Philip Morris Shares Rise After Revenue Beat

By Caitlin HustonMarketsMarketWatch Pulse

Shares of Philip Morris were up 2.7% in premarket trade Thursday after the company beat fourth-quarter revenue expectations, but missed on profit. It reported net income of $1.71 billion, or $1.10 per share, up from $1.25 billion, or 80 cents per share in the year-earlier period. The company reported adjusted earnings per share of $1.10, below the FactSet consensus of $1.12. The company reported revenue, excluding excise taxes, of $6.97 billion, up from $6.39 billion in the year-earlier period but above the FactSet consensus of $6.7 billion. The company sees 2017 earnings per share of $4.70 to $4.85, compared to the FactSet consensus of $4.73. Shares of Philip Morris have gained 5% in the past month, compared to the S&P 500's gain of 2%.

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