What Happened?
Shares of tobacco company Philip Morris International (NYSE:PM) jumped 10.5% in the afternoon session after the company reported strong fourth-quarter results that beat analysts' revenue expectations, driven by its 9% sales growth in the Smoke-free division. Specifically, the division's growth was led by a 46% increase in unit sales of nicotine pouches like ZYN. In addition, its gross margin, EPS, and EPS guidance were higher than Wall Street's estimates. Overall, this quarter had some key positives.
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What The Market Is Telling Us
Philip Morris’s shares are not very volatile and have only had 2 moves greater than 5% over the last year. Moves this big are rare for Philip Morris and indicate this news significantly impacted the market’s perception of the business.
Philip Morris is up 19.6% since the beginning of the year, and at $144.98 per share, has set a new 52-week high. Investors who bought $1,000 worth of Philip Morris’s shares 5 years ago would now be looking at an investment worth $1,681.
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