NEW YORK (AP) – Philip Morris International Inc. (PM) on Thursday reported third-quarter profit of $1.94 billion.
On a per-share basis, the New York-based company said it had net income of $1.25. Earnings, adjusted for pretax gains, came to $1.24 per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The seller of Marlboro and other cigarette brands posted revenue of $6.93 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $6.75 billion.
Philip Morris expects full-year earnings to be $4.35 to $4.40 per share.
Philip Morris shares have increased nearly 4 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined 3 percent. The stock has risen almost 1 percent in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM
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Keywords: Philip Morris, Earnings Report