Philip Morris reports better-than-expected 3Q earnings; shares down slightly

Philip Morris International Inc (NYSE:PM) shares fell slightly Thursday after the company reported better-than-expected third-quarter earnings while lowering its full-year guidance. 

Shares recently traded down less than 1% to $78.61 in New York. 

The cigarette maker said net income came in at $1.896 billion, or $1.22 a share, in the quarter, down from $2.247 billion, or $1.44 a share, in the year-earlier period.

Adjusted per-share earnings came to $1.43, ahead of analysts’ expectations of $1.36. Revenue edged up to $7.64 billion from $7.5 billion, just below the consensus of $7.65 billion.

The company revised down its full-year guidance and now expects earnings-per-share of at least $4.73, compared with prior guidance of at least $4.94. It expects adjusted EPS of $5.14 versus the consensus of $5.21. 

The company also is expecting a total international industry volume decline, excluding China and the US, of 2.5% in 2019.

“Our third-quarter results continued to reflect strong underlying business performance and include the better-than-anticipated timing of pricing and costs compared to our previously communicated assumptions for the quarter,” said CEO Andre Calantzopoulos in a statement. 

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