-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：菲利普莫里斯（PM）公布的第一季度调整后每股收益为1.96美元，高于市场预期的1.69美元（增长16%），远超市场普遍预期的1.83美元。净销售额增长9.1%至101.5亿美元（超出市场预期2.4亿美元），毛利率上升70个基点至68.1%（超出市场预期10个基点）。由于卷烟销量下降5.1%，PM第一季度总出货量同比下降1.9%，部分被无烟产品销量增长9.1%所抵消。PM的国际无烟业务占第一季度总收入的43%，该业务部门净收入同比增长25%，毛利润同比增长29%。 PM将全年调整后每股收益预期从8.38-8.53美元下调至8.36-8.51美元，此调整仅反映了汇率影响。PM第二季度调整后每股收益预期为2.02-2.07美元，低于市场普遍预期的2.12美元。PM股价在盘前交易中上涨2%，对业绩超预期反应平淡，我们认为这是由于第二季度业绩预期低于预期所致。我们注意到PM历来提供较为保守的业绩预期。PM此前连续两年表现强劲，是同行业表现最佳的股票之一。
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