ZYN FTW: Philip Morris hits record high on blowout earnings report

Shares of Philip Morris were up as much as 10% on Tuesday, making it one of the top S&P 500 gainers of the day.

The Marlboro maker reported an upbeat third quarter result after transitioning into making more, ironically, smoke-free products. Demand for ZYN, Philip Morris’ popular nicotine pouches that are believed to be safer alternatives to cigarettes, grew significantly, as shipments in the US market climbed 41.4% compared to a year earlier. IQOS, its signature heated tobacco device, also saw accelerated growth in Japan and Europe.

Earnings per share were $1.91, more than Wall Street’s expectation of $1.82. Sales hit $9.9 billion, which beat estimates of $9.7 billion, according to FactSet. The stock price hit record high.

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