Philip Morris, announces a drop in revenue but robust sales of substitute cigarettes

While sales of its heated tobacco and oral nicotine products continue to be robust, Philip Morris International reported quarterly profitability on Thursday that above Wall Street’s expectations despite revenue missing estimates.

Based on an analyst survey conducted by LSEG, formerly known as Refinitiv, the following represents how the company’s report compares to what Wall Street was anticipating: $1.67 adjusted earnings per share compared to $1.62 projected & income: $9.14 billion as opposed to $9.17 billion.

The tobacco firm, which produces Marlboro cigarettes, increased its outlook for full-year adjusted earnings to $6.05 to $6.08 per share, indicating a growth rate of 10% to 10.5%.

According to CEO Jacek Olczak, the company’s quarterly net revenue exceeded $9 billion for the first time. He mentioned its Zyn oral nicotine pouch and its brand of heated tobacco products, IQOS, as growth drivers.