Philip Morris Beats Q1 Estimates

reported stronger-than-expected earnings for the first quarter. The New York-based company posted quarterly net income of $1.795 billion, or $1.16 per share, compared to $1.875 billion, or $1.18 per share, in the year-ago quarter. Its revenue slipped 4.4 percent to $6.6 billion. However, analysts were expecting a profit of $1.01 per share on revenue of $6.2 billion. Net revenue in the European Union region fell 6 percent to $1.9 billion, while Eastern Europe, Middle East & Africa region revenue declined 8.3 percent to $1.8 billion. Net revenue for the Asian region fell 1.2 percent to $2.2 billion, while Latin America & Canada region revenue gained 1.8 percent to $726 million. PMI's cigarette shipment volume climbed 1.4 percent excluding acquisitions to 198.8 billion units. "Our strong first-quarter results are an excellent start to the year," said André Calantzopoulos, Chief Executive Officer. "Our organic volume and market share performance was better than we originally forecast, underpinned by the investments we made in 2014 and an improving operating environment this year." Philip Morris projects full-year earnings of $4.32 to $4.42 per share, versus analysts' estimates of $4.26 per share. Philip Morris shares climbed 3.35 percent to $80.75 in pre-market trading.