NEW YORK — Philip Morris International Inc. (PM) on Thursday reported third-quarter net income of $1.97 billion.
The New York-based company said it had net income of $1.27 per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The seller of Marlboro and other cigarette brands posted revenue of $20.64 billion in the period. Its adjusted revenue was $7.47 billion.
Philip Morris expects full-year earnings to be $4.75 to $4.80 per share.
Philip Morris shares have climbed 23 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 14 percent. The stock has climbed 17 percent in the last 12 months.