Philip Morris: 2Q Earnings Snapshot
NEW YORK (AP) _ Philip Morris International Inc. (PM) on Thursday reported second-quarter net income of $2.31 billion.
On a per-share basis, the New York-based company said it had net income of $1.49. Earnings, adjusted for pretax gains, were $1.46 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.33 per share.
The seller of Marlboro and other cigarette brands posted revenue of $19.99 billion in the period. Its adjusted revenue was $7.7 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $7.35 billion.
Philip Morris expects full-year earnings to be $5.14 per share.
Philip Morris shares have risen 21% since the beginning of the year, while the Standard & Poor’s 500 index has risen 19%. The stock has declined 1.5% in the last 12 months.