Philip Morris International (PM) said it achieved record quarterly smoke-free gross profit and adjusted EPS in its third quarter. The company is on track to exceed 2024-26 growth targets and upgraded 2025 full-year adjusted EPS forecast. For 2025, the company now expects adjusted EPS, excluding currency, in a range of $7.36 - $7.46. Adjusted EPS is expected in a range of $7.46 - $7.56. Reported EPS is projected in a range of $7.39 - $7.49. The company expects net revenue growth of around 6% to 8% on an organic basis. No share repurchases are anticipated in 2025.
Third-quarter net income attributable to PMI increased to $3.48 billion from $3.08 billion, last year. Reported EPS grew 13.2% to $2.23. Adjusted EPS was up 17.3% to $2.24. Adjusted EPS excluding currency was up 13.1% to $2.16. Analysts on average expected the company to report profit per share of $2.10, for the quarter. Analysts' estimates typically exclude special items.
Third quarter net revenue was $10.85 billion, compared to $9.91 billion, last year. Organic growth was 5.9%, for the quarter. Analysts on average had estimated $10.66 billion in revenue.
Shares of Philip Morris are up 3% in pre-market trade on Tuesday.
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