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Philip Morris Stock Slides as it Lowers Guidance and Revenues, Earnings Miss

Published 10/19/2017, 07:13 AM
Updated 10/19/2017, 07:13 AM
© Reuters.  Philip Morris stock slides as it lowers guidance and revenues, earnings miss

Investing.com - Philip Morris International (NYSE:PM) reported weaker than expected third quarter earnings and revenue on Thursday, and cut its full-year outlook, sending its shares lower in pre-market trade.

The cigarette-maker reported earnings per share of $1.27 on revenue of $7.47 billion in the June-Sept. quarter. Analysts had expected EPS of $1.38 on revenue of $7.75 billion.

Cigarette and heated tobacco unit shipment volume fell by 0.5% to 208.2 billion, while cigarette shipment volume declined 4.1% to 198.5 billion units.

CEO André Calantzopoulos called the quarterly results "very strong" but the company cut its 2017 EPS outlook to a range of $4.75 to $4.80, below Wall Street expectations for $4.84.

Traders will now turn their attention to the bank’s conference call due to start at 9:00AM ET (1300GMT).

Philip Morris shares fell 0.7% to $111.70 in trading prior to the opening bell.

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