Philip Morris International misses by $0.09, misses on revs; lowers FY17 EPS outlook
- Reports Q2 (Jun) earnings of $1.14 per share, $0.09 worse than the Capital IQ Consensus of $1.23; revenues rose 4.0% year/year to $6.92 bln vs the $7.11 bln Capital IQ Consensus. Adjusted operating cos income, reflecting the items detailed in the attached Schedule 12, of $2.8 billion, down by 1.1%. Total cigarette and heated tobacco unit shipment volume of 199.9 billion, down by 5.0%. Cigarette shipment volume of 193.5 billion units, down by 7.5%. Heated tobacco unit shipment volume of 6.4 billion units, up from 1.2 billion units in 2016. Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.14 for the full-year 2017, as well as the favorable tax item of $0.04 recorded in the first quarter of 2017, the forecast range represents a projected increase of ~9% to 12% versus adjusted diluted earnings per share of $4.48 in 2016.
- Co issues guidance for FY17, lowers EPS to $4.78-4.93 from $4.84-4.99 vs. $4.90 Capital IQ Consensus Estimate. This forecast anticipates net revenue growth, excluding excise taxes, of over 7%, excluding currency and acquisitions This forecast does not include any share repurchases in 2017, Total cigarette and heated tobacco unit shipment volume of 199.9 billion, down by 5.0% Cigarette shipment volume of 193.5 billion units, down by 7.5% Heated tobacco unit shipment volume of 6.4 billion units, up from 1.2 billion units in 2016