UPDATE: Philip Morris Posts 5.1% Rise In Q3 Profit, Lowers Forecast
Philip Morris International (NYSE: PM) reported a 5.1% rise in its third-quarter earnings and cut its full-year earnings forecast.
Philip Morris now expects full-year earnings of $5.35 to $5.40 per share, versus its earlier outlook of $5.43 to $5.53 per share.
Philip Morris's quarterly profit surged to $2.34 billion, or $1.44 per share, from $2.23 billion, or $1.32 per share, in the year-ago period.
Its net revenue rose 0.1% to $7.93 billion. However, analysts were expecting earnings of $1.43 per share on revenue of $7.94 billion.
Philip Morris shares closed at $86.09 yesterday.
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