Philip Morris International Inc. PM, one of the largest tobacco companies, came out with first-quarter 2018 results, wherein adjusted earnings of $1.00 surpassed the Zacks Consensus Estimate of 88 cents and also surged 2% from the prior-year quarter.

Earnings Estimate Revision: The Zacks Consensus Estimate for 2018 has increased by a penny in the last 30 days. In the trailing four quarters, excluding the quarter under review, the company missed the Zacks Consensus Estimate by an average of 6.1%.

Revenues: Philip Morris generated net sales of $6,896 million that jumped 13.7% year over year. Top-line however missed the Zacks Consensus Estimate of $7,024 million.

Philip Morris International Inc. Price, Consensus and EPS Surprise

Key Events: During the quarter the company declared a quarterly dividend of $1.07.

Outlook: Management has updated its 2018 earnings view owing to anticipated tax benefits. It now anticipates earnings for the fiscal in the range of $5.25-5.40. Excluding a favorable currency impact, the company anticipates adjusted earnings growth of nearly 8-11%. Further, this guidance takes into consideration currency neutral revenue growth of 8%.   

Zacks Rank: Currently, Philip Morris has a Zacks Rank #3 (Hold), which is subject to change following the earnings announcement.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here

Check back later for our full write up on Philip Morris’s earnings report!

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