10/20/2022, 1:06 PM (Source: TeleTrader)
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Philip Morris Q3 revenue down 1.1% to $8B

Philip Morris International Inc. reported that its net revenue for the third quarter of fiscal 2022 fell by 1.1% annually to $8 billion, American cigarette and tobacco manufacturer published its report on Thursday.

Meanwhile, the report revealed Philip Morris' diluted earnings per share were $1.34, representing a drop of 13.5% increase compared to the same quarter a year earlier. Operating income declined by 14.1% to reach $2.96 billion year-on-year. The company's net revenue for the year-to-date landed at $23.6 billion, rising by 1.3% in comparison to the corresponding time frame year before.

"We delivered a very strong performance in the third quarter [...] despite pressures related to currency, the supply chain, and inflation," said Chief Executive Officer Jacek Olczak upon the release of the quarterly report. Following the earnings report, shares of Philip Morris were up by 0.86% to sell for $87.21 in premarket trading.

Baha Breaking News (BBN) / AB