Philip Morris Smokes Estimates

The recent Altria spin-off beat analyst expectations in its first report as an independent entity.

Author:
TSC Staff
Publish date:
Apr 23, 2008 3:20 PM EDT

The recent Altria spin-off beat analyst expectations in its first report as an independent entity.

Philip Morris International

(PM) - Get Philip Morris International Inc Report

, the cigarette seller that was recently spun off from

Altria

(MO) - Get Altria Group Inc. Report

, topped analysts' estimates for the quarter in which it became an independent company.

For the quarter ended March 31, the company earned $1.87 billion, or 89 cents a share, up from $1.45 billion and 69 cents a share a year earlier. Net revenue rose 17.6% to $15.56 billion. Excluding excise taxes, revenue was up 14.1% to $6.33 billion.

Analysts surveyed by Thomson Financial were looking for earnings of 77 cents and revenue, before excise taxes, of $6.15 billion.

Cigarette shipment volume was up 2.2% for the quarter to 217.9 billion units.

"Our robust first-quarter results are a terrific start out of the gate," said Louis Camilleri, Chairman and Chief Executive Officer. "Importantly, we continue to witness an improvement in our business fundamentals as evidenced by the double-digit revenue and income growth recorded in each of our geographic segments. While we continue to face some challenges in certain markets, I am confident that we have the appropriate strategies and resources in place to deal with them effectively."

Looking ahead, Philip Morris increased its full-year earnings forecast to a range of $3.18 to $3.24 a share. Previously, it expected $3.11 to $3.17. Analysts are projecting $3.20.

Separately, the company said it has reached an agreement to acquire certain brands from

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