Philip Morris International (NYSE:PM) missed the quarterly consensus earnings per share estimate for the fourth quarter, but the company topped revenue estimates. Its shares are down 3.5% premarket.
The tobacco company revealed Q4 earnings of $1.36 per share, $0.09 worse than the analysts' estimate of $1.45. However, revenue for the quarter came in at $9.05 billion, up 11% year-on-year and above the consensus estimate of $9.01 billion.
The company revealed that smoke-free products accounted for 39.3% of total net revenues during the quarter.
"Our business delivered a strong finish to 2023 and we achieved a number of remarkable milestones on our path to becoming a smoke-free company," said Jacek Olczak, PM's CEO.
Olczak added that its smoke-free product performance was led by the continued growth of IQOS, which has "now surpassed Marlboro in terms of net revenues, confirming its position as the leading premium nicotine brand less than 10 years from launch."
"We are entering 2024 with strong momentum, and we expect it will be another year of excellent performance underpinned by an acceleration in organic smoke-free net revenue and profit growth," added Olczak
Looking forward, Philip Morris International sees FY2024 earnings from $6.32 to $6.44 per share, versus the consensus of $6.60, while Q1 2024 earnings are expected to be between $1.37 and $1.42 per share, versus the consensus of $1.42.