Philip Morris misses 3Q profit forecasts

Markets Associated Press

Philip Morris International Inc. (PM) on Thursday reported third-quarter net income of $1.97 billion.

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The New York-based company said it had net income of $1.27 per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.

The seller of Marlboro and other cigarette brands posted revenue of $20.64 billion in the period. Its adjusted revenue was $7.47 billion.

Philip Morris expects full-year earnings to be $4.75 to $4.80 per share.

Philip Morris shares have climbed 23 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 14 percent. The stock has climbed 17 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