Philip Morris International (PM) announced financial results for the first fiscal quarter of 2024 that exceeded financial analysts’ forecasts and provided a positive financial forecast for the full year.
The company’s stock price fell 0.8 percent before the market opened on Tuesday.
For the quarter, the company reported earnings of $1.50 per share, which was higher than financial analysts’ forecast of $1.41 per share. The company’s quarterly revenue reached $8.79 billion, above expectations of $8.46 billion.
The percentage representing the company’s profit from operations after adjusting for certain expenses increased to 38.2 percent from 37.3 percent in the corresponding quarter of the previous year.
Philip Morris International revised its full-year 2024 financial forecast to forecast adjusted earnings per share of $6.55 to $6.67, beating the average forecast of $6.37.
Jacek Olczak, Chief Executive Officer of Philip Morris, said: “The strong performance in our first quarter, characterized by strong revenue growth and a significant increase in profit margins, gives us the confidence to improve our financial forecast for 2024, when currency fluctuations are not taken into account.”
“The continued success of our smoke-free products is evident by the rapid increase in sales volumes and the significant increase in organic revenue and gross profit. This growth is supported by the operational efficiency of our IQOS product and the high profitability of our ZYN brand.”