viewPhilip Morris International

Philip Morris profit falls 2.5% on lower cigarette shipments to Europe; Stock tumbles

Tobacco producers are seeing drop in demand for traditional cigarettes

The shares dropped 16%, leading other tobacco companies lower

Philip Morris International Inc. (NYSE:PM) said first-quarter profit fell 2.5% amid lower cigarette shipments to Europe and east Asia. The stock tumbled.

Net income dropped to US$1.55bln, or US$1.00 a share, from US$1.59bln, or US$1.02 a share, a year earlier, the company said in a statement today. That beat estimates of US$0.98 a share at FactSet. Revenue gained 14% to US$6.9bln at the firm, whose brands include the Marlboro cigarette.

Philip Morris raised its forecast for full-year diluted earnings per share to a range of $US5.25 to $US5.40.

The stock dropped 16% to US$85.53 at 11:06 a.m. Shares of other cigarette producers also fell. Altria Group Inc. (NYSE:MO) declined 7.8% to US$56.70, while British American Tobacco plc (NYSE:BTI) fell 6.3% to US$51.39.

Philip Morris and rivals are seeing demand for traditional tobacco products decline as more smokers turn to electronic cigarettes. Philip Morris's cigarette shipments in the first quarer dropped 5.3% to 164.3bln units, the company said today.

Quick facts: Philip Morris International

Price: 80.94 USD

Market: NYSE
Market Cap: $126.05 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


CO2 GRO sees 20% higher pepper yields though 10 weeks of Hidroexpo Feasibility

CO2 GRO (CVE: GROW- OTCQB: BLONF) Vice President of Sales and Strategic Alliances Aaron Archibald joined Steve Darling from Proactive to bring details the company has seen very good results from their CO2 Delivery Solution commercial feasibility on greenhouse-grown peppers with Hidroexpo in...

1 day, 2 hours ago

2 min read