Philip Morris misses 2Q profit forecasts

Markets Associated Press

Philip Morris International Inc. (PM) on Thursday reported second-quarter net income of $1.78 billion.

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On a per-share basis, the New York-based company said it had profit of $1.14.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.23 per share.

The seller of Marlboro and other cigarette brands posted revenue of $19.32 billion in the period. Its adjusted revenue was $6.92 billion.

Philip Morris shares have increased 33 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 10 percent. The stock has increased 22 percent in the last 12 months.

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

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Keywords: Philip Morris, Earnings Report