Philip Morris International Inc. delivered promising results on Tuesday, disclosing that quarter net earnings attributable have grown to $2.15 billion, or $1.38 per share. This represents an increase from the prior year's quarter earnings of $2.00 billion or $1.28 per share.
When items were excluded, the adjusted earnings for the quarter reached $1.50 per share, an increase from the $1.38 per share reported in the corresponding quarter in the previous year. Adjusted earnings, excluding currency factors, were $1.70 per share.
A pool of 12 analysts surveyed by Thomson Reuters had predicted the company's quarterly earnings to be $1.41 per share. These estimates typically do not include special items.
In terms of revenue, there was a noteworthy 9.7 percent increase to $8.79 billion, elevating from $8.02 billion recorded in the same quarter the previous year. The anticipated revenues for the quarter, according to analysts, were $8.47 billion.
As for the 2024 fiscal year, the company now expects earnings to fall within the bracket of $5.70 to $5.82 per share, with adjusted earnings ranging from $6.19 to $6.31 per share. Moreover, excluding currency, earnings are projected to be between $6.55 and $6.67 per share. This is supported by an anticipated net revenue growth of 7 to 8.5 percent on an organic basis.
Previously, the earnings for the 2024 fiscal year were estimated to be in the range of $5.90 to $6.02 per share, with adjusted earnings ranging from $6.43 to $6.55 per share. These figures were based on a forecasted net revenue growth of 7 to 9 percent on an organic basis.
Analysts recruited by Thomson Reuters expect the company to report yearly earnings of $6.37 per share and a revenue growth of 4.9 percent, scaling up to $36.99 billion.
For the second quarter, the company anticipates earnings per share to lie in the range of $1.50 to $1.55. This includes an estimated adverse currency impact of 14 cents at prevailing exchange rates. Current predictions are signaling earnings of $1.63 per share for the quarter.
