Philip Morris (NYSE:PM) earnings for first quarter of 2020 have PM stock falling on Tuesday. That’s despite it reporting adjusted earnings per share (EPS) of $1.21, which is better than Wall Street’s estimate of $1.13 per share. The tobacco company’s revenue of $7.15 billion also comes in above analysts’ estimates of $6.82 billion.
Here are some additional details from the most recent Philip Morris earnings report.
- Adjusted per-share earnings are up 11.01% from $1.09 in the same period of the year prior.
- Revenue comes in 5.93% higher than the $6.75 billion reported in the first quarter of 2019.
- Operating income of $2.79 billion is a 36.1% increase year-over-year from $2.05 billion.
- The Philip Morris earnings report also has it bringing in a net income of $1.83 billion.
- That’s a 35.56% jump over its net income of $1.35 billion from the same time last year.
André Calantzopoulos, CEO of Philip Morris, said this about the PM stock earnings:
“We started the year with a very strong first quarter, reflecting continued structural growth momentum driven by our smoke-free portfolio and favorable combustible tobacco pricing. We experienced a limited impact on our performance from the early stages of the COVID-19 pandemic, as the onset of government restrictions related to social distancing and travel were generally only implemented in our key markets over the course of March.”
Philip Morris is withdrawing its 2020 outlook due to the novel coronavirus. However, it still has guidance for Q2 2020. That includes earnings per share ranging from $1.00 to $1.10. Unfortunately, Wall Street is expecting EPS of $1.40 for the quarter.
PM stock was down 6.58% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.