Philip Morris International Inc. (PM) reported its second quarter financial results before the market open on Wall Street on Thursday.

World’s largest tobacco company reported revenue of $7.832 billion in Q2 vs. $6.711 billion expected.

Earnings per share reported at $1.48 per share, also beating analyst estimate of $1.25 per share.

“First and foremost, the war in Ukraine continues to deeply affect the lives of our employees and families in the region,” said Jacek Olczak, CEO of Philip Morris in a press release following the announcement of the latest results.

“My first priority is to give them the help they need and as a company we are focused on doing our utmost to support them throughout this conflict.”

“We are raising our outlook for the full year and now expect to deliver pro forma adjusted growth in net revenues of 6% to 8%, on an organic basis, and diluted EPS of 10% to 12%, excluding currency, underpinned by pro forma heated tobacco unit shipment volume of 90 to 92 billion units.”

“Building on our excellent financial results in 2021, this year’s outlook puts us well on track to comfortably exceed our minimum compound annual net revenue and adjusted diluted EPS growth targets for 2021 to 2023 on a pro forma basis,” Olczak concluded.

Philip Morris International Inc. (PM) chart

Shares of Philip Morris were higher at the end of the trading day on Thursday, up by 4.19% at $93.34 per share.

Here is how the stock has performed in the past year:

• 1 Month -7.86%
• 3 Month -10.92%
• Year-to-date -1.48%
• 1 Year -3.75%

Philip Morris price targets

• Jefferies $99
• Morgan Stanley $112
• Stifel $105
• Goldman Sachs $100
• JP Morgan $110
• UBS $110
• Deutsche Bank $120

Philip Morris is the 73^rd largest company in the world with a market cap of $144.79 billion.

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Sources: Philip Morris International Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap