Tobacco company Philip Morris International (NYSE: PM) will be reporting earnings tomorrow before market open. Here’s what investors should know.
Philip Morris beat analysts’ revenue expectations by 2.8% last quarter, reporting revenues of $9.71 billion, up 7.3% year on year. It was a strong quarter for the company, with a solid beat of analysts’ EBITDA estimates and a decent beat of analysts’ gross margin estimates.
Is Philip Morris a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Philip Morris’s revenue to grow 3.1% year on year to $9.06 billion, slowing from the 9.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.61 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Philip Morris has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Philip Morris’s peers in the consumer staples segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Constellation Brands delivered year-on-year revenue growth of 1.2%, beating analysts’ expectations by 1.9%, and Tilray reported a revenue decline of 1.4%, falling short of estimates by 10.1%. Constellation Brands’s stock price was unchanged after the results, while Tilray was down 8.6%.
Read our full analysis of Constellation Brands’s results here and Tilray’s results here.
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