Philip Morris International reported first-quarter 2025 results that exceeded analyst expectations, with adjusted earnings per share of $1.69, surpassing the estimated $1.61, and revenue of $9.3 billion, ahead of the $9.12 billion estimate. The company raised its full-year adjusted EPS guidance to a range of $7.36 to $7.49, compared to the previous forecast of $7.04 to $7.17 and analyst estimate of $7.24. Revenue increased 5.8% year-over-year, and EPS rose 12.67%. Philip Morris beat revenue estimates by $181 million and EPS by $0.08. The company's performance was driven by strong growth in its smoke-free product portfolio, particularly the ZYN nicotine pouch. ZYN shipments in the United States reached 202 million cans in the quarter, a 53% increase year-over-year and up 27% in shipment volume. ZYN's US volume has increased tenfold in just over five years. Smoke-free products now account for over 40% of Philip Morris's business, with gross profits from these products growing by nearly 70% over two years and making up 44% of total gross profits. Operating profit for the quarter was $3.5 billion, up 16%. Philip Morris shares rose to a record high following the earnings report, and the stock is up 40% year-to-date. CEO Jacek Olczak cited continued volume growth and margin expansion as contributors to the company's results, and expressed confidence in delivering double-digit adjusted EPS growth for the full year. Norfolk Southern reported first-quarter 2025 adjusted EPS of $2.69, in line with expectations and beating by $0.01, and revenue of $2.99 billion, slightly above estimates and beating by $30 million. Merchandise revenue was $1.86 billion, and railway operating revenue was $2.99 billion. The railroad's profits were again boosted by $141 million in insurance payments related to the 2023 East Palestine derailment, but underlying profits grew even without these payments. Excluding insurance, the company earned $609 million, or $2.69 per share. Norfolk Southern delivered 1% more shipments in the quarter, continued to improve efficiency and service performance despite $35 million in weather-related costs, and expects $150 million in productivity improvements and roughly 3% revenue growth this year. A federal judge ruled that the U.S. government must pay North Dakota nearly $28 million to reimburse the state for costs incurred during the 2016-2017 Dakota Access Pipeline protests. The ruling found that the federal government failed to fulfill its responsibilities during the protests, which caused more than $38 million in damages to the state. In a separate legal development, a jury determined that Norfolk Southern is solely responsible for the $600 million settlement related to the 2023 Ohio derailment, and the company that owned the railcar involved will not be required to contribute to the settlement.