Philip Morris International Inc (PM) released its first quarter results on Tuesday, April 20, 2021. The company reported net earnings of $1.55 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 32 percent compared to the same period a year ago.
Philip Morris International Inc. was incorporated in 1987 and is headquartered in New York, New York. Philip Morris International Inc., through its subsidiaries, manufactures and sells cigarettes, other nicotine-containing products, smoke-free products, and related electronic devices and accessories. The company offers IQOS smoke-free products, including heated tobacco and nicotine-containing vapor products under the HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro, HEETS FROM MARLBORO, Marlboro Dimensions, Marlboro HeatSticks, and Parliament HeatSticks brands, as well as under the Fiit and Miix licensed brands.
Philip Morris International's revenue decreased 4 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 70.02% for the first quarter compared to the same period in the previous year, and operating margins increased to 46.04% over the same period. Net earnings for past trailing twelve months were $8.6 billion, up 13% from the prior year.
Moving on to the balance sheet, Philip Morris International’s cash levels jumped 4% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 15.78% this past year. The current ratio for Philip Morris International now stands at 1.18. The company increased share outstanding by 0.1%.
Shares of PM are currently trading around $94.00. In terms of valuation, the stock is trading at a trailing twelve-month price to earnings ratio of 16.98.