Philip Morris flies after improving expectations with its accounts and raising forecasts

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By TP

The shares of the tobacco company Philip Morris rose 9% on Wall Street this Tuesday after the company presented its third quarter results, which have improved analysts' expectations, and raised forecasts for the year as a whole. Specifically, The company reported earnings per share (EPS) of $1.97with an adjusted EPS of $1.91, compared to estimates of $1.82 per share. The world's largest tobacco company also exceeded expectations with its turnover, which amounted to 9.91 billion dollars, while the market expected 9.69 billion. Its 'fuels' line contributed 6.1 billion to the total, which represents a year-on-year increase of 5.2%, while the 'smoke-free' business grew 14.2% since last year and recorded revenues worth 3,800 millions. In addition, Philip Morris raised its forecasts for the year as a whole, and now expects adjusted EPS of between $6.85 and $6.91while it previously targeted a range of $6.67 to $6.79. «In the third quarter, we delivered exceptionally strong performancewith record quarterly net income and earnings per share. As a result of our strong results so far this year, we are raising our full-year growth outlook for adjusted diluted assets,» he said. Jacek OlczakCEO of the group. The company also took advantage of the presentation of results to provide details about the sale of its subsidiary Vectura Groupand has stated that it expects the transaction to close «by the end of 2024.»