Philip Morris (NYSE:PM) posted its Q1 results last Tuesday, with numbers coming in very strong across the board. The global tobacco powerhouse saw impressive growth in both its Heated Tobacco and Oral Nicotine divisions. Even its supposedly waning Combustibles division recorded growth in revenues despite a tiny decline in shipment volumes. With the company poised for continued success, management revised its guidance upwards, forecasting another year of record earnings. Thus, I’m bullish on PM stock.
First-Quarter Results Set the Stage for a Robust FY2024
Philip Morris’ Q1 results set the stage for a robust FY2024. The company saw growth across all segments, with total revenues rising 9.7% year-over-year to $8.8 billion. In constant currency, revenues actually rose by an even more significant 11% compared to last year, as you can see below.
Let’s take a closer look at each of Philip Morris’…
