Philip Morris (NYSE:PM) Slides as Q4 Earnings Fall Short of Estimates
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Philip Morris (NYSE:PM) Slides as Q4 Earnings Fall Short of Estimates

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Philip Morris slid in pre-market trading after its Q4 earnings fell short of estimates.

Tobacco giant Philip Morris International (NYSE:PM) declined in pre-market trading after the company’s Q4 results missed estimates. The company reported fourth-quarter adjusted earnings of $1.36 per share, up by 12.2% year-over-year, but fell short of consensus estimates of $1.45 per share.

The company’s revenues increased by 11% year-over-year to $9 billion compared to consensus estimates of $9.01 billion. Smoke-free products comprised 39.3% of PMI’s total net revenues. Management stated that its tobacco heating device, IQOS, surpassed Marlboro in terms of net revenues, solidifying its position as the top premium nicotine brand.

Looking ahead to FY24, PM forecasted adjusted diluted earnings in the range of $6.43 to $6.55 per share. This was lower than analysts’ estimates of $6.60 per share.

Is PM a Good Stock to Buy?

Analysts are cautiously optimistic about PM stock, with a Moderate Buy consensus rating based on five Buys and two Holds. Over the past year, PM has slid by more than 4%, and the average PM price target of $105.50 implies an upside potential of 15.4% at current levels.


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