Philip Morris International, the world’s largest publicly traded tobacco company, posted third-quarter profit that beat analysts’ estimates as higher cigarette prices boosted revenue.
Earnings were $1.25 a share, excluding some items, the New York-based company said in a statement Tuesday. That beat the analyst consensus estimate of $1.23. Sales excluding excise taxes rose to $6.98 billion, matching analysts’ average projection.
The maker of Marlboros benefited from selling more expensive cigarettes, outweighing the effect of global volume declines. The company also saw increased sales of its so-called reduced-risk products. Philip Morris...