Philip Morris Profit Tops Estimates, Helped By Higher Prices
Philip Morris International, the world’s largest publicly traded tobacco company, posted third-quarter profit that beat analysts’ estimates as higher cigarette prices boosted revenue.
Earnings were $1.25 a share, excluding some items, the New York-based company said in a statement Tuesday. That beat the analyst consensus estimate of $1.23. Sales excluding excise taxes rose to $6.98 billion, matching analysts’ average projection.
The maker of Marlboros benefited from selling more expensive cigarettes, outweighing the effect of global volume declines. The company also saw increased sales of its reduced-risk products. The company on Tuesday also reaffirmed its forecast that adjusted earnings this year would rise to a range of $4.53 to $4.58 a share.
The shares fell 0.3 percent to $95.51 on Monday in New York. The stock has gained 8.6 percent this year.
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