Philip Morris Stock Tumbles as Sales Miss Estimates
Philip Morris International (PM) shares sank over 7% in Tuesday afternoon trading after the tobacco giant missed quarterly sales estimates as demand for cigarettes continued to decline.
The maker of Marlboro cigarettes and IQOS heated tobacco devices reported second-quarter revenue rose 7.1% year-over-year to $10.14 billion, while analysts surveyed by Visible Alpha were looking for $10.27 billion. Adjusted earnings per share of $1.91 beat forecasts.
Cigarette shipment volume fell 1.5% year-over-year to 155.2 billion, with total combustibles sales up just 2.1% to $6 billion. Meanwhile, smoke-free product volume jumped 11.8% to 44.8 billion, and sales surged 15.2% to $4.2 billion.
CEO Jacek Olczak said the results reflected 'excellent momentum in our multicategory smoke-free business.'
The company boosted its outlook for full-year adjusted EPS to $7.43 to $7.56 from the previous $7.36 to $7.49. However, it said it anticipates total cigarette and smoke-free shipment volume to be up approximately 1%, down from its previous guidance of a 2% gain, as cigarette volumes are expected to slide about 2%.
Even with Tuesday's losses, shares of Philip Morris International have added more than a third of their value year-to-date.
TradingView
Read the original article on Investopedia
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Asia shares sideswiped by US economic jitters, oil slips
By Wayne Cole SYDNEY (Reuters) -Asian share markets followed Wall Street lower on Monday as fears for the U.S. economy returned with a vengeance, spurring investors to price in an almost certain rate cut for September and undermining the dollar. Some early resilience in U.S. stock futures and a continued retreat in oil prices did help limit the losses, but the bleak message from the July payrolls report was hard to ignore. Not only had revisions meant payrolls were 290,000 below where investors had thought they would be, but the three-month average slowed to just 35,000 from 231,000 at the start of the year. "The report brings payroll growth closer in line with big data indicators of job gains and the broader growth dataset, both of which have slowed significantly in recent months," noted analysts at Goldman Sachs. "Taken together, the economic data confirm our view that the U.S. economy is growing at a below-potential pace." Neither did the reaction of President Donald Trump instil confidence, as the firing of the head of Labor Statistics threatened to undermine confidence in U.S. economic data. Likewise, news that Trump would get to fill a governorship position at the Federal Reserve early added to worries about the politicisation of interest rate policy. Analysts assume the appointee will be loyal to Trump alone, though the president did grudgingly concede that Fed Chair Jerome Powell would likely see out his term. "It opens the prospect of broader support on the Fed Board for lower rates sooner rather than later," said Ray Attrill, head of FX research at NAB. "Fed credibility, and the veracity of the statistics on which they base their policy decisions, are both now under the spotlight." Markets moved quickly to price in a lot more easing with the probability of a September rate cut swinging to 90%, from 40% before the jobs report. Futures extended the rally on Monday to imply 65 basis points of easing by year-end, compared to 33 basis points pre-data. Markets have essentially already eased for the Fed with two-year Treasury yields down another 4 basis points at 3.661%. They tumbled almost 25 basis points on Friday in the biggest one-day drop since August last year. DOLLAR DENTED The prospect of lower borrowing costs offered some support for equities and S&P 500 futures inched up 0.1%, while Nasdaq futures rose 0.2%. Asian share markets, however, were still catching up with Friday's retreat and the Nikkei fell 2.1%, while South Korea dipped 0.2%. MSCI's broadest index of Asia-Pacific shares outside Japan broke the mould and firmed 0.3%. Wall Street has also taken comfort in an upbeat results season. Around two-thirds of the S&P 500 have reported and 63% have beaten forecasts. Earnings growth is estimated at 9.8%, up from 5.8% at the start of July. Companies reporting this week include Disney, McDonald's, Caterpillar and some of the large pharmaceutical groups. The dismal U.S. jobs data did put a dent in the dollar's crown of exceptionalism, snuffing out what had been a promising rally for the currency. The dollar dipped 0.1% to 147.24 yen, having shed an eye-watering 2.3% on Friday, while the euro stood at $1.1585 after bouncing 1.5% on Friday. The dollar index was pinned at 98.659, having been toppled from last week's top of 100.250. Sterling was more restrained at $1.3287 as markets are 87% priced for the Bank of England to cut rates by a quarter point at a meeting on Thursday. The BoE board itself is expected to remain split on easing, while markets still favour two further cuts by the middle of next year. In commodity markets, gold was flat at $3,361 an ounce, having climbed more than 2% on Friday. [GOL/] Oil prices extended their latest slide as OPEC+ agreed to another large rise in output for September, which completely reverses last year's cuts of 2.2 million barrels per day. [O/R] Brent dropped 0.6% to $69.24 a barrel, while U.S. crude also fell 0.6% to $66.93 per barrel. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Newsweek
18 minutes ago
- Newsweek
Scottie Scheffler Banks $18 Million Before FedEx Cup Playoffs Even Begin
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. While the field at Sedgefield Country Club was battling in the final round at the Wyndham Championship, Scottie Scheffler was cashing in more than anyone in the field without even hitting a single shot. The World No. 1 was set to collect $18 million this weekend because of his dominant regular-season performance and a revamped PGA Tour bonus structure. PORTRUSH, NORTHERN IRELAND - JULY 20: Scottie Scheffler of the United States celebrates on the 18th green after winning The 153rd Open Championship at Royal Portrush Golf Club on July 20, 2025 in Portrush, Northern... PORTRUSH, NORTHERN IRELAND - JULY 20: Scottie Scheffler of the United States celebrates on the 18th green after winning The 153rd Open Championship at Royal Portrush Golf Club on July 20, 2025 in Portrush, Northern Ireland. (Photo by) More Getty Images Scheffler hasn't teed it up since hoisting the Claret Jug at Royal Portrush last month. He skipped both the 3M Open and this week's Wyndham Championship. Yet his lead atop the FedEx Cup standings is so commanding that his bonus payout is already locked in. Scheffler ended the regular season with a 1,362-point lead over world No. 2 Rory McIlroy. In doing so, he took home an $18 million check on Sunday. Earlier this season, the PGA Tour's Policy Board approved a restructuring of the year-end bonus format. The top 10 players in FedEx Cup points after the Wyndham Championship would split a $20 million prize. Scheffler, sitting comfortably at No. 1, earns a clean $10 million. But that's not all. The Comcast Business Top 10, a separate but similar ranking system based on FedEx Cup points, also rewards its leader with an $8 million check. The Texas native, naturally, is at the top of both lists. Add those up, and the newest Open winner's bank balance grew by $18 million before the playoffs even begin. A look back at Scheffler's 2025 campaign The four-time major winner's 2025 campaign has been nothing short of a roller-coaster ride. After battling a palm injury early in the season, he roared back with four wins, including the PGA Championship, The Open, CJ CUP Byron Nelson, and the Memorial Tournament. If that doesn't sound dominant enough, Scheffler also posted 13 top-10 finishes and never missed a cut. Scheffler's on-course earnings alone, now over $19.2 million in 2025, are unmatched on the PGA Tour. His career prize money has surpassed $145 million, and as per reports, his net worth is estimated at $110 million, bolstered by endorsements with Nike, TaylorMade, and Rolex. Masters champion Scottie Scheffler of the United States laughs during the Green Jacket Ceremony of the 2023 Masters Tournament at Augusta National Golf Club on April 09, 2023 in Augusta, Georgia. Masters champion Scottie Scheffler of the United States laughs during the Green Jacket Ceremony of the 2023 Masters Tournament at Augusta National Golf Club on April 09, 2023 in Augusta, the playoffs teeing off on August 7 at TPC Southwind, Scheffler will return to defend his 2024 FedEx Cup title. The total FedEx Cup prize pool is a jaw-dropping $100 million, with $10 million going to the Tour Championship winner and additional payouts based on standings after each playoff leg. Scheffler, who won the FedEx Cup last year, could match his $25 million haul from 2024 if he sweeps the playoffs again. And given his form, few would bet against him. More Golf: Charlie Woods Says 'Putter Finally Woke Up' Amid Birdie Surge At Junior PGA
The Verge
18 minutes ago
- The Verge
Thanks for sharing.
Lawyer and venture capitalist Hank Barry, Napster's former CEO, recalled famed music executive Quincy Jones asking him whether a particular Dizzy Gillespie track he had sought for years was available over Napster. Amazed that it was, Jones brokered peace talks with the industry, though they didn't work out.
