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Shares of Philip Morris International climbed to a record high on Tuesday after the tobacco giant reported better-than-expected quarterly results.
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Shipments of the company’s nicotine pouches and heated tobacco devices soared, while cigarette shipments rose slightly.
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Philip Morris also raised its full-year earnings outlook.
Philip Morris International (P.MShares rose to a record high on Tuesday after the tobacco giant posted better-than-expected results and raised its outlook on rising demand for its non-cigarette products.
The maker of Marlboro cigarettes, ZYN nicotine pouches and IQOS heated tobacco devices reported third-quarter adjusted earnings per share (EPS) of $1.91, with revenue up 6.7% from a year ago to $2.96 billion. Both were quarterly records and exceeded analyst expectations.
Nicotine pouch shipments rose 43.6% to 164.6 million cans. Shipments of heated tobacco units rose 8.9% to 35.35 million units. Cigarette shipments improved 1.3% to 163.24 million.
The company noted that its smoke-free business represented 38% of sales and 40% of gross profit.
Philip Morris said it now expects full-year adjusted diluted earnings per share of $6.45 to $6.51, up from its previous guidance of $6.33 to $6.45.
Shares of Philip Morris rose about 9% to $129.60 in Tuesday afternoon trading and are up more than 37% since the start of the year.
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