Philip Morris beats 2Q net income and revenue expectations

Markets Associated Press

Philip Morris International Inc. (PM) on Thursday reported second-quarter net income of $1.89 billion.

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On a per-share basis, the New York-based company said it had profit of $1.21.

The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.

The seller of Marlboro and other cigarette brands posted revenue of $6.86 billion in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $6.72 billion.

Philip Morris expects full-year earnings to be $4.32 to $4.42 per share.

Philip Morris shares have climbed 1.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. The stock has dropped slightly more than 2 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at http://www.zacks.com/ap/PM

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Keywords: Philip Morris, Earnings Report