Philip Morris International shares climbed to a record high Tuesday after the tobacco giant reported better-than-expected quarterly results.
Shipments of the company's nicotine pouches and heated tobacco devices surged, while cigarette shipments rose slightly.
Philip Morris also raised its full-year earnings outlook.
Philip Morris International (PM) shares climbed to an all-time high Tuesday after the tobacco giant posted better-than-expected results and raised its outlook on soaring demand for its non-cigarette products.
The maker of Marlboro cigarettes, ZYN nicotine pouches, and IQOS heated tobacco devices reported third-quarter adjusted earnings per share (EPS) of $1.91, with revenue advancing 6.7% from a year ago to $2.96 billion. Both were quarterly records and exceeded analysts' estimates.
Shipments of nicotine pouches jumped 43.6% to 164.6 million cans. Heated tobacco unit shipments were up 8.9% to 35.35 million. Shipments of cigarettes improved 1.3% to 163.24 million.
The company noted its smoke-free business made up 38% of its revenue and 40% of gross profit.
Philip Morris said it now anticipates full-year adjusted diluted EPS of $6.45 to $6.51, up from its previous outlook of $6.33 to $6.45.
Shares of Philip Morris were up about 9% at $129.60 in Tuesday afternoon trading and have gained over 37% since the start of the year.
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