Philip Morris Q1 Results Top Estimates, But Trims FY24 Outlook

(RTTNews) - Philip Morris International Inc. (PM) reported Tuesday that net earnings attributable to PMI for the quarter grew to $2.15 billion or $1.38 per share from $2.00 billion or $1.28 per share in the prior-year quarter.

Excluded items, adjusted earnings for the quarter were $1.50 per share, compared to $1.38 per share in the year-ago quarter. Excluding currency, adjusted earnings were $1.70 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share for the quarter. Analysts' estimates usually exclude special items.

Net revenues for the quarter increased 9.7 percent to $8.79 billion from $8.02 billion in the same quarter last year. Analysts expected revenues of $8.47 billion for the quarter.

Looking ahead to fiscal 2024, the company now projects earnings in a range of $5.70 to $5.82 per share, adjusted earnings in a range of $6.19 to $6.31 per share and $6.55 to $6.67, excluding currency, on net revenue growth of 7 to 8.5 percent on an organic basis.

Previously, the company expected earnings in the range of $5.90 to $6.02 per share and adjusted earnings in the range of $6.43 to $6.55 per share on net revenue growth of 7 to 9 percent on an organic basis.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.37 per share on revenue growth of 4.9 percent to $36.99 billion for the year. Analysts' estimates typically exclude special items.

For the second quarter, the company expects $1.50 to $1.55 per share, including an estimated adverse currency impact of 14 cents at prevailing exchange rates. The Street is currently looking for earnings of $1.63 per share for the quarter.

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