Philip Morris: No Smoke, No Fire

Philip Morris International stock is down 2.9% to $50.51, after the company missed the first quarter consensus estimate and reaffirmed its full-year forecast.
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NEW YORK (TheStreet) -- Philip Morris International (PM) - Get Report stock is down 2.9% to $50.51, after the company missed the first-quarter consensus estimate and reaffirmed its full-year forecast.

The company has reaffirmed its full-year forecast of $3.75 to $3.85 a share vs. $3.24 in 2009.

Philip Morris International posted net earnings of $1.703 billion in the first quarter, compared with $1.476 billion the previous year. Reported and adjusted earnings were 90 cents a share, up by 21.6% versus 74 cents in 2009, but missing the 93 cents a share estimate from a Thomson Reuters survey of analysts. Philip Morris International said its organic volume declined by 2.3% during the quarter.

Net revenue was up 17.3% to $15.587 billion.

During the quarter, Philip Morris International repurchased 36.1 million shares of its common stock for $1.8 billion and declared a regular quarterly dividend of 58 cents a share during the quarter.

-- Reported by Andrea Tse in New York

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