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Philip Morris International Q1 profit falls YOY

Philip Morris International Inc. said its normalized net income for the first quarter was $1.03 per share, compared with the S&P Capital IQ consensus estimate of $1.01 per share.

EPS decreased year over year from $1.05.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.60 billion, a decline from $1.66 billion in the prior-year period.

The normalized profit margin increased to 24.2% from 23.9% in the year-earlier period.

Total revenue fell year over year to $6.62 billion from $6.92 billion, and total operating expenses declined 5.0% from the prior-year period to $3.75 billion from $3.94 billion.

Reported net income declined on an annual basis to $1.80 billion, or $1.16 per share, from $1.87 billion, or $1.18 per share.