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Philip Morris Raises 2024 Guidance, Shares Catapult to All-Time Highs

publication date: Oct 22, 2024
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Image: Shares of Philip Morris catapult to all-time highs. 

On the heels of strength witnessed in the third quarter, Philip Morris raised its outlook for adjusted diluted earnings per share, excluding currency, to $6.85-$6.91 (was $6.67-$6.79 per share), reflecting 14%-15% growth, up from prior expectations of 11%-13%. We like the earnings momentum behind Philip Morris’ business, and the company has a big winner on its hands with ZYN nicotine pouches. The high end of our fair value estimate range for Philip Morris stands at $134 per share. Shares yield 4.5%.


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