Philip Morris International Inc. reported third-quarter earnings on Oct. 19 that beat analyst expectations as executives said the cigarette and tobacco product maker grew its total market share and saw strong pricing across its portfolio.
The company reported adjusted diluted EPS of $1.44 for the three months ended Sept. 30, up from 20.5% from $1.27 per share in the same quarter of 2017 and beating the S&P Global Market Intelligence mean consensus estimate for normalized EPS of $1.29.
Adjusted net earnings for the tobacco giant came in at $2.25 billion, up 14.1% from $1.97 billion in the year-ago period and beating the consensus estimate for net income excluding exceptions of $2.0 billion, according to S&P Global Market Intelligence.
The Marlboro maker also reported net revenue of $7.5 billion up 0.4% from the same quarter in 2017 and above the S&P Global Market Intelligence mean consensus estimate for revenue of $7.16 billion.
The company shipped 195.07 billion cigarettes during the quarter, down 1.7% from the third quarter in 2017. Heated tobacco shipments came in at 8.65 billion units, down 11% from the same quarter a year earlier.
Total market share for the company was up 0.5 points for the quarter, CEO André Calantzopoulos said in the earnings statement.
Philip Morris also reaffirmed full-year adjusted diluted EPS guidance of 8% to 9% growth from adjusted diluted EPS of $4.72 in 2017, excluding the currency impact. The company lowered the guidance in September on expectations of an unfavorable currency impact of 12 cents per share.