When Philip Morris International Inc. (NYSE: PM) reported its most recent quarterly results before the markets opened on Thursday, the company said that it had $1.46 in earnings per share (EPS) and $7.70 billion in revenue. The consensus estimates had called for $1.32 in EPS and revenue of $7.37 billion. The second quarter of last year reportedly had EPS of $1.41 and $7.73 billion in revenue.

During the most recent quarter, cigarette and heated tobacco unit shipment volume slipped 1.4% (down by 0.7% on a like-for-like basis), reflecting cigarette shipment volume down by 3.6% and heated tobacco unit shipment volume up by 37.0%

One highlight from the report was that the U.S. Food and Drug Administration (FDA) announced that the marketing of IQOS, PMI’s electrically heated tobacco system, is appropriate for the protection of public health and authorized it for sale in the United States

Looking ahead to the 2019 full year, the company expects to see EPS of $4.94. Consensus estimates call for $5.16 in EPS and $29.68 billion in revenue for the year.

CEO André Calantzopoulos, commented:

Of particular note is our combined cigarette and heated tobacco unit shipment volume, which — for the first six months of the year — was up by 0.1% on a like-for-like basis. This positive performance was led by robust in-market heated tobacco unit year-to-date sales growth of 34.0%, making HEETS/HeatSticks, combined, a top-ten international tobacco brand, despite only being present in approximately one quarter of our markets. In the markets where they are sold, our heated tobacco brands held a sizable combined share of 5.0% year-to-date, driving a total international share of 2.1%, up by 0.6 points.

Shares of Philip Morris traded up about 7% at $86.82 on Thursday, in a 52-week range of $64.67 to $92.74. The consensus price target is $93.29.

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