Philip Morris International (PM) slides as revenue and earnings guidance miss expectations

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 $9.2 billion.

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% pre-market, 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.

By Sam Boughedda

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