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4/19/2018, 1:10 PM (Source: TeleTrader)
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Philip Morris reports 13.7% rise in Q1 net revenue

The American cigarette and tobacco manufacturing giant Philip Morris International announced on Thursday it made a net revenue of $6.9 billion in the first quarter of the year, marking a 13.7% rise compared to the same three-month period of 2017. Meanwhile, the company earned $1.00 per diluted share in the first quarter of the year, just 2% less compared to the same period last year.

The volume of cigarette and heated tobacco unit shipment fell by 2.3% to 173.8 billion, mostly due to a 5.3% decline in cigarette shipment volume which stood at 164.3 billion units. Meanwhile, the volume of heated tobacco unit shipment rose by 5.1 billion over the last year to arrive at 9.6 billion units.

"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," said Andre Calantzopoulos, Chief Executive Officer of Philip Morris. However, the executive cited "on-going volume challenges in the GCC; the pricing environment in Russia; and less-rapid-than-initially-projected growth in sales of devices to consumers in Japan in the first quarter" as the reason for caution in the upcoming period.

Breaking the News / FH