STAMFORD, Conn. (AP) 鈥� STAMFORD, Conn. (AP) 鈥� Philip Morris International Inc. (PM) on Wednesday reported first-quarter net income of $2.44 billion.
On a per-share basis, the Stamford, Connecticut-based company said it had net income of $1.56. Earnings, adjusted for non-recurring costs and asset impairment costs, were $1.96 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.82 per share.
Philip Morris expects full-year earnings in the range of $8.36 to $8.51 per share.
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