(RTTNews) - Philip Morris International Inc. (PM) reported second quarter adjusted earnings per share of $1.29, down by 11.6%; or down by 7.5%, excluding currency. On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating income declined by 9.5%, excluding currency.
Second quarter net revenues were $6.65 billion, down by 13.6%; or down by 9.5%, excluding currency. Analysts expected revenue of $6.50 billion for the quarter. Cigarette and heated tobacco unit shipment volume was down by 14.5%, for the quarter.
Philip Morris said, currently, the company has sufficient access to the inputs for its products and is not facing any significant business continuity issues with respect to key suppliers. The large majority of PMI's manufacturing facilities globally are currently operational. As of June 30, 2020, the company had approximately $4.2 billion of cash and cash equivalents.
For fiscal 2020, the company has issued its forecast, which reflects like-for-like currency-neutral adjusted earnings per share growth in the low-to-mid single digits. Adjusted earnings per share is projected in a range of $4.92 to $5.07, reflecting like-for-like currency-neutral growth of approximately 2% to 5%. The forecast assumes a currency-neutral net revenue decline in the low single digits, on a like-for-like basis.