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Actionable news in PM: PHILIP MORRIS INTERNATIONAL Inc,

Philip Morris Tops Profit Estimates, Helped by Higher Prices

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.

Chief Executive Officer André Calantzopoulos cited pricing and market-share trends for lifting results, as well as an improved macroeconomic environment. Still, the company faces shrinking volumes around the world as governments tax cigarettes...


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