Philip Morris International Inc. (NYSE: PM) reported its financial results for the fiscal fourth quarter on Thursday that topped analysts’ estimates for profit and revenue. The company said that demand for cigarettes remained under pressure in recent months but was offset by an increase in heated tobacco volume.
Philip Morris shares jumped close to 4% on market open on Thursday. The stock that has remained volatile in the past 12 months is now trading at a per-share price of £60.75 versus a low of £44 per share in the last week of March 2020.
Philip Morris Q4 financial results versus analysts’ estimates
Philip Morris said that its net income in the fourth quarter printed at £1.45 billion that translates to 93 pence per share. In the same quarter last year, its net income was capped at a much lower £1.19 billion or 76 pence per share. Philip Morris had noted £1.78 billion of net income in the prior quarter (Q3).
Adjusted for one-time items, the Swiss-American multinational earned 92 pence per share in Q4. Philip Morris valued its revenue in the recent quarter at £5.45 billion that represents a 3.5% annualised decline.
According to FactSet, experts had forecast the company to post a marginally lower £5.44 billion of revenue in the fourth quarter. Their estimate for adjusted per-share earnings stood at 89 pence. In separate news from the United States, Quest Diagnostics reported record revenue and earnings in Q4 on Thursday.
Total cigarette shipment volume, as per New York-headquartered firm, saw an 11.7% year over year decline in Q4 to 154.68 billion units. Marlboro shipments, it added, were down 12.9% in the recent quarter while heated tobacco units registered a 26.9% increase.
CEO Andre Calantzopoulos comments on Thursday
CEO Andre Calantzopoulos commented on the earnings report on Thursday and said:
“We enter 2021 with favourable momentum, although certain headwinds remain, notably related to Duty-Free, Indonesia and the continued effects of the pandemic.”
For fiscal 2021, Philip Morris now forecasts its adjusted per-share earnings to fall in the range of £4.32 to £4.39. Analysts, on the other hand, are calling for £4.25 of full-year adjusted EPS.
Philip Morris remained almost flat on average in the stock market last year with an annual decline of roughly 3%. At the time of writing, it is valued at £94.43 billion and has a price to earnings ratio of 16.81.
The post Philip Morris says its revenue slid 3.5% in the fiscal fourth quarter appeared first on Invezz.
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