Philip Morris International (NYSE:PM) reported first quarter earnings before the bell today, that beat street view.
On a GAAP basis, PM reported net income of $ 1.56 billion or $ 1.00 per share, compared with income of $ 1.59 billion or $ 1.02 per share, a year ago period.
Excluding special items, the company announced operating income of $ 2.43 billion or $ 1.00 per share.
Headquartered in New York, New York., PM recorded net revenue that rose 14% to $ 6.90 billion from $ 6.06 billion in the same quarter last year.
Analysts polled by Thomson Reuters expected Philip Morris International to reveal income of $ 0.90 per share on revenue of $ 7.04 billion for the first quarter.
André Calantzopoulos, CEO, said, We began the year with strong, currency-neutral net revenue growth of more than 8% in the quarter, driven by higher volume for heated tobacco units and IQOS devices coupled with higher pricing from our combustible product portfolio. We are confident in our ability to deliver strong results this year and remain steadfast in our commitment to generously reward our shareholders.
PMI increases its 2018 full-year reported earnings forecast to be in a range of $5.25 to $5.40 per diluted share, primarily to reflect a lower effective tax rate.