Key Takeaways

Shares of Philip Morris International ( PM ) set an all-time high Wednesday after the tobacco giant topped first-quarter estimates and lifted its full-year profit outlook.

The maker of cigarettes and smoke-free tobacco products reported adjusted earnings per share (EPS) of $1.69 on revenue of $9.30 billion, both above Visible Alpha consensus. Led by surging sales of its Zyn nicotine pouches, Philip Morris said its smoke-free business generated 42% of its Q1 revenue.

Shares were up more than 2% in recent trading at $167.55 after touching a record $171.63 earlier in the session.

Philip Morris Raises FY Profit Projection

Philip Morris lifted its full-year adjusted EPS profit projection to a range of $7.36 to $7.49 from $7.04 to $7.17. "We remain confident in our ability to deliver superior results, despite an uncertain and volatile global economic environment, and now forecast double-digit adjusted diluted EPS growth in dollar terms for the full-year," CEO Jacek Olczak said.

The conglomerate also said it has halted plans to sell or spin off its cigar business as part of its shift to a future focused on smokeless products, "following a thorough review and evaluation of strategic options taking the current environment into consideration."

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