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Philip Morris International Q2 profit falls YOY

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Philip Morris International Q2 profit falls YOY

Philip Morris International Inc. said its second-quarter normalized net income came to $1.05 per share, compared with the S&P Capital IQ consensus estimate of $1.13 per share.

EPS decreased 13.6% year over year from $1.22.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.63 billion, a decrease of 14.8% from $1.92 billion in the year-earlier period.

The normalized profit margin declined to 23.8% from 24.6% in the year-earlier period.

Total revenue decreased 12.0% year over year to $6.86 billion from $7.80 billion, and total operating expenses declined 10.5% from the prior-year period to $3.97 billion from $4.43 billion.

Reported net income rose on an annual basis to $1.87 billion, or $1.21 per share, from $1.84 billion, or $1.17 per share.