Philip Morris beats 1Q net income and revenue expectations

MarketsAssociated Press

Philip Morris International Inc. (PM) on Thursday reported first-quarter profit of $1.8 billion.

The New York-based company said it had profit of $1.16 per share.

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The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

The seller of Marlboro and other cigarette brands posted revenue of $6.62 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $6.25 billion.

Philip Morris expects full-year earnings to be $4.32 to $4.42 per share.

Philip Morris shares have decreased 4 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. The stock has fallen slightly more than 7 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM

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Keywords: Philip Morris, Earnings Report