- Philip Morris International Inc (NYSE:PM) reported a first-quarter FY23 sales increase of 3.5% year-on-year to $8.02 billion, missing the analyst consensus estimate of $8.11 billion.
- Cigarette and Heated Tobacco unit shipment volume in Q1 fell by 1.1% Y/Y, reflecting a 3.1% decline in cigarette shipments.
- Marlboro cigarette shipment volume decreased by 2.4%.
- Revenue from smoke-free products accounted for 34.9% of total net revenues.
- Adjusted operating margin for the quarter compressed from 43.6% to 37.3%, with $3 billion in adjusted operating income.
- Adjusted EPS of $1.38 beat the consensus of $1.34.
- The company held $2.4 billion in cash and equivalents as of March 31, 2023.
- Following the termination of a distribution arrangement in the Middle East, PMI recorded a pre-tax charge of $80 million in Q1.
- Outlook: Philip Morris expects FY23 adjusted EPS of $6.10 – $6.22 versus an estimate of $6.34.
- It sees FY23 organic revenue growth of 7% – 8.5%.
- Price Action: PM shares are trading lower by 4.96% at $96.48 on the last check Thursday.
- Photo via Wikimedia Commons
What’s Going On With AMC Entertainment Stock?
AMC is one of the top trending tickers on WallStreetBets Monday and the stock is moving on heavy trading volume. According to data from Benzinga Pro, more than 48 million shares have already been traded in the session and 18.82% of shares are being sold short.
