UPDATE: Philip Morris Posts Better-Than-Expected Q3 Earnings, Lowers Full-Year Forecast

Philip Morris International PM reported better-than-expected third-quarter profit, but lowered its forecast for the full year. The New York-based company posted quarterly earnings of $2.16 billion, or $1.38 per share, compared to $2.34 billion, or $1.44 per share, in the year-ago quarter. Excluding non-recurring items, the company earned $1.39 per share. Its net revenue fell 0.9% to $7.9 billion. However, analysts were expecting earnings of $1.33 per share on revenue of $7.70 billion. Its cigarette shipments declined 0.4% in the quarter. The company raised its regular quarterly dividend by 6.4% to $1.00. During the quarter, it spent $750 million to repurchase 8.9 million shares. “Our results in the third quarter were slightly better than we expected, underpinned by a modest decline in volume, continued robust pricing and solid market share gains in each of our four Regions," said André Calantzopoulos, Chief Executive Officer. For the full year, Philip Morris now projects earnings of $4.76 to $4.81 per share, versus its earlier forecast of $4.87 to $4.97 per share. Philip Morris shares declined 0.13% to close at $83.58 yesterday.