Philip Morris' stock jumps after profit beat, revenue falls less than expected
Shares of Philip Morris International Inc. ran up 3.0% in morning trade Thursday, after the cigarette seller reported fourth-quarter earnings and revenue that beat expectations, while total shipment volumes fell. Net income rose to $1.91 billion, or $1.23 a share, from $694 million, or 44 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.25, above the FactSet consensus of $1.17. Net revenue fell 9.6% to $7.50 billion, but was above the FactSet consensus of $7.39 billion. Total shipment volume fell 4.6%, with cigarette volume down 3.1% to 190.25 billion units and heated tobacco shipments down 22.6% to 12.17 billion units. Within cigarettes, Marlboro shipments fell 2.6% to 68.44 billion. Combustible products revenue fell 4.2% to $6.37 billion and reduced-risk products revenue dropped 31.5% to $1.13 billion. The stock has declined 12.7% over the past three months, while the S&P 500 has lost 3.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.