Tobacco company Philip Morris International (NYSE: PM) will be reporting results this Wednesday morning. Here’s what you need to know.
Philip Morris met analysts’ revenue expectations last quarter, reporting revenues of $10.36 billion, up 6.8% year on year. It was a mixed quarter for the company, with revenue in line with analysts’ estimates but a miss of analysts’ adjusted operating income estimates.
Is Philip Morris a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Philip Morris’s revenue to grow 7.3% year on year, improving from the 5.8% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Philip Morris rarely misses Wall Street’s revenue estimates.
Looking at Philip Morris’s peers in the consumer staples segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Constellation Brands’s revenues decreased 11.3% year on year, beating analysts’ expectations by 2.3%, and Cal-Maine reported a revenue decline of 53%, topping estimates by 3.8%. Constellation Brands traded up 8.5% following the results while Cal-Maine was down 1.3%.
Read our full analysis of Constellation Brands’s results here and Cal-Maine’s results here.
There has been positive sentiment among investors in the consumer staples segment, with share prices up 5.7% on average over the last month. Philip Morris is down 2.9% during the same time and is heading into earnings with an average analyst price target of $192.60 (compared to the current share price of $158.50).
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