Q2 Earnings Fall to Reach Expectations, Shares of Philip Morris Lose 3 Percent

Shares of Philip Morris International Inc. lost nearly 3.0 percent on Thursday after the cigarette and tobacco company reported second-quarter earnings below expectations.

Shares of Philip Morris dropped 2.98 percent in pre-market trading after the New York-based company reported revenues of $19.32 billion. This was up from $19.04 billion a year ago but failed to hit analysts’ forecast for revenues of $20.07 billion. Cigarette shipment volumes were reported to decline by 7.5% in the second quarter.

On a per-share basis, the company said it had profit of $1.14, down from $1.15 a year ago and missing expectation for earnings per share of$1.23. Philip Morris cut its 2017 EPS outlook to a range from $4.78 to $4.93 from a range from $4.84 to $4.99 previously forecast.

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