Philip Morris Tops Profit Estimates as Higher Prices Fuel Sales

However, earnings declined 10.8% year over year from $1.39 due to currency headwinds and lower sales.

9/28/2015 – Philip Morris worldwide was upgraded by analysts at Vetr from a “hold” rating to a “buy” rating. JP Morgan initiates coverage on Philip Morris global Inc (NYSE:PM) In a research note issued to the investors, the brokerage major announces a price-target of $90 per share. Effective June 26, 2014, Philip Morris global Inc acquired Nicocigs Ltd. Overall, the company’s strong portfolio of tobacco brands and pricing power are encouraging. The 52-week high of the share price is $90.25 and the 52-week low is $75.27. (NYSE:PM) opened at 84.48 on Thursday.

In all, cigarette volume for the latest period fell 1.5 per cent to 218.9 billion units, as 2.6 per cent growth in the Eastern Europe, Middle East and Africa unit was offset by a 6.3 per cent decline in Asia. Philip Morris worldwide Inc.

Excluding currency impacts and special items, Philip Morris said per-share earnings would have grown 15.8 per cent to $US1.61 a share.

Philip Morris global Inc.’s stock (PM) climbed 2% in light premarket trade Thursday, after the cigarette and tobacco company reported better-than-expected third-quarter profit and sales. On average, analysts predict that Philip Morris global will post $4.39 earnings per share for the current year. The firm’s quarterly revenue was down 12.0% compared to the same quarter previous year.

“Although currency headwinds have again stiffened slightly, our business momentum is such that we are today revising and narrowing our full-year guidance and increasing the projection of our constant-currency adjusted diluted EPS growth rate range to 11% to 12%”, Calantzopoulos said. The company has not repurchased any shares so far in 2015. The stock was sold at an average price of $85.37, for a total transaction of $2,134,250.00. Stockholders of record on Wednesday, September 30th were paid a $1.02 dividend. The Insider information was disclosed with the Securities and Exchange Commission in a Form 4 filing. The ex-dividend date of this dividend was Monday, September 28th.

Philip Morris worldwide Inc.is a holding firm engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. The Company’s products can be purchased in more than 180 markets, which include a variety of local and global, premium, mid-cost and low-price brands.