Philip Morris International Inc
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Consumer Staples : Tobacco | Large Cap Value
Company profile

Philip Morris International Inc. is a holding company. The Company is engaged in the manufacture and sale of cigarettes, other tobacco products and other nicotine-containing products in markets outside of the United States. Its segments include European Union (EU); Eastern Europe, Middle East & Africa (EEMA); Asia, and Latin America & Canada. The Company's portfolio of international and local brands is led by Marlboro. Its mid-price brands are L&M, Lark, Merit, Muratti and Philip Morris. Its other international brands include Bond Street, Chesterfield, Next and Red & White. The Company also owns various local cigarette brands, such as Dji Sam Soe, Sampoerna and U Mild in Indonesia; Champion, Fortune and Jackpot in the Philippines; Apollo-Soyuz and Optima in Russia; Morven Gold in Pakistan; Boston in Colombia; Belmont, Canadian Classics and Number 7 in Canada; f6 in Germany; Delicados in Mexico; Assos in Greece, and Petra in the Czech Republic and Slovakia.

Closing Price
Day's Change
-0.41 (-0.55%)
B/A Size
Day's High
Day's Low
(Below Average)

10-day average volume:

Southwest raises September load factor outlook, lowers third-quarter cash burn view

6:55 am ET September 16, 2020 (MarketWatch)

Shares of Southwest Airlines Co. (LUV) edged up 0.1% in premarket trading Wednesday, after the air carrier updated its financial guidance trends, including and upbeat outlook for load factor and reducing its third-quarter outlook for daily cash burn. The company said August load factor was 42%, in line with previously provided guidance of 40% to 45%. The company lifted its estimate for September load factor to 45% to 50% from 40% to 50% and expects October load factor of 45% to 55%. Operating revenue was down 70% in August, compared with expectations of down 70% to 75%. Southwest affirmed its September outlook for revenue to be down 65% to 70%, and expects October revenue to fall 65% to 75%. The company said August daily cash burn averaged $19 million. Southwest now estimates third-quarter average daily cash burn of $17 million, down from a previous estimate of $20 million, citing improvements in close-in leisure demand and booking trends. The company said the close-in leisure demand trends have so far continued into September. Southwest reiterated its third-quarter capacity outlook for a decrease in the 30% to 35% range, and currently estimates November 2020 capacity to be down 35% to 40%. Southwest's stock has lost 24.8% year to date through Tuesday, while the U.S. Global Jets ETF (JETS) has dropped 41.6% and the S&P 500 has gained 5.3%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

September 16, 2020 06:55 ET (10:55 GMT)

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