(RTTNews.com) - Philip Morris International Inc. ( PM ) announced, for the third-quarter, reported and adjusted diluted earnings per share was $1.44, up 13.4% versus $1.27 in 2017. Excluding unfavorable currency of $0.09, adjusted diluted earnings per share up by 20.5% to $1.53 from $1.27 in 2017. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.27 for the quarter. Analysts' estimates typically exclude special items.
For the third-quarter, net revenues were $7.5 billion, up by 0.4%. Excluding unfavorable currency of $213 million, net revenues were up by 3.3%. Analysts expected revenue of $7.16 billion for the quarter. Cigarette and heated tobacco unit shipment volume was 203.7 billion, down by 2.1%, or up by 1.1% excluding the net impact of total estimated distributor inventory movements.
"Our third-quarter results demonstrate that our underlying business performance is in good shape. Excluding distributor inventory movements, our total shipment volume was up in the quarter and year-to-date, reflecting the continued growth of our heat-not-burn products as well as the solid performance of our combustible products. Our total market share was up by 0.5 and 0.6 points in the quarter and year-to-date, respectively. In addition, supported by our leading brand portfolio, pricing was strong. As a result, we continue to forecast currency-neutral EPS growth for the full year of 8-9%," said AndrÃ© Calantzopoulos, CEO.
PMI reaffirmed its 2018 full-year reported diluted earnings per share forecast to be in a range of $4.97 to $5.02, at prevailing exchange rates, representing a projected increase of approximately 28% to 29% versus reported diluted earnings per share of $3.88 in 2017. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.12, the forecast range represents a projected increase of approximately 8% to 9% versus adjusted diluted earnings per share of $4.72 in 2017 .
The company noted that the forecast assumes: a total cigarette and heated tobacco unit shipment volume decline for PMI of approximately 2% versus an estimated total international industry volume decline, excluding China and the U.S., of approximately 2.5%; and currency-neutral net revenue growth of approximately 3%.
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