Philip Morris International
was falling in Thursday trading after first-quarter revenue missed expectations. Its chief financial officer admits the company has been hit with ongoing headwinds but argues its long-term smoke-free goals remain on track.
The maker of Marlboro cigarettes reported adjusted earnings per share of $1.38, compared with the $1.34 consensus among analysts polled by FactSet. But revenue came in at $8 billion, below estimates for $8.1 billion.
Philip Morris (ticker: PM) is aiming to make a majority of its sales from smoke-free products by 2025. Its heat sticks are in the process of getting approval, and the company plans to relaunch IQOS, a heated tobacco product, in the U.S. next year.
