-=Philip Morris (PM) reported earnings on Thur 19 Apr 2018 (b/o)

Philip Morris International beats by $0.12, misses on revs; guides FY18 EPS in-line 

• Reports Q1 (Mar) earnings of $1.00 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $0.88; revenues rose 13.7% year/year to $6.9 bln vs the $7.03 bln Capital IQ Consensus.
  • Cigarette and heated tobacco unit shipment volume of 173.8 billion, down by 2.3%
• Co issues in-line guidance for FY18, sees EPS of 5.25-5.40, excluding non-recurring items, vs. $5.26 Capital IQ Consensus Estimate.
  • Excluding a favorable currency impact, at prevailing exchange rates, of approximately $0.16, the forecast range represents a projected increase of approximately 8% to 11% versus adjusted diluted earnings per share of $4.72 in 2017
  • This forecast assumes: 
  • Currency-neutral net revenue growth of approximately 8.0%; 
  • Operating cash flow of over $9.0 billion; 
  • Capital expenditures of approximately $1.7 billion;