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Philip Morris International : misses 1Q forecasts, volume continues decline 04/20/2017 | 07:20am EDT
NEW YORK (AP) — Philip Morris International Inc. on Thursday reported a boost in first-quarter profit, but the results missed Wall Street expectations as a decline in cigarette sales continues to cut into revenue. Shares declined more than 2 percent before the market open. The New York-based company reported a 3.9 percent boost in profit to $1.59 billion, or $1.02 per share. Earnings, adjusted for pretax gains, were 98 cents per share. That fell short of Wall Street expectations. Analysts surveyed by Zacks Investment Research were looking for earnings of $1.03 per share. The maker of Marlboro and other brands said shipments of traditional cigarettes fell by 11.5 percent during the quarter. Revenue fell 1.4 percent to $16.56 billion in the period. Excluding excise taxes, revenue fell less than a percentage point to $6.06 billion. "Our results were in line with our previously communicated expectation of a relatively weak first quarter," said CEO Andre Calantzopoulos, citing lower cigarette volume as a key factor. Philip Morris expects full-year earnings to be in a range of $4.84 to $4.99 per share. Analysts polled by FactSet expect earnings of $4.88 per share. Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at https://www.zacks.com/ap/PM Keywords: Philip Morris, Earnings Report Automated Insights, source Associated Press News |