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For the best Barrons.com experience, please update to a modern browser. Text size Philip Morris International’s stock was rising as its quarterly earnings came in higher than expected and the maker of Marlboro cigarettes increased its expected growth rate for profit. Its CFO says the company is actively working to mitigate a tricky backdrop for international players, a strategy that the results show is working. The stock (ticker: PMI) jumped 5.3% to $ 94.59 in Thursday morning trading. The company reported adjusted earnings per share of $1.48 for the second quarter, while the consensus call among analysts tracked by FactSet was for $1.25. Net revenue of $7.83 billion also was far above the $6.71 billion Wall Street expected. But investors care more about the future than about the past quarters. Excluding the currency headwinds, Philip Morris said its adjusted diluted earnings will be between $6.09 and $6.20 a share this year, up from its previous forecast of $5.98 to $6.09 a share. The new guidance represents an increase of 10% to 12% from 2021’s full-year earnings. Including the impact of foreign exchange, full-year earnings are expected to be in the range of $5.23 to $5.34 a share, which is lower than management’s previous prediction. That is because the company now expects a negative impact from foreign exchange of 86 cents per share, up from its previous forecast of 63 cents. A stronger U.S. dollar has been plaguing U.S. multinational companies, like Philip Morris, that have to exchange overseas revenue back into dollars. PM operates in the European Union, Japan, South and Southeast Asia, and other regions. When investors put dollars into the stocks of U.S. companies with business overseas, they indirectly expose themselves to the global economy and foreign exchange. Chief Financial Officer Emmanuel Babeau spoke with Barron’s about the results, noting that the company has been able to successful navigate numerous headwinds, from the war in Ukraine to hyperinflation and ongoing supply-chain issues. He’s particularly happy to see the ongoing success of its heat-not-burn IQOS product, as net revenue for smoke-free products hovered just under 30% in the quarter. Babeau noted that the war and resulting sanctions have created a “more complex” environment for international players, but that Philip Morris made the right decision in exiting Russia and continues to offset those pressures through internal initiatives. The return of summer and more social gatherings has led to an uptick in traditional cigarette use, and “Marlboro volume was up nicely” in the second quarter, Babeau said, but the return of in-person events is a “nice moment to create visibility” for its IQOS product, as the company actively works to switch combustible cigarette users to its smoke-free options. Philip Morris has also been able to add more suppliers to its network and redesign its products at a time of ongoing supply chain disruptions, he said “creating our own agility to cope with an difficult environment.” After the report, research firm Panmure Gordon gave the stock a Buy rating, citing the strong results in a difficult macroeconomic backdrop where updates on the Russia-Ukraine war, inflation, and stock market declines govern headlines. “The results are a useful reminder that when the going gets tough, people tend to smoke,” Rae Maile from Panmure Gordon said. Write to Karishma Vanjani at karishma.vanjani@dowjones.com Philip Morris International’s stock was rising as its quarterly earnings came in higher than expected and the maker of Marlboro cigarettes increased its expected growth rate for profit. An error has occurred, please try again later. Thank you This article has been sent to
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Updated July 21, 2022 11:11 am ET / Original July 21, 2022 8:14 am ET
Philip Morris’s research campus in Switzerland.
Fabrice Coffrini/AFP via Getty Images
Philip Morris Stock Gains as Profit and Revenue Beat Forecasts and Outlook Improves
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