viewPhilip Morris International

Philip Morris International drifts lower as strong dollar hits sales

Shares in cigarette and tobacco maker fell 3.4% in morning New York trading

Cigarettes being made in Philip Morris International factory
The strong dollar made PMI's tobacco more expensive overseas

Shares in Marlboro maker Philip Morris International (NYSE:PM) wafted lower on Tuesday after a strong dollar and lower sales hit second quarter revenue.

The stock fell US$3.52, or 3.4%, to US$99.5 after PMI, which also makes Parliament, L&M and Chesterfield cigarettes, posted earnings per share of US$1.15, below market estimates of US$1.20.

Sales also fell short of forecasts, at US$6.65bn rather than the US$6.77bn predicted by analysts.

Philip Morris faced currency troubles as the strong dollar made its tobacco more expensive overseas.

Sales also took a hit as health concerns reduce demand for cigarettes generally, particularly in western markets.

The company said it anticipated better second-half sales as the dollar weakens.

Quick facts: Philip Morris International

Price: 84.02 USD

Market: NYSE
Market Cap: $130.86 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


Nano One launches M2CAM and named as one of the TSX Venture top 50 companies

Nano One (CVE: NNO- OTC: NNOMF) CEO Dan Blondal joined Steve Darling from Proactive to share news, Nano One has been named of the TSX Ventures top 50 companies. Blondal shares with Proactive what that means for the company and he also shares with Proactive how their proprietary coated single...

12 hours, 19 minutes ago

2 min read