7/19/2018, 1:04 PM (Source: TeleTrader)
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Philip Morris reports revenue of $7.7 billion in Q2

The American cigarette and tobacco manufacturing giant Philip Morris International announced on Thursday its net revenue in the first quarter of 2018 stood at $7.7 billion, marking an 11.7% rise compared to the same three-month period last year and beating market estimates. Diluted earnings per share surged 23.7% to $1.41 during the quarter to June, while operating income jumped 13% to $3.1 billion year-on-year. The volume of cigarette and heated tobacco unit shipment increased by 0.9% to 201.7 billion.

"Our second-quarter earnings highlight the fundamental strength of our business, with positive total volume growth, currency-neutral net revenue growth of more than 8%, driven by higher pricing from our combustible product portfolio, and close to double-digit growth in ex-currency operating income," CEO André Calantzopoulos stated.

Philip Morris shares climbed 1.16% in pre-market trading on better-than-expected results.

Breaking the News / NP