Philip Morris reports lost revenue

Philip Morris International Inc. P.M,
-0.98%
reported second-quarter net income totaling $2.17 billion, or $1.39 per share, up from $1.95 billion or $1.25 per share last year. Adjusted EPS of $1.57 beat the FactSet consensus at $1.55. Revenue of $7.59 billion was up from $6.65 billion last year and below the FactSet consensus at $7.67 billion. The company’s cigarette alternative Iqos had 20.1 million users at the end of the quarter. Cigarette volume increased by 3.2% to 156.1 billion units shipped worldwide. Philip Morris has approved a new share repurchase program of up to $7 billion, with the goal of spending $5 billion to $7 billion over a three-year period beginning in the third quarter. For 2021, Philip Morris targets earnings per share of $5.76 to $5.86 and adjusted earnings per share of $5.97 to $6.07. The FactSet consensus is for earnings per share of $6.08. “The foregoing is substantiated by the assumption that, even in the event of prolonged pandemic-related restraints, there will be no return to the low consumption levels of the second quarter of 2020,” the company said in a statement. “This assumption is consistent with the less severe impact on consumption levels seen in the second half of 2020 as COVID-19 spread in a number of markets.” Philip Morris stock fell 0.5% in Tuesday’s premarket trading but is up 18.3% so far. The S&P 500 index SPX,
-1.59%
is up 13.4% so far for 2021.

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