Philip Morris International Inc. (PM) has reported strong results for the first quarter ended March 31, 2022. Following the news, shares of the cigarette and tobacco manufacturing company rose 2% on Thursday. Philip Morris reported quarterly net revenues of $7.75 billion, up 2.1% from the same quarter last year. Further, the figure surpassed the Street’s estimate of $7.43 billion. The company witnessed organic growth of 9% during the quarter. A favorable mix, driven by higher heated tobacco unit and cigarette volume, along with a rise in device sales, favored the growth witnessed in sales. The company reported quarterly adjusted earnings of $1.56 per share, down one cent from the year-ago quarter.
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Philip Morris (NYSE:PM)
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