Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

Philip Morris (PM) put up a solid quarter for the fourth quarter of 2012, exceeding expectations for many. PM had constant currency organic revenue growth accelerating to 6.8% versus the tough comp of +8.2% a year ago. EPS exceeded expectations by $0.02 but guided below consensus (range of $5.68 to $5.78) versus consensus of $5.79 - our guidance estimate is $5.71. PM’s results in the quarter shame a number of other large cap staples names whose multiples exceed that of PM.