Philip Morris International (NYSE: PM) reported fourth-quarter 2020 financial results before the regular market hours on Thursday. The tobacco company reported fourth-quarter revenue of $7.44 billion, down 3.5% year-over-year, but above the Wall Street projection. Net income of $1.26 per share was also higher than what analysts had anticipated.
PM shares were trading flat immediately following the announcement. The stock declined 4% in the trailing 12 months.
CEO André Calantzopoulos said in a statement, “For the full year, we are expecting a significant recovery, with mid-single-digit organic net revenue growth—driven by the growing contribution of IQOS—and further efforts on cost efficiencies driving an acceleration in forecasted adjusted diluted EPS growth to a range of 9% to 11% on the same basis.”