Philip Morris International Inc (NYSE:PM) unveiled its third quarter earnings results on Tuesday 20th October 2020 before market open.
The manufactures and sells cigarettes, other tobacco products, reported $ 1.48 income per share for the quarter
On adjusted basis, Philip Morris International Inc reported income for the quarter of $ 1.51 per share, beat the consensus estimate of $ 1.36 income per share by $ 0.15 or 11.03 percent.
The quarterly earnings 21.31 percent compared with the same quarter last year.
Philip Morris International Inc had revenue of $ 7,446.00 million for the quarter, compared to the consensus estimate of $ 7284.13 million. The revenues outshined analysts estimates by $ 161.87 million or 2.22 percent.
The financial report showed revenues reduced 2.56 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
André Calantzopoulos, Chief Executive Officer, commented, We delivered stronger-than-anticipated results in the third quarter, despite the ongoing challenges of the pandemic, with adjusted diluted EPS growth of 5.6 percent on an organic basis. The sustained momentum of IQOS was excellent, with an estimated 16.4 million total users at the end of September and smoke-free products accounting for nearly one-fourth of our total net revenues in the quarter. Furthermore, our combustible tobacco business recorded an improved sequential performance, supported by better underlying total industry volumes across both developed and emerging markets.
Further, the company lifts 2020 adjusted earnings estimate to a range of $ 5.05 ~ $ 5.10 per share.Wall street analysts expected 2020 income of $ 5.09 per share on revenue of $ 28603.30 million.
