Tobacco stocks have traditionally been viewed as a good hedge against bad times, but Philip Morris International shows that may be changing, writes rob_cyran.
Philip Morris International pulled its 2020 forecast of at least $5.50 of earnings per share, citing the effects of the coronavirus pandemic upon its business.
The cigarette company blamed reduced sales of high-margin brands in duty-free shops, slower uptake of its heated tobacco product IQOS, and the Indonesian government’s decision to delay enforcement of a new minimum price for cigarettes. The company also reported net revenue of $7.2 billion in the first quarter, an increase of 6% from the same period last year. Earnings per share rose 35% to $1.17.
The combined volume of cigarettes and heated tobacco products fell 1.2% compared to the same quarter last year, with cigarettes down 4.4% and heated tobacco up 46%.
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