Oct 21 (Reuters) – Philip Morris International <PM.N> beat Wall Street estimates for third-quarter sales and profit on Wednesday, helped by strong demand for its Zyn nicotine pouches and by higher cigarette prices, and kept its full-year profit forecast intact.
The Stamford, Connecticut-based company, which sells Marlboro cigarettes outside the US, has been working to grow revenue from smoke-free alternatives as consumers in some markets increasingly move away from traditional cigarettes.
Philip Morris continues to expect full-year adjusted earnings per share of $8.11 to $8.26, excluding currency effects.
Quarterly revenue rose 5.5% to $11.44 billion, compared with analysts’ estimate of $11.28 billion, according to data compiled by LSEG.
The company reported adjusted profit of $2.36 per share for the quarter, compared with analysts’ average estimate of $2.29 per share, according to data compiled by LSEG.
(Reporting by Shania S Thomas in Bengaluru; Editing by Tasim Zahid)
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