(By Balachander) Marlboro cigarette maker Philip Morris International Inc. (NYSE:PM) reported better-than-expected quarterly earnings and revenue helped by higher volumes from the EEMA region, and its shares rose 1.05 percent in premarket trading on Thursday.
Adjusted earnings per share (EPS), excluding currency, increased 9 percent to $1.46, topping market expectations of $1.34. Net earnings attributable to PMI dropped 3.8 percent to $2.32 billion.
Net revenue, excluding excise taxes on products, fell 1.8 percent to $8.12 billion, yet came in above market expectations of 3.1 percent decline to $8.01 billion.
Revenue at Eastern Europe, Middle East & Africa (EEMA) and Latin America & Canada rose 13.2 percent and 6.3 percent, respectively. While revenue from European Union (EU) edged 0.7 percent lower and Asia revenue dropped 1.8 percent.
New York-based PMI's cigarette shipment volume decreased 1.2 percent, excluding acquisitions. Shipment volume increased 5.1 percent at EEMA, while other regions registered a drop.
Marlboro shipments declined 1.5 percent to 76.9 billion units for the second quarter.
Looking ahead for the full year, the company still forecasts reported EPS in the range of $5.10 to $5.20. On a currency neutral basis, reported EPS are projected to increase by around 10 percent to 12 percent. Analysts expect EPS of $5.18.
PM shares, which have been trading between $60.45 and $91.39 over the past year, closed Wednesday's regular trading at $89.41.