Philip Morris International Inc (NYSE:PM) reported third-quarter FY23 sales growth of 13.8% year-on-year to $9.14 billion, marginally missing the analyst consensus estimate of $9.17 billion.
Cigarette and Heated Tobacco unit (HTU) shipment volume in Q3 grew by 2.2% Y/Y, reflecting growth of 18% for HTUs and a decline of 0.5% for cigarettes.
Marlboro cigarette shipment volume decreased by 1.6% to 63 billion units, due primarily to the Philippines.
Revenue from smoke-free products increased 35.6% Y/Y to $3.3 billion.
Adjusted operating margin for the quarter compressed from 41.5% to 40.8%, with $3.7 billion in adjusted operating income.
Adjusted EPS of $1.67 beat the analyst consensus estimate of $1.61.
The company increased its regular quarterly dividend by 2.4% to $1.30 per share, or an annualized rate of $5.20 per share.
Outlook: Philip Morris revised its FY23 adjusted EPS outlook to $6.05-$6.08 versus an estimate of $6.11.
The outlook assumes net revenue growth of around 8.0% on an organic basis, compared to approximately 7.5% to 8.5% previously.
Price Action: PM shares are trading lower by 2.16% at $91.20 on the last check Thursday.
