Philip Morris beat quarterly earnings estimates and missed revenue expectations, but sales of heated tobacco and oral nicotine products were strong.
Marlboro maker Philip Morris on Thursday posted third-quarter earnings that beat expectations, but revenue that fell short of estimates.
Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:The tobacco company, which makes Marlboro cigarettes, raised its full-year adjusted earnings guidance to a range of $6.05 to $6.08 a share, which it said would represent growth of 10% to 10.5%.
In recent years, Philip Morris has pivoted away from its core market for traditional cigarettes as demand for combustible tobacco products wanes and regulation becomes stricter in some markets. The company is throwing its weight behind smoke-free products and respiratory medicines, instead.While shipment volume for its traditional cigarettes fell 0.5%, net revenue for the category jumped 4.3%, due to higher pricing.
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