Philip Morris International Inc. (NYSE: PM) reported its financial results for the quarter ended March 31, 2020 today.
Philip Morris reported a 35% jump in earnings for the first quarter of 2020 due to higher revenue. Total IQOS users at quarter-end estimated at about 14.6 million, of which about 10.6 million have stopped smoking and switched to IQOS. The company expects that the pandemic will have adverse impacts on its full-year 2020 business results.
Given the inherent uncertainty surrounding the COVID-19 pandemic and the related impact on PMI’s business globally, the company is currently unable to forecast its full-year financial results with reasonable accuracy. Therefore, the company is withdrawing its earnings guidance for fiscal 2020. The company sees second-quarter EPS in the range of $1.00-1.10, including the unfavorable currency impact.