Philip Morris Shares Rise 3% on Strong Q1 Results & Guidance

Philip Morris International (NYSE:PM) shares rose nearly 3% intra-day today after the company exceeded analysts' expectations for earnings and revenue in fiscal Q1/24 and raised its full-year guidance. The tobacco company announced an earnings per share (EPS) of $1.50, beating the forecast of $1.41. Its quarterly revenue reached $8.79 billion, outperforming the expected $8.46 billion.

The adjusted operating income margin also saw an improvement, rising to 38.2% from 37.3% in the comparable quarter last year. Looking forward to the full year 2024, Philip Morris now anticipates an adjusted EPS range of $6.55 to $6.67, surpassing the consensus estimate of $6.37.

Jacek Olczak, the Chief Executive Officer, expressed confidence in the company’s performance, citing strong first-quarter results with robust top-line growth and significant margin expansion as the basis for upgrading the full-year guidance.