Philip Morris International Inc (NYSE: PM) reported a first-quarter FY23 sales increase of 3.5% year-on-year to $8.02 billion, missing the analyst consensus estimate of $8.11 billion.
Cigarette and Heated Tobacco unit shipment volume in Q1 fell by 1.1% Y/Y, reflecting a 3.1% decline in cigarette shipments.
Marlboro cigarette shipment volume decreased by 2.4%.
Revenue from smoke-free products accounted for 34.9% of total net revenues.
Adjusted operating margin for the quarter compressed from 43.6% to 37.3%, with $3 billion in adjusted operating income.
Adjusted EPS of $1.38 beat the consensus of $1.34.
The company held $2.4 billion in cash and equivalents as of March 31, 2023.
Following the termination of a distribution arrangement in the Middle East, PMI recorded a pre-tax charge of $80 million in Q1.
Outlook: Philip Morris expects FY23 adjusted EPS of $6.10 – $6.22 versus an estimate of $6.34.
It sees FY23 organic revenue growth of 7% – 8.5%.
Price Action: PM shares are trading lower by 4.96% at $96.48 on the last check Thursday.
Photo via Wikimedia Commons
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This article Why Cigarette Maker Philip Morris International Stock Is Plunging Today originally appeared on Benzinga.com
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Source: https://finance.yahoo.com/news/why-cigarette-maker-philip-morris-164258812.html