Philip Morris earnings for the second quarter of 2019 have PM stock lighting up on Thursday.
Philip Morris (NYSE:PM) is increasing its outlook for the full year of 2019 thanks to a strong second-quarter earnings report. It now expects earnings per share for the year to be up by at least 9% from last year. This translates to an earnings per share minimum of $5.28 for the year. In comparison, Wall Street is estimating earnings per share of $5.16 for 2019.
The Philip Morris outlook increase is due to its earnings per share of $1.46 for the second quarter of the year. This is up from its earnings per share of $1.41 from the second quarter of 2018. It was also a boon to PM stock by easily beating out analysts’ earnings per share estimate of $1.32 for the period.
This positive earnings per share comes despite the company seeing its total shipment volume for the quarter decreasing by 1.7%. This was due to shipping volumes decreasing in the Middle East & Africa, East Asia & Australia and Latin America & Canada regions.
The Philip Morris earnings report also includes revenue of $7.70 billion for the second quarter of 2019. This is down slightly from its revenue of $7.73 billion reported in the second quarter of the previous year. Despite the decline, it was still good news for PM stock by coming in above Wall Street’s revenue estimate of $7.37 billion for the quarter.
PM stock was up 9% as of noon Thursday and is up 20% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.