Philip Morris Tops Estimates, Retains 2001 Growth Targets

Philip Morris (MO Quote) surpassed analysts' first-quarter expectations by a penny, and the tobacco, food and beer giant said it remained comfortable with underlying earnings per share growth of 9% to 11% for 2001.

For the quarter ended March 31, the company, which is based in New York, posted underlying income of $2.11 billion, or 95 cents a diluted share. Analysts expected the company to earn 94 cents, according to Thomson Financial/First Call. The company, a member of the Dow Jones Industrial Average, earned $2.07 billion, or 89 cents a share, in the year-ago period. ...