Philip Morris Q3 Profit, Revenue Rise; Ups Annual Outlook Above View

(RTTNews) - Philip Morris International Inc. (PM) Tuesday reported a profit of $1.97 per share for the third quarter, higher than $1.32 per share in the same quarter a year ago.

Excluding one-time items, earnings were $1.91 per share, that beat the analysts' average estimate of $1.82 per share. Analysts' estimates typically exclude special items.

Operating income increased 8.4 percent year-on-year to $3.654 billion.

Revenue for the quarter grew 8.4 percent to $9.911 billion from $9.141 billion in the previous year. The consensus estimate was for $9.69 billion.

Looking ahead, the company now sees full-year EPS in the range of $6.20-$6.26, up from $5.89 to $6.01 guided earlier. Adjusted EPS outlook for the year has been raised to $6.45-$6.51 from $6.33-$6.45. The Street is looking for profit of $6.41 per share.