Philip Morris Conference Call Sheds Little Light On Long-Term Trends

Philip Morris International Inc. (NYSE: PM)'s third-quarter results provided little news for investors, as the story of the tobacco giant has remained fairly unchanged.

Philip Morris' third-quarter results beat consensus EPS estimates by two cents, despite lower volumes. Operating income beat consensus estimates by 3 percent.

Recent price increases from the company are heavily Q4 weighted, according to Citi analysts. "PM has become much clearer about how it is going to achieve the EPS growth in 4Q that is implicit in its full year guidance," said Citi in a recent analyst note.

Related Link: Why Philip Morris Is One Of The Market's Most Compelling Innovation Stories

Philip Morris has been suffering some market share loses, including another quarter of losses in Europe and Russia, partially offset by better share in Indonesia and in Japan.

An increase in taxes also weighed on Philip Morris in Russia and Indonesia; the combined markets contribute more than 18 percent of group operating income for the company.

Citi analysts have left EPS estimates unchanged on the company but have raised EBIT estimates by around 1 percent due to better pricing in Q4.

Citi maintains a Neutral rating on Philip Morris with a $106 price target.

Philip Morris was down over a half percent, trading at $95.96 at time of writing Wednesday.

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