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Tobacco giant Philip Morris International Inc. ( PM ) on Thursday posted better-than-expected first quarter profits, but lowered its full-year outlook due to negative effects from the stronger dollar.

The New York-based company, which sells its cigarettes exclusively overseas, reported first quarter net income of $2.16 billion, or $1.25 per share, compared with $1.92 billion, or $1.06 per share, in the year-ago period.

Revenue excluding excise taxes rose 10% from last year to $7.45 billion.

On average, Wall Street analysts expected a smaller profit of $1.20 per share, albeit on higher revenue of $8.15 billion.

Looking ahead, PM lowered its full-year earnings outlook to a range of $5.20 to $5.30 per share, down from a previous forecast of $5.25 to $5.35. Analysts currently expect $5.28 per share for the year.

Philip Morris International shares posted modest gains in premarket trading Thursday.

The Bottom Line
We re-added Phillip Morris International ( PM ) to our recommended list back on Jan.19, when the stock was trading at $73.26. The company has a 3.51% dividend yield, based on last night's closing stock price of $87.74.

Philip Morris International Inc. ( PM ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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