Philip Morris Q1 Earnings Decline; Guides Full-year Earnings Below View

(RTTNews) - Philip Morris International Inc. (PM) Thursday reported first-quarter earnings of $1.28 per share, lower than 1.50 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.38 per share.

Net revenues rose to $8.019 billion from $7.746 billion last year, primarily driven by accelerated combustible tobacco pricing and heated tobacco unit shipment volume growth. Adjusted revenue was $8.099 billion.

Analysts on average, polled by Thomson-Reuters were expecting earnings of $1.34 per share on revenue of $8.11 billion for the quarter. Analysts' estimates typically exclude special items.

Looking forward, Jacek Olczak, Chief Executive Officer said, "With our encouraging start to the year, we are reaffirming our full-year 2023 forecast for organic net revenue growth of 7% to 8.5% and currency-neutral adjusted diluted EPS growth of 7% to 9%."

The company expects full-year adjusted EPS to be in the range of $6.10-$6.22. Adjusted EPS, excluding currency is expected between $6.40 and $6.52. The consensus estimates stands at $6.34.

Philip Morris declared a quarterly dividend of $1.27 per share.