Philip Morris (NYSE:PM) earnings for the tobacco company’s third quarter of 2019 have PM stock down on Thursday. This comes after reporting adjusted earnings per share of $1.43, which beats out Wall Street’s estimate of $1.36. Revenue of $7.64 billion misses analysts’ estimate of $7.67 billion for the period.
Let’s dive deeper into the most recent Philip Morris earnings report.
- Adjusted EPS is down slightly from the $1.44 reported during the same time last year.
- Revenue comes in 1.87% higher than the $7.50 billion from the third quarter of 2018.
- The Philip Morris earnings report also includes operating income of $2.79 billion.
- That’s down 11.71% YoY from operating income of $3.16 billion.
- Operating margin for the quarter was 41.70%, as compared to 42.10% in the same period of the year prior.
André Calantzopoulos, CEO of the company, says in the Philip Morris earnings report.
“While we expect our net revenue and adjusted operating income growth in the fourth quarter to be in line with our year-to-date results, our currency-neutral adjusted EPS growth is anticipated to be lower than our year-to-date performance, primarily due to an unfavorable income tax rate comparison and a high relative adjusted operating income growth contribution from markets with sizable non-controlling interests”
The Philip Morris earnings report also includes an update to its 2019 guidance. The company now expects adjusted EPS for the year to be $5.14. For comparison, Wall Street is looking for adjusted per-share earnings of $5.21 for the year.
PM stock was up 1.45% as of Thursday afternoon. The stock is also up 17.52% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.