Philip Morris Tops Street 1Q Forecasts

NEW YORK (AP) -

Philip Morris International Inc. on Thursday reported first-quarter profit of $1.8 billion.

The New York-based company said it had profit of $1.16 per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.

The seller of Marlboro and other cigarette brands outside the United States posted revenue of $6.62 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks had expected $6.25 billion.

Philip Morris expects full-year earnings to be $4.32 to $4.42 per share.

Philip Morris shares have decreased 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 percent. The stock has fallen slightly more than 7 percent in the last 12 months.