After missing earnings estimates five straight times, Philip Morris International Inc.( PM- Free Report) delivered a beat in first-quarter 2018. Moreover, top and bottom lines grew year over year and management also raised its bottom-line view for 2018, courtesy of the tax reforms. However, these factors were not enough to placate investors, who were let down by the fifth consecutive sales miss and drop in constant currency (cc) earnings.
This could be largely accountable to soft volumes.Philip Morris Stock Loses 5% Despite Q1 Earnings Beat
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