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.The company also raised its full-year profit forecast.
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)