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Philip Morris Q1 Profit Tops Estimates - Quick Facts

Philip Morris International Inc. (PM) reported first-quarter adjusted EPS of $1.21, up by 11.0% year-on-year; or an increase of 30.1% on a like-for-like basis, excluding currency. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $1.13, for the quarter. Analysts' estimates typically exclude special items.

For the first quarter, net revenues were $7.15 billion compared to $6.75 billion, previous year. Analysts expected revenue of $6.82 billion for the quarter. Net revenues were up by 10.0% on a like-for-like basis, excluding currency. Cigarette and heated tobacco unit shipment volume was down by 1.2%; or a decline of 0.6% on a like-for-like basis.

PMI has decided to withdraw its 2020 reported EPS forecast of at least $5.50, due solely to uncertainty related to COVID-19 Pandemic. Full year capital expenditures are now projected to be approximately $0.8 billion, compared to approximately $1.0 billion disclosed previously, with the reduction unrelated to reduced-risk product investment.

For the second-quarter, PMI expects reported EPS to be in a range of $1.00 to $1.10, including an unfavorable currency impact, at prevailing exchange rates, of approximately $0.12 per share.

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