01:52 PM EDT, 10/21/2025 (MT Newswires) -- Philip Morris International's ( PM ) third-quarter results exceeded Wall Street's expectations, while the tobacco company issued a downbeat outlook for the final quarter of 2025, sending its shares declining in Tuesday trading.

Adjusted earnings per share rose to $2.24 for the three months ended Sept. 30 from $1.91 a year ago and topped the FactSet-polled consensus of $2.09. Revenue grew 9.4% to $10.85 billion, while analysts expected $10.64 billion.

Philip Morris ( PM ) finance chief Emmanuel Babeau warned that revenue growth could slow down in the ongoing quarter, citing factors including the timing of pricing and declining volumes in combustibles.

The company forecast "a slower quarter of top-line growth" and up to 6% currency-neutral adjusted EPS growth in the three months to December, Chief Financial Officer Emmanuel Babeau said in prepared remarks published on the company's website. The EPS outlook compares with a 13% rise in the third quarter's tally.

Shares of Philip Morris ( PM ) were down 5.8% intraday.

For 2025, the company now expects adjusted EPS of $7.46 to $7.56, lifting the bottom end from its prior outlook from $7.43. Analysts are looking for $7.52, up from the prior year's $6.57.

Philip Morris ( PM ) reiterated its 2025 organic net revenue growth outlook of 6% to 8%, but Babeau said growth is likely to fall in the the lower half of the range "consistent with smoke-free volumes and given the top-line impact of US investments." Analysts expect $40.78 billion in sales this year, up from last year's $37.88 billion.

In the third quarter, smoke-free net revenue grew organically by roughly 14%, aided by the short-term impact of US promotions, according to Babeau. Combustible revenue rose 1%.

Price: 148.56, Change: -9.50, Percent Change: -6.01