Philip Morris misses 3Q profit forecasts

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

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.


This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on PM at