Philip Morris International Inc. (NYSE:PM) stock was down on Thursday following a poor showing in its earnings report for the first quarter of 2017.
Philip Morris International Inc. reported earnings per share of 98 cents in the first quarter of the year. This is flat when compared to PM’s earnings per share from the same time last year. However, it came in below Wall Street’s earnings per share estimate of $1.03 for the quarter.
Philip Morris International Inc. reported revenue of $6.10 billion billion in the first quarter of 2017. This represents a less than 1% decrease when compared to its revenue from the first quarter of 2016. It also came in below analysts’ revenue estimate of $6.47 billion.
Philip Morris International Inc. reported operating income of $2.4 billion. This is down 3.1% when compared to the cigarette company’s operating income from the same period of the year prior.
“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,” André Calantzopoulos, CEO of Philip Morris International Inc., said in a statement.
Philip Morris International Inc. also updated its earnings per share estimate for the full year of 2017 in its recent earnings report. It now expects full year earnings per share to range from $4.84 to $4.99. Wall Street is expecting earnings per share for the year to be $4.88.
PM stock was down 4% as of Thursday afternoon, but is up 19% year-to-date.