris for the third quarter of 2018 came in at $2.25 billion. This is better than the tobacco company’s net income of $1.97 billion in the third quarter of 2017.
During the third quarter of the year, Philip Morris reported operating income of $3.16 billion. The company’s operating income reported during the same time last year was $3.09 billion.
Philip Morris also reported revenue of $7.50 billion for the third quarter of 2018. This is up from the company’s revenue of $7.47 billion that was reported in the third quarter of the previous year. It was also a boon to Philip Morris stock by beating out analysts’ revenue estimate of $7.16 billion for the period.
Philip Morris’ most recent earnings report also has the company reaffirming its outlook for the full year of 2018. It is expecting earnings per share for the year to range from $4.97 to $5.02. Wall Street is looking for earnings per share of $5.01 for the year.
PM stock was up 3% as of noon Thursday, but is down 18% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
