Philip Morris (PM) Misses Q2 EPS by 5c; FY16 Outlook Updated

Philip Morris (NYSE: PM) reported Q2 EPS of $1.15, $0.05 worse than the analyst estimate of $1.20. Revenue for the quarter came in at $6.65 billion versus the consensus estimate of $6.77 billion.

2016 Full-Year Forecast

• PMI revises its 2016 full-year reported diluted earnings per share forecast for currency only to be in a range of $4.45 to $4.55, at prevailing exchange rates, versus $4.42 in 2015. (The Street sees $4.47.) Excluding an unfavorable currency impact, at prevailing exchange rates, of approximately $0.40 for the full-year 2016, the diluted earnings per share range represents a projected increase of approximately 10% to 12% versus adjusted diluted earnings per share of $4.42 in 2015 as detailed in the attached Schedule 20
• This forecast does not include any share repurchases in 2016
• This forecast excludes the impact of any future acquisitions, unanticipated asset impairment and exit cost charges, future changes in currency exchange rates, and any unusual events. Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections

For earnings history and earnings-related data on Philip Morris (PM) click here.

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