NEW YORK (AP) _ Philip Morris International Inc. (PM) on Thursday reported third-quarter net income of $1.9 billion.
On a per-share basis, the New York-based company said it had net income of $1.22. Earnings, adjusted for pretax expenses and asset impairment costs, were $1.43 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.35 per share.
The seller of Marlboro and other cigarette brands posted revenue of $20.38 billion in the period. Its adjusted revenue was $7.64 billion, which also topped Street forecasts. Five analysts surveyed by Zacks expected $7.61 billion.
Philip Morris expects full-year earnings to be $5.14 per share.
Philip Morris shares have risen 18% since the beginning of the year, while the Standard & Poor's 500 index has climbed 19%. The stock has declined slightly more than 5% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PM at https://www.zacks.com/ap/PM