Philip Morris (NYSE:PM) earnings for the tobacco company’s second quarter of 2020 have PM stock on the rise Tuesday. This is due to its adjusted earnings per share of $1.29 beating Wall Street’s estimate of $1.10. Its revenue of $6.65 billion also beat estimates of $6.5 billion.
Let’s take a closer look at the most recent Philip Morris earnings report below.
- Adjusted per-share earnings are down 11.6% from $1.46 in the second quarter of 2019.
- Revenue comes in 13.6% lower than the $7.7 billion from the same period of the year prior.
- Operating income of $2.73 billion is a 14.3% decline year-over-year from $3.19 billion.
- The Philip Morris earnings report also has it bringing in a net income of $1.95 billion.
- That’s a 16% drop from the company’s net income of $2.32 billion reported during the same time last year.
André Calantzopoulos, CEO of Philip Morris, said this about the earnings.
“Despite a very challenging quarter due to the pandemic, we delivered results above our previously communicated expectations for both net revenues and reported diluted EPS. This primarily reflected favorable sequential performance in June, with a strong industry volume recovery — notably in the higher margin EU Region — and substantial IQOS user acquisition growth, as well as the benefit of certain non-underlying factors, some of which we expect to reverse in the third quarter.”
Philip Morris also updates its outlook for 2020 in the current earnings report. This has it expecting adjusted EPS of $5.23 to $5.38. Wall Street is looking for adjusted EPS of $4.92 for the year.
PM stock was up 4.5% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.