Philip Morris Brings Back Full-Year Earnings Guidance
For Philip Morris, the coronavirus pandemic has been no match compared to its sales and earnings.
The Marlboro maker on Tuesday revealed second-quarter earnings that were better than analysts’ forecasts and also reinstated its full-year guidance as sales of its heated tobacco products continued strong through the pandemic and lockdown.
New York-based Philip Morris said it earned $1.95 billion, or $1.29 an adjusted share, vs. $2.32 billion, or $1.46 a share, in the comparable year-ago period. Analysts polled by FactSet had been expecting earnings of $1.10 a share.
Revenue came in at $6.65 billion, above the $6.5 billion expected by analysts.
Philip Morris also reinstated its full-year earnings forecast after pulling guidance in the first quarter amid the coronavirus pandemic and ensuing lockdown. Philip Morris now expects to post full-year adjusted per-share earnings of between $4.92 to $5.07.
Separately, the New York-based company said that it received U.S. Food and Drug Administration approval to market a version of its IQOS nicotine-based smokeless product as a "modified risk tobacco product."
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