Tobacco maker Philip Morris (PM) - Get Philip Morris International Inc. Report on Thursday reported first-quarter earnings that handily beat Wall Street forecasts amid strong demand for both tobacco and e-cigarette products.
Philip Morris reported first-quarter earnings of $1.35 billion, or $1.09 a share on an adjusted basis, vs. $1.56 billion, or $1 a share, in the comparable year-earlier period. Analysts polled by FactSet had been expecting earnings of 98 cents a share. Excluding adjustments for costs and other factors, the company earned 87 cents a share.
Revenue was $6.75 billion vs. $6.89 billion in the comparable year-earlier period.
Robust performance from the company's "combustible portfolio" combined with strong share growth from its smoke-free products, notably in Japan, Russia and across the EU, helped underpin both revenue and net earnings, CEO Andre Calantzopoulos said in a statement.
For 2019, Philip Morris revised its previously reported per-share earnings forecast to be "at least $4.87 at prevailing exchange rates." Analysts polled by FactSet had been expecting per-share earnings of $5.18.
Shares of Philip Morris were down 0.6% at $84.96 in trading Thursday.