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Philip Morris Earnings: PM Stock Surges on Outlook, Q2 Results

PM beat EPS estimates by 14 cents

Philip Morris earnings for the second quarter of 2019 have PM stock lighting up on Thursday.

Philip Morris Earnings: PM Stock Surges on Outlook, Q2 Results
Source: Shutterstock

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.


Article printed from InvestorPlace Media, https://investorplace.com/2019/07/philip-morris-earnings-have-pm-stock-soaring/.

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