NEW YORK, N.Y. – Philip Morris International Inc.’s second-quarter results missed Wall Street’s expectations as cigarette shipment volume declined.
But the seller of Marlboro and other cigarette brands outside the United States also raised its full-year earnings outlook, citing improving currency.
Philip Morris International earned $1.79 billion, or $1.15 per share, for the period ended June 30. A year earlier the New York-based company earned $1.89 billion, or $1.21 per share.
Analysts surveyed by Zacks Investment Research predicted higher earnings of $1.21 per share.
Revenue fell to $6.65 billion from $6.86 billion, below the $6.8 billion that analysts polled by Zacks forecast.
Cigarette shipment volume dropped 4.8 per cent to 209.3 billion units.
Philip Morris now anticipates full-year earnings in a range of $4.45 to $4.55 per share. Its prior guidance was for $4.40 to $4.50 per share. Analysts polled by FactSet expect earnings of $4.46 per share.
Shares fell $3.60, or 3.5 per cent, to $99.40 in morning trading Tuesday. Its shares are up almost 16 per cent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM
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