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Philip Morris Outperforms with Positive 2023 Outlook and Earnings Beat

Philip Morris International Inc (NYSE:PM) has announced higher-than-expected earnings guidance for 2023, despite global economic concerns.

The company's focus on transitioning from traditional cigarettes to smoke-free products is driving growth. Philip Morris now predicts adjusted earnings per share to be between $6.25 and $6.37, exceeding Bloomberg's consensus estimates of $5.97. The company's net revenue is also expected to increase by 7% to 8.5% due to the predicted year-on-year growth in heat-not-burn tobacco products.

Shares in Philip Morris rose by more than 2% in pre-market U.S. trading on Thursday. The company's acquisition of over 90% of Swedish Match and its planned takeover of e-cigarette firm IQOS in the U.S. in 2024 will further solidify its position as a leading smoke-free product manufacturer. Despite the challenges posed by the conflict in Ukraine, supply chain constraints, and global inflationary pressures, Philip Morris achieved adjusted core profit per share of $1.39 in the last quarter of 2022, beating predictions of $1.24. CEO Jacek Olczak stated that the company is well-positioned to continue its growth trajectory in the smoke-free product market.

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