Philip Morris International Inc.’s stock
PM,
was down by 0.5% in premarket trading on Thursday after the cigarette maker reported a 1.2% drop in fourth-quarter net income, while its cigarette shipment volume fell 1.9%. The company said it earned $2.19 billion, or $1.41 a share in the fourth quarter, down from $2.38 billion, or $1.54 a share, in the year-ago quarter. Adjusted profit of $1.36 a share fell short of the FactSet consensus estimate of $1.45 a share. Revenue increased by 11% to $9.05 billion, in line with the analysts’ estimate. Looking ahead, Philip Morris expects 2024 earnings of $5.90 a share to $6.02 a share, below the analyst estimate of $6.60 a share.
