Philip Morris Sees Q1 Adj. EPS In Line Or Below Market; FY24 Earnings To Miss Estimate - Update

(RTTNews) - Tobacco company Philip Morris International Inc. (PM), while announcing weak profit and higher revenues in its fourth quarter, on Thursday issued first-quarter earnings outlook, in line with or below market estimates. For fiscal 2024, the company projects earnings below the Street view.

In pre-market activity on the NYSE, the shares were losing around 1.8 percent to trade at $89.81.

For the first quarter, the company projects adjusted earnings per share of $1.37 to $1.42. Analysts on average expect the company to report earnings of $1.42 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, for fiscal 2024, the company expects earnings per share of $5.90 to $6.02, up from last year's $5.02. Adjusted earnings per share would be $6.43 to $6.55, up from last year's $6.01. The forecast represents a projected increase of 7.0 percent to 9.0 percent.

The Street is looking for earnings of $6.60 per share for the year.

Net revenue growth for the year would be 6.5 percent to 8 percent on an organic basis.

In its fourth quarter, Philip Morris' earnings decreased from the same period last year and missed the Street estimates.

The company's earnings totaled $2.20 billion, or $1.41 per share. This compares with $2.40 billion, or $1.54 per share, in last year's fourth quarter.

Excluding items, Philip Morris International reported adjusted earnings of $1.36 per share for the period. Analysts had expected the company to earn $1.45 per share

The company's revenue for the quarter rose 11.0 percent to $9.05 billion from $8.15 billion last year.

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