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

Mount Equity Group Tokyo Japan > News > Business > Philip Morris tops Q1 estimates despite disruption to business in Ukraine and Russia

Philip Morris International Inc. shares
PM,
+0.46%
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…

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