Philip Morris (PM) beats Q1 earnings, revenue estimates; issues upbeat guidance

Philip Morris International (NYSE: PM) reported earnings and revenue for the fiscal Q1 2024 that topped analysts' estimates and issued an upbeat guidance for the full year.

The company’s shares fell 0.8% in premarket trading Tuesday.

The tobacco giant reported quarterly earnings per share (EPS) of $1.50, surpassing the analyst estimate of $1.41. Revenue stood at $8.79 billion for the quarter, exceeding the consensus projection of $8.46 billion.

The adjusted operating income margin improved to 38.2% from 37.3% in the same quarter last year.

Looking ahead, Philip Morris International has updated guidance for the full year 2024, expecting an adjusted EPS range of $6.55 to $6.67, which is above the consensus estimate of $6.37.

"The strength of our first-quarter results with excellent top-line growth and significant margin expansion gives us the confidence to raise our 2024 currency-neutral guidance,” said Jacek Olczak, the Chief Executive Officer of Philip Morris.

"Strong smoke-free momentum continues with rapid underlying volume progression and accelerating organic net revenue and gross profit growth, fueled by the operating leverage of IQOS and the best-in-class economics of ZYN.”

By Vahid Karaahmetovic

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