Philip Morris International Inc.’s inventory was down 3.8% in premarket buying and selling on Thursday after the cigarette maker missed Wall Street’s fourth-quarter earnings estimate and mentioned its 2024 earnings would fall quick.
Philip Morris International
PM,
mentioned its iQOS digital cigarettes surpassed its Marlboro cigarettes by way of web income, as cigarette cargo quantity dropped by 1.9%.
Philip Morris International mentioned fourth-quarter web earnings fell to $2.19 billion, or $1.41 a share within the fourth quarter, from $2.38 billion, or $1.54 a share, within the year-ago quarter.
Read extra: Camel, Newport amongst manufacturers seeing write-down of $34 billion by proprietor British American Tobacco
Adjusted revenue of $1.36 a share fell wanting the FactSet consensus estimate of $1.45 a share.
Revenue elevated by 11% to $9.05 billion, in step with the analysts’ estimate.
Looking forward, Philip Morris expects 2024 earnings of $5.90 a share to $6.02 a share, under the analyst estimate of $6.60 a share.
Total iOS customers stood at 28.6 million at year-end, up by 3.7 million from the tip of 2022. Out of the entire quantity, 20.8 million had switched to vaping e-cigarettes.
Total cigarette quantity fell 0.5%, together with a 0.8% drop in Marlboro models to 60.2 million models.
Philip Morris International mentioned its market share for heated-tobacco models (HTUs) rose by 1.2% to 9.1%.
Prior to Thursday’s trades, Philip Morris International’s inventory was down by 2.8% to this point in 2024, whereas the S&P 500 is up by 4.7%.
Source web site: www.marketwatch.com
