Philip Morris Beats 2Q Expectations But Volumes Fall 18%
July 21 2020 - 7:49AM
Dow Jones News
By Micah Maidenberg
Philip Morris International Inc. said its profit and sales fell
for the latest quarter as the cigarette producer saw weaker demand
and faced some manufacturing challenges tied to the Covid-19
pandemic.
Philip Morris on Tuesday posted earnings of $1.95 billion, or
$1.25 a share, compared with $2.32 billion, or $1.49 a share, in
the comparable quarter last year.
Adjusted earnings were $1.29 a share, or $1.35 a share excluding
currency fluctuations, ahead of the $1.10 a share analysts had
expected.
Sales fell 14% to $6.65 billion. Analysts were looking for $6.5
billion.
The company said cigarette shipments fell 18% in the quarter,
dragged down in part by weakness in South and Southeast Asia, where
volumes were off 28% year over year, and Latin America and Canada,
where they fell 20%.
Philip Morris also said Tuesday that virtually all of its
factories are currently running, but some sites had to navigate
government restrictions tied to the coronavirus.
"The large majority of PMI's manufacturing facilities globally
are currently operational, including all heated tobacco unit
factories. Certain cigarette production facilities are temporarily
impacted by government-mandated shutdowns or production
limitations," the company said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
July 21, 2020 07:34 ET (11:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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