Philip Morris International (NYSE:PM) advanced in pre-market trades on Thursday as the U.S. tobacco company raised the low end of its full-year forecast.
Shares ws up 1.8% at US$85.99 as of 8:06 a.m. in New York as increased cigarette prices helped the company third-quarter profit expectations. The stock had gained 3.5% since the beginning of the year through Wednesday.
Net income was US$1.94bn, or US$1.25 per share, in the July-to-September period, down from US$2.16bn, or US$1.38 per share, a year ago, the New York-based company said in a statement on Thursday.
Removing pre-tax gains, earnings were US$1.24 per share, exceeding the US$1.11 average estimate of 10 analysts polled by Capital IQ.
Revenue, excluding excise taxes, fell to US$6.93bn from US$7.86bn a year earlier, but topped the Wall Street consensus of US$6.76bn.
"Organic volume, market share and pricing trends remain very robust against the backdrop of an improved macroeconomic environment, particularly in our EU [European Union] and EEMA [Eastern Europe, Middle East, and Africa] Regions," chief executive officer André Calantzopoulos said in the statement.
Philip Morris now expects its adjusted earnings for the full year to grow 11% to 12%, compared with its previous guidance for growth of 9% to 11%.