Philip Morris stock slides as it lowers guidance and revenues, earnings miss

Philip Morris International Inc.

PM, +1.65%

on Thursday reported revenues of $19.32 billion vs. $19.04 billion a year ago, below the FactSet consensus of $20.07 billion. It had adjusted earnings per share of $1.14, down from $1.15 a year ago and missing the FactSet consensus of $1.23. CEO André Calantzopoulos called the quarterly results “robust” but the company cut its 2017 EPS outlook to $4.78-$4.93 from $4.84-$4.99. Cigarette shipment volumes were down 7.5% in the second quarter. The stock has gained 33% for the year to date, compared to 10.50% for the S&P 500

SPX, +0.54%


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