The tobacco giant’s organic revenue growth outpaced expectations, driven by gains in both smoke-free and combustibles segments.
Philip Morris International reported second-quarter organic revenue growth of 7.6%, reaching $11.2 billion, exceeding market estimates. The increase was fueled by a 9.7% rise in smoke-free products and a 6.1% gain in combustibles.
The results surpassed consensus forecasts, with prior-year organic revenue growth at 5.8%. The company’s performance lifted shares in early trading and provided a boost to the broader tobacco sector.
Shares of PM gained in Wednesday morning trading, reflecting investor confidence in the quarter’s outperformance.