Philip Morris Beats Profit, Sales Estimates And Raises Outlook

Philip Morris International Inc. said Thursday it had net income of $1.795 billion, or $1.16 a share, in the first quarter, down from $1.875 billion, or $1.18 a share, in the year-earlier period. Revenue fell 4.4% to $6.6 billion. The FactSet consensus was for EPS of $1.02 on revenue of $6.2 billion. "Our organic volume and market share performance was better than we originally forecast, underpinned by the investments we made in 2014 and an improving operating environment this year," Chief Executive Andre Calantzopoulos said in a statement. "Our robust business momentum is such that we are raising our guidance for the year and now forecast, at prevailing exchange rates, constant-currency adjusted diluted EPS growth of 9%-11%." The company is expecting full-year EPS to range from $4.32 to $4.42, above the current FactSet consensus of $4.26. Shares were higher in thin premarket trade, but are down 4.1% in the year so far, while the S&P 500 has gained 2.3%.