Marlboro Maker Philip Morris Highlights Strong Q3 Performance On Higher Prices, Issues Upbeat Annual Forecast

On Tuesday, Philip Morris International Inc. (NYSE:PM) stock is trading higher after the company reported better-than-expected third-quarter 2024 earnings.

The Marlboro maker reported third-quarter revenue of $9.91 billion, up 8.4% year over year, beating the consensus of $9.69 billion.

Net revenues increased by 11.6% on an organic basis, mainly reflecting a favorable pricing variance, primarily due to higher combustible tobacco pricing, and a favorable volume/mix, mainly driven by higher smoke-free product volume.

“In the third quarter, we delivered exceptionally strong performance, with record quarterly net revenues and earnings per share,” said Jacek Olczak, CEO.

“This reflects excellent momentum across all regions and categories, with a reacceleration in IQOS adjusted in-market sales growth, strong ZYN ...