Philip Morris Stock Slides As It Lowers Guidance And Revenues, Earnings Miss

Philip Morris International Inc. on Thursday reported revenues of $19.32 billion vs. $19.04 billion a year ago, below the FactSet consensus of $20.07 billion. It had adjusted earnings per share of $1.14, down from $1.15 a year ago and missing the FactSet consensus of $1.23. CEO Andr� Calantzopoulos called the quarterly results "robust" but the company cut its 2017 EPS outlook to $4.78-$4.93 from $4.84-$4.99. Cigarette shipment volumes were down 7.5% in the second quarter. The stock has gained 33% for the year to date, compared to 10.50% for the S&P 500