Philip Morris International Inc. has seen its shares rise almost 40% in 2023, outperforming the S&P 500's gain of 23%, thanks to its diversification efforts.
In the third quarter, Philip Morris reported a remarkable revenue increase of 11.6% to $9.9 billion and a 42.9% rise in earnings per share to $1.91.
The company's diversification strategy has resulted in about 38% of its sales coming from smoke-free products, highlighting Philip Morris's evolution beyond traditional cigarettes.
With $11 billion in cash flow expected this year, the company raised its dividend by 3.8% to $1.35 per share, ensuring a likely continuation of this trend.
#philip-morris-international #stock-performance #dividend-growth #smoke-free-tobacco #financial-results
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