Philip Morris Shares Slump After Earnings Miss

By Caitlin HustonMarketsMarketWatch Pulse

Shares of Philip Morris fell 3% in premarket trade Thursday after the company missed first-quarter profit and revenue expectations. The company reported net income of $1.59 billion, or $1.02 per share, up from $1.53 billion, or 98 cents per share, in the year-earlier period. It reported adjusted earnings per share of 98 cents, below the FactSet consensus of $1.03. Net revenue excluding excise taxes was $6.06 billion, down from $6.08 billion in the year-earlier period and below the FactSet consensus of $6.48 billion. For the full year, Philip Morris expects diluted earnings per share between $4.84 and $4.99 and adjusted earnings per share of $4.48. The FactSet consensus for adjusted earnings was $4.88. Shares of Philip Morris have gained 20% in the past three months, while the S&P 500 has gained 3%.

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