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MarketScreener Homepage  >  Equities  >  Nyse  >  Philip Morris International Inc.    PM

PHILIP MORRIS INTERNATIONAL INC.

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Philip Morris International : Raises Adjusted Profit Forecast

10/20/2020 | 07:43am EST

By Micah Maidenberg

Philip Morris International Inc. raised its profit forecast for the year even as the Covid-19 pandemic continued to weigh on cigarette shipments in key end markets.

The tobacco company focused on markets outside of the U.S. on Tuesday reported quarterly profit rose to $2.31 billion, or $1.48 a share, from close to $1.9 billion, or $1.22 a share, the year earlier.

After adjustments, the company reported earnings of $1.42 a share, 6 cents more than what analysts were looking for on that metric.

Third-quarter sales dropped to $7.45 billion from $7.64 billion. Analysts polled by FactSet predicted $7.28 billion for the latest period.

Like other companies selling consumer products, Philip Morris International faced a drop off in demand after the spread of the coronavirus shut down economies around the world earlier this year and kept people at home.

Shipment volumes for cigarette and heated-tobacco products fell 14.5% in the second quarter. For the third quarter, those volumes fell again, but by a lesser rate of 7.6%.

Cigarette shipments in the third quarter were down 9.8%. The company continued to face challenges in Indonesia and in its duty-free business, Chief Executive André Calantzopoulos said.

Philip Morris also said it now believes that it will report adjusted earnings, excluding currency fluctuations, of $5.37 to $5.42 a share for 2020, representing comparable growth of 5% to 6% versus last year.

Better-than-expected volumes in the third quarter, especially in the European Union and in Indonesia, helped to support the stronger forecast, the company said.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

10-20-20 0742ET

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Financials (USD)
Sales 2020 28 609 M - -
Net income 2020 7 913 M - -
Net Debt 2020 23 073 M - -
P/E ratio 2020 15,1x
Yield 2020 6,16%
Capitalization 120 B 120 B -
EV / Sales 2020 4,99x
EV / Sales 2021 4,60x
Nbr of Employees 73 500
Free-Float 73,7%
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Technical analysis trends PHILIP MORRIS INTERNATIONAL INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 90,16 $
Last Close Price 76,89 $
Spread / Highest target 43,1%
Spread / Average Target 17,3%
Spread / Lowest Target -3,76%
EPS Revisions
Managers
NameTitle
André Calantzopoulos Chief Executive Officer & Director
Louis C. Camilleri Chairman
Jacek Olczak Chief Operating Officer
Emmanuel Andre Marie Babeau Chief Financial Officer
Patrick Brunel Chief Information Officer & Senior Vice President
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