Philip Morris profit beats Wall Street view
Philip Morris International Inc posted better-than-expected quarterly profit as the maker of the top-selling Marlboro brand shipped more cigarettes and was also helped by the weak dollar.
Philip Morris International, which was spun off from Altria Group Inc at the end of March, said second-quarter profit rose to $1.82 billion, or 86 cents a share, from $1.48 billion, or 70 cents a share, a year earlier.
Analysts' average forecast was 83 cents a share, according to Reuters Estimates.
Revenue, excluding excise taxes, rose 15% to $6.71 billion. Analysts on average had forecast $6.57 billion.
The company shipped 223.17 billion cigarettes in the quarter, up 1% from a year earlier.
For the year, Philip Morris forecast earnings of $3.32 to $3.38 a share, up from its previous forecast of $3.18 to $3.24. Analysts' average forecast is $3.26 a share, according to Reuters Estimates. (Reuters)
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