Philip Morris International Gets a Big Boost From IQOS in Q2
Philip Morris International (NYSE: PM) is proving that alternatives to traditional cigarettes are not only a viable option, but also a profitable one. The global tobacco giant's second-quarter earnings report indicates it may not be long before its IQOS heated tobacco electronic cigarette becomes its primary revenue producer.
Adjusted revenue of $7.7 billion rose 9% year over year in Q2, handily outpacing Wall Street's expectation of just $7.4 billion, while non-GAAP (adjusted) earnings of $1.46 per share beat last year's $1.41 and easily whipped analyst consensus estimates of $1.33.
An IQOS device. Image source: Philip Morris International.
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