Shares of Philip Morris International (NYSE: PM) were on an upswing in pre-market trading on Thursday after the tobacco giant reported adjusted Q4 earnings of $1.39, up 1.5% year-over-year and beating analysts’ consensus estimate of $1.26 per share.
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Sales increased by 0.6% year-over-year, with revenue hitting $8.15 billion and surpassing analysts’ expectations by $610 million. Moreover, PM also increased its regular quarterly dividend by 1.6% to $1.27 per share with an annualized rate of $5.08 per share.
Looking forward, management now expects FY23 adjusted EPS to range between $6.25 and $6.37 per share, exceeding consensus estimates of $6.02.
Overall, analysts are cautiously optimistic about PM stock with a Moderate Buy consensus rating based on seven Buys, three Holds and one Sell.