Philip Morris International (NYSE:PM) shares dipped Thursday after the company reported earnings for its latest quarter, with revenues slightly missing expectations.
The tobacco company reported earnings of $1.67 per share, $0.06 better than the analyst estimate of $1.61. However, revenue for the quarter came in at $9.14 billion, below the consensus estimate of $9.2B.
The company said it experienced a strong IQOS performance, resilient combustible trends and the exceptional growth of ZYN, which surpassed its expectations.
"We delivered a very strong performance in the third quarter, surpassing $9 billion in quarterly net revenues for the first time and generating record quarterly adjusted diluted EPS of $1.67, representing currency-neutral growth of 20.3%," explained Jacek Olczak, PM's Chief Executive Officer.
However, the stock is down more than 2% Thursday, with the company's full-year earnings guidance also disappointing investors.
Philip Morris International sees FY2023 adjusted earnings between $6.05 and $6.08 per share, with the range below the consensus of $6.11.