Tobacco concern Philip Morris International has increased net profit and revenue in the first quarter of 2025, as well as improved the forecast of adjusted earnings for the current year as a whole.
The company said in a press release that its January-March revenue rose 5.8% to $9.3 billion, a figure analysts surveyed by FactSet had expected to be $9.14 billion.
Net income rose to $1.72 per share from $1.38 per share. Adjusted earnings came in at $1.69 per share, with experts forecasting $1.61 per paper.
Cigarette sales by volume rose 1.1 per cent to 144.8 billion units, while joints for tobacco heating systems rose 11.9 per cent to 37.1 billion.
The company now expects 2025 adjusted earnings in the range of $7.36 to $7.49 per share, the preliminary forecast called for $7.04 to $7.17 per share. Analysts had estimated the figure at $7.18 per share.
Management recommended a quarterly dividend of $1.35 per share.
Philip Morris shares were up 4.6 per cent in early trading Wednesday. Since the beginning of the year, the company’s capitalisation has jumped 36% to $255 billion.
Philip Morris was spun off from Altria in 2008 and is among the world’s largest tobacco manufacturers. The company produces cigarettes at 39 facilities around the world and sells them in more than 180 markets. The company’s brand portfolio includes Marlboro, L&M, Chesterfield, Parliament, Bond Street and other brands. PMI also produces Iqos tobacco heating systems and tobacco sticks.