Shares of tobacco company Philip Morris International (NYSE: PM) jumped on Thursday, climbing about 10% as of 1:22 p.m. EDT.
The stock's gain follows the company's second-quarter earnings release, which featured revenue and non-GAAP (adjusted) earnings per share that crushed analysts' consensus forecasts for the metrics.
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Philip Morris reported second-quarter revenue of $7.7 billion, down 0.3% from the same period last year. This revenue easily beat analysts' average forecast for $7.4 billion. Adjusted for the deconsolidation of the company's Canadian subsidiary, Rothmans, and Benson & Hedges, as well as for the impact of currency changes, revenue rose 9% year over year.
Non-GAAP earnings per share for the period were $1.46, coming in ahead of analysts' consensus estimate for $1.33.
"Building on our encouraging start to the year, we delivered another strong quarter that continues to demonstrate the soundness of our strategies and the quality of our execution," said Philip Morris CEO Andre Calantzopoulos in the company's second-quarter update.
The company's strong second-quarter results prompted management to lift its outlook for the year.
Management now expects its adjusted EPS to grow by 9% or greater in 2019. This is up a percentage point from the company's previous forecast for the metric's growth rate.
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