Philip Morris falls short in Q4 – the stock is down
9 February 2024US tobacco and cigarette company Philip Morris International Inc. (NYSE: PM) released the latest financial results for Q4 and 2023 full year before opening bell in the US on Thursday.
The company reported revenue of $9 billion for the quarter, which was just shy of $9.008 billion expected.
Earnings per share (EPS) fell short of analyst estimates at $1.36 vs. $1.449 per share expected.
Full year revenue and EPS reached $35.2 billion and $5.02 per share respectively.
Company overview
- Founded: 1874
- Headquarters: Stamford, Connecticut, United States
- Number of employees: 79,800 (2022)
- Industry: Tobacco
- Key people: André Calantzopoulos (Executive Chairman), Jacek Olczak (CEO)
CEO commentary
“Our business delivered a strong finish to 2023 and we achieved a number of remarkable milestones on our path to becoming a smoke-free company,” Jacek Olczak, CEO of Philip Morris said after earnings.
“We are entering 2024 with strong momentum, and we expect it will be another year of excellent performance underpinned by an acceleration in organic smoke-free net revenue and profit growth,” Olczak added.
Stock reaction
Shares were down by 2.68% at the end of Thursday’s session at $88.99 a share – the lowest since October 2023.
Stock performance
- 5 day: -4.57%
- 1 month: -6.43%
- 3 months: -0.86%
- Year-to-date: -5.37%
- 1 year: -12.73%
Philip Morris stock price targets
- UBS Group: $86.50
- JP Morgan Chase & Co.: $115
- Redburn Atlantic: $95
- Jefferies Financial Group: $105
- Stifel Nicolaus: $114
- Morgan Stanley: $113
- Bank of America: $111
- Barclays: $110
- Citigroup: $117
Philip Morris International Inc. is the 94th largest company in the world with a market cap of $138.19 billion, according to CompaniesMarketCap.
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Sources: Philip Morris International Inc., TradingView, MarketWatch, MarketBeat, CompaniesMarketCap
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