Philip Morris Tops Profit Estimates, Helped by Higher Prices
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Philip Morris International Inc., the world’s largest publicly traded tobacco company, topped quarterly profit estimates and raised the low end of its forecast, helped by higher prices and a recovering economy.
Earnings amounted to $1.24 a share, excluding some items, the New York-based company said in a statement Thursday. Analysts had estimated $1.12 on average, according to data compiled by Bloomberg. Philip Morris now expects annual earnings of $4.35 to $4.40 a share, compared with an earlier forecast of $4.32 to $4.42.