Philip Morris International (NYSE: PM) slipped in pre-market trading on Thursday after the tobacco company reported adjusted diluted EPS of $1.38 in Q1, a decline of 4.4% year-over-year but beating consensus estimates of $1.34 per share.
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The company generated net revenues of $8 billion, up 3.5% year-over-year but fell short of analysts’ expectations of $8.1 billion.
Looking forward, in FY23, Philip Morris expects revenues to increase by 7% to 8.5% on an organic basis while second-quarter adjusted diluted EPS is likely to be in a range of $1.42 to $1.47, “including an unfavorable currency impact, at prevailing exchange rates, of $0.13 per share, notably reflecting HTU [heated tobacco units] shipment volume of around 30 to 32 billion units and high single-digit organic top-line growth.”
Analysts are cautiously optimistic about PM stock with a Moderate Buy consensus rating based on 10 Buys, three Holds, and one Sell.
