Philip Morris tops Q1 estimates despite disruption to business in Ukraine and Russia

Philip Morris International Inc. shares rose 1% premarket Thursday, after the distributor of Marlboro cigarettes and tobacco products beat estimates for the first quarter, despite the loss of business in Ukraine and Russia. The company posted net income of $2.331 billion, or $1.50 a share, for the quarter, down from $2.418 billion, or $1.55 a share, in the year-earlier period. Adjusted per-share earnings came to $1.56, ahead of the $1.49 FactSet consensus. Revenue rose 2.1% to $7.746 billion from $7.585 billion, ahead of the $7.429 billion FactSet consensus. The company said pro forma adjusted EPS came to $1.46, due to a 10 cents charge related to disruptions caused by the Russian invasion of Ukraine, and does not expect those countries to contribute to its earnings in 2022 past the first quarter. “The recent months have been an extremely challenging time for many in the PMI family given the war in Ukraine,” said Jacek Olczak, Chief Executive Officer. “Our primary concern is for our people and their families, and we are doing everything in our power to help them.” The company is now expecting full-year EPS of $5.39 to $5.50, and adjusted EPS of $5.45 to $5.56. The FactSet consensus is for EPS of $5.89. Shares have gained 9.4% in the last 12 months, while the S&P 500 has gained 6.9%.

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