Philip Morris International (NYSE:PM) Releases Earnings Results, Beats Estimates By $0.02 EPS

Philip Morris International (NYSE:PM) announced its earnings results on Tuesday. The company reported $1.59 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.02, Briefing.com reports. The business had revenue of $9.47 billion for the quarter, compared to analysts’ expectations of $9.19 billion. Philip Morris International had a net margin of 8.58% and a negative return on equity of 111.24%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.60 EPS. Philip Morris International updated its FY24 guidance to $6.33-6.45 EPS and its Q3 2024 guidance to 1.770-1.820 EPS.

Philip Morris International Stock Up 1.7 %

NYSE:PM opened at $111.44 on Thursday. The firm’s fifty day simple moving average is $102.74 and its 200-day simple moving average is $96.28. The stock has a market cap of $173.24 billion, a PE ratio of 21.77, a price-to-earnings-growth ratio of 2.23 and a beta of 0.58. Philip Morris International has a fifty-two week low of $87.23 and a fifty-two week high of $111.69.

Philip Morris International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 8th. Shareholders of record on Friday, June 21st were issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date of this dividend was Friday, June 21st. Philip Morris International’s dividend payout ratio (DPR) is currently 101.56%.

Wall Street Analysts Forecast Growth

PM has been the topic of a number of recent research reports. StockNews.com upgraded shares of Philip Morris International from a “hold” rating to a “buy” rating in a research note on Monday. Stifel Nicolaus upped their price objective on Philip Morris International from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Bank of America lifted their target price on Philip Morris International from $110.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $105.56.

Philip Morris International Company Profile

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.