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Philip Morris is investing in smoke-free products for the future.
Fabrice Coffrini/AFP via Getty Images
Philip Morris International
fell in early trading Thursday as first-quarter revenue missed expectations.
The maker of Marlboro cigarettes (ticker: PM) reported adjusted earnings per share of $1.38, compared with the $1.34 consensus among analysts polled by FactSet. But revenue came in at $8 billion, below estimates for $8.1 billion.
Philip Morris is aiming to make a majority of its sales from smoke-free products by 2025. Its heat sticks are in the process of getting approval, and the company plans to relaunch IQOS, a heated tobacco product, next year.
Shares fell 1.3% in premarket trading to $100.20. The stock is still up 12% over the past month.
Write to Brian Swint at [email protected]
Source: https://www.barrons.com/articles/philip-morris-earnings-stock-cigarettes-marlboro-c30577f7?siteid=yhoof2&yptr=yahoo