Tobacco giant Philip Morris (NYSE: PM) reported second quarter earnings Thursday before the open with a top line miss. EPS and revenue came in at $1.30 and 7.92 billion when analysts were looking for $1.41 and 8.19 billion.
Cigarette shipments fell 3.9 percent year over year to 228.9 billion units. The biggest drop in revenue came from Asia. With sales down 5.7 percent, earnings fell 17.3 percent year over year. The Latin America & Canada region was the strongest performing with 1.1 percent sales growth and 2.4 earnings growth.
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Philip Morris left 2013 full year forecast unchanged with earnings in the range of $5.43 to $5.53 versus $5.17 in 2012. Investors should note that this figure includes a one time 300 million cost savings and six billion share buyback program.
Shares are trading at $87.50 in the pre-market, down 2.46 percent.
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