Tobacco giant Philip Morris International (NYSE: PM) on Tuesday reported first-quarter earnings and revenues that beat analysts’ forecast.
First-quarter earnings, adjusted for special items, rose to $1.57 per share from $1.21 per share a year earlier and came in above the market’s prediction. Unadjusted net income moved up to $2.42 billion or $1.55 per share from $1.83 billion or $1.17 per share in the first quarter of 2020.
“This performance was driven by the continued strength of IQOS, in particular, reflecting excellent user, volume, and market share momentum, as well as further progress with manufacturing and operating cost efficiencies,” said the company’s chief executive officer André Calantzopoulos.
Read management/analysts’ comments on Philip Morris’ Q1 earnings
The bottom line benefited from a 6% growth in revenues to $7.59 billion. Analysts had predicted a slower top-line growth. The company’s stock dropped early Tuesday following the earnings release, after closing the previous session lower.