Philip Morris International Inc (NYSE:PM, ETR:4I1) has raised its earnings outlook for 2025 and delivered an earnings beat for the first quarter, sending its shares almost 3% higher on Wednesday.
The multinational tobacco firm best known for its Marlboro cigarettes now expects adjusted earnings for the full year to be between $7.36 and $7.49 per share, representing growth of 12% to 14%, up from its previous forecast of $7.04 to $7.17 per share.
For the first quarter, earnings per share of $1.69 beat estimates of $1.61 and revenue of $9.3 billion was ahead of the consensus of $9.14 billion.
"We achieved exceptionally strong performance in the first quarter, with continued volume growth supporting an excellent top-line performance and very strong margin expansion," Philip Morris CEO Jacek Olczak said in a statement.
He highlighted the strength of the company’s smoke-free business, which saw organic growth of over 20% in net revenues and over 33% in gross profit.
"We remain confident in our ability to deliver superior results, despite an uncertain and volatile global economic environment, and now forecast double-digit adjusted diluted EPS growth in dollar terms for the full-year,” Olczak said.