Philip Morris posts record quarterly revenues and EPS

Tobacco giant Philip Morris posted record quarterly revenues and profit per share, while raising its outlook.

"This reflects continued excellent business momentum, driven by strong IQOS performance, resilient combustible trends and the exceptional growth of ZYN [nicotine pouches] -- which has surpassed our expectations yet again," said chief executive officer Jacel Olczak

For the three months ending in September, total net revenues jumped by 9.3% versus a year earlier on an organic basis to reach $9.1bn.

They were helped by a 16.5% surge in net revenues from smoke-free products to reach $3.3bn.

As a result, adjusted diluted earnings per share jumped by 11.3% to $1.67.

At constant exchange rates, net revenues were ahead by 16.4% and EPS by 20.3%.

During the latest three-month stretch, the company shipped 2.2% more cigarettes and Heated Tobacco units, for a grand total of 193.6bn.

"As a result of our strong year-to-date delivery, we are raising our full-year growth outlook for adjusted diluted

EPS to a range of 10.0% to 10.5%, excluding currency," Olczak added.