Philip Morris International Sees Little COVID-19 Impact in Q1, But Pulls Full-Year Forecasts
Cigarettes are said to be a recession-resistant product because people will smoke in good times and bad, and Philip Morris International (NYSE: PM) reported first-quarter that seems to underscore that belief.
Despite the coronavirus pandemic that has created havoc worldwide, the tobacco giant says it witnessed limited impact to its business during the period.
It did note, though, that as the healthcare crisis deepened and social distancing became more prevalent, it expects the stay-at-home orders in place around the globe will have an effect on its business, so it is withdrawing its full-year guidance.
Source Fool.com
