Philip Morris reports EPS of $0.98, revenue at $6.1 bn
American tobacco giant Philip Morris announced on Thursday its adjusted diluted earnings per share (EPS) stood at $0.97 for the first three months of 2017, unchanged from the same quarter a year ago. The company reported its GAAP EPS was $1.02, marking a rise of 4.1% year on year.
Philip Morris reported its net revenues, excluding excise taxes, of $6.1 billion for the first quarter of 2017. The number stood 0.3% from the last year’s figure. Reported net revenues of $16.6 billion were also lower, down 1.4% compared to the same period a year ago.
The tobacco firm stated its reported operating income amounted to $2.4 billion, decreasing by 3.1% from the first three months of 2016. Meanwhile, adjusted operating companies income of $2.5 billion was also lower by 2.2%. However, the company said the forecasted growth, excluding currency and tax items, rose approximately 9% to 12% compared to 2016 adjusted diluted EPS of $4.48.
“Our results were in line with our previously communicated expectation of a relatively weak first quarter, due to lower cigarette volume -- primarily related to low-price brands in specific markets where the impact on our profitability was limited -- and certain timing factors,” CEO Andre Calantzopoulos stated.