Philip Morris International Inc (PM) has reported a 3.92 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $1,590 million, or $1.02 a share in the quarter, compared with $1,530 million, or $0.98 a share for the same period last year. On an adjusted basis, profit per share for the quarter was stable at $0.98, when compared with the last year period. Revenue during the quarter went down marginally by 1.38 percent to $16,556 million from $16,788 million in the previous year period. Gross margin for the quarter contracted 27 basis points over the previous year period to 23.48 percent. Total expenses were 85.53 percent of quarterly revenues, up from 85.27 percent for the same period last year. That has resulted in a contraction of 26 basis points in operating margin to 14.47 percent.
Operating income for the quarter was $2,396 million, compared with $2,473 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $2,593 million compared with $2,648 million in the prior year period. At the same time, adjusted EBITDA margin contracted 11 basis points in the quarter to 15.66 percent from 15.77 percent in the last year period.
“Our results were in line with our previously communicated expectation of a relatively weak first quarter, due to lower cigarette volume -- primarily related to low-price brands in specific markets where the impact on our profitability was limited -- and certain timing factors," said Andre Calantzopoulos, chief executive officer.
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